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
JANUS LIVING INC471024109 · JAN	CL A-1	$14.4m	500,000
JAZZ PHARMACEUTICALS PLCG50871105 · JAZZ	SHS USD	$158.3m	656,843
JBT MAREL CORPORATION477839104 · JBTM	COM	$95.4m	658,261
JEFFERIES FINANCIAL GROUP IN47233W109 · JEF	COM	$132.3m	2,646,300
JEFFERSON CAPITAL INC47248R103 · JCAP	COM	$2.6m	133,700
JFROG LTDM6191J100 · FROG	ORD SHS	$122.5m	1,348,331
JOBY AVIATION INCG65163100 · JOBY	COMMON STOCK	$29.0m	3,247,472
JOHNSON & JOHNSON478160104 · JNJ	COM	$8.1bn	31,825,084
JOHNSON CONTROLS INTERNATIONG51502105 · JCI	SHS	$1.2bn	8,261,631
JONES LANG LASALLE INC48020Q107 · JLL	COM	$175.3m	565,689
JOYY INC46591M109 · JOYY	ADS REPSTG COM A	$12.3m	185,876
JPMORGAN CHASE & CO46625H100 · JPM	COM	$11.8bn	36,122,327
KADANT INC48282T104 · KAI	COM	$33.4m	106,160
KAISER ALUMINIUM CORPORATION483007704 · KALU	COM PAR $0.01	$9.1m	46,500
KANZHUN LIMITED48553T106 · BZ	SPONSORED ADS	$63.9m	4,963,650
KARMAN HLDGS INC485924104 · KRMN	COMMON STOCK	$30.6m	612,905
KB HOME48666K109 · KBH	COM	$54.5m	870,303
KBR INC48242W106 · KBR	COM	$59.3m	1,716,475
KE HLDGS INC482497104 · BEKE	SPONSORED ADS	$5.7m	393,259
KENON HLDGS LTDY46717107 · KEN	SHS	$926,174	13,711
KENVUE INC49177J102 · KVUE	COM	$882.1m	46,156,826
KEURIG DR PEPPER INC49271V100 · KDP	COM	$525.1m	16,043,089
KEYCORP493267108 · KEY	COM	$280.8m	12,181,840
KEYSIGHT TECHNOLOGIES INC49338L103 · KEYS	COM	$766.8m	2,190,425
KILROY REALTY CORP49427F108 · KRC	COM	$87.6m	2,337,471
KIMBERLY-CLARK CORP494368103 · KMB	COM	$633.8m	5,773,617
KIMCO REALTY CORP49446R109 · KIM	COM	$221.4m	8,734,055
KINDER MORGAN INC DEL49456B101 · KMI	COM	$1.2bn	37,596,771
KINETIK HOLDINGS INC02215L209 · KNTK	COM NEW CL A	$794,613	16,438
KINROSS GOLD CORP496902404	COM	$313.9m	13,274,824
KINSALE CAP GROUP INC49714P108 · KNSL	COM	$81.1m	245,962
KIRBY CORP497266106 · KEX	COM	$93.0m	683,912
KITE REALTY GROUP TRUST49803T300 · KRG	COM NEW	$64.9m	2,285,291
KKR & CO INC48251W104 · KKR	COM	$1.3bn	13,798,499
KKR REAL ESTATE FIN TR INC48251K100 · KREF	COM	$4.3m	635,000
KLA CORP482480100 · KLAC	COM NEW	$5.9bn	19,565,355
KLARNA GROUP PLCG5279N105 · KLAR	SHS	$27.2m	1,342,802
KLAVIYO INC49845K101 · KVYO	COM SER A	$415,461	27,514
KNIFE RIVER CORP498894104 · KNF	COMMON STOCK	$24.7m	295,445
KNIGHT-SWIFT TRANSN HLDGS IN499049104 · KNX	CL A	$167.7m	2,153,384
KODIAK GAS SVCS INC50012A108 · KGS	COM	$8.3m	109,900
KODIAK SCIENCES INC50015M109 · KOD	COM	$298,083	7,651
KONTOOR BRANDS INC50050N103 · KTB	COM	$46.9m	563,343
KRAFT HEINZ CO500754106 · KHC	COM	$128.5m	5,442,313
KRATOS DEFENSE & SEC SOLUTIO50077B207 · KTOS	COM NEW	$94.2m	1,889,341
KROGER CO501044101 · KR	COM	$369.2m	6,647,904
KRYSTAL BIOTECH INC501147102 · KRYS	COM	$96.3m	259,030
KULICKE & SOFFA INDS INC501242101 · KLIC	COM	$22.6m	169,105
KYMERA THERAPEUTICS INC501575104 · KYMR	COM	$86.8m	757,246
KYNDRYL HLDGS INC50155Q100 · KD	COMMON STOCK	$1.3m	115,446
