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
OOMA INC683416101 · OOMA	COM	$3.4m	176,500
OPEN TEXT CORP683715106 · OTEX	COM	$71.8m	3,247,878
OPENLANE INC48238T109 · OPLN	COM	$7.1m	171,700
OPTION CARE HEALTH INC68404L201 · OPCH	COM NEW	$35.1m	1,673,104
OR ROYALTIES INC.68390D106 · OR	COM SHS	$79.1m	2,498,906
ORACLE CORP68389X105 · ORCL	COM	$3.7bn	25,002,553
OREILLY AUTOMOTIVE INC67103H107 · ORLY	COM	$1.3bn	13,734,627
ORGANOGENESIS HLDGS INC68621F102 · ORGO	COM	$1.3m	530,900
CAESARS ENTERTAINMENT INC NE12769G100 · CZR	COM	$77.7m	2,573,940
CALERES INC129500104 · CAL	COM	$382,085	30,888
CAMDEN PPTY TR133131102 · CPT	SH BEN INT	$146.7m	1,281,428
CAMECO CORP13321L108 · CCJ	COM	$520.1m	5,107,979
CAMPING WORLD HLDGS INC13462K109 · CWH	CL A	$557,486	73,065
CAMTEK LTDM20791105 · CAMT	ORD	$12.0m	76,128
CANADIAN IMPERIAL BANK OF CO136069101 · CM	COM	$1.1bn	9,895,019
CANADIAN NATL RY CO136375102	COM	$679.0m	5,695,165
CANADIAN PACIFIC KANSAS CITY13646K108 · CP	COM	$1.2bn	13,671,726
CAPITAL ONE FINL CORP14040H105 · COF	COM	$2.0bn	9,978,148
CAPRI HOLDINGS LIMITEDG1890L107 · CPRI	SHS	$65.6m	3,535,006
CARDINAL HEALTH INC14149Y108 · CAH	COM	$885.2m	3,726,422
CARETRUST REIT INC14174T107 · CTRE	COM	$137.1m	3,397,692
CARGURUS INC141788109 · CARG	COM CL A	$2.4m	69,513
CARLISLE COS INC142339100 · CSL	COM	$118.7m	327,130
CARLYLE GROUP INC14316J108 · CG	COM	$153.5m	3,646,300
CARMAX INC143130102 · KMX	COM	$35.2m	665,737
CARNIVAL CORP LTDG2004J103 · CCL	COMMON SHARES	$445.2m	15,583,012
CARPENTER TECHNOLOGY CORP144285103 · CRS	COM	$317.0m	513,898
CARRIAGE SVCS INC143905107 · CSV	COM	$2.1m	54,900
CARRIER GLOBAL CORPORATION14448C104 · CARR	COM	$559.7m	7,631,155
CARVANA CO146869102 · CVNA	CL A	$345.1m	5,243,494
CASELLA WASTE SYS INC147448104 · CWST	CL A	$46.2m	476,323
CASEYS GEN STORES INC147528103 · CASY	COM	$394.0m	495,789
CASTLE BIOSCIENCES INC14843C105 · CSTL	COM	$1.4m	60,100
CATHAY GEN BANCORP149150104 · CATY	COM	$38.0m	612,822
CAVA GROUP INC148929102 · CAVA	COM	$104.3m	1,328,728
CBL & ASSOC PPTYS INC124830878 · CBL	COMMON STOCK	$1.5m	29,000
CBOE GLOBAL MKTS INC12503M108 · CBOE	COM	$341.9m	1,409,000
CBRE GROUP INC12504L109 · CBRE	CL A	$644.9m	4,787,848
CDW CORP12514G108 · CDW	COM	$95.1m	675,892
CELANESE CORP DEL150870103 · CE	COM	$429.8m	9,342,811
CELESTICA INC15101Q207 · CLS	COM	$544.8m	1,494,469
CELSIUS HLDGS INC15118V207 · CELH	COM NEW	$181.8m	6,208,110
CENCORA INC03073E105 · COR	COM	$700.0m	2,473,825
CENTENE CORP DEL15135B101 · CNC	COM	$491.2m	7,651,758
CENTERPOINT ENERGY INC15189T107 · CNP	COM	$410.0m	9,310,336
CENTERRA GOLD INC152006102 · CGAU	COM	$42.0m	2,650,173
CENTERSPACE15202L107 · CSR	COM	$1.5m	26,500
CENTRAL GARDEN & PET CO153527106 · CENT	COM	$1.6m	35,700
CENTURI HOLDINGS INC155923105 · CTRI	COM SHS	$1.3m	42,105
CEREBRAS SYSTEMS INC15675D103 · CBRS	COM CL A	$187.1m	846,636
