Investor: Bert Flossbach & Kurt von Storch
Number of Assets: 119
Reporting Period: Q3 - 2025
Holdings at Report: $25,381,661,018
Return Since Report: +$838,832,923
Return Since Report: +3.30%
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 | $168.33 | $101,831,754 | $110,457,727 | +$8,625,973 | +8.47% |
| Abbott Laboratories (ABT) | Equity | +2.91% | 6,609,983 | 3.49% | $133.94 | $124.68 | $885,341,123 | $824,099,631 | -$61,241,492 | -6.92% |
| Accenture PLC (ACN) | Equity | +4.67% | 2,521,263 | 2.45% | $246.60 | $271.61 | $621,743,456 | $684,800,243 | +$63,056,787 | +10.14% |
| Adobe Inc. (ADBE) | Equity | +3.20% | 51,714 | 0.07% | $352.75 | $356.04 | $18,242,114 | $18,412,253 | +$170,139 | +0.93% |
| Airbnb Inc. (ABNB) | Equity | 0% | 10,781 | 0.01% | $121.42 | $129.21 | $1,309,029 | $1,393,013 | +$83,984 | +6.42% |
| Alibaba Group Holding Limited (BABA) | Equity | -15.76% | 155,000 | 0.11% | $178.73 | $155.21 | $27,703,150 | $24,057,550 | -$3,645,600 | -13.16% |
| Alphabet Inc. (GOOGL) | Equity | +2.21% | 6,812,930 | 6.53% | $243.10 | $309.47 | $1,656,222,101 | $2,108,397,447 | +$452,175,346 | +27.30% |
| Alphabet Inc. (GOOG) | Equity | +12.57% | 2,239 | 0.00% | $243.55 | $310.80 | $545,308 | $695,881 | +$150,573 | +27.61% |
| Amazon.com Inc. (AMZN) | Equity | -0.58% | 6,803,957 | 5.89% | $219.57 | $226.83 | $1,493,944,690 | $1,543,341,566 | +$49,396,876 | +3.31% |
| American Express Company (AXP) | Equity | +2.43% | 79,387 | 0.10% | $332.16 | $380.07 | $26,369,186 | $30,172,617 | +$3,803,431 | +14.42% |
| Ametek Inc. (AME) | Equity | -0.05% | 3,783,841 | 2.80% | $188.00 | $201.40 | $711,362,108 | $762,073,145 | +$50,711,037 | +7.13% |
| Amphenol Corp. (APH) | Equity | -11.38% | 8,807,348 | 4.30% | $123.75 | $130.05 | $1,089,909,315 | $1,145,395,607 | +$55,486,292 | +5.09% |
| Analog Devices Inc. (ADI) | Equity | +21.37% | 517,199 | 0.50% | $245.70 | $279.68 | $127,075,794 | $144,647,630 | +$17,571,836 | +13.83% |
| Apple Inc. (AAPL) | Equity | +10.32% | 3,393,476 | 3.41% | $254.63 | $277.98 | $864,080,794 | $943,318,458 | +$79,237,664 | +9.17% |
| Applied Materials Inc. (AMAT) | Equity | -2.16% | 2,408,464 | 1.94% | $204.74 | $259.38 | $493,108,919 | $624,707,392 | +$131,598,473 | +26.69% |
| Automatic Data Processing Inc. (ADP) | Equity | -88.89% | 4,872 | 0.01% | $293.50 | $265.85 | $1,429,932 | $1,295,221 | -$134,711 | -9.42% |
| Becton Dickinson And Company (BDX) | Equity | -21.73% | 165,320 | 0.12% | $187.17 | $200.00 | $30,942,944 | $33,063,173 | +$2,120,229 | +6.85% |
| Berkshire Hathaway Inc. (BRK-A) | Equity | 0% | 4 | 0.01% | $754,200.00 | $745,241.06 | $3,016,800 | $2,980,964 | -$35,836 | -1.19% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | +0.24% | 2,787,941 | 5.53% | $502.74 | $497.61 | $1,401,609,458 | $1,387,293,381 | -$14,316,077 | -1.02% |
| Biontech Se (BNTX) | Equity | -0.00% | 4,230,033 | 1.64% | $98.62 | $94.81 | $417,165,854 | $401,049,429 | -$16,116,425 | -3.86% |
