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
SMUCKER J M CO832696405 · SJM	COM NEW	$170.0m	1,510,861
SMURFIT WESTROCK PLCG8267P108 · SW	SHS	$454.8m	9,884,546
SNAP ON INC833034101 · SNA	COM	$267.1m	663,806
SNOWFLAKE INC833445109 · SNOW	COM SHS	$850.6m	3,342,408
SOFI TECHNOLOGIES INC83406F102 · SOFI	COM	$244.4m	13,630,462
SOLSTICE ADVANCED MATLS INC83443Q103 · SOLS	COM SHS	$194.9m	2,199,433
SOLV ENERGY INC78475V103 · MWH	COM SHS CL A	$4.4m	129,927
SOLVENTUM CORP83444M101 · SOLV	COM SHS	$132.2m	1,713,676
SOMNIGROUP INTERNATIONAL INC88023U101 · SGI	COM	$161.2m	2,055,833
SONOCO PRODS CO835495102 · SON	COM	$68.7m	1,218,953
SONY GROUP CORP835699307	SPONSORED ADR	$10.8m	538,250
SOTERA HEALTH CO83601L102 · SHC	COM	$62.3m	3,512,499
SOUTH BOW CORP83671M105 · SOBO	COM	$26.7m	759,445
SOUTHERN CO842587107 · SO	COM	$1.4bn	14,358,862
SOUTHERN COPPER CORP84265V105 · SCCO	COM	$136.1m	781,020
SOUTHSTATE BK CORP84472E102 · SSB	COM	$123.8m	1,238,885
SOUTHWEST AIRLS CO844741108 · LUV	COM	$92.0m	1,788,321
SOUTHWEST GAS HLDGS INC844895102 · SWX	COM	$84.1m	948,095
SPACE EXPLORATION TECHN CORP84615Q103 · SPCX	CLASS A COM STK	$1.2bn	7,277,285
SPHERE ENTERTAINMENT CO55826T102 · SPHR	CL A	$43.1m	249,365
SPIRE INC84857L101 · SR	COM	$54.9m	703,256
SPORTRADAR GROUP AGH8088L103 · SRAD	CLASS A ORD SHS	$22.8m	1,525,041
SPOTIFY TECHNOLOGY S AL8681T102 · SPOT	SHS	$611.0m	1,330,719
SPROTT INC852066208 · SII	COM NEW	$32.0m	284,576
SPROUT SOCIAL INC85209W109 · SPT	COM CL A	$116,006	15,365
SPROUTS FMRS MKT INC85208M102 · SFM	COM	$253.3m	2,995,262
SPS COMM INC78463M107 · SPSC	COM	$1.3m	22,800
SPX TECHNOLOGIES INC78473E103 · SPXC	COM	$143.4m	585,099
ASTERA LABS INC04626A103 · ALAB	COM	$692.8m	1,434,347
ASTRAZENECA PLCG0593M107 · AZN	ORD	$6.3bn	33,864,172
ASTRONICS CORP046433108 · ATRO	COM	$15.0m	184,300
AT&T INC00206R102 · T	COM	$1.6bn	79,271,870
ATI INC01741R102 · ATI	COM	$342.9m	1,739,884
ATLASSIAN CORPORATION049468101 · TEAM	CL A	$86.2m	1,108,700
ATMOS ENERGY CORP049560105 · ATO	COM	$358.2m	2,079,227
ATMUS FILTRATION TECHNOLOGIE04956D107 · ATMU	COM	$2.7m	53,213
ATOUR LIFESTYLE HLDGS LTD04965M106 · ATAT	SPONSORED ADS	$128.1m	4,029,737
ATRICURE INC04963C209 · ATRC	COM	$10.5m	374,362
ATRIUM THERAPEUTICS INC04965N104 · RNA	COM	$1.7m	126,575
ATS CORPORATION00217Y104 · ATS	COM	$31.2m	1,084,181
AURA MINERALS INCG06973112 · AUGO	SHS NEW	$28.2m	448,099
AURORA INNOVATION INC051774107 · AUR	CLASS A COM	$54.9m	8,049,282
AUTODESK INC052769106 · ADSK	COM	$564.5m	2,903,600
AUTOHOME INC05278C107 · ATHM	SP ADS RP CL A	$12.1m	635,477
CORTEVA INC22052L104 · CTVA	COM	$465.5m	5,496,133
CORVEL CORP221006109 · CRVL	COM	$8.7m	138,400
COSTAR GROUP INC22160N109 · CSGP	COM	$168.5m	5,949,912
COSTCO WHOLESALE CORPORATION22160K105 · COST	COM	$6.1bn	6,474,767
COUPANG INC22266T109 · CPNG	CL A	$353.7m	20,363,309
