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
AMERICAN FINANCIAL GROUP INC025932104 · AFG	COM	$132.4m	945,934
AMERICAN HEALTHCARE REIT INC398182303 · AHR	COM SHS	$139.6m	2,676,071
AMERICAN HOMES 4 RENT02665T306 · AMH	CL A	$740.2m	22,081,035
AMERICAN INTL GROUP INC026874784 · AIG	COM NEW	$498.0m	6,681,259
AMERICAN TOWER CORP03027X100 · AMT	COM	$1.0bn	6,366,685
AMERICAN WTR WKS CO INC NEW030420103 · AWK	COM	$262.0m	1,991,551
AMERICOLD REALTY TRUST INC03064D108 · COLD	COM	$61.0m	3,881,495
AMERIPRISE FINL INC03076C106 · AMP	COM	$591.9m	1,290,282
AMERIS BANCORP03076K108 · ABCB	COM	$64.2m	711,279
AMERISAFE INC03071H100 · AMSF	COM	$3.8m	111,900
AMETEK INC031100100 · AME	COM	$1.0bn	4,303,368
AMGEN INC031162100 · AMGN	COM	$2.0bn	5,625,584
AMKOR TECHNOLOGY INC031652100 · AMKR	COM	$127.4m	1,477,233
AMNEAL PHARMACEUTICALS INC03168L105 · AMRX	COM STK CL A	$3.8m	219,400
AMPHENOL CORP032095101 · APH	CL A	$3.4bn	19,193,869
AMRIZE LTDH2927K103 · AMRZ	SHS	$745.6m	14,067,218
AMYLYX PHARMACEUTICALS INC03237H101 · AMLX	COM	$2.9m	159,900
ANALOG DEVICES INC032654105 · ADI	COM	$3.2bn	8,169,137
ANDERSONS INC034164103 · ANDE	COM	$4.5m	66,400
ANGLOGOLD ASHANTI PLCG0378L100 · AU	COM SHS	$404.7m	4,997,219
ANI PHARMACEUTICALS INC00182C103 · ANIP	COM	$793,446	9,585
ANNALY CAPITAL MANAGEMENT IN035710839 · NLY	COM NEW	$201.1m	8,994,042
ANTERO MIDSTREAM CORP03676B102	COM	$77.7m	3,413,527
AON PLCG0403H108 · AON	SHS CL A	$927.7m	2,796,760
API GROUP CORP00187Y100 · APG	COM STK	$208.0m	4,911,433
APOGEE ENTERPRISES INC037598109 · APOG	COM	$7.8m	170,500
APOLLO GLOBAL MGMT INC03769M106 · APO	COM	$866.5m	7,323,927
APOLLO GLOBAL MGMT INC03769M304	SER A MAND CNV	$36.6m	600,000
APPFOLIO INC03783C100 · APPF	COM CL A	$15.3m	95,576
APPLE HOSPITALITY REIT INC03784Y200 · APLE	COM NEW	$5.6m	330,400
APPLE INC037833100 · AAPL	COM	$55.2bn	190,726,866
APPLIED AEROSPACE & DEFENSE03815J107 · AADX	COMMON STOCK	$28.5m	1,250,000
APPLIED DIGITAL CORP038169207 · APLD	COM NEW	$115.2m	3,088,677
APPLIED INDL TECHNOLOGIES IN03820C105 · AIT	COM	$196.0m	579,746
APPLIED MATLS INC038222105 · AMAT	COM	$8.2bn	11,305,788
APPLIED OPTOELECTRONICS INC03823U102 · AAOI	COM	$19.4m	131,200
APPLOVIN CORP03831W108 · APP	COM CL A	$1.5bn	2,921,649
APTARGROUP INC038336103 · ATR	COM	$81.3m	649,607
APTIV PLCG3265R107 · APTV	COM SHS	$481.6m	7,846,247
ARAMARK03852U106 · ARMK	COM	$195.4m	3,434,156
ARCH CAP GROUP LTDG0450A105 · ACGL	ORD	$453.8m	4,675,717
ARCHER AVIATION INC03945R102 · ACHR	COM CL A	$37.3m	7,878,094
ARCHER DANIELS MIDLAND CO039483102 · ADM	COM	$521.1m	6,820,493
ARCHROCK INC03957W106 · AROC	COM	$7.4m	182,401
ARCOSA INC039653100	COM	$84.5m	581,400
ARCUTIS BIOTHERAPEUTICS INC03969K108 · ARQT	COM	$10.3m	392,300
ARDAGH METAL PACKAGING S AL02235106 · AMBP	SHS	$379,304	80,022
ARES MANAGEMENT CORPORATION03990B101 · ARES	CL A COM STK	$272.1m	2,444,674
ARIS MINING CORPORATION04040Y109 · ARIS	COM	$32.5m	2,178,364
