Institution

Norges Bank

13F for June 30, 2026, filed August 12, 2026 · SEC CIK 1374170 · Holdings history from December 31, 2000

Reported value: $1.00tn
Positions we cover: 1,546
Copy, a year: +13.9%
Copy Sharpe ratio: 0.74

Copy-performance statistics: March 21, 2014 to November 2, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Holdings date Find a security

1,617 reported entries for June 30, 2026.

Issuer	Class / type	Reported value	Quantity
HEALTHCARE RLTY TR42226K105 · HR	CL A COM	$76.7m	3,801,738
HEALTHEQUITY INC42226A107 · HQY	COM	$48.2m	533,946
HEALTHPEAK PROPERTIES INC42250P103 · DOC	COM	$201.5m	9,414,320
HECLA MINING COMPANY422704106 · HL	COM	$111.7m	7,239,979
HEICO CORP NEW422806109 · HEI	COM	$9.7m	27,151
HEICO CORP NEW422806208	CL A	$355.1m	1,376,894
HELIOS TECHNOLOGIES INC42328H109 · HLIO	COM	$2.2m	24,400
HELLO GROUP INC423403104 · MOMO	ADS	$5.8m	993,545
HELMERICH & PAYNE INC423452101 · HP	COM	$8.4m	257,156
HENRY JACK & ASSOC INC426281101 · JKHY	COM	$137.8m	1,000,164
HERC HLDGS INC42704L104 · HRI	COM	$303.5m	2,117,340
HERSHEY CO427866108 · HSY	COM	$234.0m	1,333,760
HESAI GROUP428050108 · HSAI	SPONSORED ADS	$5.7m	313,678
HEWLETT PACKARD ENTERPRISE C42824C109 · HPE	COM	$366.6m	8,126,959
HEXCEL CORP NEW428291108 · HXL	COM	$45.7m	456,464
HF SINCLAIR CORP403949100 · DINO	COM	$88.6m	1,271,870
HILTON GRAND VACATIONS INC43283X105 · HGV	COM	$23.6m	451,429
HILTON WORLDWIDE HLDGS INC43300A203 · HLT	COM	$850.5m	2,573,798
HINGE HEALTH INC433313103 · HNGE	CL A	$4.6m	55,413
HIPPO HLDGS INC433539202 · HIPO	COM NEW	$1.7m	58,900
HOLLEY INC43538H103 · HLLY	COM	$1.1m	412,500
HOME BANCSHARES INC436893200 · HOMB	COM	$58.8m	2,057,956
HOME DEPOT INC437076102 · HD	COM	$4.7bn	13,383,376
HONEYWELL INTL INC438516205 · HON	COM	$34.2m	152,606
HORMEL FOODS CORP440452100 · HRL	COM	$141.6m	5,704,004
HOST HOTELS & RESORTS INC44107P104 · HST	COM	$179.4m	7,567,798
HOULIHAN LOKEY INC441593100 · HLI	CL A	$88.1m	656,486
HOWARD HUGHES HOLDINGS INC44267T102 · HHH	COM	$26.1m	365,617
HOWMET AEROSPACE INC443201108 · HWM	COM	$2.1bn	7,895,313
HP INC40434L105 · HPQ	COM	$52.4m	2,390,372
HUBBELL INC443510607 · HUBB	COM	$90.3m	172,552
HUBSPOT INC443573100 · HUBS	COM	$46.0m	251,796
HUDBAY MINERALS INC443628102 · HBM	COM	$135.2m	5,730,407
HUMANA INC444859102 · HUM	COM	$694.5m	1,748,414
HUNT J B TRANS SVCS INC445658107 · JBHT	COM	$293.8m	1,015,081
HUNTINGTON BANCSHARES INC446150104 · HBAN	COM	$537.6m	30,320,337
HUT 8 CORP44812J104 · HUT	COM	$447,811	3,879
HYATT HOTELS CORP448579102 · H	COM CL A	$11.0m	56,913
HYPERLIQUID STRATEGIES INC44916Y106 · PURR	COM	$11.1m	1,416,600
ICF INTL INC44925C103 · ICFI	COM	$6.6m	90,600
ICICI BANK LIMITED45104G104	ADR	$2.0m	69,144
ICL GROUP LTDM53213100 · ICL	SHS	$106.8m	21,297,802
ICON PUB LTD COG4705A100 · ICLR	SHS	$142.6m	820,998
ICU MED INC44930G107 · ICUI	COM	$26.1m	177,733
IDEAYA BIOSCIENCES INC45166A102 · IDYA	COM	$1.1m	30,589
IDEX CORP45167R104 · IEX	COM	$208.0m	916,538
