Groupama Asset Managment

Name: GROUPAMA ASSET MANAGMENT 13F holdings, Q1 2025
Creator: GROUPAMA ASSET MANAGMENT
Published: 2025-05-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Groupama Asset Managment reported 346 stock positions worth $4.9 billion. Its top holding was Microsoft (MSFT) at 7.9% of the portfolio, followed by Nvidia (NVDA, 5.2%) and Apple (AAPL, 5.2%). Compared with Q4 2024, it opened 47 new positions, sold out of 54, added to 159 and reduced 134. The biggest buy was Agnico Eagle Mines (AEM, shares +24%) and the biggest sale Alphabet Class A (GOOGL, shares −4%).

Most Recent 13F: Q2 2026
Location: PARIS, I0
CIK: 0001055969
Portfolio Value: $4.9B (Q1 2025)
SEC Filing: 0001752724-25-101747 ↗ filed May 14, 2025

Holdings Value

Holdings 346 stocks · $4.9B


MSFT Microsoft Corp.	7.88%	1,022,872	$387.5M	Add +12.4%
NVDA Nvidia Corp.	5.19%	2,324,106	$254.9M	Add +7.8%
AAPL Apple Inc.	5.15%	1,162,698	$253.4M	Add +5.9%
AMZN Amazon.com Inc.	3.74%	953,709	$183.8M	Add +18.0%
JPM JPMorgan Chase & Co.	3.57%	722,257	$175.4M	Add +11.4%
MSI Motorola Solutions Inc.	3.50%	397,111	$171.9M	Add +14.7%
AEM Agnico Eagle Mines Ltd.	2.79%	1,278,820	$137.3M	Add +23.6%
BSX Boston Scientific Corp.	2.63%	1,300,910	$129.3M	Add +13.7%
GOOGL Alphabet Inc. Class A	2.58%	823,220	$127.0M	Reduce -4.0%
MU Micron Technology Inc.	2.30%	1,278,276	$113.1M	Add +24.1%
META Meta Platforms Inc. Class A	2.26%	192,614	$111.1M	Add +19.9%
RTX RTX Corp.	2.14%	798,419	$105.2M	Add +14.5%
PH Parker Hannifin Corp.	1.81%	147,851	$88.9M	Add +3.7%
TMUS T-Mobile US Inc.	1.79%	331,919	$87.9M	Add +18.8%
LLY Eli Lilly & Co.	1.69%	101,222	$83.3M	Add +10.2%
MRK Merck & Co. Inc.	1.57%	862,359	$76.9M	Add +9.2%
PNC PNC Financial Services Group	1.56%	445,546	$76.6M	Add +11.6%
WMT Walmart Inc.	1.54%	891,210	$75.9M	Add +11.6%
TMO Thermo Fisher Scientific Inc.	1.48%	145,799	$72.9M	Add +14.9%
TECK Teck Resources Ltd.-CLS B	1.44%	1,872,231	$70.6M	Add +19.5%
UNH Unitedhealth Group Inc.	1.36%	129,664	$66.9M	Reduce -3.9%
PANW Palo Alto Networks Inc.	1.26%	359,688	$62.1M	Add +16.3%
BKR Baker Hughes Co.	1.26%	1,432,341	$61.7M	Add +35.5%
REGN Regeneron Pharmaceuticals	1.17%	90,612	$57.8M	Add +12.8%
CYBR Cyberark Software Ltd./Israel	1.14%	167,145	$56.1M	Add +25.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW	1.14%	473,635	$56.0M	Add +12.1%
PG The Procter & Gamble Co.	1.06%	310,078	$52.1M	Reduce -2.9%
MET Metlife Inc.	1.02%	632,396	$50.1M	Add +11.0%
XPO Xpo Inc.	0.95%	437,403	$46.8M	Add +15.1%
NEE Nextera Energy Inc.	0.94%	652,793	$46.0M	Add +10.3%
TSLA Tesla Inc.	0.91%	170,346	$44.9M	Add +6.1%
URI United Rentals Inc.	0.88%	68,981	$43.3M	Add +13.9%
ETR Entergy Corp.	0.86%	502,784	$42.4M	Add +11.4%
CME Cme Group Inc.	0.76%	143,119	$37.5M	Add +5.7%
HON Honeywell International Inc.	0.75%	175,599	$36.9M	Add +10.3%
EQIX Equinix Inc.	0.74%	45,238	$36.3M	Add +11.1%
HAL Halliburton Co.	0.71%	1,394,397	$35.0M	Add +14.1%
FNV Franco-Nevada Corp.	0.70%	220,385	$34.3M	Add +65.3%
SRE Sempra	0.68%	482,700	$33.7M	Add +12.5%
GEV GE Vernova Inc.	0.65%	105,422	$31.9M	Add +17.5%
MS Morgan Stanley	0.64%	273,594	$31.6M	Add +8.8%
ABBV Abbvie Inc.	0.62%	147,397	$30.3M	Add +13.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.60%	302,032	$29.6M	Add +8.2%
C Citigroup Inc.	0.60%	416,789	$29.3M	Add +9.2%