| Blackrock Inc. (BLK) | Equity | -21.59% | 129,157 | 0.59% | $1,165.87 | $1,085.92 | $150,580,272 | $140,253,524 | -$10,326,748 | -6.86% |
| Blackstone Inc. (BX) | Equity | 0% | 45,000 | 0.03% | $170.85 | $150.24 | $7,688,250 | $6,760,800 | -$927,450 | -12.06% |
| Booking Holdings Inc. (BKNG) | Equity | -22.79% | 12,361 | 0.26% | $5,399.27 | $5,318.58 | $66,740,376 | $65,742,967 | -$997,409 | -1.49% |
| Broadcom Inc. (AVGO) | Equity | +37.22% | 353,013 | 0.46% | $329.91 | $360.35 | $116,462,519 | $127,208,941 | +$10,746,422 | +9.23% |
| Cadence Design Systems Inc. (CDNS) | Equity | 0% | 997 | 0.00% | $351.26 | $324.44 | $350,206 | $323,467 | -$26,739 | -7.64% |
| The Charles Schwab Corp. (SCHW) | Equity | +0.48% | 10,631,352 | 4.00% | $95.47 | $95.70 | $1,014,975,175 | $1,017,420,386 | +$2,445,211 | +0.24% |
| Check Point Software Technologies Ltd. (CHKP) | Equity | +100% | 4,017 | 0.00% | $206.91 | $194.12 | $831,157 | $779,780 | -$51,377 | -6.18% |
| 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 | $70.18 | $57,693,625 | $61,047,197 | +$3,353,572 | +5.81% |
| Colgate-Palmolive Company (CL) | Equity | -4.44% | 301,906 | 0.10% | $79.94 | $78.19 | $24,134,366 | $23,604,521 | -$529,845 | -2.20% |
| ConocoPhillips (COP) | Equity | +0.92% | 97,856 | 0.04% | $94.59 | $95.35 | $9,256,199 | $9,330,570 | +$74,371 | +0.80% |
| Copart Inc. (CPRT) | Equity | +89.22% | 2,147,849 | 0.38% | $44.97 | $38.75 | $96,588,770 | $83,218,410 | -$13,370,360 | -13.84% |
| Costar Group Inc. (CSGP) | Equity | 0% | 2,500 | 0.00% | $84.37 | $68.35 | $210,925 | $170,875 | -$40,050 | -18.99% |
| Coupang Inc. (CPNG) | Equity | 0% | 190,000 | 0.02% | $32.20 | $25.58 | $6,118,000 | $4,859,630 | -$1,258,370 | -20.57% |
| Danaher Corp. (DHR) | Equity | -0.64% | 4,201,663 | 3.28% | $198.26 | $227.51 | $833,021,706 | $955,899,341 | +$122,877,635 | +14.75% |
| Dollar General Corp. (DG) | Equity | +6.68% | 1,046,937 | 0.43% | $103.35 | $132.23 | $108,200,939 | $138,436,480 | +$30,235,541 | +27.94% |
| Electronic Arts Inc. (EA) | Equity | +100% | 4,425 | 0.00% | $201.70 | $203.75 | $892,523 | $901,594 | +$9,071 | +1.02% |
| The Estée Lauder Companies Inc. (EL) | Equity | +194.68% | 175,000 | 0.06% | $88.12 | $104.60 | $15,421,000 | $18,305,000 | +$2,884,000 | +18.70% |
| Exxon Mobil Corp. (XOM) | Equity | -4.22% | 321,523 | 0.14% | $112.75 | $118.46 | $36,251,718 | $38,087,615 | +$1,835,897 | +5.06% |
| Fastenal Company (FAST) | Equity | -35.16% | 130,667 | 0.03% | $49.04 | $41.87 | $6,407,910 | $5,470,374 | -$937,536 | -14.63% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | 0% | 20,000 | 0.01% | $98.63 | $103.86 | $1,972,600 | $2,077,200 | +$104,600 | +5.30% |
| Ferrari N.V. (RACE) | Equity | +38.05% | 83,106 | 0.16% | $482.97 | $367.04 | $40,137,824 | $30,503,226 | -$9,634,598 | -24.00% |
| Fortinet Inc. (FTNT) | Equity | +100% | 9,753 | 0.00% | $84.08 | $82.14 | $820,032 | $801,063 | -$18,969 | -2.31% |
