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
ALASKA AIR GROUP INC011659109 · ALK	COM	$3.3m	63,848
ALBANY INTL CORP012348108 · AIN	CL A	$4.2m	56,600
ALBEMARLE CORP012653101 · ALB	COM	$188.3m	1,394,324
ALBERTSONS COMPANIES INC013091103 · ACI	COMMON STOCK	$231.3m	17,091,758
ALCOA CORP013872106 · AA	COM	$103.4m	1,983,072
ALCON AGH01301128 · ALC	ORD SHS	$741.4m	10,976,697
ALEXANDERS INC014752109 · ALX	COM	$6.9m	25,100
ALEXANDRIA REAL ESTATE EQ IN015271109 · ARE	COM	$868.7m	16,437,663
ALGONQUIN POWER & UTILITIES015857105 · AQN	COM	$64.7m	11,021,783
ALIBABA GROUP HLDG LTD01609W102 · BABA	SPONSORED ADS	$414.5m	4,318,477
ALIGN TECHNOLOGY INC016255101 · ALGN	COM	$152.6m	904,623
ALKERMES PLCG01767105 · ALKS	SHS	$113.0m	2,156,814
ALLEGIANT TRAVEL CO01748X102 · ALGT	COM	$33.9m	287,999
ALLEGION PLCG0176J109 · ALLE	ORD SHS	$119.9m	853,273
ALLEGRO MICROSYSTEMS INC01749D105 · ALGM	COM	$90.2m	1,294,958
ALLIANCE LAUNDRY HLDGS INC01862Q107 · ALH	COM	$54.5m	2,053,728
ALLIED GOLD CORP01921D204 · AAUC	COM NEW	$29.7m	1,249,416
ALLISON TRANSMISSION HLDGS I01973R101 · ALSN	COM	$141.5m	1,255,365
ALLSTATE CORP020002101 · ALL	COM	$393.0m	1,651,513
ALLY FINL INC02005N100 · ALLY	COM	$87.6m	1,906,293
ALMONTY INDS INC020398707 · ALM	COM NEW	$47.9m	2,894,766
ALNYLAM PHARMACEUTICALS INC02043Q107 · ALNY	COM	$683.9m	2,271,813
ALPHABET INC02079K107	CAP STK CL C	$26.4bn	74,788,768
ALPHABET INC02079K305 · GOOGL	CAP STK CL A	$28.9bn	80,931,418
ALPHATEC HLDGS INC02081G201 · ATEC	COM NEW	$852,985	98,611
AMAZON COM INC023135106 · AMZN	COM	$33.5bn	140,565,601
AMC ENTMT HLDGS INC00165C302 · AMC	CL A NEW	$146,127	76,909
AMCOR PLCG0250X149 · AMCR	COM NEW	$278.8m	6,430,542
AMENTUM HOLDINGS INC023939101 · AMTM	COM	$31.3m	1,516,193
AMER SPORTS INCG0260P102 · AS	COM SHS	$78.7m	2,325,877
AMERICAN AIRLINES GROUP INC02376R102 · AAL	COM	$8.6m	473,173
AMERICAN ASSETS TR INC024013104 · AAT	COM	$2.5m	103,100
AMERICAN EAGLE OUTFITTERS IN02553E106 · AEO	COM	$6.1m	356,100
RESIDEO TECHNOLOGIES INC76118Y104 · REZI	COM	$50.9m	1,636,480
RESMED INC761152107 · RMD	COM	$129.5m	664,714
RESTAURANT BRANDS INTL INC76131D103 · QSR	COM	$277.0m	3,821,569
REVOLUTION MEDICINES INC76155X100 · RVMD	COM	$404.1m	2,157,479
REVVITY INC714046109 · RVTY	COM	$96.2m	864,489
REXFORD INDL RLTY INC76169C100 · REXR	COM	$91.5m	2,732,602
REYNOLDS CONSUMER PRODS INC76171L106 · REYN	COM	$7.1m	263,322
RH74967X103 · RH	COM	$25.1m	152,400
RHYTHM PHARMACEUTICALS INC76243J105 · RYTM	COM	$76.1m	685,844
RIGETTI COMPUTING INC76655K103 · RGTI	COMMON STOCK	$4.3m	220,800
RINGCENTRAL INC76680R206 · RNG	CL A	$1.5m	38,706
RIO TINTO PLC767204100	SPONSORED ADR	$566,163	5,964
RITHM CAPITAL CORP64828T201 · RITM	COM NEW	$75.0m	7,985,095
RIVIAN AUTOMOTIVE INC76954A103 · RIVN	COM CL A	$201.6m	11,617,138
RLI CORP749607107 · RLI	COM	$48.9m	827,253
RLJ LODGING TR74965L101 · RLJ	COM	$4.5m	380,065