ISRG Intuitive Surgical Inc.	0.59%	58,963	$29.0M	Reduce -11.6%
RACE Ferrari NV	0.53%	65,080	$26.1M	Add +11.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.52%	614,612	$25.7M	Reduce -7.6%
VRTX Vertex Pharmaceuticals Inc.	0.52%	51,933	$25.6M	Add +19.4%
CDNS Cadence Design SYS Inc.	0.52%	99,582	$25.6M	Add +32.1%
KO The Coca-Cola Co.	0.46%	318,341	$22.4M	Add +2.3%
AMT American Tower Corp.	0.42%	95,975	$20.7M	Add +1.6%
HCA HCA Healthcare Inc.	0.40%	58,026	$19.9M	Add +23.1%
HUBS HubSpot Inc.	0.39%	32,578	$19.0M	Add +21.6%
VLO Valero Energy Corp.	0.38%	142,745	$18.8M	Add +6.0%
TSM Taiwan Semiconductor-SP ADR	0.38%	113,306	$18.7M	Add +42.0%
BNTX Biontech SE-ADR	0.38%	196,544	$18.7M	Add +126.6%
SW Smurfit Westrock PLC	0.37%	527,572	$18.3M	Add +28.8%
IONS Ionis Pharmaceuticals Inc.	0.36%	569,211	$17.7M	Add +10.1%
V Visa Inc. Class A	0.36%	51,081	$17.5M	Reduce -10.9%
ADBE Adobe Inc.	0.34%	42,827	$16.5M	Reduce -26.4%
BRK.B Berkshire Hathaway Inc. Class B	0.33%	30,916	$16.3M	Reduce -0.7%
WTS Watts Water Technologies-A	0.32%	77,501	$15.8M	Add +25.4%
GOOG Alphabet Inc. Class C	0.30%	95,475	$14.9M	Reduce -6.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.29%	346,857	$14.3M	Reduce -5.3%
LIN Linde PLC	0.27%	29,385	$13.5M	Add +32.2%
NOW ServiceNow Inc.	0.25%	15,596	$12.4M	Add +42.5%
NTRA Natera Inc.	0.24%	81,839	$11.8M	Add +48.8%
CSCO Cisco Systems Inc.	0.23%	187,508	$11.4M	Add +15.0%
ROP Roper Technologies Inc.	0.23%	19,451	$11.3M	Reduce -1.6%
CRM Salesforce Inc.	0.23%	41,712	$11.3M	Add +13.1%
MDGL Madrigal Pharmaceuticals Inc.	0.22%	33,452	$11.0M	Add +37.5%
ALNY Alnylam Pharmaceuticals Inc.	0.22%	40,139	$10.8M	Add +41.1%
COST Costco Wholesale Corp.	0.22%	11,523	$10.7M	Add +23.2%
WFC Wells Fargo & Co.	0.21%	147,888	$10.5M	Add +95.5%
SCI Service Corp. International	0.20%	122,091	$9.7M	Add +5.6%
CB Chubb Ltd.	0.18%	30,447	$9.0M	Add +12.3%
HD Home Depot Inc.	0.18%	24,715	$8.9M	Reduce -56.3%
NDAQ Nasdaq Inc.	0.18%	117,294	$8.8M	Add +24.0%
MA Mastercard Inc. Class A	0.18%	15,927	$8.6M	Reduce -7.8%
ABT Abbott Laboratories	0.17%	64,466	$8.4M	Reduce -15.8%
SPGI S&P Global Inc.	0.17%	16,780	$8.4M	Add +14.5%
ECL Ecolab Inc.	0.17%	33,521	$8.4M	Add +0.3%
ORCL Oracle Corp.	0.16%	55,678	$7.8M	Add +0.5%
WBS Webster Financial Corp.	0.16%	152,815	$7.8M	Add +31.4%
CRH CRH PLC	0.16%	111,611	$7.8M	Reduce -7.6%
UNP Union Pacific Corp.	0.16%	33,198	$7.7M	Add +3.7%
T AT&T Inc.	0.15%	269,602	$7.6M	Reduce -9.3%
LRCX Lam Research Corp.	0.15%	101,806	$7.4M	Reduce -11.6%
CAT Caterpillar Inc.	0.15%	21,678	$7.1M	Add +6.3%
DHR Danaher Corp.	0.14%	34,151	$7.0M	Reduce -2.2%
WCN Waste Connections Inc.	0.14%	35,377	$6.8M	Add +14.4%
STLA Stellantis NV	0.12%	545,601	$5.7M	Reduce -65.7%
AME Ametek Inc.	0.12%	33,455	$5.7M	Add +18.9%
CMG Chipotle Mexican Grill Inc.	0.12%	113,927	$5.7M	Reduce -61.0%
JNJ Johnson & Johnson	0.11%	34,437	$5.6M	Reduce -17.8%
NFLX Netflix Inc.	0.11%	5,964	$5.6M	Reduce -3.7%
GILD Gilead Sciences Inc.	0.11%	47,925	$5.4M	Reduce -11.5%
AMD Advanced Micro Devices	0.11%	50,241	$5.2M	Reduce -75.2%
KLAC KLA Corp.	0.10%	7,632	$5.1M	Reduce -12.9%
AMGN Amgen Inc.	0.10%	16,499	$5.1M	Reduce -5.6%
ALC Alcon Inc. filed as ALCON AG	0.10%	59,270	$5.0M	Add +11.9%
ANET Arista Networks Inc.	0.10%	64,084	$5.0M	Add +14.8%
DRI Darden Restaurants Inc.	0.10%	24,025	$4.9M	Add +11.8%
PWR Quanta Services Inc.	0.10%	18,825	$4.8M	Add +12.6%