| Fortive Corp. (FTV) | Equity | -3.30% | 11,646,149 | 2.25% | $48.99 | $54.96 | $570,544,840 | $640,072,349 | +$69,527,509 | +12.19% |
| Globant S.A. (GLOB) | Equity | 0% | 19,000 | 0.00% | $57.38 | $67.14 | $1,090,220 | $1,275,660 | +$185,440 | +17.01% |
| Graco Inc. (GGG) | Equity | 0% | 3,337,450 | 1.12% | $84.96 | $83.51 | $283,549,752 | $278,710,450 | -$4,839,303 | -1.71% |
| HDFC Bank Limited (HDB) | Equity | +103.23% | 1,982,810 | 0.27% | $34.16 | $35.88 | $67,732,790 | $71,133,309 | +$3,400,519 | +5.02% |
| The Home Depot Inc. (HD) | Equity | -5.14% | 43,755 | 0.07% | $405.19 | $357.13 | $17,729,088 | $15,626,004 | -$2,103,084 | -11.86% |
| Icici Bank Limited (IBN) | Equity | 0% | 160,000 | 0.02% | $30.23 | $30.18 | $4,836,800 | $4,828,000 | -$8,800 | -0.18% |
| Idex Corp. (IEX) | Equity | +23.44% | 791,020 | 0.51% | $162.76 | $177.62 | $128,746,415 | $140,497,017 | +$11,750,602 | +9.13% |
| Idexx Laboratories Inc. (IDXX) | Equity | -54.16% | 110,534 | 0.28% | $638.89 | $698.64 | $70,619,067 | $77,223,474 | +$6,604,407 | +9.35% |
| Illinois Tool Works Inc. (ITW) | Equity | -1.20% | 263,592 | 0.27% | $260.76 | $257.34 | $68,734,250 | $67,832,765 | -$901,485 | -1.31% |
| Infosys Limited (INFY) | Equity | +100% | 33,807 | 0.00% | $16.27 | $17.76 | $550,040 | $600,345 | +$50,305 | +9.15% |
| Intercontinental Exchange Inc. (ICE) | Equity | +0.10% | 4,567,933 | 3.03% | $168.48 | $163.78 | $769,605,352 | $748,136,067 | -$21,469,285 | -2.79% |
| International Business Machines Corp. (IBM) | Equity | +100% | 3,505 | 0.00% | $282.16 | $307.35 | $988,971 | $1,077,244 | +$88,273 | +8.93% |
| Intuit Inc. (INTU) | Equity | -9.67% | 13,840 | 0.04% | $682.91 | $669.19 | $9,451,474 | $9,261,590 | -$189,884 | -2.01% |
| Johnson & Johnson (JNJ) | Equity | -52.78% | 2,995,174 | 2.19% | $185.42 | $211.07 | $555,365,163 | $632,191,376 | +$76,826,213 | +13.83% |
| Joint Stock Company Kaspi.Kz (KSPI) | Equity | 0% | 21,500 | 0.01% | $81.68 | $76.67 | $1,756,120 | $1,648,405 | -$107,715 | -6.13% |
| Linde PLC (LIN) | Equity | +97.25% | 721,959 | 1.35% | $475.00 | $416.54 | $342,930,525 | $300,724,802 | -$42,205,723 | -12.31% |
| Lululemon Athletica Inc. (LULU) | Equity | +17.72% | 1,930,831 | 1.35% | $177.93 | $206.46 | $343,552,760 | $398,629,714 | +$55,076,954 | +16.03% |
| MakeMyTrip Limited (MMYT) | Equity | +97.37% | 37,500 | 0.01% | $93.60 | $82.00 | $3,510,000 | $3,075,000 | -$435,000 | -12.39% |
| Marketaxess Holdings Inc. (MKTX) | Equity | +243.48% | 79,000 | 0.05% | $174.25 | $178.07 | $13,765,750 | $14,067,846 | +$302,096 | +2.19% |
| Mastercard Inc. (MA) | Equity | -2.86% | 590,809 | 1.32% | $568.81 | $571.42 | $336,058,067 | $337,597,125 | +$1,539,058 | +0.46% |
| Mcdonald'S Corp. (MCD) | Equity | +8.28% | 344,769 | 0.41% | $303.89 | $316.92 | $104,771,851 | $109,264,191 | +$4,492,340 | +4.29% |
