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
BECTON DICKINSON & CO075887109 · BDX	COM	$631.0m	4,169,523
BELDEN INC077454106 · BDC	COM	$46.7m	389,743
BELLRING BRANDS INC07831C103 · BRBR	COMMON STOCK	$4.3m	333,000
BENTLEY SYS INC08265T208 · BSY	COM CL B	$283.4m	9,480,213
BERKLEY W R CORP084423102 · WRB	COM	$222.1m	3,148,633
BERKSHIRE HATHAWAY INC DEL084670108	CL A	$7.8bn	10,371
BERKSHIRE HATHAWAY INC DEL084670702	CL B NEW	$4.4bn	8,785,259
BEST BUY INC086516101 · BBY	COM	$227.8m	3,001,949
BETA TECHNOLOGIES INC086921103 · BETA	COM SHS CL A	$20.9m	1,249,598
BGC GROUP INC088929104 · BGC	CL A	$12.0m	1,121,000
BHP BILLITON LIMITED088606108 · BHP	SPONSORED ADS	$35.1m	421,334
URBAN EDGE PPTYS91704F104 · UE	COM	$2.7m	116,900
URBAN OUTFITTERS INC917047102 · URBN	COM	$34.4m	484,761
US BANCORP902973304 · USB	COM NEW	$1.2bn	19,940,331
US FOODS HLDG CORP912008109 · USFD	COM	$287.0m	2,806,952
UWM HOLDINGS CORPORATION91823B109 · UWMC	COM CL A	$31.5m	13,750,000
V F CORP918204108 · VFC	COM	$55.9m	3,352,354
V2X INC92242T101 · VVX	COM	$8.1m	109,000
VAIL RESORTS INC91879Q109 · MTN	COM	$21.2m	155,358
VALARIS LTDG9460G101 · VAL	CL A	$51.3m	706,961
VALERO ENERGY CORP91913Y100 · VLO	COM	$1.7bn	6,402,941
VALLEY NATL BANCORP919794107 · VLY	COM	$77.3m	5,275,012
VALMONT INDS INC920253101 · VMI	COM	$141.1m	244,208
VALVOLINE INC92047W101 · VVV	COM	$24.2m	611,480
VAXCYTE INC92243G108 · PCVX	COM	$72.4m	1,245,805
VEEVA SYS INC922475108 · VEEV	CL A COM	$249.1m	1,403,833
VENTAS INC92276F100 · VTR	COM	$443.4m	4,993,179
VERALTO CORP92338C103 · VLTO	COM SHS	$244.2m	2,754,071
VERISIGN INC92343E102 · VRSN	COM	$281.3m	1,118,343
VERISK ANALYTICS INC92345Y106 · VRSK	COM	$230.0m	1,280,898
VERIZON COMMUNICATIONS INC92343V104 · VZ	COM	$2.3bn	54,307,400
VERRA MOBILITY CORP92511U102 · VRRM	CL A COM STK	$6.0m	1,409,007
VERSANT MEDIA GROUP INC925283103 · VSNT	COM CL A	$160.6m	4,459,630
VERSIGENT PLCG9600F104 · VGNT	ORDINARY SHARES	$63.4m	1,508,431
VERTEX INC92538J106 · VERX	CL A	$15.0m	1,310,400
VERTEX PHARMACEUTICALS INC92532F100 · VRTX	COM	$1.5bn	2,971,681
VERTIV HOLDINGS CO92537N108 · VRT	COM CL A	$1.6bn	4,859,284
VIA TRANSN INC92556W104 · VIA	COM CL A	$2.5m	139,773
VIASAT INC92552V100 · VSAT	COM	$140.0m	1,558,594
VIATRIS INC92556V106 · VTRS	COM	$60.7m	3,822,744
VIAVI SOLUTIONS INC925550105 · VIAV	COM	$141.2m	2,956,160
VICI PPTYS INC925652109 · VICI	COM	$384.3m	14,474,088
VIKING HOLDINGS LTDG93A5A101 · VIK	ORD SHS	$494.0m	4,719,836
VIPSHOP HLDGS LTD92763W103 · VIPS	SPONSORED ADS A	$20.9m	1,574,772
VISA INC92826C839 · V	COM CL A	$5.6bn	16,215,161
VISHAY INTERTECHNOLOGY INC928298108 · VSH	COM	$4.8m	89,302
VISTANCE NETWORKS INC20337X109 · VISN	COM	$3.2m	252,618
VISTEON CORP92839U206 · VC	COM NEW	$11.8m	118,700
VISTRA CORP92840M102 · VST	COM	$921.8m	5,811,201
VITA COCO CO INC92846Q107 · COCO	COM	$1.4m	21,705