EOG EOG Resources Inc.	0.10%	37,068	$4.7M	Reduce -26.8%
CMCSA Comcast Corp. Class A	0.09%	118,346	$4.3M	Reduce -31.3%
HUBB Hubbell Inc.	0.09%	12,660	$4.2M	Add +16.9%
CEG Constellation Energy	0.09%	20,401	$4.2M	Reduce -15.2%
STLD Steel Dynamics Inc.	0.09%	33,688	$4.2M	Add +11.9%
UBS UBS Group AG-Reg	0.08%	149,434	$4.2M	Add +30.7%
MDB Mongodb Inc.	0.08%	23,205	$4.1M	Add +13.2%
INCY Incyte Corp.	0.08%	68,045	$4.1M	Add +12.4%
PLD Prologis Inc.	0.08%	36,895	$4.1M	Add +11.9%
MDT Medtronic PLC	0.08%	45,804	$4.0M	Reduce -32.3%
EMR Emerson Electric Co.	0.08%	36,635	$4.0M	Add +4.8%
QCOM Qualcomm Inc.	0.08%	25,410	$3.9M	Reduce -14.1%
HEI Heico Corp.	0.08%	14,438	$3.8M	Add +0.5%
NEM Newmont Corp.	0.08%	76,978	$3.7M	Reduce -3.2%
ADSK Autodesk Inc.	0.07%	14,091	$3.7M	Add +14.3%
TT Trane Technologies PLC	0.07%	11,096	$3.7M	Add +25.7%
TSN Tyson Foods Inc. Class A	0.07%	56,971	$3.6M	Add +52.4%
STZ Constellation Brands Inc. Class A	0.07%	18,881	$3.5M	Add +70.3%
PGR Progressive Corp.	0.07%	12,368	$3.4M	Reduce -25.8%
PFE Pfizer Inc.	0.07%	136,383	$3.4M	Reduce -40.5%
ELV Elevance Health Inc.	0.07%	7,844	$3.4M	Reduce -10.1%
SSNC Ss&c Technologies Holdings	0.07%	41,279	$3.4M	Add +11.1%
VZ Verizon Communications Inc.	0.07%	72,909	$3.3M	Reduce -27.7%
ETN Eaton Corp. PLC	0.07%	11,822	$3.2M	Add +64.4%
INTU Intuit Inc.	0.07%	5,337	$3.2M	Reduce -18.6%
ACN Accenture PLC Class A	0.06%	10,227	$3.1M	Reduce -21.6%
LDOS Leidos Holdings Inc.	0.06%	22,874	$3.1M	Add +166.8%
PEP Pepsico Inc.	0.06%	19,644	$2.9M	Reduce -15.1%
CNI Canadian Natl Railway Co.	0.06%	20,934	$2.9M	Add +91.0%
HES Hess Corp.	0.06%	18,420	$2.9M	Reduce -18.5%
APH Amphenol Corp. Class A	0.06%	43,051	$2.9M	Reduce -2.7%
DOC Healthpeak Properties Inc.	0.06%	141,584	$2.9M	Reduce -5.3%
RF Regions Financial Corp.	0.06%	133,016	$2.8M	Add +11.9%
FTNT Fortinet Inc.	0.06%	29,263	$2.8M	Add +10.3%
SCHW Schwab (charles) Corp.	0.06%	36,149	$2.8M	Add +10.3%
DB Deutsche Bank AG-Registered	0.06%	124,717	$2.8M	New
ADP Automatic Data Processing	0.06%	9,163	$2.8M	Reduce -3.7%
AVB Avalonbay Communities Inc.	0.06%	12,899	$2.8M	Add +1.6%
TRV The Travelers Cos Inc.	0.06%	10,514	$2.8M	Reduce -3.8%
MCO Moody's Corp.	0.06%	5,924	$2.7M	Add +8.1%
AMAT Applied Materials Inc.	0.05%	18,222	$2.6M	Reduce -27.6%
PSX Phillips 66	0.05%	21,257	$2.6M	Reduce -2.5%
MKC McCormick & Co.-Non VTG SHRS	0.05%	31,322	$2.6M	Reduce -3.6%
VMC Vulcan Materials Co.	0.05%	10,835	$2.5M	Reduce -1.6%
MPC Marathon Petroleum Corp.	0.05%	17,372	$2.5M	Reduce -7.3%
PM Philip Morris International	0.05%	16,007	$2.5M	Reduce -72.1%
GE General Electric filed as GE AEROSPACE	0.05%	12,371	$2.5M	Reduce -12.2%
KEYS Keysight Technologies Inc.	0.05%	16,209	$2.4M	Reduce -11.6%
OKE Oneok Inc.	0.05%	24,625	$2.4M	Add +4.0%
BLK BlackRock Inc.	0.05%	2,558	$2.4M	Reduce -20.9%
BKNG Booking Holdings Inc.	0.05%	517	$2.4M	Add +11.9%
GS Goldman Sachs Group Inc.	0.05%	4,410	$2.4M	Reduce -19.1%
BMY Bristol-Myers Squibb Co.	0.05%	39,681	$2.4M	Reduce -16.2%
WELL Welltower Inc.	0.05%	15,101	$2.3M	New
MSCI MSCI Inc.	0.05%	4,127	$2.3M	Reduce -2.0%
MPWR Monolithic Power Systems Inc.	0.05%	3,917	$2.3M	Add +46.6%
SPG Simon Property Group Inc.	0.05%	13,784	$2.3M	Reduce -9.4%
GL Globe Life Inc.	0.04%	16,928	$2.2M	Add +3.4%
ESS Essex Property Trust Inc.	0.04%	7,156	$2.2M	Add +4.4%
DNLI Denali Therapeutics Inc.	0.04%	144,488	$2.1M	Add +31.1%
