Investor: Bert Flossbach & Kurt von Storch
Number of Assets: 119
Reporting Period: Q3 - 2025
Holdings at Report: $25,381,661,018
Return Since Report: +$808,364,343
Return Since Report: +3.18%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| 3m Company (MMM) | Equity | -17.28% | 656,217 | 0.40% | $155.18 | $166.12 | $101,831,754 | $109,010,768 | +$7,179,014 | +7.05% |
| Abbott Laboratories (ABT) | Equity | +2.91% | 6,609,983 | 3.49% | $133.94 | $128.09 | $885,341,123 | $846,672,722 | -$38,668,401 | -4.37% |
| Accenture PLC (ACN) | Equity | +4.67% | 2,521,263 | 2.45% | $246.60 | $273.63 | $621,743,456 | $689,893,195 | +$68,149,739 | +10.96% |
| Adobe Inc. (ADBE) | Equity | +3.20% | 51,714 | 0.07% | $352.75 | $349.70 | $18,242,114 | $18,084,386 | -$157,728 | -0.86% |
| Airbnb Inc. (ABNB) | Equity | 0% | 10,781 | 0.01% | $121.42 | $131.31 | $1,309,029 | $1,415,599 | +$106,570 | +8.14% |
| Alibaba Group Holding Limited (BABA) | Equity | -15.76% | 155,000 | 0.11% | $178.73 | $151.12 | $27,703,150 | $23,422,825 | -$4,280,325 | -15.45% |
| Alphabet Inc. (GOOGL) | Equity | +2.21% | 6,812,930 | 6.53% | $243.10 | $307.83 | $1,656,222,101 | $2,097,224,242 | +$441,002,141 | +26.63% |
| Alphabet Inc. (GOOG) | Equity | +12.57% | 2,239 | 0.00% | $243.55 | $309.05 | $545,308 | $691,963 | +$146,655 | +26.89% |
| Amazon.com Inc. (AMZN) | Equity | -0.58% | 6,803,957 | 5.89% | $219.57 | $223.03 | $1,493,944,690 | $1,517,486,530 | +$23,541,840 | +1.58% |
| American Express Company (AXP) | Equity | +2.43% | 79,387 | 0.10% | $332.16 | $381.89 | $26,369,186 | $30,317,101 | +$3,947,915 | +14.97% |
| Ametek Inc. (AME) | Equity | -0.05% | 3,783,841 | 2.80% | $188.00 | $202.95 | $711,362,108 | $767,930,531 | +$56,568,423 | +7.95% |
| Amphenol Corp. (APH) | Equity | -11.38% | 8,807,348 | 4.30% | $123.75 | $130.11 | $1,089,909,315 | $1,145,924,048 | +$56,014,733 | +5.14% |
| Analog Devices Inc. (ADI) | Equity | +21.37% | 517,199 | 0.50% | $245.70 | $280.56 | $127,075,794 | $145,105,351 | +$18,029,557 | +14.19% |
| Apple Inc. (AAPL) | Equity | +10.32% | 3,393,476 | 3.41% | $254.63 | $273.15 | $864,080,794 | $926,927,969 | +$62,847,175 | +7.27% |
| Applied Materials Inc. (AMAT) | Equity | -2.16% | 2,408,464 | 1.94% | $204.74 | $262.39 | $493,108,919 | $631,956,869 | +$138,847,950 | +28.16% |
| Automatic Data Processing Inc. (ADP) | Equity | -88.89% | 4,872 | 0.01% | $293.50 | $264.95 | $1,429,932 | $1,290,836 | -$139,096 | -9.73% |
| Becton Dickinson And Company (BDX) | Equity | -21.73% | 165,320 | 0.12% | $187.17 | $200.33 | $30,942,944 | $33,118,556 | +$2,175,612 | +7.03% |