RMR GROUP INC74967R106 · RMR	CL A	$1.4m	69,800
ROBINHOOD MKTS INC770700102 · HOOD	COM CL A	$1.1bn	11,407,553
ROBLOX CORP771049103 · RBLX	CL A	$278.3m	5,118,299
ROCKET COS INC77311W101 · RKT	COM CL A	$275.7m	17,505,324
ROCKET LAB CORP773121108 · RKLB	COM	$552.7m	5,437,031
ROCKWELL AUTOMATION INC773903109 · ROK	COM	$689.3m	1,392,295
ROGERS COMMUNICATIONS INC775109200	CL B	$5.9m	182,426
ROGERS CORP775133101 · ROG	COM	$155.9m	952,212
ROIVANT SCIENCES LTDG76279101 · ROIV	SHS	$168.0m	4,747,472
ROKU INC77543R102 · ROKU	COM CL A	$20.9m	151,471
ROLLINS INC775711104 · ROL	COM	$164.2m	3,934,428
ROOT INC77664L207 · ROOT	CL A NEW	$255,946	4,577
ROPER TECHNOLOGIES INC776696106 · ROP	COM	$701.9m	2,074,272
ROSS STORES INC778296103 · ROST	COM	$1.2bn	5,834,005
ROYAL BK CDA780087102 · RY	COM	$4.1bn	19,905,354
ROYAL CARIBBEAN GROUPV7780T103 · RCL	COM	$510.9m	1,609,113
ROYAL GOLD INC780287108 · RGLD	COM	$281.4m	1,409,598
ROYALTY PHARMA PLCG7709Q104 · RPRX	SHS CLASS A	$299.2m	5,336,084
RPM INTL INC749685103 · RPM	COM	$125.2m	1,126,418
RTX CORPORATION75513E101 · RTX	COM	$3.8bn	19,952,281
RUBRIK INC.781154109 · RBRK	CL A	$326.7m	4,069,424
RXSIGHT INC78349D107 · RXST	COM	$2.4m	500,000
RYAN SPECIALTY HOLDINGS INC78351F107 · RYAN	CL A	$58.4m	1,546,443
RYANAIR HOLDINGS PLC783513203 · RYAAY	SPONSORED ADR	$193.7m	2,991,579
RYDER SYS INC783549108 · R	COM	$163.8m	621,123
RYMAN HOSPITALITY PPTYS INC78377T107 · RHP	COM	$71.8m	558,306
S&P GLOBAL INC78409V104 · SPGI	COM	$1.6bn	3,866,831
SABRA HEALTH CARE REIT INC78573L106 · SBRA	COM	$64.7m	3,313,984
SAFETY INS GROUP INC78648T100 · SAFT	COM	$2.8m	36,900
SAIA INC78709Y105 · SAIA	COM	$173.8m	412,606
SAILPOINT INC78781J109 · SAIL	COM	$191.2m	13,058,978
SALESFORCE INC79466L302 · CRM	COM	$1.4bn	8,844,418
SAMSARA INC79589L106 · IOT	COM CL A	$82.5m	2,542,640
SANDISK CORP80004C200 · SNDK	COM	$4.7bn	2,055,094
SANMINA CORP801056102 · SANM	COM	$167.6m	662,307
SAP SE803054204 · SAP	SPON ADR	$632,467	4,104
SAUL CTRS INC804395101 · BFS	COM	$1.1m	30,500
SBA COMMUNICATIONS CORP78410G104 · SBAC	CL A	$261.8m	1,483,684
SCHEIN HENRY INC806407102 · HSIC	COM	$103.4m	1,237,832
SCHOLAR ROCK HLDG CORP80706P103 · SRRK	COM	$152.3m	2,769,910
SCHWAB CHARLES CORP808513105 · SCHW	COM	$2.1bn	22,658,390
SCIENCE APPLICATIONS INTL CO808625107 · SAIC	COM	$39.3m	356,104
SCOTTS MIRACLE-GRO CO810186106 · SMG	CL A	$46.0m	675,842
SEA LTD81141R100 · SE	SPONSORD ADS	$540.1m	5,636,101
SEABRIDGE GOLD INC811927102 · SA	COM	$32.3m	1,253,903
SEAGATE TECHNOLOGY HLDNGS PLG7997R103 · STX	ORD SHS	$3.0bn	3,095,723
SEI INVTS CO784117103 · SEIC	COM	$77.8m	887,116
SELECT MED HLDGS CORP81619Q105	COM	$2.8m	167,058
SELECTIVE INS GROUP INC816300107 · SIGI	COM	$74.1m	764,284
SEMPRA816851109 · SRE	COM	$864.1m	9,320,773
AMERICAN EXPRESS CO025816109 · AXP	COM	$2.7bn	7,985,867

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.