FICO Fair Isaac Corp.	0.04%	1,162	$2.1M	Add +8.5%
XYL Xylem Inc.	0.04%	17,635	$2.1M	Add +5.7%
FCX Freeport-McMoran Inc.	0.04%	54,001	$2.1M	Reduce -9.6%
PLTR Palantir Technologies Inc. Class A	0.04%	24,046	$2.1M	Reduce -13.5%
NSC Norfolk Southern Corp.	0.04%	8,736	$2.0M	Reduce -24.8%
MDLZ Mondelez International Inc. Class A	0.04%	29,016	$2.0M	Reduce -48.3%
FITB Fifth Third Bancorp	0.04%	50,503	$2.0M	Add +11.9%
UPS United Parcel Service Class B	0.04%	17,845	$2.0M	Add +176.4%
PCG P G & E Corp.	0.04%	114,303	$1.9M	Add +15.5%
AXP American Express Co.	0.04%	7,245	$1.9M	Reduce -1.4%
ES Eversource Energy	0.04%	30,185	$1.8M	Add +6.1%
GRMN Garmin Ltd.	0.04%	8,389	$1.8M	Reduce -1.7%
CLX Clorox Company	0.04%	12,198	$1.8M	Add +1.6%
PEG Public Service Enterprise GP	0.04%	21,854	$1.8M	Add +12.1%
CNC Centene Corp.	0.04%	29,584	$1.8M	Add +74.6%
MCK McKesson Corp.	0.04%	2,657	$1.8M	Add +15.8%
DG Dollar General Corp.	0.04%	20,533	$1.8M	Add +8.9%
DECK Deckers Outdoor Corp.	0.04%	15,755	$1.8M	New
JD Jd.com Inc.-ADR	0.04%	41,924	$1.7M	Add +64.0%
PYPL PayPal Holdings Inc.	0.04%	26,632	$1.7M	Add +47.2%
EXC Exelon Corp.	0.03%	38,394	$1.7M	Reduce -24.3%
RSG Republic Services Inc.	0.03%	7,170	$1.7M	Reduce -34.9%
DD Dupont DE Nemours Inc.	0.03%	23,037	$1.7M	Reduce -21.3%
HIG Hartford Insurance Group Inc.	0.03%	13,918	$1.7M	Reduce -5.9%
EIX Edison International	0.03%	29,208	$1.7M	Add +597.3%
WM Waste Management Inc.	0.03%	7,435	$1.7M	Reduce -62.8%
PNR Pentair PLC	0.03%	19,487	$1.7M	Add +4.6%
LEGN Legend Biotech Corp.-ADR	0.03%	47,947	$1.7M	Add +6.8%
CAH Cardinal Health Inc.	0.03%	12,304	$1.7M	Add +7.7%
HWM Howmet Aerospace Inc.	0.03%	12,921	$1.7M	Reduce -32.9%
ALL Allstate Corp.	0.03%	8,096	$1.7M	Reduce -39.2%
CNQ Canadian Natural Resources	0.03%	53,764	$1.7M	Reduce -0.6%
ICE Intercontinental Exchange Inc.	0.03%	8,956	$1.6M	Reduce -59.8%
DFS Discover Financial Services	0.03%	9,834	$1.6M	Reduce -32.6%
HLT Hilton Worldwide Holdings Inc.	0.03%	6,804	$1.5M	Reduce -47.2%
UAL United Airlines Holdings Inc.	0.03%	21,299	$1.5M	Add +89.8%
MCD McDonald's Corp.	0.03%	4,865	$1.5M	Reduce -74.1%
CBRE CBRE Group Inc. Class A	0.03%	11,464	$1.5M	Reduce -36.9%
BBY Best Buy Co. Inc.	0.03%	20,300	$1.5M	Add +7.3%
NWSA News Corp. Class A	0.03%	54,679	$1.5M	Add +8.5%
MO Altria Group Inc.	0.03%	24,111	$1.4M	Reduce -59.6%
AXON Axon Enterprise Inc.	0.03%	2,609	$1.4M	Add +107.1%
LULU Lululemon Athletica Inc.	0.03%	4,696	$1.4M	Reduce -26.5%
HOLX Hologic Inc.	0.03%	21,942	$1.3M	Reduce -59.5%
VTR Ventas Inc.	0.03%	19,178	$1.3M	New
INTC Intel Corp.	0.03%	57,861	$1.3M	Reduce -13.7%
EPAM Epam Systems Inc.	0.03%	7,765	$1.3M	Add +33.1%
WAB Wabtec Corp.	0.03%	7,107	$1.3M	Reduce -2.1%
EW Edwards Lifesciences Corp.	0.03%	17,935	$1.3M	Reduce -35.5%
NKE Nike Inc. Class B	0.03%	20,076	$1.3M	Reduce -66.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.03%	5,075	$1.2M	Reduce -23.5%
BDX Becton Dickinson and Co.	0.03%	5,414	$1.2M	Reduce -49.6%
MOS The Mosaic Co.	0.02%	44,331	$1.2M	Reduce -10.1%
FOX Fox Corp. Class B	0.02%	23,806	$1.2M	Add +6.9%
BIIB Biogen Inc.	0.02%	7,932	$1.1M	Reduce -19.6%
AMP Ameriprise Financial Inc.	0.02%	2,276	$1.1M	Add +21.3%
CL Colgate-Palmolive Co.	0.02%	11,576	$1.1M	Reduce -63.6%
JAZZ Jazz Pharmaceuticals PLC	0.02%	8,718	$1.1M	Add +7.6%
PTC PTC Inc.	0.02%	6,909	$1.1M	New