ARISTA NETWORKS INC040413205 · ANET	COM SHS	$2.1bn	12,246,920
ARKO PETE CORP04124A100 · APC	CL A COM	$1.1m	57,700
ARM HOLDINGS PLC042068205 · ARM	SPONSORED ADS	$16.3m	45,898
ARMSTRONG WORLD INDS INC NEW04247X102 · AWI	COM	$90.2m	562,406
ARRAY TECHNOLOGIES INC04271T100 · ARRY	COM SHS	$975,223	131,609
ARROW ELECTRS INC042735100 · ARW	COM	$23.9m	112,090
ARROWHEAD PHARMACEUTICALS IN04280A100 · ARWR	COM	$317.6m	3,896,536
ARXIS INC04339D105 · ARXS	CL A COM	$57.7m	1,250,000
ASBURY AUTOMOTIVE GROUP INC043436104 · ABG	COM	$64.5m	320,841
ASML HLDG NVN07059210 · ASML	N Y REGISTRY SHS	$33.6m	16,869
ASSOCIATED BANC-CORP045487105 · ASB	COM	$43.2m	1,403,050
ASSURANT INC04621X108 · AIZ	COM	$175.0m	651,725
ASSURED GUARANTY LTDG0585R106 · AGO	COM	$43.1m	537,845
AST SPACEMOBILE INC00217D100 · ASTS	COM CL A	$296.3m	3,334,326
SEMTECH CORP816850101 · SMTC	COM	$202.0m	1,247,833
SENSATA TECHNOLOGIES HLDG PLG8060N102 · ST	SHS	$84.6m	1,773,008
SENSIENT TECHNOLOGIES CORP81725T100 · SXT	COM	$61.5m	498,574
SENTINELONE INC81730H109 · S	CL A	$71.7m	4,223,887
SERVICE CORP INTL817565104 · SCI	COM	$117.3m	1,543,721
SERVICE PPTYS TR81761L102	COM SH BEN INT	$1.3m	793,100
SERVICENOW INC81762P102 · NOW	COM	$1.2bn	12,458,091
SERVICETITAN INC81764X103 · TTAN	SHS CL A	$35.7m	504,523
SERVISFIRST BANCSHARES INC81768T108 · SFBS	COM	$56.6m	652,928
SHAKE SHACK INC819047101 · SHAK	CL A	$2.3m	40,507
SHARKNINJA INCG8068L108 · SN	COM SHS	$118.8m	780,159
SHERWIN WILLIAMS CO824348106 · SHW	COM	$1.4bn	4,019,051
SHIFT4 PMTS INC82452J109 · FOUR	CL A	$33.4m	687,363
SHOALS TECHNOLOGIES GROUP IN82489W107 · SHLS	CL A	$1.5m	151,251
SHOPIFY INC82509L107 · SHOP	CL A SUB VTG SHS	$1.9bn	16,410,473
SILGAN HLDGS INC827048109 · SLGN	COM	$36.2m	780,130
SILICON LABORATORIES INC826919102 · SLAB	COM	$94.6m	432,970
SIMON PPTY GROUP INC NEW828806109 · SPG	COM	$960.2m	4,293,287
SIMPLY GOOD FOODS CO82900L102 · SMPL	COM	$40.1m	3,021,177
SIMPSON MFG INC829073105 · SSD	COM	$90.9m	434,349
SINDA LTDG81569108 · SIND	COMMON STOCK	$12.0m	1,000,000
SIRIUSXM HOLDINGS INC829933100 · SIRI	COMMON STOCK	$61.8m	2,091,917
SITE CTRS CORP82981J851 · SITC	COM	$1.3m	328,300
SITEONE LANDSCAPE SUPPLY INC82982L103 · SITE	COM	$17.5m	152,867
SITIME CORP82982T106	COM	$149.1m	200,038
SIX FLAGS ENTERTAINMENT CORP83001C108 · FUN	COM	$25.2m	1,185,213
SKEENA RES LTD NEW83056P715 · SKE	COM	$34.4m	1,292,654
SKYWATER TECHNOLOGY INC83089J108	COM	$38.3m	1,100,000
SKYWEST INC830879102 · SKYW	COM	$7.3m	73,206
SKYWORKS SOLUTIONS INC83088M102 · SWKS	COM	$177.8m	2,622,484
SL GREEN RLTY CORP78440X887 · SLG	COM	$3.0m	58,311
SLB LIMITED806857108 · SLB	COM STK	$1.0bn	22,411,550
SLIDE INS HLDGS INC831349105 · SLDE	COM	$2.4m	125,900
SLM CORP78442P106 · SLM	COM	$30.2m	1,165,720
SMARTSTOP SELF STORAG REIT I83192D402 · SMA	COMMON STOCK	$53.0m	1,630,366
SMITH A O CORP831865209 · AOS	COM	$91.2m	1,454,608
SMITHFIELD FOODS INC832248207 · SFD	COM	$7.3m	299,202

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.