| Medtronic PLC (MDT) | Equity | -5.63% | 1,265,609 | 0.48% | $95.24 | $99.35 | $120,536,601 | $125,731,926 | +$5,195,325 | +4.31% |
| Mercadolibre Inc. (MELI) | Equity | +1669.42% | 181,719 | 1.67% | $2,336.94 | $2,019.14 | $424,666,400 | $366,915,193 | -$57,751,207 | -13.60% |
| Meta Platforms Inc. (META) | Equity | +5.52% | 586,067 | 1.70% | $734.38 | $646.63 | $430,395,883 | $378,968,504 | -$51,427,379 | -11.95% |
| 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 | $478.84 | $1,765,733,504 | $1,632,404,346 | -$133,329,158 | -7.55% |
| Mondelez International Inc. (MDLZ) | Equity | +20.44% | 38,625 | 0.01% | $62.47 | $54.16 | $2,412,904 | $2,091,737 | -$321,167 | -13.31% |
| Moody's Corp. (MCO) | Equity | -45.09% | 101,816 | 0.19% | $476.48 | $485.10 | $48,513,288 | $49,390,942 | +$877,654 | +1.81% |
| MSCI Inc. (MSCI) | Equity | +8.33% | 226,772 | 0.51% | $567.41 | $547.88 | $128,672,701 | $124,243,843 | -$4,428,858 | -3.44% |
| Nasdaq Inc. (NDAQ) | Equity | -3.93% | 1,126,905 | 0.39% | $88.45 | $93.91 | $99,674,747 | $105,827,649 | +$6,152,902 | +6.17% |
| Netease Inc. (NTES) | Equity | 0% | 17,500 | 0.01% | $151.99 | $138.92 | $2,659,825 | $2,431,100 | -$228,725 | -8.60% |
| Netflix Inc. (NFLX) | Equity | +5.02% | 57,741 | 0.27% | $1,198.92 | $95.63 | $69,226,840 | $5,521,772 | -$63,705,068 | -92.02% |
| Nike Inc. (NKE) | Equity | -12.42% | 9,866,461 | 2.71% | $69.73 | $67.41 | $687,988,326 | $665,048,804 | -$22,939,522 | -3.33% |
| Nu Holdings Ltd. (NU) | Equity | 0% | 800,000 | 0.05% | $16.01 | $17.00 | $12,808,000 | $13,596,000 | +$788,000 | +6.15% |
| Nvidia Corp. (NVDA) | Equity | +21.72% | 416,326 | 0.31% | $186.58 | $176.35 | $77,678,105 | $73,419,090 | -$4,259,015 | -5.48% |
| O'Reilly Automotive Inc. (ORLY) | Equity | +2.09% | 68,918 | 0.03% | $107.81 | $94.26 | $7,430,050 | $6,496,211 | -$933,839 | -12.57% |
| Old Dominion Freight Line Inc. (ODFL) | Equity | +25.96% | 134,325 | 0.07% | $140.78 | $158.81 | $18,910,274 | $21,332,153 | +$2,421,879 | +12.81% |
| Oracle Corp. (ORCL) | Equity | +100% | 840 | 0.00% | $281.24 | $189.67 | $236,242 | $159,323 | -$76,919 | -32.56% |
| Paypal Holdings Inc. (PYPL) | Equity | -25.22% | 255,634 | 0.07% | $67.06 | $61.89 | $17,142,816 | $15,821,188 | -$1,321,628 | -7.71% |
| Pepsico Inc. (PEP) | Equity | -11.43% | 5,878,893 | 3.25% | $140.44 | $149.80 | $825,631,733 | $880,628,777 | +$54,997,044 | +6.66% |
| PDD Holdings Inc. (PDD) | Equity | +100% | 4,245 | 0.00% | $132.17 | $111.78 | $561,062 | $474,485 | -$86,577 | -15.43% |
| The Procter & Gamble Company (PG) | Equity | -1.12% | 3,096,726 | 1.88% | $153.65 | $142.59 | $475,811,950 | $441,546,677 | -$34,265,273 | -7.20% |
| 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 | $446.12 | $446,906,529 | $399,790,865 | -$47,115,664 | -10.54% |
| Ross Stores Inc. (ROST) | Equity | +7.33% | 116,042 | 0.07% | $152.39 | $183.29 | $17,683,640 | $21,269,338 | +$3,585,698 | +20.28% |