JNPR Juniper Networks Inc.	0.02%	29,374	$1.1M	Add +7.9%
ZTS Zoetis Inc.	0.02%	6,481	$1.1M	Reduce -23.8%
ROST Ross Stores Inc.	0.02%	8,222	$1.0M	Reduce -9.1%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.02%	19,118	$1.0M	Add +4.8%
IEX Idex Corp.	0.02%	5,636	$1.0M	New
PKG Packaging Corp. of America	0.02%	5,167	$1.0M	Add +81.7%
KMI Kinder Morgan Inc.	0.02%	35,510	$1.0M	Add +7.3%
BG Bunge Global SA	0.02%	13,058	$998K	New
LOW Lowe's Cos Inc.	0.02%	4,303	$983K	Reduce -19.9%
OC Owens Corning	0.02%	6,886	$982K	Add +42.4%
PODD Insulet Corp.	0.02%	3,759	$973K	New
ILMN Illumina Inc.	0.02%	12,144	$972K	Add +139.0%
PRU Prudential Financial Inc.	0.02%	8,788	$967K	New
FLUT Flutter Entertainment PLC-Di	0.02%	5,337	$950K	Reduce -17.2%
CARR Carrier Global Corp.	0.02%	14,911	$944K	Add +15.5%
BILL Bill Holdings Inc.	0.02%	20,000	$925K	New
VIV Telefonica Brasil-ADR	0.02%	105,084	$923K	New
BMRN Biomarin Pharmaceutical Inc.	0.02%	12,818	$916K	Reduce -87.6%
CZR Caesars Entertainment Inc.	0.02%	35,407	$909K	New
MMM 3M Co.	0.02%	6,192	$897K	Reduce -61.7%
ATR Aptargroup Inc.	0.02%	6,040	$887K	Add +11.9%
RCL Royal Caribbean Cruises Ltd.	0.02%	4,223	$877K	Reduce -12.4%
EME Emcor Group Inc.	0.02%	2,317	$859K	New
APO Apollo Global Management Inc.	0.02%	6,218	$852K	New
WTW Willis Towers Watson PLC	0.02%	2,500	$843K	Reduce -62.3%
BSY Bentley Systems Inc. Class B	0.02%	21,171	$840K	Add +17.2%
SYY Sysco Corp.	0.02%	11,310	$838K	Add +296.0%
LYV Live Nation Entertainment Inc.	0.02%	6,693	$837K	New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.02%	12,788	$837K	Add +76.3%
TER Teradyne Inc.	0.02%	10,048	$832K	New
ITUB Itau Unibanco H-Spon PRF ADR	0.02%	150,593	$831K	Add +2.8%
TRGP Targa Resources Corp.	0.02%	4,177	$826K	Reduce -66.5%
FMX Fomento Economico Mex-SP ADR	0.02%	8,244	$825K	New
BANCOLOMBIA S.A.-SPONS ADR	0.02%	18,726	$820K	New
KR Kroger Co.	0.02%	12,191	$813K	Reduce -92.6%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.02%	8,680	$795K	Add +29.8%
MTCH Match Group Inc.	0.02%	25,618	$785K	Add +8.1%
TEL Te Connectivity PLC	0.02%	5,514	$784K	Reduce -12.1%
VEEV Veeva Systems Inc. Class A	0.02%	3,345	$783K	Add +11.9%
A Agilent Technologies Inc.	0.02%	6,709	$783K	Reduce -47.7%
HII Huntington Ingalls Industrie	0.02%	3,679	$755K	Reduce -41.9%
AWK American Water Works Co. Inc.	0.02%	5,106	$747K	Add +107.0%
BA The Boeing Co.	0.02%	4,288	$743K	New
TXN Texas Instruments Inc.	0.02%	4,208	$742K	Reduce -29.9%
KIM Kimco Realty Corp.	0.01%	34,428	$721K	Reduce -27.4%
MRSH Marsh & McLennan Cos	0.01%	2,961	$718K	Add +131.5%
CE Celanese Corp.	0.01%	12,505	$715K	Reduce -21.9%
RDY Dr. Reddy's Laboratories-ADR	0.01%	53,559	$707K	New
NATL NCR Atleos Corp.	0.01%	26,567	$706K	No change
ASX Ase Technology Holding -ADR	0.01%	79,047	$696K	New
OMC Omnicom Group	0.01%	8,653	$694K	Reduce -30.1%
RGEN Repligen Corp.	0.01%	5,190	$692K	Add +32.0%
EBAY eBay Inc.	0.01%	10,193	$685K	Add +26.3%
ZBRA Zebra Technologies Corp. Class A	0.01%	2,431	$683K	Add +12.3%
FIS Fidelity National Info Serv	0.01%	9,233	$680K	Reduce -43.5%
USB US Bancorp	0.01%	16,060	$679K	New
SYK Stryker Corp.	0.01%	1,845	$673K	Reduce -8.1%
IR Ingersoll-Rand Inc.	0.01%	8,446	$671K	Add +90.7%
NCLH Norwegian Cruise Line Holdin	0.01%	34,487	$660K	Reduce -23.0%
TDY Teledyne Technologies Inc.	0.01%	1,312	$650K	Reduce -47.8%