VNET GROUP INC90138A103 · VNET	SPONSORED ADS A	$68.6m	8,527,387
VODAFONE GROUP PLC92857W308 · VOD	SPONSORED ADR	$1.7m	130,000
VONTIER CORPORATION928881101 · VNT	COM	$52.5m	1,812,038
VORNADO RLTY TR929042109 · VNO	SH BEN INT	$566.4m	14,411,308
VOYA FINANCIAL INC929089100 · VOYA	COM	$114.3m	1,262,432
VULCAN MATLS CO929160109 · VMC	COM	$360.7m	1,222,676
WABASH NATL CORP929566107 · WNC	COM	$5.5m	406,740
WABTEC929740108 · WAB	COM	$511.4m	1,896,763
WALMART INC931142103 · WMT	COM	$6.5bn	57,423,929
WARNER BROS DISCOVERY INC934423104	COM SER A	$832.8m	31,238,355
WARNER MUSIC GROUP CORP934550203 · WMG	COM CL A	$31.3m	1,155,828
WASTE CONNECTIONS INC94106B101 · WCN	COM	$659.5m	3,957,385
WASTE MGMT INC DEL94106L109 · WM	COM	$1.1bn	4,771,642
WATERBRIDGE INFRASTRUCTURE L940923105 · WBI	CL A SHS REPSTG	$994,378	29,016
WATERS CORP941848103 · WAT	COM	$70.6m	188,334
WATSCO INC942622200 · WSO	COM	$141.9m	340,450
WATTS WATER TECHNOLOGIES INC942749102 · WTS	CL A	$94.5m	241,492
WAYFAIR INC94419L101 · W	CL A	$121.1m	1,309,943
WAYSTAR HLDG CORP946784105 · WAY	COM	$11.4m	554,218
WD 40 CO929236107 · WDFC	COM	$4.5m	18,400
WEALTHFRONT CORP947002101 · WLTH	COM	$7.1m	799,734
WEATHERFORD INTL PLCG48833118 · WFRD	ORD SHS	$75.3m	924,126
WEBSTER FINL CORP947890109	COM	$168.7m	2,207,713
WELLS FARGO & CO949746101 · WFC	COM	$4.6bn	55,487,578
WELLTOWER INC95040Q104 · WELL	COM	$4.1bn	18,146,984
WERIDE INC950915108 · WRD	SPONSORED ADS	$11.6m	2,000,000
WESCO INTL INC95082P105 · WCC	COM	$297.2m	860,367
BILIBILI INC090040106 · BILI	SPONS ADS REP Z	$194,091	11,397
BILL HOLDINGS INC090043100 · BILL	COM	$14.1m	390,252
BIO RAD LABS INC090572207 · BIO	CL A	$32.8m	111,580
BIO-TECHNE CORP09073M104 · TECH	COM	$99.9m	1,413,639
BIOGEN INC09062X103 · BIIB	COM	$557.4m	2,580,033
BIOMARIN PHARMACEUTICAL INC09061G101 · BMRN	COM	$469.7m	8,207,954
BIRKENSTOCK HOLDING PLCM2029K104 · BIRK	COM SHS	$93.8m	2,179,036
BITGO HOLDINGS INC091947101 · BTGO	COM SHS CL A	$1.2m	228,398
BITMINE IMMERSION TECHS INC09175A206 · BMNR	COM NEW	$81.9m	6,151,062
BJS WHSL CLUB HLDGS INC05550J101 · BJ	COM	$131.4m	1,505,980
BLACKLINE INC09239B109 · BL	COM	$30.6m	1,090,376
BLACKROCK INC09290D101 · BLK	COM	$2.7bn	2,831,565
BLACKSTONE INC09260D107 · BX	COM	$790.7m	6,719,504
BLOCK H & R INC093671105 · HRB	COM	$46.4m	1,219,451
BLOCK INC852234103 · XYZ	CL A	$592.6m	7,797,430
BLOOM ENERGY CORP093712107 · BE	COM CL A	$998.0m	3,297,042
BLUE OWL CAPITAL INC09581B103 · OWL	COM CL A	$57.8m	6,603,960
BOBS DISC FURNITURE INC09681N106 · BOBS	COM SHS	$1.6m	101,730
BOISE CASCADE CO DEL09739D100 · BCC	COM	$16.1m	207,200
BOK FINL CORP05561Q201 · BOKF	COM NEW	$20.2m	145,252
BOOKING HOLDINGS INC09857L108 · BKNG	COM	$2.2bn	12,434,096
BOOZ ALLEN HAMILTON HLDG COR099502106 · BAH	CL A	$120.2m	1,980,931
BORGWARNER INC099724106 · BWA	COM	$175.6m	2,644,244

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.