| Berkshire Hathaway Inc. (BRK-A) | Equity | 0% | 4 | 0.01% | $754,200.00 | $754,648.56 | $3,016,800 | $3,018,594 | +$1,794 | +0.06% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | +0.24% | 2,787,941 | 5.53% | $502.74 | $503.24 | $1,401,609,458 | $1,403,003,429 | +$1,393,971 | +0.10% |
| Biontech Se (BNTX) | Equity | -0.00% | 4,230,033 | 1.64% | $98.62 | $93.98 | $417,165,854 | $397,538,501 | -$19,627,353 | -4.70% |
| Blackrock Inc. (BLK) | Equity | -21.59% | 129,157 | 0.59% | $1,165.87 | $1,085.28 | $150,580,272 | $140,171,767 | -$10,408,505 | -6.91% |
| Blackstone Inc. (BX) | Equity | 0% | 45,000 | 0.03% | $170.85 | $151.51 | $7,688,250 | $6,817,950 | -$870,300 | -11.32% |
| Booking Holdings Inc. (BKNG) | Equity | -22.79% | 12,361 | 0.26% | $5,399.27 | $5,465.58 | $66,740,376 | $67,560,034 | +$819,658 | +1.23% |
| Broadcom Inc. (AVGO) | Equity | +37.22% | 353,013 | 0.46% | $329.91 | $340.74 | $116,462,519 | $120,285,650 | +$3,823,131 | +3.28% |
| Cadence Design Systems Inc. (CDNS) | Equity | 0% | 997 | 0.00% | $351.26 | $320.63 | $350,206 | $319,663 | -$30,543 | -8.72% |
| The Charles Schwab Corp. (SCHW) | Equity | +0.48% | 10,631,352 | 4.00% | $95.47 | $95.59 | $1,014,975,175 | $1,016,250,938 | +$1,275,763 | +0.13% |
| Check Point Software Technologies Ltd. (CHKP) | Equity | +100% | 4,017 | 0.00% | $206.91 | $187.84 | $831,157 | $754,553 | -$76,604 | -9.22% |
| Church & Dwight Co. Inc. (CHD) | Equity | -13.96% | 127,863 | 0.04% | $87.63 | $87.01 | $11,204,635 | $11,125,360 | -$79,275 | -0.71% |
| The Coca-Cola Company (KO) | Equity | +0.80% | 869,928 | 0.23% | $66.32 | $70.75 | $57,693,625 | $61,543,056 | +$3,849,431 | +6.67% |
| Colgate-Palmolive Company (CL) | Equity | -4.44% | 301,906 | 0.10% | $79.94 | $79.30 | $24,134,366 | $23,941,146 | -$193,220 | -0.80% |
| ConocoPhillips (COP) | Equity | +0.92% | 97,856 | 0.04% | $94.59 | $93.64 | $9,256,199 | $9,163,236 | -$92,963 | -1.00% |
| Copart Inc. (CPRT) | Equity | +89.22% | 2,147,849 | 0.38% | $44.97 | $38.66 | $96,588,770 | $83,035,842 | -$13,552,928 | -14.03% |
| Costar Group Inc. (CSGP) | Equity | 0% | 2,500 | 0.00% | $84.37 | $63.05 | $210,925 | $157,613 | -$53,313 | -25.28% |
| Coupang Inc. (CPNG) | Equity | 0% | 190,000 | 0.02% | $32.20 | $24.57 | $6,118,000 | $4,667,350 | -$1,450,650 | -23.71% |
| Danaher Corp. (DHR) | Equity | -0.64% | 4,201,663 | 3.28% | $198.26 | $226.81 | $833,021,706 | $952,958,177 | +$119,936,471 | +14.40% |
| Dollar General Corp. (DG) | Equity | +6.68% | 1,046,937 | 0.43% | $103.35 | $133.49 | $108,200,939 | $139,755,620 | +$31,554,681 | +29.16% |
| Electronic Arts Inc. (EA) | Equity | +100% | 4,425 | 0.00% | $201.70 | $204.15 | $892,523 | $903,364 | +$10,841 | +1.21% |