LW Lamb Weston Holdings Inc.	0.01%	11,950	$645K	No change
ACGL Arch Capital Group Ltd.	0.01%	6,577	$625K	Add +11.9%
ZBH Zimmer Biomet Holdings Inc.	0.01%	5,564	$625K	Reduce -23.0%
FFIV F5 Inc.	0.01%	2,323	$613K	No change
CVS CVS Health Corp.	0.01%	8,722	$586K	Reduce -85.4%
COP Conocophillips	0.01%	5,701	$584K	Reduce -50.0%
ULTA Ulta Beauty Inc.	0.01%	1,592	$572K	Reduce -26.2%
BBD Banco Bradesco-ADR	0.01%	250,882	$570K	Reduce -20.9%
FTV Fortive Corp.	0.01%	7,816	$568K	Reduce -22.1%
ITW Illinois Tool Works	0.01%	2,301	$567K	Reduce -26.1%
FER Ferrovial NV	0.01%	13,551	$566K	New
MKTX Marketaxess Holdings Inc.	0.01%	2,603	$564K	No change
TXT Textron Inc.	0.01%	7,661	$559K	Reduce -33.2%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.01%	7,834	$558K	New
SHG Shinhan Financial Group-ADR	0.01%	17,195	$548K	Reduce -10.4%
BIDU Baidu Inc. - Spon ADR	0.01%	5,864	$548K	Add +119.9%
CPT Camden Property Trust	0.01%	4,440	$543K	New
UDR Udr Inc.	0.01%	11,959	$533K	New
OSK Oshkosh Corp.	0.01%	5,608	$529K	Reduce -6.6%
APD Air Products & Chemicals Inc.	0.01%	1,796	$525K	New
CHRW C.H. Robinson Worldwide Inc.	0.01%	5,176	$523K	New
SKM SK Telecom Co. Ltd.-Spon ADR	0.01%	24,519	$519K	New
GPN Global Payments Inc.	0.01%	5,292	$516K	Reduce -31.8%
HAS Hasbro Inc.	0.01%	8,438	$511K	Reduce -6.7%
CAG Conagra Brands Inc.	0.01%	19,245	$511K	New
ALV Autoliv Inc.	0.01%	5,588	$499K	New
CRL Charles River Laboratories	0.01%	3,198	$497K	Reduce -6.4%
BR Broadridge Financial Solutio	0.01%	2,066	$491K	New
LEN Lennar Corp. Class A	0.01%	4,306	$491K	No change
MNST Monster Beverage Corp.	0.01%	8,452	$489K	Reduce -5.5%
WDAY Workday Inc. Class A	0.01%	2,025	$483K	New
BX Blackstone Inc.	0.01%	3,409	$471K	No change
ZS Zscaler Inc.	0.01%	2,213	$458K	Add +10.2%
ALGN Align Technology Inc.	0.01%	2,839	$452K	Reduce -37.4%
EXAS Exact Sciences Corp.	0.01%	10,236	$447K	Add +11.9%
KNX Knight-Swift Transportation	0.01%	10,000	$436K	Add +11.9%
TAP Molson Coors Beverage Co. Class B	0.01%	7,162	$434K	New
WMB Williams Cos Inc.	0.01%	7,225	$428K	Reduce -80.3%
VRSK Verisk Analytics Inc.	0.01%	1,419	$418K	Add +51.8%
INVH Invitation Homes Inc.	0.01%	11,745	$405K	New
KEY Keycorp	0.01%	25,488	$403K	New
ADM Archer-Daniels-Midland Co.	0.01%	8,369	$401K	New
NUE Nucor Corp.	0.01%	3,209	$391K	Reduce -12.2%
ON On Semiconductor	0.01%	9,242	$378K	Reduce -24.7%
CRWD CrowdStrike Holdings Inc. Class A	0.01%	1,058	$378K	Reduce -25.4%
VFC VF Corp.	0.01%	23,600	$370K	New
IT Gartner Inc.	0.01%	880	$368K	New
SNPS Synopsys Inc.	0.01%	807	$353K	Reduce -27.4%
DELL Dell Technologies -C	0.01%	3,746	$346K	New
DXCM Dexcom Inc.	0.01%	5,075	$344K	Reduce -34.1%
HRL Hormel Foods Corp.	0.01%	11,174	$339K	Add +11.9%
FDX FedEx Corp.	0.01%	1,380	$334K	Reduce -9.8%
ABNB Airbnb Inc. Class A	0.01%	2,464	$297K	New
AKAM Akamai Technologies Inc.	0.01%	3,516	$281K	Reduce -56.2%
KKR KKR & Co. Inc.	0.01%	2,430	$279K	New
SUZ Suzano SA - Spon ADR	0.01%	29,685	$275K	New
NXPI NXP Semiconductors NV	0.01%	1,357	$258K	Add +32.9%
TFX Teleflex Inc.	0.01%	1,811	$250K	New
RMD Resmed Inc.	0.01%	1,124	$247K	New
FCPT Four Corners Property Trust	0.00%	7,926	$227K	New
TU Telus Corp.	0.00%	10,848	$222K	Reduce -83.8%
RY Royal Bank of Canada	0.00%	1,379	$221K	New
EXPE Expedia Group Inc.	0.00%	1,264	$212K	Reduce -82.0%

Options reported separately and not counted above: AVGO calls ($1.6M), QGEN calls ($502K).

