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
WYNN RESORTS LTD983134107 · WYNN	COM	$88.0m	905,912
X-ENERGY INC98386P102 · XE	COM CL A	$7.3m	400,000
XENIA HOTELS & RESORTS INC984017103 · XHR	COM	$4.1m	199,600
XERIS BIOPHARMA HOLDINGS INC98422E103 · XERS	COM	$6.3m	797,200
XP INCG98239109 · XP	CL A	$60.5m	3,722,196
XPO INC983793100 · XPO	COM	$321.3m	1,564,973
XYLEM INC98419M100 · XYL	COM	$300.8m	2,544,452
YETI HLDGS INC98585X104 · YETI	COM	$4.5m	91,606
YORK SPACE SYSTEMS INC987084100 · YSS	COM	$2.5m	100,000
YUM BRANDS INC988498101 · YUM	COM	$802.8m	5,022,027
YUM CHINA HLDGS INC98850P109 · YUMC	COM	$229.8m	5,621,829
ZEBRA TECHNOLOGIES CORPORATI989207105 · ZBRA	CL A	$139.0m	527,889
ZETA GLOBAL HOLDINGS CORP98956A105 · ZETA	CL A	$35.5m	1,803,608
ZILLOW GROUP INC98954M101 · Z	CL A	$25.0m	796,580
ZILLOW GROUP INC98954M200 · Z	CL C CAP STK	$31.2m	988,389
ZIMMER BIOMET HOLDINGS INC98956P102 · ZBH	COM	$136.7m	1,587,431
ZIONS BANCORPORATION NATL AS989701107 · ZION	COM	$119.3m	1,724,832
ZOETIS INC98978V103 · ZTS	CL A	$337.0m	4,689,847
ZOOM COMMUNICATIONS INC98980L101 · ZM	CL A	$687.9m	7,970,328
ZSCALER INC98980G102 · ZS	COM	$58.0m	411,216
ZURN ELKAY WATER SOLNS CORP98983L108 · ZWS	COM	$105.9m	2,096,197
ELI LILLY & CO532457108 · LLY	COM	$13.8bn	11,471,413
EMCOR GROUP INC29084Q100 · EME	COM	$437.1m	526,648
EMERSON ELEC CO291011104 · EMR	COM	$1.1bn	7,512,591
ENACT HLDGS INC29249E109 · ACT	COM	$2.3m	51,214
ENBRIDGE INC29250N105 · ENB	COM	$1.3bn	24,021,424
ENCOMPASS HEALTH CORP29261A100 · EHC	COM	$116.7m	1,154,864
ENCORE CAP GROUP INC292554102 · ECPG	COM	$4.9m	53,000
ENERGY FUELS INC292671708 · UUUU	COM NEW	$47.3m	3,256,725
ENERPAC TOOL GROUP CORP292765104 · EPAC	CL A COM	$3.5m	98,800
ENERSYS29275Y102 · ENS	COM	$114.2m	488,201
ENLIGHT RENEWABLE ENERGY LTDM4056D110 · ENLT	SHS	$34.7m	393,418
ENPHASE ENERGY INC29355A107 · ENPH	COM	$71.9m	1,459,614
ENSIGN GROUP INC29358P101 · ENSG	COM	$116.8m	728,801
ENTEGRIS INC29362U104 · ENTG	COM	$390.6m	2,171,938
ENTERGY CORP NEW29364G103 · ETR	COM	$604.2m	5,260,607
ENVIRI CORP29390K102 · NVRI	COM	$488,805	22,269
ENVISTA HOLDINGS CORPORATION29415F104 · NVST	COM	$54.1m	2,051,894
EPAM SYS INC29414B104 · EPAM	COM	$53.7m	676,395
EPR PPTYS26884U109 · EPR	COM SH BEN INT	$55.9m	963,880
EQUIFAX INC294429105 · EFX	COM	$243.7m	1,535,111
EQUINIX INC29444U700 · EQIX	COM	$1.3bn	1,203,073
EQUINOX GOLD CORP29446Y502 · EQX	COM	$102.7m	10,546,728
EQUIPMENTSHARE COM INC29445S100 · EQPT	COM CL A	$7.2m	366,667
EQUITABLE HLDGS INC29452E101 · EQH	COM	$804.2m	18,326,687
EQUITY LIFESTYLE PROPERTIES29472R108 · ELS	COM	$149.9m	2,325,181
EQUITY RESIDENTIAL29476L107 · VMRK	SH BEN INT	$2.4bn	34,837,220
ERIE INDTY CO29530P102 · ERIE	CL A	$41.1m	171,369
ERO COPPER CORP296006109 · ERO	COM	$33.8m	1,265,648
ESAB CORPORATION29605J106 · ESAB	COM	$66.8m	677,260
ESCO TECHNOLOGIES INC296315104 · ESE	COM	$109.1m	311,551
