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Livermore
Livermore
ZHEN

Lazard Freres Gestion S.A.S.

SEC CIK
0001426748
Latest filing
Aug 6, 2026

The latest 13F from Lazard Freres Gestion S.A.S. covers Q2 2026 (filed Aug 6, 2026): 115 long positions worth $5.77B. The top 10 holdings make up 55.0% of the portfolio, and the largest is Alphabet Inc. (GOOGL) at 8.5%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
7
Est. +$77.9M
Added
50
Est. +$443.1M
Reduced
32
Est. −$214.8M
Sold out
15
Est. −$64.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGLAlphabet Inc.
    8.5%$491.4MHistory
  2. MSFTMicrosoft Corp
    7.5%$435.3MHistory
  3. AAPLApple Inc.
    6.8%$392.3MHistory
  4. AMZNAmazon Com Inc
    6.7%$388.8MHistory
  5. NVDANVIDIA Corp
    6.6%$383.4MHistory

Share of portfolio

Top 5 holdings and the other 110 positions, by share of portfolio value

  1. GOOGL8.5%
  2. MSFT7.5%
  3. AAPL6.8%
  4. AMZN6.7%
  5. NVDA6.6%
  6. Other 110 positions63.8%

Biggest buys

New and added positions, by estimated amount bought

  1. NVDANVIDIA Corp
    +$91.2MAddedHistory
  2. METAMeta Platforms, Inc.
    +$60.6MAddedHistory
  3. MSFTMicrosoft Corp
    +$39.7MAddedHistory
  4. GOOGLAlphabet Inc.
    +$31.2MAddedHistory
  5. AAPLApple Inc.
    +$28.9MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. NVDANVIDIA Corp
    +1.62 pp5.0% → 6.6%History
  2. GOOGLAlphabet Inc.
    +1.21 pp7.3% → 8.5%History
  3. METAMeta Platforms, Inc.
    +0.77 pp2.1% → 2.9%History
  4. APHAmphenol Corp
    +0.60 pp1.7% → 2.3%History
  5. AVGOBroadcom Inc.
    +0.59 pp1.4% → 2.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMATApplied Materials Inc
    −$58.0MReducedHistory
  2. HONHoneywell International Inc
    −$54.4MSold outHistory
  3. ACNAccenture plc
    −$28.3MReducedHistory
  4. KLACKLA Corp
    −$27.9MReducedConverted for a 10-for-1 splitHistory
  5. BDXBecton Dickinson & Co
    −$26.9MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ACNAccenture plc
    −1.66 pp2.6% → 0.9%History
  2. ZTSZoetis Inc.
    −1.26 pp2.4% → 1.2%History
  3. HONHoneywell International Inc
    −1.07 pp1.1% → 0.0%History
  4. BDXBecton Dickinson & Co
    −0.61 pp0.9% → 0.3%History
  5. MDTMedtronic plc
    −0.57 pp2.7% → 2.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$5.77B
+$700.3M (+13.8%) vs. prior quarter
Positions
115
−8 vs. prior quarter
Top 10 concentration
55.0%
Top 10 as share of value
Turnover
5.1%
Q2 2026, one quarter
Average holding period
18.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $5.77B (Q2 2026)

Q1 2021: $2.87BQ2 2021: $3.10BQ3 2021: $3.56BQ4 2021: $3.70BQ1 2022: $3.32BQ2 2022: $2.78BQ3 2022: $2.64BQ4 2022: $2.76BQ1 2023: $2.71BQ2 2023: $3.26BQ3 2023: $3.15BQ4 2023: $3.47BQ1 2024: $4.04BQ2 2024: $4.34BQ3 2024: $4.72BQ4 2024: $4.99BQ1 2025: $4.11BQ2 2025: $4.79BQ3 2025: $5.25BQ4 2025: $5.55BQ1 2026: $5.07BQ2 2026: $5.77B
Q1 2021Q2 2026
13F filings of Lazard Freres Gestion S.A.S. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 6, 2026115$5.77BGOOGLMSFTAAPLvs. Q1 2026SEC
Q1 2026May 7, 2026123$5.07BMSFTGOOGLAMZNvs. Q4 2025SEC
Q4 2025Feb 6, 2026112$5.55BMSFTGOOGLAMZNvs. Q3 2025SEC
Q3 2025Oct 21, 2025112$5.25BMSFTGOOGLAMZNvs. Q2 2025SEC
Q2 2025Jul 31, 2025110$4.79BMSFTAMZNAAPLvs. Q1 2025SEC
Q1 2025May 7, 2025103$4.11BMSFTAMZNGOOGLvs. Q4 2024SEC
Q4 2024Feb 10, 2025101$4.99BMSFTAMZNGOOGLvs. Q3 2024SEC
Q3 2024Nov 13, 202497$4.72BMSFTAMZNGOOGLvs. Q2 2024SEC
Q2 2024Jul 29, 202493$4.34BMSFTAMZNGOOGLvs. Q1 2024SEC
Q1 2024May 10, 202477$4.04BMSFTAMZNVvs. Q4 2023SEC
Q4 2023Feb 8, 202478$3.47BMSFTAMZNVvs. Q3 2023SEC
Q3 2023Nov 9, 202379$3.15BMSFTAMZNGOOGLvs. Q2 2023SEC
Q2 2023Aug 10, 202379$3.26BMSFTAMZNVvs. Q1 2023SEC
Q1 2023May 9, 202378$2.71BMSFTVMRKvs. Q4 2022SEC
Q4 2022Feb 8, 202374$2.76BMSFTMRKVvs. Q3 2022SEC
Q3 2022Nov 10, 202274$2.64BMSFTAMZNMRKvs. Q2 2022SEC
Q2 2022Jul 28, 202265$2.78BMSFTAMZNMRKvs. Q1 2022SEC
Q1 2022May 10, 202270$3.32BMSFTAMZNGOOGLvs. Q4 2021SEC
Q4 2021Jan 20, 202265$3.70BMSFTAMZNGOOGLvs. Q3 2021SEC
Q3 2021Nov 4, 202169$3.56BMSFTAMZNGOOGLvs. Q2 2021SEC
Q2 2021Aug 3, 202168$3.10BAMZNMSFTGOOGLvs. Q1 2021SEC
Q1 2021May 5, 202186$2.87BAMZNMSFTGOOGL–SEC