| The Estée Lauder Companies Inc. (EL) | Equity | +194.68% | 175,000 | 0.06% | $88.12 | $100.78 | $15,421,000 | $17,636,500 | +$2,215,500 | +14.37% |
| Exxon Mobil Corp. (XOM) | Equity | -4.22% | 321,523 | 0.14% | $112.75 | $117.10 | $36,251,718 | $37,650,343 | +$1,398,625 | +3.86% |
| Fastenal Company (FAST) | Equity | -35.16% | 130,667 | 0.03% | $49.04 | $42.65 | $6,407,910 | $5,572,294 | -$835,616 | -13.04% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | 0% | 20,000 | 0.01% | $98.63 | $103.26 | $1,972,600 | $2,065,200 | +$92,600 | +4.69% |
| Ferrari N.V. (RACE) | Equity | +38.05% | 83,106 | 0.16% | $482.97 | $367.59 | $40,137,824 | $30,548,935 | -$9,588,889 | -23.89% |
| Fortinet Inc. (FTNT) | Equity | +100% | 9,753 | 0.00% | $84.08 | $81.18 | $820,032 | $791,749 | -$28,283 | -3.45% |
| Fortive Corp. (FTV) | Equity | -3.30% | 11,646,149 | 2.25% | $48.99 | $55.14 | $570,544,840 | $642,110,425 | +$71,565,585 | +12.54% |
| Globant S.A. (GLOB) | Equity | 0% | 19,000 | 0.00% | $57.38 | $67.33 | $1,090,220 | $1,279,270 | +$189,050 | +17.34% |
| Graco Inc. (GGG) | Equity | 0% | 3,337,450 | 1.12% | $84.96 | $84.22 | $283,549,752 | $281,080,039 | -$2,469,713 | -0.87% |
| HDFC Bank Limited (HDB) | Equity | +103.23% | 1,982,810 | 0.27% | $34.16 | $36.00 | $67,732,790 | $71,371,246 | +$3,638,456 | +5.37% |
| The Home Depot Inc. (HD) | Equity | -5.14% | 43,755 | 0.07% | $405.19 | $357.41 | $17,729,088 | $15,638,256 | -$2,090,832 | -11.79% |
| Icici Bank Limited (IBN) | Equity | 0% | 160,000 | 0.02% | $30.23 | $30.14 | $4,836,800 | $4,822,400 | -$14,400 | -0.30% |
| Idex Corp. (IEX) | Equity | +23.44% | 791,020 | 0.51% | $162.76 | $178.35 | $128,746,415 | $141,074,462 | +$12,328,047 | +9.58% |
| Idexx Laboratories Inc. (IDXX) | Equity | -54.16% | 110,534 | 0.28% | $638.89 | $698.67 | $70,619,067 | $77,226,237 | +$6,607,170 | +9.36% |
| Illinois Tool Works Inc. (ITW) | Equity | -1.20% | 263,592 | 0.27% | $260.76 | $258.80 | $68,734,250 | $68,217,610 | -$516,640 | -0.75% |
| Infosys Limited (INFY) | Equity | +100% | 33,807 | 0.00% | $16.27 | $17.76 | $550,040 | $600,243 | +$50,203 | +9.13% |
| Intercontinental Exchange Inc. (ICE) | Equity | +0.10% | 4,567,933 | 3.03% | $168.48 | $161.69 | $769,605,352 | $738,589,087 | -$31,016,265 | -4.03% |
| International Business Machines Corp. (IBM) | Equity | +100% | 3,505 | 0.00% | $282.16 | $308.61 | $988,971 | $1,081,678 | +$92,707 | +9.37% |
| Intuit Inc. (INTU) | Equity | -9.67% | 13,840 | 0.04% | $682.91 | $654.02 | $9,451,474 | $9,051,637 | -$399,837 | -4.23% |
| Johnson & Johnson (JNJ) | Equity | -52.78% | 2,995,174 | 2.19% | $185.42 | $214.33 | $555,365,163 | $641,955,643 | +$86,590,480 | +15.59% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | 0% | 21,500 | 0.01% | $81.68 | $75.81 | $1,756,120 | $1,629,915 | -$126,205 | -7.19% |
