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
FIRST SOLAR INC336433107 · FSLR	COM	$377.2m	1,598,543
FIRST TRACKS BIOTHERAPEUTICS337185102 · TRAX	ORD SHS	$1.4m	69,100
FIRSTSERVICE CORP NEW33767E202 · FSV	COM	$78.1m	549,665
FISERV INC337738108 · FISV	COM	$332.0m	6,768,394
FIVE BELOW INC33829M101 · FIVE	COM	$127.8m	710,784
FLAGSTAR BANK NATIONAL ASSOC649445400 · FLG	COM NEW	$53.9m	3,610,405
FLEX LTDY2573F102 · FLEX	ORD	$811.2m	5,005,183
FLOOR & DECOR HLDGS INC339750101 · FND	CL A	$1.9m	31,194
FLOWSERVE CORP34354P105 · FLS	COM	$107.0m	1,443,317
FLUENCE ENERGY INC34379V103 · FLNC	COM CL A	$1.2m	62,306
FLUTTER ENTMT PLCG3643J108 · FLUT	SHS	$319.1m	3,123,181
FLYWIRE CORPORATION302492103 · FLYW	COM VTG	$1.9m	106,162
FMC CORP302491303 · FMC	COM NEW	$3.4m	299,911
FORD MTR CO345370860 · F	COM	$718.7m	51,707,627
FORGENT POWER SOLUTIONS INC34631F102 · FPS	COM SHS CL A	$11.2m	200,000
FORMFACTOR INC346375108 · FORM	COM	$163.8m	1,024,043
FORTINET INC34959E109 · FTNT	COM	$1.9bn	12,449,356
FORTIS INC349553107 · FTS	COM	$348.5m	6,089,626
FORTIVE CORP34959J108 · FTV	COM	$448.4m	7,339,514
FORTUNA MNG CORP349942102 · FSM	COM NEW	$34.1m	4,040,366
FORTUNE BRANDS INNOVATIONS I34964C106 · FBIN	COM	$92.8m	1,690,557
FORUM ENERGY TECHNOLOGIES IN34984V209 · FET	COM	$1.2m	24,000
FORWARD AIR CORP34986A104 · FWRD	COM	$2.0m	145,300
FOX CORP35137L105 · FOXA	CL A COM	$148.1m	2,839,089
FOX CORP35137L204	CL B COM	$102.6m	2,190,825
FRANCO NEV CORP351858105 · FNV	COM	$581.3m	2,788,613
FRANKLIN BSP RLTY TR INC35243J101 · FBRT	COMMON STOCK	$1.5m	179,800
FRANKLIN ELEC INC353514102 · FELE	COM	$74.0m	689,955
FRANKLIN RESOURCES INC354613101 · BEN	COM	$98.4m	2,956,401
FRESHPET INC358039105 · FRPT	COM	$29.4m	498,122
FRONTDOOR INC35905A109 · FTDR	COM	$1.5m	19,133
FTAI AVIATION LTDG3730V105 · FTAI	SHS	$346.5m	1,280,959
FTI CONSULTING INC302941109 · FCN	COM	$49.8m	333,938
FULL TRUCK ALLIANCE CO LTD35969L108 · YMM	SPONSORED ADS	$74.4m	9,160,250
FULLER H B CO359694106 · FUL	COM	$43.9m	753,424
FULTON FINL CORP PA360271100 · FULT	COM	$46.0m	1,902,512
FUNKO INC361008105 · FNKO	COM CL A	$1.3m	213,900
G III APPAREL GROUP LTD36237H101 · GIII	COM	$53.9m	1,600,000
GALAXY DIGITAL INC.36317J209 · GLXY	CL A	$55.1m	2,015,015
GALLAGHER ARTHUR J & CO363576109 · AJG	COM	$1.5bn	6,733,790
GAMESTOP CORP36467W109 · GME	CL A	$114.8m	5,201,045
GAMESTOP CORP NEW36467W117	*W EXP 10/30/202	$261,917	93,877
GAMING & LEISURE P36467J108 · GLPI	COM	$172.4m	3,871,376
GAP INC364760108 · GAP	COM	$63.2m	3,383,275
GARMIN LTDH2906T109 · GRMN	SHS	$471.9m	1,986,445
GARRETT MOTION INC366505105 · GTX	COM	$2.3m	63,501
GARTNER INC366651107 · IT	COM	$110.8m	854,653
GATES INDL CORP PLCG39108108	ORD SHS	$95.1m	3,400,574
GATX CORP361448103 · GATX	COM	$66.0m	372,472
GCM GROSVENOR INC36831E108 · GCMG	COM CL A	$2.0m	159,600
