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
METLIFE INC59156R108 · MET	COM	$577.0m	6,819,657
METTLER TOLEDO INTERNATIONAL592688105 · MTD	COM	$510.4m	399,539
MGIC INVT CORP WIS552848103 · MTG	COM	$82.5m	2,926,645
MGM RESORTS INTERNATIONAL552953101 · MGM	COM	$30.9m	646,456
MGP INGREDIENTS INC NEW55303J106 · MGPI	COM	$1.5m	87,215
MIAMI INTL HLDGS INC59356Q108 · MIAX	COM	$8.8m	237,900
MICROCHIP TECHNOLOGY INC.595017104 · MCHP	COM	$828.0m	9,079,462
MICRON TECHNOLOGY INC595112103 · MU	COM	$17.5bn	15,180,843
MICROSOFT CORP594918104 · MSFT	COM	$38.3bn	102,732,956
MID-AMER APT CMNTYS INC59522J103 · MAA	COM	$757.6m	5,452,477
MIDDLEBY CORP596278101 · MIDD	COM	$23.8m	138,252
MILLER INDS INC TENN600551204 · MLR	COM NEW	$1.9m	37,800
MILLICOM INTL CELLULAR S AL6388F110 · TIGO	COM STK	$105.1m	1,158,004
MILLROSE PPTYS INC601137102 · MRP	COM CL A	$117.8m	3,919,456
MINERALS TECHNOLOGIES INC603158106 · MTX	COM	$1.0m	13,900
MINIMED GROUP INC60365F109 · MMED	COM	$29.3m	1,961,002
MKS INC.55306N104 · MKSI	COM	$424.6m	954,667
MNTN INC55318A108 · MNTN	CL A	$2.2m	233,700
MODERNA INC60770K107 · MRNA	COM	$211.9m	3,026,074
MODINE MFG CO607828100 · MOD	COM	$156.8m	587,047
MOELIS & CO60786M105 · MC	CL A	$28.3m	433,073
MOHAWK INDS INC608190104 · MHK	COM	$63.2m	521,014
MOLINA HEALTHCARE INC60855R100 · MOH	COM	$87.1m	380,649
MOLSON COORS BEVERAGE CO60871R209 · TAP	CL B	$111.3m	2,857,828
MONARCH CASINO & RESORT INC609027107 · MCRI	COM	$12.4m	94,300
TENCENT MUSIC ENTMT GROUP88034P109 · TME	SPON ADS	$48.7m	5,837,956
TENET HEALTHCARE CORP88033G407 · THC	COM NEW	$227.2m	1,214,240
TERADYNE INC880770102 · TER	COM	$1.1bn	2,223,866
TERAWULF INC88080T104 · WULF	COM	$120.0m	4,859,227
TEREX CORP NEW880779103 · TEX	COM	$100.0m	1,381,341
TERRENO RLTY CORP88146M101 · TRNO	COM	$80.2m	1,238,035
TESLA INC88160R101 · TSLA	COM	$16.3bn	38,812,422
TETRA TECH INC NEW88162G103 · TTEK	COM	$93.3m	3,230,988
TEVA PHARMACEUTICAL INDS LTD881624209 · TEVA	SPONSORED ADS	$1.1bn	32,299,753
TEXAS CAP BANCSHARES INC88224Q107	COM	$46.4m	448,983
TEXAS INSTRS INC882508104 · TXN	COM	$3.9bn	13,220,004
TEXAS ROADHOUSE INC882681109 · TXRH	COM	$204.5m	1,058,140
TFI INTERNATIONAL INC87241L109 · TFII	COM	$149.9m	1,042,239
TFS FINL CORP87240R107 · TFSL	COM	$3.3m	186,757
THE CAMPBELLS COMPANY134429109 · CPB	COM	$27.6m	1,239,949
THE CIGNA GROUP125523100 · CI	COM	$982.2m	3,562,699
THE TRADE DESK INC88339J105 · TTD	COM CL A	$46.8m	2,590,924
THERMO FISHER SCIENTIFIC INC883556102 · TMO	COM	$2.6bn	5,087,903
THOMSON REUTERS CORP884903881 · TRI	COM	$89.8m	1,100,566
THOR INDS INC885160101 · THO	COM	$21.4m	284,903
TIDEWATER INC NEW88642R109 · TDW	COM	$4.3m	65,018
TIMKEN CO887389104 · TKR	COM	$144.7m	995,434
TIPTREE INC88822Q103 · TIPT	COM	$2.4m	131,300
TITAN INTL INC ILL88830M102 · TWI	COM	$1.9m	240,000