| Linde PLC (LIN) | Equity | +97.25% | 721,959 | 1.35% | $475.00 | $416.56 | $342,930,525 | $300,735,631 | -$42,194,894 | -12.30% |
| Lululemon Athletica Inc. (LULU) | Equity | +17.72% | 1,930,831 | 1.35% | $177.93 | $205.90 | $343,552,760 | $397,558,103 | +$54,005,343 | +15.72% |
| MakeMyTrip Limited (MMYT) | Equity | +97.37% | 37,500 | 0.01% | $93.60 | $83.83 | $3,510,000 | $3,143,438 | -$366,563 | -10.44% |
| Marketaxess Holdings Inc. (MKTX) | Equity | +243.48% | 79,000 | 0.05% | $174.25 | $178.89 | $13,765,750 | $14,132,073 | +$366,323 | +2.66% |
| Mastercard Inc. (MA) | Equity | -2.86% | 590,809 | 1.32% | $568.81 | $568.08 | $336,058,067 | $335,623,823 | -$434,244 | -0.13% |
| Mcdonald'S Corp. (MCD) | Equity | +8.28% | 344,769 | 0.41% | $303.89 | $316.99 | $104,771,851 | $109,286,601 | +$4,514,750 | +4.31% |
| Medtronic PLC (MDT) | Equity | -5.63% | 1,265,609 | 0.48% | $95.24 | $98.60 | $120,536,601 | $124,789,047 | +$4,252,446 | +3.53% |
| Mercadolibre Inc. (MELI) | Equity | +1669.42% | 181,719 | 1.67% | $2,336.94 | $1,976.85 | $424,666,400 | $359,230,297 | -$65,436,103 | -15.41% |
| Meta Platforms Inc. (META) | Equity | +5.52% | 586,067 | 1.70% | $734.38 | $652.04 | $430,395,883 | $382,139,127 | -$48,256,756 | -11.21% |
| Facebook INC | Put | +100% | 45 | N/A | $73,438.00 | N/A | $3,304,710 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | -0.27% | 3,409,081 | 6.96% | $517.95 | $474.26 | $1,765,733,504 | $1,616,790,755 | -$148,942,749 | -8.44% |
| Mondelez International Inc. (MDLZ) | Equity | +20.44% | 38,625 | 0.01% | $62.47 | $54.33 | $2,412,904 | $2,098,303 | -$314,601 | -13.04% |
| Moody's Corp. (MCO) | Equity | -45.09% | 101,816 | 0.19% | $476.48 | $486.40 | $48,513,288 | $49,523,302 | +$1,010,014 | +2.08% |
| MSCI Inc. (MSCI) | Equity | +8.33% | 226,772 | 0.51% | $567.41 | $553.17 | $128,672,701 | $125,443,467 | -$3,229,234 | -2.51% |
| Nasdaq Inc. (NDAQ) | Equity | -3.93% | 1,126,905 | 0.39% | $88.45 | $92.66 | $99,674,747 | $104,419,017 | +$4,744,270 | +4.76% |
| Netease Inc. (NTES) | Equity | 0% | 17,500 | 0.01% | $151.99 | $138.66 | $2,659,825 | $2,426,550 | -$233,275 | -8.77% |
| Netflix Inc. (NFLX) | Equity | +5.02% | 57,741 | 0.27% | $1,198.92 | $93.92 | $69,226,840 | $5,422,746 | -$63,804,094 | -92.17% |
| Nike Inc. (NKE) | Equity | -12.42% | 9,866,461 | 2.71% | $69.73 | $67.91 | $687,988,326 | $670,031,367 | -$17,956,959 | -2.61% |
| Nu Holdings Ltd. (NU) | Equity | 0% | 800,000 | 0.05% | $16.01 | $16.78 | $12,808,000 | $13,427,200 | +$619,200 | +4.83% |
