Exane Asset Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Exane Asset Management reported 34 stock positions worth $475.3 million. Its top holding was CRH (CRH) at 24.8% of the portfolio, followed by Bank of America (BAC, 11.3%) and Ferrovial (FER, 8.8%). Compared with Q3 2025, it opened 12 new positions, sold out of 12, added to 12 and reduced 9. The biggest buy was Bank of America (BAC, shares +16175%) and the biggest sale JPMorgan Chase (JPM, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001666256
- Portfolio Value
- $475.3M (Q4 2025)
- SEC Filing
- 0001666256-26-000001 ↗ filed Jan 27, 2026
Holdings Value
Holdings 34 stocks · $475.3M
| CRH CRH PLC | 24.80% | 953,474 | $117.9M | Add +43.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 11.28% | 830,029 | $53.6M | Add +16175.1% |
| FER Ferrovial NV | 8.78% | 642,431 | $41.7M | Reduce -0.3% |
| UBS UBS Group AG-Reg | 6.08% | 665,458 | $28.9M | Reduce -15.7% |
| LIN Linde PLC | 5.48% | 52,057 | $26.1M | New |
| SW Smurfit Westrock PLC | 5.40% | 564,938 | $25.7M | Add +63.6% |
| AMZN Amazon.com Inc. | 4.34% | 76,192 | $20.7M | New |
| GOOGL Alphabet Inc. Class A | 3.74% | 48,329 | $17.8M | New |
| NFLX Netflix Inc. | 3.55% | 153,066 | $16.9M | New |
| SNOW Snowflake Inc. | 3.49% | 64,388 | $16.6M | Add +2364.1% |
| STLA Stellantis NV | 3.05% | 1,311,546 | $14.5M | Reduce -6.4% |
| MDB Mongodb Inc. | 2.79% | 26,882 | $13.2M | Add +35742.7% |
| DASH DoorDash Inc. Class A | 2.23% | 39,842 | $10.6M | New |
| CRM Salesforce Inc. | 2.17% | 33,156 | $10.3M | New |
| BKNG Booking Holdings Inc. | 1.83% | 1,386 | $8.7M | New |
| BIRK Birkenstock Holding PLC | 1.61% | 158,980 | $7.6M | New |
| SPOT Spotify Technology SA | 1.57% | 10,956 | $7.5M | Add +8.9% |
| NOW ServiceNow Inc. | 1.44% | 38,000 | $6.8M | Add +1943.0% |
| TEAM Atlassian Corp. Class A | 1.26% | 31,363 | $6.0M | Add +419.9% |
| TWLO Twilio Inc. Class A | 1.22% | 34,835 | $5.8M | New |
| NVDA Nvidia Corp. | 1.00% | 21,769 | $4.8M | New |
| RACE Ferrari NV | 0.95% | 12,035 | $4.5M | Add +100191.7% |
| DT Dynatrace Inc. | 0.77% | 71,968 | $3.7M | New |
| ESTC Elastic NV | 0.37% | 19,702 | $1.7M | Add +354.6% |
| CCC CCC Intelligent Solutions Ho | 0.28% | 144,241 | $1.3M | Add +75.6% |
| PCOR Procore Technologies Inc. | 0.15% | 8,320 | $711K | Reduce -3.5% |
| INTU Intuit Inc. | 0.15% | 887 | $690K | No change |
| CFLT Confluent Inc. Class A | 0.10% | 13,780 | $489K | Reduce -93.7% |
| LOGI Logitech International-Reg | 0.07% | 3,478 | $333K | Add +89.1% |
| TTE Totalenergies SE | 0.06% | 4,127 | $269K | New |
| JPM JPMorgan Chase & Co. | 0.01% | 80 | $30K | Reduce -99.9% |
| PNC PNC Financial Services Group | 0.00% | 57 | $14K | Reduce -100.0% |
| SNPS Synopsys Inc. | 0.00% | 25 | $14K | Reduce -99.7% |
| APGE Apogee Therapeutics Inc. | 0.00% | 52 | $5K | Reduce -99.9% |
Portfolio Sells Q3 2025 → Q4 2025
| JPM JPMorgan Chase & Co. | Reduce -99.9% | 0.01% | −11.47 |
