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
PAYPAL HLDGS INC70450Y103 · PYPL	COM	$491.3m	11,379,017
PAYPAY CORP70450C101 · PAYP	SPONSORED ADS	$47.3m	3,300,000
PBF ENERGY INC69318G106 · PBF	CL A	$13.2m	290,894
PDD HOLDINGS INC722304102 · PDD	SPONSORED ADS	$712.3m	9,338,120
PEGASYSTEMS INC705573103 · PEGA	COM	$23.2m	772,513
PELOTON INTERACTIVE INC70614W100 · PTON	CL A COM	$4.8m	808,501
PEMBINA PIPELINE CORP706327103 · PBA	COM	$252.2m	5,456,805
PENN ENTERTAINMENT INC707569109 · PENN	COM	$2.3m	105,912
PENNANT GROUP INC70805E109 · PNTG	COM	$1.4m	38,900
PENNYMAC FINL SVCS INC NEW70932M107 · PFSI	COM	$3.7m	42,415
PENSKE AUTOMOTIVE GRP INC70959W103 · PAG	COM	$35.9m	200,575
PENTAIR PLCG7S00T104 · PNR	SHS	$21.1m	274,700
PENUMBRA INC70975L107 · PEN	COM	$237.5m	752,242
PEPSICO INC713448108 · PEP	COM	$2.6bn	19,416,811
PERFORMANCE FOOD GROUP CO71377A103 · PFGC	COM	$213.0m	1,905,524
PERIMETER SOLUTIONS INC71385M107 · PRM	COMMON STOCK	$16.8m	472,135
PERPETUA RESOURCES CORP714266103 · PPTA	COM	$23.7m	1,140,754
PERRIGO CO PLCG97822103 · PRGO	SHS	$20.9m	2,014,291
PETCO HEALTH & WELLNESS CO I71601V105 · WOOF	CL A COM	$286,492	105,328
PFIZER INC717081103 · PFE	COM	$1.5bn	61,505,586
PG&E CORP69331C108 · PCG	COM	$538.2m	31,995,975
PHILLIPS 66718546104 · PSX	COM	$704.0m	4,164,661
PHILLIPS EDISON & CO INC71844V201 · PECO	COMMON STOCK	$68.8m	1,652,337
PICS NVN69958101 · PICS	COM CL A	$5.3m	500,000
PILGRIMS PRIDE CORP72147K108 · PPC	COM	$14.5m	514,983
PINNACLE FINL PARTNERS INC72348N109 · PNFP	COM	$346.5m	3,434,982
PINNACLE WEST CAP CORP723484101 · PNW	COM	$139.6m	1,304,909
PINTEREST INC72352L106 · PINS	CL A	$258.5m	12,293,601
PIPER SANDLER COMPANIES724078209 · PIPR	COM NEW	$64.3m	889,117
PLANET FITNESS MASTER ISSUER72703H101 · PLNT	CL A	$52.3m	1,002,583
PLANET LABS PBC72703X106 · PL	COM CL A	$122.8m	3,706,569
PLEXUS CORP729132100 · PLXS	COM	$2.2m	7,200
PNC FINL SVCS GROUP INC693475105 · PNC	COM	$2.5bn	10,145,985
POLARIS INC731068102 · PII	COM	$7.2m	105,400
PONY AI INC732908108 · PONY	SPONSORED ADS	$36.9m	5,307,487
POOL CORP73278L105 · POOL	COM	$88.6m	412,492
POPULAR INC733174700 · BPOP	COM NEW	$134.6m	819,715
PORTLAND GEN ELEC CO736508847 · POR	COM NEW	$127.9m	2,468,502
CISCO SYS INC17275R102 · CSCO	COM	$6.4bn	54,835,694
CITIGROUP INC172967424 · C	COM NEW	$2.7bn	19,279,995
CITIZENS FINL GROUP INC174610105 · CFG	COM	$415.3m	5,926,803
CLEAN HARBORS INC184496107 · CLH	COM	$188.8m	632,096
CLEARWAY ENERGY INC18539C204 · CWEN	CL C	$28.6m	835,381
CLEVELAND-CLIFFS INC NEW185899101 · CLF	COM	$14.9m	1,584,345
CLOROX CO DEL189054109 · CLX	COM	$89.7m	940,160
CLOUDFLARE INC18915M107 · NET	CL A COM	$882.2m	3,596,888
CMB.TECH NVB38564108 · CMBT	SHS	$32.0m	2,282,809
CME GROUP INC12572Q105 · CME	COM	$1.1bn	4,820,646
CMS ENERGY CORP125896100 · CMS	COM	$370.0m	4,837,123
CNA FINL CORP126117100 · CNA	COM	$16.8m	345,151