IDEXX LABS INC45168D104 · IDXX	COM	$186.3m	353,944
IDT CORP448947507 · IDT	CL B NEW	$5.6m	95,600
IES HOLDINGS INC44951W106 · IESC	COM	$78.8m	107,286
IHEARTMEDIA INC45174J509 · IHRT	COM CL A	$3.6m	846,900
ILLINOIS TOOL WKS INC452308109 · ITW	COM	$871.1m	3,220,679
ILLUMINA INC452327109 · ILMN	COM	$145.4m	827,073
IMMERSION CORP452521107 · IMMR	COM	$1.2m	175,100
IMMUNOVANT INC45258J102 · IMVT	COM	$743,706	19,302
IMPINJ INC453204109 · PI	COM	$26.7m	186,182
INCYTE CORP45337C102 · INCY	COM	$126.9m	1,119,107
INDEPENDENCE RLTY TR INC45378A106 · IRT	COM	$69.0m	4,134,326
INDEPENDENT BK CORP MASS453836108 · INDB	COM	$51.6m	616,226
INDUSTRIAL LOGISTICS PPTYS T456237106 · ILPT	COM SHS BEN INT	$1.1m	126,000
INFOSYS LTD456788108	SPONSORED ADR	$1.8m	175,852
INGERSOLL RAND INC45687V106 · IR	COM	$397.2m	4,844,338
INGEVITY CORP45688C107 · NGVT	COM	$3.7m	50,200
INGRAM MICRO HLDG CORP457152106 · INGM	COM	$4.8m	176,678
INGREDION INC457187102 · INGR	COM	$63.2m	667,463
INHIBRX BIOSCIENCES INC45720N103 · INBX	COM	$8.6m	90,300
INNIO NVN52A8C105 · INIO	ORDINARY SHARES	$15.2m	384,380
INNOVIVA INC45781M101 · INVA	COM	$464,828	20,468
INSIGHT ENTERPRISES INC45765U103 · NSIT	COM	$7.6m	62,219
INSMED INC457669307 · INSM	COM PAR $.01	$360.1m	3,377,641
INSPIRE MED SYS INC457730109 · INSP	COM	$8.8m	198,272
INSTALLED BLDG PRODS INC45780R101 · IBP	COM	$53.9m	234,394
INSULET CORP45784P101 · PODD	COM	$159.6m	1,047,986
INTEL CORP458140100 · INTC	COM	$8.6bn	61,714,672
INTERACTIVE BROKERS GROUP IN45841N107 · IBKR	COM CL A	$551.3m	6,334,173
INTERCONTINENTAL EXCHANGE IN45866F104 · ICE	COM	$1.1bn	9,161,733
INTERDIGITAL INC45867G101 · IDCC	COM	$97.5m	344,324
INTERFACE INC458665304 · TILE	COM	$1.6m	44,500
INTERNATIONAL BANCSHARES COR459044103	COM	$53.2m	700,374
INTERNATIONAL BUSINESS MACHS459200101 · IBM	COM	$2.4bn	8,416,339
INTERNATIONAL FLAVORS&FRAGRA459506101 · IFF	COM	$109.0m	1,376,139
INTERNATIONAL PAPER CO460146103 · IP	COM	$233.0m	6,114,486
INTUIT461202103 · INTU	COM	$1.4bn	5,375,785
INTUITIVE SURGICAL INC46120E602 · ISRG	COM NEW	$2.0bn	4,954,874
INVESCO LTDG491BT108 · IVZ	SHS	$137.5m	5,210,635
INVITATION HOMES INC46187W107 · INVH	COM	$1.6bn	51,511,025
IONIS PHARMACEUTICALS INC462222100 · IONS	COM	$9.1m	114,359
IONQ INC46222L108 · IONQ	COM	$276.4m	5,188,962
IPG PHOTONICS CORP44980X109 · IPGP	COM	$25.2m	215,021
IQIYI INC46267X108 · IQ	SPONSORED ADS	$5.7m	5,497,192
IQVIA HLDGS INC46266C105 · IQV	COM	$437.6m	2,264,944
IRADIMED CORP46266A109 · IRMD	COM	$4.8m	50,600
IREN LIMITEDQ4982L109 · IREN	ORDINARY SHARES	$237.7m	5,197,774
IRHYTHM HOLDINGS INC450056106 · IRTC	COM	$17.6m	148,072
IRON MTN INC DEL46284V101 · IRM	COM	$532.4m	4,214,697
ITRON INC465741106 · ITRI	COM	$53.5m	618,152
ITT INC45073V108 · ITT	COM	$221.5m	1,120,248
JABIL INC466313103 · JBL	COM	$578.3m	1,500,190
JACKSON FINANCIAL INC46817M107 · JXN	COM CL A	$102.2m	998,581
JAMES HARDIE INDS PLCG4253H101 · JHX	ORD SHS	$673,847	25,739
JANUS HENDERSON GROUP PLCG4474Y214	ORD SHS	$99.2m	1,910,397