CEVA INC157210105 · CEVA	COM	$6.7m	142,100
CF INDUSTRIES HOLD125269100 · CF	COM	$325.3m	3,004,820
CGI INC12532H104	CL A SUB VTG	$165.0m	2,554,544
CHAMPION HOMES INC830830105 · SKY	COM	$35.9m	407,345
CHARLES RIV LABS INTL INC159864107 · CRL	COM	$83.9m	370,040
CHART INDS INC16115Q308	COM	$214.2m	1,024,974
CHARTER COMMUNICATIONS INC16119P108 · CHTR	CL A	$348.8m	2,452,458
CHECK POINT SOFTWARE TECH LTM22465104 · CHKP	ORD	$174.2m	1,325,557
CHEMED CORP NEW16359R103 · CHE	COM	$76.1m	163,404
CHENIERE ENERGY INC16411R208 · LNG	COM NEW	$855.9m	3,581,124
CHEVRON CORPORATION166764100 · CVX	COM	$3.8bn	22,964,061
CHEWY INC16679L109 · CHWY	CL A	$86.5m	4,402,672
CHIME FINL INC16935C109 · CHYM	COM SHS CL A	$63.2m	3,087,275
CHIPOTLE MEXICAN GRILL INC169656105 · CMG	COM	$878.8m	25,846,578
CHOICE HOTELS INTL INC169905106 · CHH	COM	$7.8m	71,024
CHUBB LIMITEDH1467J104 · CB	COM	$1.1bn	3,142,168
CHURCH & DWIGHT CO INC171340102 · CHD	COM	$310.2m	3,202,289
CHURCHILL DOWNS INC171484108 · CHDN	COM	$75.4m	841,176
CIENA CORP171779309 · CIEN	COM NEW	$835.5m	1,703,155
CINCINNATI FINL CORP172062101 · CINF	COM	$307.5m	1,660,670
CINTAS CORP172908105 · CTAS	COM	$741.8m	4,361,704
CIRCLE INTERNET GROUP INC172573107 · CRCL	COM CL A	$131.9m	2,105,378
CIRRUS LOGIC INC172755100 · CRUS	COM	$75.8m	510,098
ORGANON & CO68622V106 · OGN	COMMON STOCK	$5.1m	374,251
ORLA MNG LTD NEW68634K106	COM	$38.8m	3,974,308
ORMAT TECHNOLOGIES INC686688102 · ORA	COM	$81.6m	749,456
ORTHOPEDIATRICS CORP68752L100 · KIDS	COM	$1.2m	63,500
OSCAR HEALTH INC687793109 · OSCR	CL A	$5.7m	201,311
OSHKOSH CORP688239201 · OSK	COM	$131.7m	858,321
OSI SYSTEMS INC671044105 · OSIS	COM	$1.2m	5,506
OTIS WORLDWIDE CORP68902V107 · OTIS	COM	$615.9m	8,602,119
OUTFRONT MEDIA INC69007J304 · OUT	COM NEW	$1.6m	50,000
OWENS CORNING NEW690742101 · OC	COM	$175.5m	1,103,877
PACCAR INC693718108 · PCAR	COM	$753.9m	6,275,849
PACIRA BIOSCIENCES INC695127100 · PCRX	COM	$1.9m	76,000
PACKAGING CORP AMER695156109 · PKG	COM	$256.9m	1,078,180
PALANTIR TECHNOLOGIES INC69608A108 · PLTR	CL A	$3.6bn	31,076,211
PALO ALTO NETWORKS INC697435105 · PANW	COM	$3.3bn	9,750,674
PAN AMERN SILVER CORP697900108 · PAAS	COM	$250.0m	5,581,737
PARAMOUNT SKYDANCE CORP69932A204 · SKYD	COM CL B	$1.4m	137,408
PARK HOTELS & RESORTS INC700517105 · PK	COM	$3.2m	224,188
PARKER-HANNIFIN CORP701094104 · PH	COM	$1.9bn	1,975,158
PARSONS CORP DEL70202L102 · PSN	COM	$10.1m	193,309
PATTERN GROUP INC70339W104 · PTRN	COM SER A	$47.4m	1,882,887
PATTERSON-UTI ENERGY INC703481101 · PTEN	COM	$1.8m	198,800
PAYCHEX INC704326107 · PAYX	COM	$209.6m	2,131,253
PAYCOM SOFTWARE INC70432V102 · PAYC	COM	$9.7m	77,495
PAYLOCITY HLDG CORP70438V106 · PCTY	COM	$49.4m	472,273
PAYMENTUS HOLDINGS INC70439P108 · PAY	COM CL A	$4.6m	188,900
PAYONEER GLOBAL INC70451X104 · PAYO	COM	$11.2m	1,572,800

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.