Data as of Q4 2025 (Dec 31, 2025)

Lazard Freres Gestion S.A.S.

CIK: 1426748Filing: Q4 2025

Lazard Frères Gestion S.A.S., led by the seasoned investment team of Jean-François Cazavan and Pierre-Henri Flamand, maintains a concentrated portfolio with a focus on technology and growth sectors, currently holding 112 positions with a $5.6 billion AUM. The fund has recently adjusted its holdings by adding Duolingo, Datadog, and Cisco, while exiting EOG Resources and Vontier, and significantly increasing positions in Enphase Energy and MercadoLibre, reflecting a strategic pivot towards high-growth tech and renewable energy companies.

Total AUM
$5.6B
QoQ Performance
+5.7%
Positions
112
Top 10 Concentration
51.4%
Latest Filing
Q4 2025

Top Holdings Allocation

MSFT
GOOGL
AMZN
AAPL
MSFT9.1%
GOOGL7.3%
AMZN6.6%
AAPL6.0%
NVDA5.0%
V4.6%
RTX3.5%
ACN3.3%

📈 Biggest Buys

MSI
MOTOROLA SOL
+32.8%
3.0% of portfolio
EL
ESTEE LAUDER
+36.2%
2.1% of portfolio
ACN
ACCENTURE PLC
+17.2%
3.3% of portfolio
COST
COSTCO WHOLE
+36.5%
1.8% of portfolio
V
VISA INC
+10.9%
4.6% of portfolio

📉 Biggest Sells

GOOGL
ALPHABET INC A
-8.4%
7.3% of portfolio
KLAC
KLA CORP
-27.2%
1.0% of portfolio
BDX
BECTON DICKIN/U
-18.7%
1.3% of portfolio
BRK/B
BERKSHR HAT B/U
-39.4%
0.5% of portfolio
AMAT
APPLIED MATLS I
-10.8%
2.4% of portfolio

Sector Breakdown

Technology35.6%
Other30.2%
Consumer11.0%
Financial7.3%
Healthcare6.7%
Industrial4.4%
Communication2.0%
Materials1.1%

🚪 Exited Positionssold since Q3 2025

EOG
EOG RESOURCES
SOLD
$17.4M
VTEB
VNGD MUNI
SOLD
$1.9M
SCHW
SCHWAB CHARLES
SOLD
$250.0K
SLB
SCHLUMBERGER LT
SOLD
$202.0K
BA
BOEING CO
SOLD
$201.0K

Changes from Q3 2025

NEW5 new positions
33 increased
48 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023