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

CopyS&P 500 $10,000 copying Norges Bank's usable filed holdings in companies we cover from March 21, 2014, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.0% (S&P 500 −31.8%); beta 1.02; alpha +0.1% a year (t = 0.14); last 12 months +11.6% against +12.1%.

Reported value by quarter

Norges Bank: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.

View chart data

Period	Reported value
2000-12-31	$719.7M
2001-03-31	$634.7M
2001-06-30	$1.5B
2001-09-30	$1.5B
2001-12-31	$4.8B
2002-03-31	$5.5B
2002-06-30	$5.8B
2002-09-30	$6.5B
2002-12-31	$7.5B
2003-03-31	$9.8B
2003-06-30	$12.3B
2012-06-30	$124.7B
2012-09-30	$148.4B
2013-03-31	$154.2B
2013-06-30	$161B
2013-09-30	$171.4B
2013-12-31	$173.6B
2014-03-31	$177.2B
2014-06-30	$370.6B
2014-09-30	$184.6B
2014-12-31	$196.8B
2015-03-31	$204.1B
2015-06-30	$200.1B
2015-09-30	$190.8B
2015-12-31	$201.2B
2016-03-31	$203.3B
2016-06-30	$210.5B
2016-09-30	$211.6B
2016-12-31	$228.8B
2017-03-31	$243.7B
2017-06-30	$251.9B
2017-09-30	$263.5B
2017-12-31	$279B
2018-03-31	$276.4B
2018-06-30	$291.3B
2018-09-30	$307.9B
2018-12-31	$268.8B
2019-03-31	$309.5B
2019-06-30	$323.6B
2019-09-30	$326.5B
2019-12-31	$358.4B
2020-03-31	$280.6B
2020-06-30	$347.3B
2020-09-30	$376.4B
2020-12-31	$428.3B
2021-03-31	$436.8B
2021-06-30	$461.3B
2021-09-30	$452B
2021-12-31	$486.4B
2022-03-31	$458.8B
2022-06-30	$386.8B
2022-09-30	$376.1B
2022-12-31	$414.9B
2023-03-31	$456.9B
2023-06-30	$506.7B
2023-09-30	$492.8B
2023-12-31	$572.3B
2024-03-31	$633.6B
2024-06-30	$669.4B
2024-09-30	$715.9B
2024-12-31	$762.1B
2025-03-31	$712.5B
2025-06-30	$801.1B
2025-09-30	$0
2025-12-31	$934.8B
2026-03-31	$0
2026-06-30	$1T

Latest covered holdings and moves

Covered holdings as of June 30, 2026.