| Nvidia Corp. (NVDA) | Equity | +21.72% | 416,326 | 0.31% | $186.58 | $177.18 | $77,678,105 | $73,762,559 | -$3,915,546 | -5.04% |
| O'Reilly Automotive Inc. (ORLY) | Equity | +2.09% | 68,918 | 0.03% | $107.81 | $95.05 | $7,430,050 | $6,550,656 | -$879,394 | -11.84% |
| Old Dominion Freight Line Inc. (ODFL) | Equity | +25.96% | 134,325 | 0.07% | $140.78 | $156.23 | $18,910,274 | $20,985,595 | +$2,075,321 | +10.97% |
| Oracle Corp. (ORCL) | Equity | +100% | 840 | 0.00% | $281.24 | $185.87 | $236,242 | $156,132 | -$80,110 | -33.91% |
| Paypal Holdings Inc. (PYPL) | Equity | -25.22% | 255,634 | 0.07% | $67.06 | $60.96 | $17,142,816 | $15,583,449 | -$1,559,367 | -9.10% |
| Pepsico Inc. (PEP) | Equity | -11.43% | 5,878,893 | 3.25% | $140.44 | $151.06 | $825,631,733 | $888,065,577 | +$62,433,844 | +7.56% |
| PDD Holdings Inc. (PDD) | Equity | +100% | 4,245 | 0.00% | $132.17 | $111.10 | $561,062 | $471,620 | -$89,442 | -15.94% |
| The Procter & Gamble Company (PG) | Equity | -1.12% | 3,096,726 | 1.88% | $153.65 | $144.50 | $475,811,950 | $447,476,907 | -$28,335,043 | -5.96% |
| Ralliant corp | Equity | +1.66% | 4,152,866 | 0.72% | $43.73 | $0.00 | $181,604,830 | $0 | -$181,604,830 | -100% |
| Roper Technologies Inc. (ROP) | Equity | +130.33% | 896,161 | 1.76% | $498.69 | $442.81 | $446,906,529 | $396,829,052 | -$50,077,477 | -11.21% |
| Ross Stores Inc. (ROST) | Equity | +7.33% | 116,042 | 0.07% | $152.39 | $183.05 | $17,683,640 | $21,241,488 | +$3,557,848 | +20.12% |
| S&P Global Inc. (SPGI) | Equity | +1.50% | 731,305 | 1.40% | $486.71 | $498.84 | $355,933,457 | $364,804,918 | +$8,871,461 | +2.49% |
| Salesforce Inc. (CRM) | Equity | +9.87% | 924,010 | 0.86% | $237.00 | $254.42 | $218,990,370 | $235,082,004 | +$16,091,634 | +7.35% |
| Schlumberger Limited (SLB) | Equity | -23.52% | 45,731 | 0.01% | $34.37 | $38.92 | $1,571,774 | $1,779,622 | +$207,848 | +13.22% |
| The Sherwin-Williams Company (SHW) | Equity | -53.91% | 409,454 | 0.56% | $346.26 | $327.11 | $141,777,542 | $133,936,498 | -$7,841,044 | -5.53% |
| Smurfit Westrock (SW) | Equity | -9.31% | 206,260 | 0.03% | $41.90 | $37.36 | $8,641,687 | $7,705,874 | -$935,813 | -10.83% |
| Spotify Technology S.A. (SPOT) | Equity | +96.55% | 10,091 | 0.03% | $698.00 | $577.30 | $7,043,518 | $5,825,484 | -$1,218,034 | -17.29% |
| Starbucks Corp. (SBUX) | Equity | -52.55% | 128,281 | 0.04% | $84.60 | $85.62 | $10,852,573 | $10,982,778 | +$130,205 | +1.20% |
| Stryker Corp. (SYK) | Equity | +0.75% | 275,422 | 0.40% | $369.67 | $352.74 | $101,815,251 | $97,152,356 | -$4,662,895 | -4.58% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +139.56% | 757,970 | 0.83% | $279.29 | $290.41 | $211,693,441 | $220,122,068 | +$8,428,627 | +3.98% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -7.73% | 2,516,098 | 4.81% | $485.02 | $572.36 | $1,220,357,852 | $1,440,113,851 | +$219,755,999 | +18.01% |