Other holdings (57): bonds, preferreds, convertibles and warrants · $87.3M (not counted above)

Security	Class	Shares / Principal	Value	Change
QGEN Qiagen N.V.	COM SHS · principal	16,000,000	$15.9M	Reduce -48.2%
DDOG Datadog Inc. Class A	CL A COM · principal	6,600,000	$5.8M	No change
MSFT Microsoft Corp.	COM · principal	5,000,000	$4.9M	Add +150.0%
BILL Bill Holdings Inc.	COM · principal	4,450,000	$3.8M	Reduce -21.2%
COIN Coinbase Global Inc. Class A	COM CL A · principal	3,000,000	$2.9M	Add +100.0%
PCG P G & E Corp.	COM · principal	1,867,850	$2.8M	Add +0.4%
WELL Welltower Inc.	COM · principal	1,900,000	$2.5M	No change
SNOW Snowflake Inc.	COM SHS · principal	2,000,000	$2.4M	No change
PSN Parsons Corp.	COM · principal	2,300,000	$2.3M	New
LYV Live Nation Entertainment Inc.	COM · principal	2,000,000	$2.1M	No change
NICE Nice Ltd. - Spon ADR	SPONSORED ADR · principal	2,000,000	$2.0M	No change
AKAM Akamai Technologies Inc.	COM · principal	2,000,000	$2.0M	No change
ALNY Alnylam Pharmaceuticals Inc.	COM · principal	1,500,000	$1.7M	No change
NEE Nextera Energy Inc.	COM · principal	1,350,000	$1.6M	No change
AWK American Water Works Co. Inc.	COM · principal	1,500,000	$1.5M	Add +114.3%
HALO Halozyme Therapeutics Inc.	COM · principal	1,200,000	$1.5M	No change
F Ford Motor Co.	COM · principal	1,550,000	$1.5M	No change
HUBS HubSpot Inc.	COM · principal	700,000	$1.5M	No change
ZS Zscaler Inc.	COM · principal	1,000,000	$1.4M	No change
RIVN Rivian Automotive Inc. Class A	COM CL A · principal	1,500,000	$1.3M	Reduce -25.0%
PODD Insulet Corp.	COM · principal	1,050,000	$1.3M	No change
SRPT Sarepta Therapeutics Inc.	COM · principal	1,300,000	$1.2M	No change
PANW Palo Alto Networks Inc.	COM · principal	350,000	$1.2M	No change
AXON Axon Enterprise Inc.	COM · principal	500,000	$1.2M	No change
VRNS Varonis Systems Inc.	COM · principal	1,250,000	$1.2M	No change
SNAP Snap Inc. Class A	CL A · principal	1,200,000	$1.1M	No change
EXAS Exact Sciences Corp.	COM · principal	1,200,000	$1.1M	No change
W Wayfair Inc. Class A	CL A · principal	1,000,000	$995K	No change
INSM Insmed Inc.	COM PAR $.01 · principal	400,000	$970K	No change
LYFT LYFT Inc. Class A	CL A COM · principal	1,000,000	$963K	No change
Z Zillow Group Inc. Class C	CL C CAP STK · principal	900,000	$951K	No change
NTNX Nutanix Inc. Class A	CL A · principal	700,000	$944K	No change
FOUR SHIFT4 Payments Inc. Class A	CL A · principal	800,000	$896K	No change
WIX Wix.com Ltd.	SHS · principal	900,000	$884K	No change
TTEK Tetra Tech Inc.	COM · principal	750,000	$777K	No change
LITE Lumentum Holdings Inc.	COM · principal	600,000	$712K	No change
VTR Ventas Inc.	COM · principal	550,000	$708K	No change
UPWK Upwork Inc.	COM · principal	700,000	$655K	No change
DBX Dropbox Inc. Class A	CL A · principal	600,000	$591K	No change
LNTH Lantheus Holdings Inc.	COM · principal	400,000	$564K	No change
TDOC Teladoc Health Inc.	COM · principal	600,000	$552K	No change
MMSI Merit Medical Systems Inc.	COM · principal	400,000	$541K	No change
IMCR Immunocore Holdings PLC-ADR	ADS · principal	600,000	$506K	No change
IONS Ionis Pharmaceuticals Inc.	COM · principal	500,000	$494K	No change
MTH Meritage Homes Corp.	COM · principal	500,000	$492K	Reduce -50.0%
ASND Ascendis Pharma A/S	SPONSORED ADR · principal	400,000	$482K	No change
SYNA Synaptics Inc.	COM · principal	500,000	$473K	No change
WK Workiva Inc.	COM CL A · principal	500,000	$472K	No change
ON On Semiconductor	COM · principal	500,000	$433K	No change
CYTK Cytokinetics Inc.	COM NEW · principal	350,000	$416K	No change
RGEN Repligen Corp.	COM · principal	400,000	$404K	No change
CORZ Core Scientific Inc.	COM · principal	400,000	$342K	New
ENPH Enphase Energy Inc.	COM · principal	400,000	$340K	No change
MARA Mara Holdings Inc.	COM · principal	400,000	$301K	New
GWRE Guidewire Software Inc.	COM · principal	250,000	$262K	No change
HAE Haemonetics Corp.	COM · principal	250,000	$241K	No change
AFRM Affirm Holdings Inc.	COM CL A · principal	250,000	$224K	Reduce -50.0%

Total filed on the 13F, all lines: $5.0B.