TJX COS INC NEW872540109 · TJX	COM	$2.2bn	14,473,106
TKO GROUP HOLDINGS INC87256C101 · TKO	CL A	$106.0m	526,687
TOAST INC888787108 · TOST	CL A	$160.4m	5,765,060
TOLL BROTHERS INC889478103 · TOL	COM	$195.8m	1,188,342
TOPBUILD COR89055F103	COM	$193.6m	546,026
TORM PLCG89479102 · TRMD	SHS CL A	$31.9m	1,239,232
TORO CO891092108 · TTC	COM	$118.5m	1,216,221
TORONTO DOMINION BK ONT891160509 · TD	COM NEW	$2.4bn	20,021,693
TOTALENERGIES SEF92124100	ACT	$3.2bn	40,546,835
TOWER SEMICONDUCTOR LTDM87915274 · TSEM	SHS NEW	$198.3m	763,552
TPG INC872657101 · TPG	COM CL A	$83.2m	2,052,791
TPG RE FIN TR INC87266M107 · TRTX	COM	$2.4m	288,800
TRACTOR SUPPLY CO892356106 · TSCO	COM	$214.8m	6,796,388
TRADEWEB MKTS INC892672106	CL A	$153.9m	1,544,599
TRANE TECHNOLOGIES PLCG8994E103 · TT	SHS	$1.4bn	2,916,886
TRANSALTA CORP89346D107 · TAC	COM	$49.5m	3,581,371
TRANSDIGM GROUP INC893641100 · TDG	COM	$1.0bn	781,731
TRANSMEDICS GROUP INC89377M109 · TMDX	COM	$2.0m	30,574
TRANSUNION89400J107 · TRU	COM	$81.6m	1,130,831
TRAVEL PLUS LEISURE CO894164102 · TNL	COM	$90.5m	1,184,463
TRAVELERS COMPANIES INC89417E109 · TRV	COM	$853.2m	2,584,600
TREX INC89531P105 · TREX	COM	$63.0m	1,258,986
TRIMAS CORP896215209 · TRS	COM NEW	$11.0m	244,600
TRIMBLE INC896239100 · TRMB	COM	$151.9m	2,967,406
TRINET GROUP INC896288107 · TNET	COM	$3.3m	67,200
TRINITY INDS INC896522109 · TRN	COM	$18.1m	522,938
TRIPLE FLAG PRECIOUS METAL89679M104 · TFPM	COM	$29.1m	971,559
TRUIST FINL CORP89832Q109 · TFC	COM	$454.1m	9,115,736
TTM TECHNOLOGIES INC87305R109 · TTMI	COM	$238.1m	1,273,139
TUTOR PERINI CORP901109108 · TPC	COM	$25.6m	308,473
TWILIO INC90138F102 · TWLO	CL A	$399.4m	1,935,539
TXNM ENERGY INC69349H107 · TXNM	COM	$128.6m	2,264,722
TYLER TECHNOLOGIES INC902252105 · TYL	COM	$781.6m	2,672,346
TYSON FOODS INC902494103 · TSN	CL A	$261.8m	4,573,018
U HAUL HOLDING COMPANY023586100 · UHAL	COM	$35.8m	546,476
U HAUL HOLDING COMPANY023586506	COM SER N	$58.3m	1,010,271
UBER TECHNOLOGIES INC90353T100 · UBER	COM	$1.9bn	26,706,242
UBIQUITI INC90353W103 · UI	COM	$24.3m	45,444
UBS GROUP AGH42097107 · UBS	SHS	$4.8bn	95,849,980
UDR INC902653104 · UDR	COM	$1.2bn	29,452,071
UFP INDUSTRIES INC90278Q108 · UFPI	COM	$58.0m	639,521
UGI CORP NEW902681105 · UGI	COM	$90.8m	2,627,450
MONDAY COM LTDM7S64H106 · MNDY	SHS	$41.1m	567,293
MONDELEZ INTL INC609207105 · MDLZ	CL A	$960.4m	16,604,964
MONGODB INC60937P106 · MDB	CL A	$471.7m	1,404,430
MONOLITHIC PWR SYS INC609839105 · MPWR	COM	$1.0bn	751,399
MONSTER BEVERAGE CORP NEW61174X109 · MNST	COM	$737.7m	7,674,799
MOODYS CORP615369105 · MCO	COM	$1.1bn	2,372,048
MOOG INC615394202	CL A	$153.0m	360,879
MORGAN STANLEY617446448 · MS	COM NEW	$3.8bn	17,984,532
MORNINGSTAR INC617700109 · MORN	COM	$24.3m	155,686

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.