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.50%	$65.2bn	325.95M	New
AAPLApple Inc.	5.50%	$55.2bn	190.73M	New
MSFTMicrosoft Corporation	3.82%	$38.3bn	102.73M	New
AMZNAmazon	3.34%	$33.5bn	140.57M	New
GOOGLAlphabet Inc. (Class A)	2.88%	$28.9bn	80.93M	New
AVGOBroadcom	2.48%	$24.9bn	65.97M	New
METAMeta Platforms	1.84%	$18.4bn	32.73M	New
MUMicron Technology	1.75%	$17.5bn	15.18M	New
TSLATesla, Inc.	1.63%	$16.3bn	38.81M	New
LLYLilly (Eli)	1.37%	$13.8bn	11.47M	New
AMDAdvanced Micro Devices	1.35%	$13.6bn	23.36M	New
JPMJPMorgan Chase	1.18%	$11.8bn	36.12M	New
INTCIntel	0.86%	$8.6bn	61.71M	New
AMATApplied Materials	0.81%	$8.2bn	11.31M	New
JNJJohnson & Johnson	0.81%	$8.1bn	31.83M	New
LRCXLam Research	0.78%	$7.9bn	18.12M	New
WMTWalmart	0.65%	$6.5bn	57.42M	New
CSCOCisco	0.64%	$6.4bn	54.84M	New
ABBVAbbVie	0.64%	$6.4bn	25.55M	New
AZNAstrazeneca PLC	0.63%	$6.3bn	33.86M	New
COSTCostco	0.60%	$6.1bn	6.47M	New
MAMastercard	0.60%	$6.0bn	11.75M	New
KLACKLA Corporation	0.59%	$5.9bn	19.57M	New
VVisa Inc.	0.56%	$5.6bn	16.22M	New
UNHUnitedHealth Group	0.53%	$5.3bn	12.74M	New
GEGE Aerospace	0.51%	$5.1bn	13.69M	New
BACBank of America	0.48%	$4.8bn	83.79M	New
MRKMerck & Co.	0.47%	$4.8bn	36.98M	New
UBSUBS Group AG	0.47%	$4.8bn	95.85M	New
HDThe Home Depot	0.47%	$4.7bn	13.38M	New
SNDKSandisk	0.47%	$4.7bn	2.06M	New
PGProcter & Gamble	0.47%	$4.7bn	31.83M	New
WFCWells Fargo	0.46%	$4.6bn	55.49M	New
MRVLMarvell Technology	0.42%	$4.2bn	14.20M	New
KOThe Coca-Cola Company	0.42%	$4.2bn	52.03M	New
NFLXNetflix	0.41%	$4.1bn	57.95M	New
WELLWelltower	0.41%	$4.1bn	18.15M	New
RYRoyal Bank Of Canada	0.41%	$4.1bn	19.91M	New
GEVGE Vernova	0.40%	$4.0bn	3.42M	New
TXNTexas Instruments	0.39%	$3.9bn	13.22M	New
CVXChevron Corporation	0.38%	$3.8bn	22.96M	New
RTXRTX Corporation	0.38%	$3.8bn	19.95M	New
MSMorgan Stanley	0.38%	$3.8bn	17.98M	New
ORCLOracle Corporation	0.36%	$3.7bn	25.00M	New
PLTRPalantir Technologies Inc.	0.36%	$3.6bn	31.08M	New
DLRDigital Realty	0.34%	$3.5bn	19.29M	New
LINLinde plc	0.34%	$3.4bn	6.64M	New
APHAmphenol	0.34%	$3.4bn	19.19M	New
PANWPalo Alto Networks	0.33%	$3.3bn	9.75M	New
ADIAnalog Devices	0.32%	$3.2bn	8.17M	New
QCOMQualcomm	0.30%	$3.0bn	16.21M	New
STXSeagate Technology	0.30%	$3.0bn	3.10M	New
WDCWestern Digital	0.29%	$3.0bn	4.63M	New
NEENextEra Energy	0.28%	$2.8bn	32.12M	New
CRWDCrowdStrike	0.28%	$2.8bn	3.67M	New
GILDGilead Sciences	0.28%	$2.8bn	21.97M	New
BLKBlackRock	0.27%	$2.7bn	2.83M	New
AXPAmerican Express	0.27%	$2.7bn	7.99M	New
CCitigroup	0.27%	$2.7bn	19.28M	New
MCDMcDonald's	0.27%	$2.7bn	9.88M	New
PEPPepsiCo	0.26%	$2.6bn	19.42M	New
GSGoldman Sachs	0.26%	$2.6bn	2.60M	New
GLWCorning Inc.	0.26%	$2.6bn	10.24M	New
TMOThermo Fisher Scientific	0.25%	$2.6bn	5.09M	New
PNCPNC Financial Services	0.25%	$2.5bn	10.15M	New
TDToronto Dominion Bank	0.24%	$2.4bn	20.02M	New
IBMIBM	0.24%	$2.4bn	8.42M	New
VMRKVivmark Residential	0.24%	$2.4bn	34.84M	New
VZVerizon	0.23%	$2.3bn	54.31M	New
BKNGBooking Holdings	0.22%	$2.2bn	12.43M	New
TJXTJX Companies	0.22%	$2.2bn	14.47M	New
DEDeere & Company	0.21%	$2.2bn	3.41M	New
BMYBristol Myers Squibb	0.21%	$2.1bn	36.87M	New
HWMHowmet Aerospace	0.21%	$2.1bn	7.90M	New
ABTAbbott Laboratories	0.21%	$2.1bn	23.35M	New
