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
LULULEMON ATHLETICA INC550021109 · LULU	COM	$117.8m	1,031,854
LUMEN TECHNOLOGIES INC550241103 · LUMN	COM	$87.0m	11,331,679
LUMENTUM HLDGS INC55024U109 · LITE	COM	$1.0bn	1,168,079
LXP INDUSTRIAL TRUST529043408 · LXP	COM	$8.1m	151,000
LYFT INC55087P104 · LYFT	CL A COM	$78.2m	5,350,229
LYONDELLBASELL INDUSTRIES NVN53745100 · LYB	SHS - A -	$202.8m	3,852,404
M & T BK CORP55261F104 · MTB	COM	$472.5m	1,985,145
M/I HOMES INC55305B101 · MHO	COM	$1.7m	10,300
MACERICH CO554382101 · MAC	COM	$66.5m	2,641,293
MACOM TECH SOLUTIONS HLDGS I55405Y100 · MTSI	COM	$379.1m	996,731
MACYS INC55616P104 · M	COM	$84.0m	3,568,505
MADISON AIR SOLUTIONS CORP55658T105 · MAIR	COM SHS CL A	$39.0m	1,000,000
MADISON SQUARE GARDEN ENTMT558256103 · MSGE	COM CL A	$28.0m	346,600
MADISON SQUARE GRDN SPRT COR55825T103 · MSGS	CL A	$68.9m	171,392
MADRIGAL PHARMACEUTICALS INC558868105 · MDGL	COM	$114.8m	213,886
MAGNA INTL INC559222401 · MGA	COM	$231.8m	3,528,931
MAGNERA CORP55939A107 · MAGN	COM SHS	$2.1m	180,500
MAGNUM ICE CREAM CO NVN5505D105 · MICC	ORD SHS	$166.1m	9,547,081
MAKEMYTRIP LIMITED MAURITIUSV5633W109 · MMYT	SHS	$46.4m	870,819
MALIBU BOATS INC56117J100 · MBUU	COM CL A	$3.8m	140,300
MANHATTAN ASSOCIATES INC562750109 · MANH	COM	$94.1m	675,793
MANPOWERGROUP INC WIS56418H100 · MAN	COM	$823,988	24,400
MANULIFE FINL CORP56501R106 · MFC	COM	$656.9m	16,213,714
MAPLEBEAR INC565394103 · CART	COM	$49.0m	1,035,821
MARATHON PETE CORP56585A102 · MPC	COM	$630.4m	2,465,801
MARAVAI LIFESCIENCES HLDGS I56600D107 · MRVI	COM CL A	$3.5m	567,400
MAREX GROUP PLCG5S37H101	ORD	$26.2m	429,800
MARKEL GROUP INC570535104 · MKL	COM	$284.2m	145,542
MARKETAXESS HLDGS INC57060D108 · MKTX	COM	$65.0m	572,422
MARRIOTT INTL INC NEW571903202 · MAR	CL A	$844.0m	2,277,479
MARSH & MCLENNAN COS INC571748102 · MRSH	COM	$1.0bn	6,255,525
MARTEN TRANS LTD573075108 · MRTN	COM	$6.6m	379,000
MARTIN MARIETTA MATLS INC573284106 · MLM	COM	$321.3m	557,143
MARVELL TECHNOLOGY INC573874104 · MRVL	COM	$4.2bn	14,201,483
MARZETTI COMPANY513847103 · MZTI	COM	$28.9m	253,300
MASCO CORP574599106 · MAS	COM	$177.5m	2,182,005
MASTEC INC576323109 · MTZ	COM	$23.1m	55,571
MASTERCARD INCORPORATED57636Q104 · MA	CL A	$6.0bn	11,753,770
MATCH GROUP INC NEW57667L107 · MTCH	COM	$96.6m	2,537,627
MATERION CORP576690101 · MTRN	COM	$7.7m	25,900
MATIV HOLDINGS INC808541106 · MATV	COM	$1.7m	227,700
MATRIX SVC CO576853105 · MTRX	COM	$1.7m	126,500
MATSON INC57686G105 · MATX	COM	$17.6m	91,591
MATTEL INC577081102 · MAT	COM	$36.8m	2,649,546
MAXIMUS INC577933104 · MMS	COM	$37.4m	695,683
MCCORMICK & CO INC579780206 · MKC	COM NON VTG	$38.2m	758,078
MCDONALDS CORP580135101 · MCD	COM	$2.7bn	9,878,380
MCGRATH RENTCORP580589109 · MGRC	COM	$4.1m	33,600
MCKESSON CORP58155Q103 · MCK	COM	$1.2bn	1,529,056