| S&P Global Inc. (SPGI) | Equity | +1.50% | 731,305 | 1.40% | $486.71 | $499.89 | $355,933,457 | $365,572,056 | +$9,638,599 | +2.71% |
| Salesforce Inc. (CRM) | Equity | +9.87% | 924,010 | 0.86% | $237.00 | $261.97 | $218,990,370 | $242,062,900 | +$23,072,530 | +10.54% |
| Schlumberger Limited (SLB) | Equity | -23.52% | 45,731 | 0.01% | $34.37 | $39.24 | $1,571,774 | $1,794,484 | +$222,710 | +14.17% |
| The Sherwin-Williams Company (SHW) | Equity | -53.91% | 409,454 | 0.56% | $346.26 | $328.26 | $141,777,542 | $134,407,370 | -$7,370,172 | -5.20% |
| Smurfit Westrock (SW) | Equity | -9.31% | 206,260 | 0.03% | $41.90 | $37.21 | $8,641,687 | $7,674,935 | -$966,752 | -11.19% |
| Spotify Technology S.A. (SPOT) | Equity | +96.55% | 10,091 | 0.03% | $698.00 | $603.50 | $7,043,518 | $6,089,919 | -$953,600 | -13.54% |
| Starbucks Corp. (SBUX) | Equity | -52.55% | 128,281 | 0.04% | $84.60 | $85.79 | $10,852,573 | $11,005,227 | +$152,654 | +1.41% |
| Stryker Corp. (SYK) | Equity | +0.75% | 275,422 | 0.40% | $369.67 | $353.21 | $101,815,251 | $97,281,805 | -$4,533,446 | -4.45% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +139.56% | 757,970 | 0.83% | $279.29 | $294.28 | $211,693,441 | $223,055,412 | +$11,361,971 | +5.37% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -7.73% | 2,516,098 | 4.81% | $485.02 | $571.69 | $1,220,357,852 | $1,438,428,066 | +$218,070,214 | +17.87% |
| The Tjx Companies Inc. (TJX) | Equity | -14.50% | 112,462 | 0.06% | $144.54 | $156.07 | $16,255,257 | $17,551,944 | +$1,296,687 | +7.98% |
| Trane Technologies PLC (TT) | Equity | +100% | 12,000 | 0.02% | $421.96 | $391.87 | $5,063,520 | $4,702,380 | -$361,140 | -7.13% |
| Trip.Com Group Limited (TCOM) | Equity | +12.50% | 45,000 | 0.01% | $75.20 | $70.67 | $3,384,000 | $3,180,150 | -$203,850 | -6.02% |
| Uber Technologies Inc. (UBER) | Equity | -4.16% | 722,612 | 0.28% | $97.97 | $85.45 | $70,794,298 | $61,743,582 | -$9,050,716 | -12.78% |
| Union Pacific Corp. (UNP) | Equity | -49.52% | 50,450 | 0.05% | $236.37 | $238.97 | $11,924,867 | $12,055,784 | +$130,917 | +1.10% |
| Verisk Analytics Inc. (VRSK) | Equity | -56.87% | 53,863 | 0.05% | $251.51 | $218.29 | $13,547,083 | $11,757,754 | -$1,789,329 | -13.21% |
| Verizon Communications Inc. (VZ) | Equity | 0% | 356,179 | 0.06% | $43.95 | $40.67 | $15,654,067 | $14,484,019 | -$1,170,048 | -7.47% |
| Visa Inc. (V) | Equity | +0.98% | 2,172,103 | 2.92% | $341.38 | $347.47 | $741,512,522 | $754,740,629 | +$13,228,107 | +1.78% |
| Walmart Inc. (WMT) | Equity | +0.53% | 412,285 | 0.17% | $103.06 | $116.28 | $42,490,092 | $47,938,438 | +$5,448,346 | +12.82% |
| The Walt Disney Company (DIS) | Equity | -35.76% | 229,321 | 0.10% | $114.50 | $111.35 | $26,257,255 | $25,534,893 | -$722,362 | -2.75% |
| Yum China Holdings Inc. (YUMC) | Equity | -3.03% | 80,000 | 0.01% | $42.92 | $48.65 | $3,433,600 | $3,892,000 | +$458,400 | +13.35% |
| 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 |