ETNEaton Corporation	0.21%	$2.1bn	4.92M	New
SCHWCharles Schwab Corporation	0.21%	$2.1bn	22.66M	New
ANETArista Networks	0.21%	$2.1bn	12.25M	New
UNPUnion Pacific Corporation	0.20%	$2.1bn	7.55M	New
AMGNAmgen	0.20%	$2.0bn	5.63M	New
COFCapital One	0.20%	$2.0bn	9.98M	New
ISRGIntuitive Surgical	0.20%	$2.0bn	4.95M	New
DISThe Walt Disney Company	0.19%	$1.9bn	20.25M	New
PHParker Hannifin	0.19%	$1.9bn	1.98M	New
UBERUber	0.19%	$1.9bn	26.71M	New
FTNTFortinet	0.19%	$1.9bn	12.45M	New
PGRProgressive Corporation	0.19%	$1.9bn	8.65M	New
CMCSAComcast	0.19%	$1.9bn	76.54M	New
SHOPShopify Inc.	0.19%	$1.9bn	16.41M	New
CVSCVS Health	0.19%	$1.9bn	18.04M	New
DELLDell Technologies	0.18%	$1.9bn	4.31M	New
LOWLowe's	0.18%	$1.8bn	8.27M	New
DHRDanaher Corporation	0.18%	$1.8bn	9.54M	New
BNYBNY Mellon	0.17%	$1.7bn	11.75M	New
PLDPrologis	0.17%	$1.7bn	12.52M	New
VLOValero Energy	0.17%	$1.7bn	6.40M	New
TAT&T	0.16%	$1.6bn	79.27M	New
VRTVertiv	0.16%	$1.6bn	4.86M	New
BNSBank Of Nova Scotia	0.16%	$1.6bn	18.39M	New
SPGIS&P Global	0.16%	$1.6bn	3.87M	New
INVHInvitation Homes	0.15%	$1.6bn	51.51M	New
BMOBank Of Montreal	0.15%	$1.6bn	8.80M	New
AJGArthur J. Gallagher & Co.	0.15%	$1.5bn	6.73M	New
SYKStryker Corporation	0.15%	$1.5bn	4.89M	New
ELVElevance Health	0.15%	$1.5bn	3.96M	New
APPApplovin Corp	0.15%	$1.5bn	2.92M	New
PFEPfizer	0.15%	$1.5bn	61.51M	New
VRTXVertex Pharmaceuticals	0.15%	$1.5bn	2.97M	New
URIUnited Rentals	0.14%	$1.4bn	1.27M	New
TTTrane Technologies	0.14%	$1.4bn	2.92M	New
INTUIntuit	0.14%	$1.4bn	5.38M	New
PWRQuanta Services	0.14%	$1.4bn	1.93M	New
CRMSalesforce	0.14%	$1.4bn	8.84M	New
SHWSherwin-Williams	0.14%	$1.4bn	4.02M	New
PSAPublic Storage	0.14%	$1.4bn	4.34M	New
SOSouthern Company	0.14%	$1.4bn	14.36M	New
APDAir Products	0.14%	$1.4bn	4.67M	New
REGRegency Centers	0.14%	$1.4bn	17.15M	New
EXRExtra Space Storage	0.14%	$1.4bn	9.30M	New
NEMNewmont	0.13%	$1.3bn	14.35M	New
SBUXStarbucks	0.13%	$1.3bn	12.99M	New
TMUST-Mobile US	0.13%	$1.3bn	7.91M	New
AEMAgnico Eagle Mines LTD	0.13%	$1.3bn	8.44M	New
ENBEnbridge Inc	0.13%	$1.3bn	24.02M	New
MDTMedtronic	0.13%	$1.3bn	16.55M	New
CDNSCadence Design Systems Inc	0.13%	$1.3bn	3.40M	New
CMICummins	0.13%	$1.3bn	1.78M	New
KKRKKR & Co.	0.13%	$1.3bn	13.80M	New
ORLYO'Reilly Automotive	0.13%	$1.3bn	13.73M	New
MMM3M	0.13%	$1.3bn	7.81M	New
EQIXEquinix	0.13%	$1.3bn	1.20M	New
SPCXSpace Exploration Technologies Corp	0.12%	$1.2bn	7.28M	New
ROSTRoss Stores	0.12%	$1.2bn	5.83M	New
NOWServiceNow	0.12%	$1.2bn	12.46M	New
CSXCSX Corporation	0.12%	$1.2bn	25.95M	New
JCIJohnson Controls	0.12%	$1.2bn	8.26M	New
USBU.S. Bancorp	0.12%	$1.2bn	19.94M	New
KMIKinder Morgan	0.12%	$1.2bn	37.60M	New
UNMUnum Group	0.12%	$1.2bn	13.26M	New
CPCanadian Pacific Kansas City LTD	0.12%	$1.2bn	13.67M	New
FITBFifth Third Bancorp	0.12%	$1.2bn	20.91M	New
UDRUDR, Inc.	0.12%	$1.2bn	29.45M	New
FDXFedEx	0.12%	$1.2bn	3.72M	New
MCKMcKesson	0.12%	$1.2bn	1.53M	New
HOODRobinhood Markets	0.11%	$1.1bn	11.41M	New
CMCanadian Imperial Bank Of Commerce	0.11%	$1.1bn	9.90M	New
BKRBaker Hughes	0.11%	$1.1bn	20.40M	New
TRGPTarga Resources	0.11%	$1.1bn	4.22M	New
ICEIntercontinental Exchange	0.11%	$1.1bn	9.16M	New
TEVATeva Pharmaceutical Industries LTD	0.11%	$1.1bn	32.30M	New