ESSENT GROUP LTDG3198U102 · ESNT	COM	$170.4m	2,650,724
ESSENTIAL PPTYS RLTY TR INC29670E107 · EPRT	COM	$96.2m	3,223,066
ESSENTIAL UTILS INC29670G102 · WTRG	COM	$248.6m	6,489,675
ESSEX PPTY TR INC297178105 · ESS	COM	$468.8m	1,607,742
ETON PHARMACEUTICALS INC29772L108 · ETON	COM	$6.1m	169,500
ETSY INC29786A106 · ETSY	COM	$8.7m	115,940
EVERCORE INC29977A105 · EVR	CLASS A	$142.4m	417,041
EVEREST GROUP LTDG3223R108 · EG	COM	$689.2m	1,929,157
EVERPURE INC74624M102 · P	CL A	$304.1m	3,859,029
EVERSOURCE ENERGY30040W108 · ES	COM	$307.7m	4,257,095
EVERUS CONSTR GROUP300426103 · ECG	COM	$2.6m	15,707
EVGO INC30052F100 · EVGO	CL A COM	$4.0m	2,075,000
EVOLENT HEALTH INC30050B101 · EVH	CL A	$343,921	63,454
EXELIXIS INC30161Q104 · EXEL	COM	$146.3m	2,688,866
EXELON CORP30161N101 · EXC	COM	$610.6m	13,097,968
EXLSERVICE HLDGS INC302081104 · EXLS	COM	$73.3m	2,835,901
EXPEDIA GROUP INC30212P303 · EXPE	COM NEW	$734.3m	2,869,833
EXPEDITORS INTL WASH INC302130109 · EXPD	COM	$171.5m	1,052,212
EXPONENT INC30214U102 · EXPO	COM	$51.9m	883,843
EXTRA SPACE STORAGE INC30225T102 · EXR	COM	$1.4bn	9,300,678
EXXON MOBIL CORP30231G102	COM	$8.3bn	60,999,693
F N B CORP302520101 · FNB	COM	$63.7m	3,339,706
F&G ANNUITIES & LIFE INC30190A104 · FG	COMMON STOCK	$11.8m	443,301
F5 INC315616102 · FFIV	COM	$347.1m	834,521
FABRINETG3323L100 · FN	SHS	$242.8m	431,950
FACTSET RESH SYS INC303075105 · FDS	COM	$47.9m	208,310
FAIR ISAAC CORP303250104 · FICO	COM	$228.6m	191,363
FASTENAL CO311900104 · FAST	COM	$740.6m	15,420,060
FEDERAL RLTY INVT TR NEW313745101 · FRT	SH BEN INT NEW	$690.6m	5,594,536
FEDERAL SIGNAL CORP313855108 · FSS	COM	$101.9m	793,191
FEDEX CORP31428X106 · FDX	COM	$1.2bn	3,716,680
FEDEX FGHT HLDG CO INC314352105 · FDXF	COMMON STOCK	$202.8m	1,342,980
FERGUSON ENTERPRISES INC31488V107 · FERG	COMMON STOCK NEW	$424.0m	1,786,384
FERRARI N VN3167Y103 · RACE	COM	$781.5m	2,109,437
FERROVIAL NVN3168P101 · FER	ORD SHS	$629.7m	9,191,762
FERVO ENERGY CO31556C106 · FRVO	CL A COM	$93.5m	3,200,000
FIDELITY NATL FINL INC31620R303 · FNF	COM SHS	$156.8m	3,324,025
FIDELITY NATL INFORMATION SV31620M106 · FIS	COM	$307.3m	7,902,808
FIFTH THIRD BANCORP316773100 · FITB	COM	$1.2bn	20,906,386
FIGMA INC316841105 · FIG	CLASS A COM STK	$6.2m	344,776
FIGURE TECHNOLOGY SOLUTIO349381103 · FIGR	COM CL A	$6.3m	204,546
FINVOLUTION GROUP31810T101 · FINV	SPONSORED ADS	$3.0m	624,435
FIRST AMERN FINL CORP31847R102 · FAF	COM	$85.5m	1,245,979
FIRST BANCORP CORPORATION318672706 · FBP	COM NEW	$51.1m	1,960,975
FIRST CTZNS BANCSHARES INC D31946M103 · FCNCA	CL A	$134.8m	64,804
FIRST FINL BANKSHARES INC32020R109 · FFIN	COM	$48.4m	1,397,818
FIRST HORIZON CORPORATION320517105 · FHN	COM	$156.4m	6,099,706
FIRST INDL RLTY TR INC32054K103 · FR	COM	$335.4m	5,470,630
FIRST INTST BANCSYSTEM INC32055Y201 · FIBK	COM	$37.7m	978,151

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.