CNH INDL N VN20944109 · CNH	SHS	$54.0m	4,808,136
CNO FINL GROUP INC12621E103 · CNO	COM	$14.4m	282,201
COCA COLA CO191216100 · KO	COM	$4.2bn	52,025,304
COCA COLA CONS INC191098102 · COKE	COM	$251.9m	1,319,285
COCA-COLA EUROPACIFIC PARTNEG25839104 · CCEP	SHS	$400.8m	4,003,172
COEUR MNG INC192108504 · CDE	COM NEW	$203.5m	12,468,775
COGNEX CORP192422103 · CGNX	COM	$139.4m	1,925,511
COGNIZANT TECHNOLOGY SOLUTIO192446102 · CTSH	CL A	$177.8m	4,590,074
COHEN & STEERS INC19247A100 · CNS	COM	$26.9m	353,653
COHERENT CORP19247G107 · COHR	COM	$973.4m	2,467,602
COHU INC192576106 · COHU	COM	$29.5m	398,600
COINBASE GLOBAL INC19260Q107 · COIN	COM CL A	$407.9m	2,790,018
COLGATE PALMOLIVE CO194162103 · CL	COM	$888.0m	9,686,029
COLLIERS INTL GROUP INC194693107 · CIGI	SUB VTG SHS	$54.2m	577,640
COLUMBIA BKG SYS INC197236102 · COLB	COM	$95.1m	2,966,686
COLUMBIA SPORTSWEAR CO198516106 · COLM	COM	$8.6m	139,136
COMCAST CORP NEW20030N101 · CMCSA	CL A	$1.9bn	76,539,618
COMFORT SYS USA INC199908104 · FIX	COM	$934.6m	471,564
COMMERCE BANCSHARES INC200525103 · CBSH	COM	$98.7m	1,709,540
COMMERCIAL METALS CO201723103 · CMC	COM	$82.7m	1,318,721
COMMUNITY FINANCIAL SYSTEM I203607106 · CBU	COM	$38.1m	567,244
COMMVAULT SYS INC204166102 · CVLT	COM	$6.8m	47,665
COMPASS INC20464U100 · COMP	CL A	$111.4m	9,035,228
COMPASS MINERALS INTL INC20451N101 · CMP	COM	$1.0m	32,900
CONAGRA BRANDS INC205887102 · CAG	COM	$28.9m	2,147,754
CONCENTRA GROUP HOLDINGS PAR20603L102 · CON	COMMON STOCK	$50.7m	1,704,293
CONCENTRIX CORP20602D101 · CNXC	COM	$2.3m	101,296
CONSOLIDATED EDISON INC209115104 · ED	COM	$516.8m	4,671,271
CONSTELLATION BRANDS INC21036P108 · STZ	CL A	$249.0m	1,790,314
CONSTELLATION ENERGY CORP21037T109 · CEG	COM	$1.1bn	4,261,792
CONSTELLIUM SEF21107101 · CSTM	CL A SHS	$987,970	31,000
CONSTRUCTION PARTNERS INC21044C107 · ROAD	COM CL A	$66.2m	557,389
COOPER COS INC216648501 · COO	COM	$52.4m	730,427
COOPER-STANDARD HOLDINGS INC21676P103 · CPS	COM	$1.9m	69,100
COPART INC217204106 · CPRT	COM	$406.6m	14,424,810
COPT DEFENSE PROPERTIES22002T108 · CDP	SHS BEN INT	$33.6m	922,648
CORCEPT THERAPEUTICS INC218352102 · CORT	COM	$42.3m	487,055
CORE & MAIN INC21874C102 · CNM	CL A	$115.8m	2,399,645
CORE SCIENTIFIC INC NEW21874A106 · CORZ	COM	$23.0m	898,402
COREBRIDGE FINL INC21871X109 · CRBG	COM	$406.9m	14,211,979
COREWEAVE INC21873S108 · CRWV	COM CL A	$430.1m	4,320,898
CORNING INC219350105 · GLW	COM	$2.6bn	10,238,257
CORPAY INC219948106 · CPAY	COM SHS	$288.5m	865,723
10X GENOMICS INC88025U109 · TXG	CL A COM	$2.8m	72,674
3M CO88579Y101 · MMM	COM	$1.3bn	7,808,095
A10 NETWORKS INC002121101 · ATEN	COM	$981,522	26,272
AAON INC000360206 · AAON	COM PAR $0.004	$66.3m	522,529
ABBOTT LABORATORIES002824100 · ABT	COM	$2.1bn	23,354,911
ABBVIE INC00287Y109 · ABBV	COM	$6.4bn	25,554,538
ABERCROMBIE & FITCH CO002896207 · ANF	CL A	$66.1m	734,542

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.