GDS HLDGS LTD36165L108 · GDS	SPONSORED ADS	$5.6m	187,135
GE AEROSPACE369604301 · GE	COM NEW	$5.1bn	13,691,596
GE HEALTHCARE TECHNOLOGIES I36266G107 · GEHC	COMMON STOCK	$372.8m	5,823,524
GE VERNOVA INC36828A101 · GEV	COM	$4.0bn	3,419,249
GEN DIGITAL INC668771108 · GEN	COM	$159.3m	6,398,371
GENEDX HOLDINGS CORP81663L200 · WGS	COM CL A	$18.7m	273,100
GENERAC HLDGS INC368736104 · GNRC	COM	$219.1m	748,375
GENERAL MILLS INC370334104 · GIS	COM	$313.3m	9,001,918
GENERAL MTRS CO37045V100 · GM	COM	$1.0bn	13,212,040
GENERATE BIOMEDICINES INC370920100 · GENB	COM SHS	$35.3m	2,094,616
GENPACT LIMITEDG3922B107 · G	SHS	$53.4m	1,941,468
GENTEX CORP371901109 · GNTX	COM	$50.3m	1,990,404
GENTHERM INC37253A103 · THRM	COM	$2.2m	65,500
GENUINE PARTS CO372460105 · GPC	COM	$206.0m	1,745,795
GENWORTH FINL INC37247D106 · GNW	COM SHS	$9.9m	1,040,746
GFL ENVIRONMENTAL INC36168Q104	SUB VTG SHS	$123.7m	3,363,782
GILDAN ACTIVEWEAR INC375916103 · GIL	COM	$126.8m	2,461,732
GILEAD SCIENCES INC375558103 · GILD	COM	$2.8bn	21,965,555
GITLAB INC37637K108 · GTLB	CLASS A COM	$68.8m	2,253,628
GLACIER BANCORP INC NEW37637Q105 · GBCI	COM	$56.0m	1,084,870
GLAUKOS CORP377322102 · GKOS	COM	$69.7m	498,502
GLOBAL E ONLINE LTDM5216V106 · GLBE	SHS	$45.3m	1,303,850
GLOBAL INDUSTRIAL COMPANY37892E102 · GIC	COM	$1.8m	52,800
GLOBAL NET LEASE INC379378201 · GNL	COM NEW	$3.5m	394,600
GLOBAL PMTS INC37940X102 · GPN	COM	$201.5m	2,777,365
GLOBALFOUNDRIES INCG39387108 · GFS	ORDINARY SHARES	$60.4m	732,804
GLOBALSTAR INC378973507 · GSAT	COM NEW	$169.5m	2,084,853
GLOBE LIFE INC37959E102 · GL	COM	$163.5m	915,219
GLOBUS MED INC379577208 · GMED	CL A	$89.0m	1,127,051
GMR SOLUTIONS INC38013D106 · GMRS	COM CL A	$45.6m	2,950,000
GODADDY INC380237107 · GDDY	CL A	$159.7m	1,881,009
GOLDMAN SACHS GROUP INC38141G104 · GS	COM	$2.6bn	2,595,205
GOODYEAR TIRE & RUBR CO382550101 · GT	COM	$1.8m	271,987
GRAB HOLDINGS LIMITEDG4124C109 · GRAB	CLASS A ORD	$128.9m	34,195,909
GRACO INC384109104 · GGG	COM	$161.1m	2,130,052
GRAHAM HLDGS CO384637104 · GHC	COM CL B	$1.0m	906
GRAIL INC384747101 · GRAL	COM	$1.1m	15,790
GRAND CANYON ED INC38526M106 · LOPE	COM	$51.0m	356,393
GRANITE CONSTR INC387328107 · GVA	COM	$70.9m	448,793
GRAPHIC PACKAGING HLDG CO388689101 · GPK	COM	$46.3m	4,380,131
GREEN PLAINS INC393222104 · GPRE	COM	$5.2m	338,900
GREENBRIER COS INC393657101 · GBX	COM	$6.5m	132,932
GRID DYNAMICS HLDGS INC39813G109 · GDYN	CL A	$1.5m	263,100
GRIFFON CORP398433102 · GFF	COM	$10.5m	108,022
GRIFOLS S A398438408	SP ADR REP B NVT	$13.0m	1,840,000
GRINDR INC39854F101 · GRND	COM	$24.8m	1,726,668
GROUP 1 AUTOMOTIVE INC398905109 · GPI	COM	$74.7m	256,479
GRUPO AEROMEXICO SAB DE CV40054J109 · AERO	SPONSORED ADS	$7.2m	400,000
GSK PLC37733W204 · GSK	SPONSORED ADR	$10.5m	200,000
GUARDANT HEALTH INC40131M109 · GH	COM	$232.3m	1,548,518

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.