COURSERA INC22266M104 · COUR	COM	$8.1m	1,439,469
COUSINS PPTYS INC222795502 · CUZ	COM NEW	$53.8m	1,795,845
COVISTA INC00737L103 · CVSA	COM	$1.4m	11,005
CRA INTL INC12618T105 · CRAI	COM	$8.6m	60,200
CRANE COMPANY224408104 · CR	COMMON STOCK	$231.7m	1,038,496
CRANE NXT CO224441105 · CXT	COM	$2.1m	40,606
CREDICORP LTDG2519Y108	COM	$236.9m	607,991
CREDO TECHNOLOGY GROUP HOLDIG25457105 · CRDO	ORDINARY SHARES	$206.3m	758,659
CRH PLCG25508105 · CRH	ORD	$1.0bn	9,789,398
CRISPR THERAPEUTICS AGH17182108 · CRSP	NAMEN AKT	$14.8m	270,756
CROCS INC227046109 · CROX	COM	$94.4m	782,672
CROWDSTRIKE HLDGS INC22788C105 · CRWD	CL A	$2.8bn	3,669,761
CROWN CASTLE INC22822V101 · CCI	COM	$441.5m	5,830,200
CROWN HLDGS INC228368106 · CCK	COM	$158.9m	1,420,714
CS DISCO INC126327105 · LAW	COM	$2.1m	547,947
CSW INDUSTRIALS INC126402106 · CSW	COM	$44.5m	159,832
CSX CORP126408103 · CSX	COM	$1.2bn	25,950,269
CTO RLTY GROWTH INC NEW22948Q101 · CTO	COM	$1.6m	72,400
CTS CORP126501105 · CTS	COM	$6.4m	98,900
CUBESMART229663109 · CUBE	COM	$486.6m	12,236,433
CULLEN FROST BANKERS INC229899109 · CFR	COM	$115.5m	747,202
CUMMINS INC231021106 · CMI	COM	$1.3bn	1,779,281
CURTISS WRIGHT CORP231561101 · CW	COM	$383.7m	506,330
CUSTOM TRUCK ONE SOURCE INC23204X103 · CTOS	COM CL A	$1.6m	134,400
CVR ENERGY INC12662P108 · CVI	COM	$8.2m	297,500
CVS HEALTH CORP126650100 · CVS	COM	$1.9bn	18,038,922
CYTOKINETICS INC23282W605 · CYTK	COM NEW	$86.5m	1,015,522
D R HORTON INC23331A109 · DHI	COM	$528.9m	3,247,214
D-WAVE QUANTUM INC26740W109 · QBTS	COM	$107.4m	4,477,459
DANA INC235825205 · DAN	COM	$10.8m	396,700
DANAHER CORP DEL235851102 · DHR	COM	$1.8bn	9,537,906
DARDEN RESTAURANTS INC237194105 · DRI	COM	$135.2m	656,068
DARLING INGREDIENTS INC237266101 · DAR	COM	$120.0m	2,197,878
DATADOG INC23804L103 · DDOG	CL A COM	$1.1bn	4,072,526
DAVE & BUSTERS ENTMT INC238337109 · PLAY	COM	$3.1m	274,200
DAVITA INC23918K108 · DVA	COM	$76.6m	344,422
DECKERS OUTDOOR CORP243537107 · DECK	COM	$154.5m	1,555,996
DEERE & CO244199105 · DE	COM	$2.2bn	3,406,402
DELEK US HLDGS INC NEW24665A103 · DK	COM	$72.2m	1,420,441
DELL TECHNOLOGIES INC24703L202 · DELL	CL C	$1.9bn	4,312,543
DELTA AIR LINES INC247361702 · DAL	COM NEW	$67.0m	715,051
DENALI THERAPEUTICS INC24823R105 · DNLI	COM	$72.7m	2,824,746
DENISON MINES CORP248356107 · DNN	COM	$36.2m	11,801,253
DENTSPLY SIRONA INC24906P109 · XRAY	COM	$1.9m	175,099
DESCARTES SYS GROUP INC249906108 · DSGX	COM	$79.8m	1,154,012
SS&C TECH HLDGS78467J100 · SSNC	COM	$53.6m	864,420
SSR MINING IN784730103 · SSRM	COM	$81.3m	2,877,483
ST JOE CO790148100 · JOE	COM	$1.3m	21,400
STAAR SURGICAL CO852312305 · STAA	COM PAR $0.01	$10.5m	365,200
STAG INDUSTRIAL INC85254J102 · STAG	COM	$304.7m	8,006,493
STANDARD MTR PRODS INC853666105 · SMP	COM	$2.4m	61,000

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.