PICTET BANK & TRUST Ltd

Key Holdings

The portfolio is heavily weighted towards dominant U.S. technology and consumer giants. The top ten positions account for approximately 61% of the total assets, indicating a strong preference for core, blue-chip holdings.

• Amazon.com Inc (AMZN): The largest position, comprising 13.83% of the portfolio ($11.53M). This is a new position, suggesting a strong conviction in Amazon's growth trajectory or valuation at the time of purchase.
• Microsoft Corp (MSFT): The second-largest holding at 9.60% ($8.00M), also a new position. This aligns with the firm's apparent pivot toward established secular growth leaders in the software and cloud space.
• Alphabet Inc (GOOGL/GOOG): Combined, the two Alphabet classes (Class A and Class C) represent roughly 14.5% of the portfolio ($12.1M). Despite being a top weight, the firm reduced its exposure to Alphabet by a total of ~60.8% across both share classes during the quarter, signaling a shift in sentiment or profit-taking.
• Mastercard Incorporated (MA): Represents 5.48% of the portfolio, reinforcing a focus on high-quality financial infrastructure and payment networks.