LABCORP HOLDINGS INC504922105 · LH	COM SHS	$226.8m	810,093
LAKEFRONT BIOTHERAPEUTICS NV36315X101 · LKFT	SPON ADR	$2.3m	76,879
LAM RESEARCH CORP512807306 · LRCX	COM NEW	$7.9bn	18,123,399
LAMAR ADVERTISING CO512816109 · LAMR	CL A	$121.0m	775,936
LAMB WESTON HLDGS INC513272104 · LW	COM	$106.1m	2,456,090
LANDSTAR SYS INC515098101 · LSTR	COM	$80.9m	391,307
LANTHEUS HLDGS INC516544103 · LNTH	COM	$65.1m	586,845
LAS VEGAS SANDS CORP517834107 · LVS	COM	$172.7m	3,738,233
LATTICE SEMICONDUCTOR CORP518415104 · LSCC	COM	$218.1m	1,426,091
LAUDER ESTEE COS INC518439104 · EL	CL A	$231.1m	2,927,691
LAZARD INC52110M109 · LAZ	COM	$73.7m	1,757,418
LEAR CORP521865204 · LEA	COM NEW	$74.1m	552,452
LEGALZOOM COM INC52466B103 · LZ	COM	$4.6m	755,300
LEGENCE CORP52476L109 · LGN	CL A	$10.9m	127,514
LEIDOS HOLDINGS INC525327102 · LDOS	COM	$175.9m	1,708,078
LENNAR CORP526057104 · LEN	CL A	$222.6m	2,459,776
LENNAR CORP526057302	CL B	$20.3m	229,293
LENNOX INTL INC526107107 · LII	COM	$206.5m	360,498
LEONARDO DRS INC52661A108 · DRS	COM	$42.3m	992,317
LIBERTY BROADBAND CORP530307107	COM SER A	$7.2m	215,586
LIBERTY BROADBAND CORP530307305	COM SER C	$77.4m	2,327,164
LIBERTY ENERGY INC53115L104 · LBRT	COM CL A	$8.8m	334,486
LIBERTY GLOBAL LTDG61188101	COM CL A	$23.3m	2,048,330
LIBERTY GLOBAL LTDG61188127 · LBTYK	COM CL C	$23.2m	2,112,541
LIBERTY LIVE HOLDINGS INC530909100	COM SER A	$10.3m	101,880
LIBERTY LIVE HOLDINGS INC530909308 · LLYVK	COM SHS SER C	$83.7m	792,400
LIBERTY MEDIA CORP DEL531229755 · FWONK	COM LBTY ONE S C	$175.7m	1,846,371
LIBERTY MEDIA CORP DEL531229771	COM LBTY ONE S A	$114.6m	1,308,568
LIFE TIME GROUP HOLDINGS INC53190C102 · LTH	COMMON STOCK	$21.7m	531,808
LIFE360 INC532206109 · LIF	COM	$41.5m	749,530
LIFTOFF MOBILE INC53229X101 · LFTO	COM	$28.8m	1,200,000
LINCOLN ELEC HLDGS INC533900106 · LECO	COM	$458.9m	1,728,502
LINCOLN NATL CORP IND534187109 · LNC	COM	$81.0m	2,290,874
LINDBLAD EXPEDITIONS HLDGS I535219109 · LIND	COM	$7.1m	252,600
LINDE PLCG54950103 · LIN	SHS	$3.4bn	6,640,227
LINEAGE INC53566V106 · LINE	COM	$601.9m	13,917,122
LIQUIDITY SVCS INC53635B107 · LQDT	COM	$444,560	11,364
LITHIA MTRS INC536797103 · LAD	COM	$46.1m	158,545
LITTELFUSE INC537008104 · LFUS	COM	$144.4m	317,164
LIVANOVA PLCG5509L101 · LIVN	SHS	$13.7m	166,974
LIVE NATION ENTERTAINMENT IN538034109 · LYV	COM	$402.7m	2,199,335
LKQ CORP501889208 · LKQ	COM	$54.9m	2,085,857
LOAR HOLDINGS INC53947R105 · LOAR	COM SHS	$45.0m	558,181
LOEWS CORP540424108 · L	COM	$510.5m	4,508,922
LOGITECH INTL S AH50430232 · LOGI	SHS	$76.7m	818,632
LOUISIANA PAC CORP546347105 · LPX	COM	$61.7m	783,997
LOWES COS INC548661107 · LOW	COM	$1.8bn	8,270,160
LPL FINL HLDGS INC50212V100 · LPLA	COM	$297.0m	1,054,523
LSB INDS INC502160104 · LXU	COM	$5.9m	544,900
LUFAX HOLDING LTD54975P201 · LU	SPONSORED ADR	$4.2m	3,151,227

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.