| PNC PNC Financial Services Group | Reduce -100.0% | 0.00% | −11.15 |
| CCEP Coca-Cola Europacific Partne | Sold out | 0.00% | −5.24 |
| UBS UBS Group AG-Reg | Reduce -15.7% | 6.08% | −4.08 |
| FER Ferrovial NV | Reduce -0.3% | 8.78% | −3.67 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −3.07 |
| CFLT Confluent Inc. Class A | Reduce -93.7% | 0.10% | −1.62 |
| SNPS Synopsys Inc. | Reduce -99.7% | 0.00% | −1.61 |
| STLA Stellantis NV | Reduce -6.4% | 3.05% | −1.32 |
| APGE Apogee Therapeutics Inc. | Reduce -99.9% | 0.00% | −0.81 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.13 |
| PCOR Procore Technologies Inc. | Reduce -3.5% | 0.15% | −0.10 |
| ALC Alcon Inc. | Sold out | 0.00% | −0.04 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.03 |
| DB Deutsche Bank AG-Registered | Sold out | 0.00% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.02 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.01 |
| ZS Zscaler Inc. | Sold out | 0.00% | −0.01 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.01 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.00 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| BAC Bank of America Corp. | Add +16175.1% | 11.28% | +11.17 |
| LIN Linde PLC | New | 5.48% | +5.48 |
| AMZN Amazon.com Inc. | New | 4.34% | +4.34 |
| GOOGL Alphabet Inc. Class A | New | 3.74% | +3.74 |
| NFLX Netflix Inc. | New | 3.55% | +3.55 |
| SNOW Snowflake Inc. | Add +2364.1% | 3.49% | +3.26 |
| MDB Mongodb Inc. | Add +35742.7% | 2.79% | +2.78 |
| DASH DoorDash Inc. Class A | New | 2.23% | +2.23 |
| CRM Salesforce Inc. | New | 2.17% | +2.17 |
| BKNG Booking Holdings Inc. | New | 1.83% | +1.83 |
| BIRK Birkenstock Holding PLC | New | 1.61% | +1.61 |
| NOW ServiceNow Inc. | Add +1943.0% | 1.44% | +1.30 |
| TWLO Twilio Inc. Class A | New | 1.22% | +1.22 |
| NVDA Nvidia Corp. | New | 1.00% | +1.00 |
| RACE Ferrari NV | Add +100191.7% | 0.95% | +0.95 |
| TEAM Atlassian Corp. Class A | Add +419.9% | 1.26% | +0.87 |
| DT Dynatrace Inc. | New | 0.77% | +0.77 |
| ESTC Elastic NV | Add +354.6% | 0.37% | +0.22 |
| TTE Totalenergies SE | New | 0.06% | +0.06 |
| LOGI Logitech International-Reg | Add +89.1% | 0.07% | +0.01 |
| CCC CCC Intelligent Solutions Ho | Add +75.6% | 0.28% | −0.01 |
| SW Smurfit Westrock PLC | Add +63.6% | 5.40% | −0.43 |
| SPOT Spotify Technology SA | Add +8.9% | 1.57% | −1.21 |
| CRH CRH PLC | Add +43.6% | 24.80% | −2.41 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $276.7M | SW, FER, SPOT, DB, AZN |
| Q1 2026 | 32 | $489.2M | UBS, SW, AZN, FER, META |
| Q4 2025 | 34 | $475.3M | CRH, BAC, FER, UBS, LIN |
| Q3 2025 | 34 | $296.7M | CRH, FER, JPM, PNC, UBS |
| Q2 2025 | 26 | $256.2M | CRH, UBS, BAC, PNC, CCEP |
| Q1 2025Amended | 26 | $171.8M | UBS, PNC, CCEP, CRH, STLA |
| Q4 2024 | 27 | $175.7M | UBS, PNC, CCEP, FER, CRH |
| Q3 2024 | 18 | $124.9M | UBS, BAC, CCEP, STLA, TMUS |
| Q2 2024 | 18 | $142.6M | STLA, FER, PNC, CRH, CCEP |
| Q1 2024 | 13 | $129.6M | STLA, TMUS, CRH, PNC, JPM |