| The Tjx Companies Inc. (TJX) | Equity | -14.50% | 112,462 | 0.06% | $144.54 | $156.38 | $16,255,257 | $17,586,808 | +$1,331,551 | +8.19% |
| Trane Technologies PLC (TT) | Equity | +100% | 12,000 | 0.02% | $421.96 | $396.24 | $5,063,520 | $4,754,880 | -$308,640 | -6.10% |
| Trip.Com Group Limited (TCOM) | Equity | +12.50% | 45,000 | 0.01% | $75.20 | $70.90 | $3,384,000 | $3,190,500 | -$193,500 | -5.72% |
| Uber Technologies Inc. (UBER) | Equity | -4.16% | 722,612 | 0.28% | $97.97 | $82.38 | $70,794,298 | $59,530,944 | -$11,263,354 | -15.91% |
| Union Pacific Corp. (UNP) | Equity | -49.52% | 50,450 | 0.05% | $236.37 | $239.31 | $11,924,867 | $12,073,190 | +$148,323 | +1.24% |
| Verisk Analytics Inc. (VRSK) | Equity | -56.87% | 53,863 | 0.05% | $251.51 | $217.27 | $13,547,083 | $11,702,545 | -$1,844,538 | -13.62% |
| Verizon Communications Inc. (VZ) | Equity | 0% | 356,179 | 0.06% | $43.95 | $41.07 | $15,654,067 | $14,626,491 | -$1,027,576 | -6.56% |
| Visa Inc. (V) | Equity | +0.98% | 2,172,103 | 2.92% | $341.38 | $345.28 | $741,512,522 | $749,983,724 | +$8,471,202 | +1.14% |
| Walmart Inc. (WMT) | Equity | +0.53% | 412,285 | 0.17% | $103.06 | $116.61 | $42,490,092 | $48,074,492 | +$5,584,400 | +13.14% |
| The Walt Disney Company (DIS) | Equity | -35.76% | 229,321 | 0.10% | $114.50 | $110.74 | $26,257,255 | $25,393,861 | -$863,394 | -3.29% |
| Yum China Holdings Inc. (YUMC) | Equity | -3.03% | 80,000 | 0.01% | $42.92 | $48.04 | $3,433,600 | $3,843,200 | +$409,600 | +11.93% |
| Fiverr International 01112025 | Bond | +100% | 2,750,000 | N/A | $1.00 | N/A | $2,738,230 | N/A | N/A | N/A |
| Snap | Bond | +100% | 1,900,000 | N/A | $0.93 | N/A | $1,757,842 | N/A | N/A | N/A |
| Uber Technologies Inc. | Bond | +100% | 500,000 | N/A | $1.22 | N/A | $610,110 | N/A | N/A | N/A |
| Snap | Bond | +100% | 300,000 | N/A | $0.90 | N/A | $268,561 | N/A | N/A | N/A |
| Etsy | Bond | +100% | 1,400,000 | N/A | $0.89 | N/A | $1,245,995 | N/A | N/A | N/A |
| Halozyme Therapeutics | Bond | +100% | 1,750,000 | N/A | $1.15 | N/A | $2,008,962 | N/A | N/A | N/A |
| Akamai Technologies | Bond | +100% | 900,000 | N/A | $0.96 | N/A | $863,480 | N/A | N/A | N/A |
| Uber Technologies | Bond | +100% | 200,000 | N/A | $1.47 | N/A | $294,961 | N/A | N/A | N/A |
| Halozyme Therapeutics | Bond | +100% | 200,000 | N/A | $1.41 | N/A | $282,066 | N/A | N/A | N/A |
| Akamai Technologies | Bond | +100% | 1,700,000 | N/A | $0.94 | N/A | $1,601,974 | N/A | N/A | N/A |