Company	Bought (value)	Shares
NVDANVIDIA Corporation	$65.2bn	325.95M
AAPLApple Inc.	$55.2bn	190.73M
MSFTMicrosoft Corporation	$38.3bn	102.73M
AMZNAmazon	$33.5bn	140.57M
GOOGLAlphabet Inc. (Class A)	$28.9bn	80.93M
AVGOBroadcom	$24.9bn	65.97M
METAMeta Platforms	$18.4bn	32.73M
MUMicron Technology	$17.5bn	15.18M
TSLATesla, Inc.	$16.3bn	38.81M
LLYLilly (Eli)	$13.8bn	11.47M
AMDAdvanced Micro Devices	$13.6bn	23.36M
JPMJPMorgan Chase	$11.8bn	36.12M
INTCIntel	$8.6bn	61.71M
AMATApplied Materials	$8.2bn	11.31M
JNJJohnson & Johnson	$8.1bn	31.83M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

Technology37.5%
Financials12.7%
Health Care10.2%
Consumer Discretionary9.9%
Industrials8.6%
Communication Services7.1%
Real Estate4.0%
Consumer Staples4.0%
Materials2.6%
Energy1.9%
Utilities1.7%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestMarch 21, 2014 to November 2, 2026	+13.9%	+13.6%	0.74	0.74	−33.0%	1.02
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.9%	+13.9%	0.65	0.66	−33.0%	1.01
Last three yearsNovember 3, 2023 to November 2, 2026	+21.2%	+21.8%	1.10	1.16	−17.5%	1.02
Last yearNovember 7, 2025 to November 2, 2026	+13.6%	+14.2%	0.76	0.84	−9.1%	1.04

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.