Banque Cantonale Vaudoise 13F Portfolio

Where they are adding speaks volumes: they are paying up for underappreciated earnings power in health care and industrial plumbing rather than for front-page AI narratives.

On the health side, they open a new $11.3B stake in AstraZeneca at 1.57% of the book and lift Bristol-Myers by 20.5%. Alcon, already the top position, gets nudged higher, while Cardinal Health and Boston Scientific are quietly maintained or topped up, pushing health care to 21.6% of assets.

The industrial build-out is more aggressive.

• AMRIZE, a building materials play, is lifted 20.8% to 8.35% of the portfolio, even though it sits 7.5% below their average cost — this is classic averaging into a structurally favored theme.
• Corning, the optical and specialty glass backbone of bandwidth and electronics, is more than doubled (+108.2%), signaling a bet on data traffic and capex
• Eaton and Comfort Systems both see double-digit adds, reinforcing a thesis around electrification, grid and HVAC infrastructure.

They are also buying durable consumer and financial "tollbooths":

• Booking explodes from a rounding error to a 0.48% position, a $3.31B increase.
• Costco is raised nearly 30%, while Coca-Cola climbs 14.5% to 2.69%.
• CBOE and CME are both increased, with CBOE up 134.4%, a clear vote that more market volatility and derivatives activity will be a structural tailwind.

The funding side of the ledger is dominated by high-flying tech and AI infrastructure — a textbook case of a disciplined seller in names they still like, just less at these prices.

Alphabet is the biggest cash source: the GOOGL line is cut 15.5% and the GOOG line 23.7%, even though both trade roughly 2–3x above their average buy levels. Broadcom, still a core 10.26% holding, is shaved by 10.9% after more than a 115% gain vs cost, turning paper profits into dry powder.

The pattern repeats across second-tier growth software and semis:

• Dell is nearly halved (-47.3%) after a huge run, freeing over $6.26B.
• CrowdStrike is cut by 36.4% while still sitting below their cost, suggesting a willingness to admit thesis stretch or valuation risk.
• Adobe, Cloudflare, Cadence and Astera Labs are all trimmed double-digits after big gains, showing a broad de-risking in expensive software and AI-adjacent chips.

Even in old-economy names they like, they are pruning strength. Deere, Cummins and Danaher all see 27–36% reductions, as does Cisco and Ciena in networking. The message is consistent: harvest where multiples and sentiment are rich, keep the structural winners, and redeploy toward areas where earnings have more room to surprise.

The sector chart makes clear that this wasn’t just stock-picking; it was a deliberate re-shape of risk. Technology falls from 40.73% to 35.27%, but they haven’t abandoned it — they’ve shifted from crowd-favorite growth at any price to more diversified exposure anchored by a few compounding platforms.

Health care is the big winner, lifting to 21.6% with new capital into pharma and medical devices. That, combined with a steady 3M stake and the expansion of Alcon and Boston Scientific, reads as a multi-year bet on aging demographics and procedure normalization, not a trade.

Industrials rise to 19.56% on the back of AMRIZE, Corning, Eaton, CSX and Comfort Systems, effectively turning the book into a levered play on infrastructure, logistics, and electrification. Consumer exposure gets healthier too: consumer discretionary edges up to 4.29% with more Costco and Booking, while staples move to 3.17% thanks to Coca-Cola.

Meanwhile, telecom, utilities, and energy are gently dialed back — AT&T, Duke and Chevron are all trimmed — leaving these as ballast, not return drivers. Finance edges up slightly as they build around CBOE, CME and European banks like Deutsche Bank, a subtle hedge on higher-for-longer rates and ongoing capital markets activity.

Taken together, this quarter says the manager is preparing for a world where growth is scarcer, dispersion is higher, and index-heavy tech exposure is no longer a free lunch. They’re locking in wins from the AI and software complex and re-weighting toward cash-generative businesses that can compound through a bumpier macro tape.

The increased heft in health care and industrials implies a multi-year horizon: pharmaceuticals, medical devices, grid and building infrastructure don’t re-rate on headlines, they re-rate on delivery. Adding to under-water positions like AMRIZE and still-modest gainers like Corning shows a willingness to be early rather than fashionably late.

On the consumer and financial side, the moves into Costco, Booking, CBOE and CME suggest a barbell of resilient spending and monetized volatility. That supports a view in which the cycle slows but does not outright break, with markets staying active and travel and services remaining surprisingly robust.

Looking ahead, expect further trimming of crowded, richly valued tech and incremental capital toward “picks and shovels” in health care and industrials. If volatility rises or growth expectations reset, this more balanced, cash-flow-centric book should give them the optionality to buy fear without having to first sell their favorites at the wrong time.