UNITED RENTALS INC911363109 · URI	COM	$1.4bn	1,268,942
UNITED STS LIME & MINERALS I911922102 · USLM	COM	$1.6m	14,900
UNITED THERAPEUTICS CORP DEL91307C102 · UTHR	COM	$376.4m	694,753
UNITEDHEALTH GROUP INC91324P102 · UNH	COM	$5.3bn	12,736,973
UNITIL CORP913259107 · UTL	COM	$3.3m	62,300
UNITY SOFTWARE INC91332U101 · U	COM	$162.5m	5,684,941
UNIVERSAL DISPLAY CORP91347P105 · OLED	COM	$50.4m	581,546
UNIVERSAL HLTH SVCS INC913903100 · UHS	CL B	$132.1m	888,499
UNIVERSAL INS HLDGS INC91359V107 · UVE	COM	$7.7m	185,300
UNUM GROUP91529Y106 · UNM	COM	$1.2bn	13,256,645
UPSTART HLDGS INC91680M107 · UPST	COM	$3.3m	93,959
UPSTREAM BIO INC91678A107 · UPB	COM	$26.1m	3,768,619
URANIUM ENERGY CORP916896103 · UEC	COM	$186.5m	17,499,619
AUTOLIV INC052800109 · ALV	COM	$60.9m	524,318
AUTOMATIC DATA PROCESSING IN053015103 · ADP	COM	$654.0m	2,920,189
AUTONATION INC05329W102 · AN	COM	$57.2m	307,792
AUTOZONE INC053332102 · AZO	COM	$906.0m	283,494
AVALONBAY CMNTYS INC053484101	COM	$1.5bn	7,691,120
AVANTOR INC05352A100 · AVTR	COM	$60.3m	6,091,712
AVEPOINT INC053604104 · AVPT	COM CL A	$20.0m	1,784,700
AVERY DENNISON CORP053611109 · AVY	COM	$159.3m	981,301
AVIENT CORPORATION05368V106 · AVNT	COM	$54.1m	1,462,798
AVIS BUDGET GROUP INC053774105 · CAR	COM	$17.1m	115,619
AVISTA CORP05379B107 · AVA	COM	$8.9m	218,650
AVNET INC053807103 · AVT	COM	$97.6m	1,098,441
AXALTA COATING SYS LTDG0750C108 · AXTA	COM	$68.3m	1,995,329
AXCELIS TECHNOLOGIES INC054540208 · ACLS	COM NEW	$915,801	4,834
AXIS CAP HLDGS LTDG0692U109 · AXS	SHS	$102.0m	949,485
AXON ENTERPRISE INC05464C101 · AXON	COM	$522.4m	931,827
AXSOME THERAPEUTICS INC.05464T104 · AXSM	COM	$125.9m	514,266
AZENTA INC114340102 · AZTA	COM	$5.5m	214,700
B2GOLD CORP11777Q209 · BTG	COM	$55.0m	14,673,503
BACKBLAZE INC05637B105 · BLZE	COM CL A	$3.4m	215,400
BADGER METER INC056525108 · BMI	COM	$55.5m	374,295
BAKER HUGHES COMPANY05722G100 · BKR	CL A	$1.1bn	20,396,484
BALCHEM CORP057665200 · BCPC	COM	$69.6m	411,876
BALL CORP058498106 · BALL	COM	$205.6m	3,294,376
BANCFIRST CORP05945F103 · BANF	COM	$28.3m	254,828
BANCO BILBAO VIZCAYA ARGENTA05946K101	SPONSORED ADR	$8.3m	330,000
BANK MONTREAL MEDIUM063671101 · BMO	COM	$1.6bn	8,796,707
BANK NOVA SCOTIA B C064149107 · BNS	COM	$1.6bn	18,387,259
BANK OF AMER CORP060505104 · BAC	COM	$4.8bn	83,794,863
BANK OF NY MELLON CORP064058100 · BNY	COM	$1.7bn	11,751,724
BANK OZK LITTLE ROCK ARK06417N103	COM	$81.8m	1,570,873
BARCLAYS PLC06738E204	ADR	$302.2m	11,250,000
BARNES & NOBLE ED INC06777U200 · BNED	COM NEW	$1.9m	150,200
BARRETT BUSINESS SVCS INC068463108 · BBSI	COM	$1.4m	39,300
BATH & BODY WORKS INC070830104 · BBWI	COM	$52.7m	2,278,971
BAUSCH HEALTH COS INC071734107 · BHC	COM	$16.9m	3,431,117
BAXTER INTL INC071813109 · BAX	COM	$88.4m	4,144,905
BCE INC05534B760 · BCE	COM NEW	$89.6m	4,163,985

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.