Portfolio Sells Q4 2024 → Q1 2025


GOOGL Alphabet Inc. Class A	Reduce -4.0%	2.58%	−0.84
AMD Advanced Micro Devices	Reduce -75.2%	0.11%	−0.41
STLA Stellantis NV	Reduce -65.7%	0.12%	−0.30
HD Home Depot Inc.	Reduce -56.3%	0.18%	−0.28
CMG Chipotle Mexican Grill Inc.	Reduce -61.0%	0.12%	−0.25
ADBE Adobe Inc.	Reduce -26.4%	0.34%	−0.21
KR Kroger Co.	Reduce -92.6%	0.02%	−0.19
GIS General Mills Inc.	Sold out	0.00%	−0.15
ISRG Intuitive Surgical Inc.	Reduce -11.6%	0.59%	−0.14
BMRN Biomarin Pharmaceutical Inc.	Reduce -87.6%	0.02%	−0.12
GOOG Alphabet Inc. Class C	Reduce -6.3%	0.30%	−0.11
PM Philip Morris International	Reduce -72.1%	0.05%	−0.09
MCD McDonald's Corp.	Reduce -74.1%	0.03%	−0.08
UNH Unitedhealth Group Inc.	Reduce -3.9%	1.36%	−0.07
NKE Nike Inc. Class B	Reduce -66.5%	0.03%	−0.07
PFE Pfizer Inc.	Reduce -40.5%	0.07%	−0.06
HOLX Hologic Inc.	Reduce -59.5%	0.03%	−0.05
PG The Procter & Gamble Co.	Reduce -2.9%	1.06%	−0.05
WM Waste Management Inc.	Reduce -62.8%	0.03%	−0.05
CI The Cigna Group	Sold out	0.00%	−0.05
CMCSA Comcast Corp. Class A	Reduce -31.3%	0.09%	−0.05
BAC Bank of America Corp.	Reduce -5.3%	0.29%	−0.04
CVS CVS Health Corp.	Reduce -85.4%	0.01%	−0.04
TGT Target Corp.	Sold out	0.00%	−0.04
TPL Texas Pacific Land Corp.	Sold out	0.00%	−0.04
EVRG Evergy Inc.	Sold out	0.00%	−0.04
CL Colgate-Palmolive Co.	Reduce -63.6%	0.02%	−0.04
ICE Intercontinental Exchange Inc.	Reduce -59.8%	0.03%	−0.04
CP Canadian Pacific Kansas City	Sold out	0.00%	−0.04
MO Altria Group Inc.	Reduce -59.6%	0.03%	−0.04
LOGI Logitech International-Reg	Sold out	0.00%	−0.04
HLT Hilton Worldwide Holdings Inc.	Reduce -47.2%	0.03%	−0.04
ROK Rockwell Automation Inc.	Sold out	0.00%	−0.04
WMB Williams Cos Inc.	Reduce -80.3%	0.01%	−0.03
ACN Accenture PLC Class A	Reduce -21.6%	0.06%	−0.03
AMAT Applied Materials Inc.	Reduce -27.6%	0.05%	−0.03
EOG EOG Resources Inc.	Reduce -26.8%	0.10%	−0.03
MDT Medtronic PLC	Reduce -32.3%	0.08%	−0.03
MDLZ Mondelez International Inc. Class A	Reduce -48.3%	0.04%	−0.03
TRGP Targa Resources Corp.	Reduce -66.5%	0.02%	−0.03
CEG Constellation Energy	Reduce -15.2%	0.09%	−0.03
CRH CRH PLC	Reduce -7.6%	0.16%	−0.03
WTW Willis Towers Watson PLC	Reduce -62.3%	0.02%	−0.03
BDX Becton Dickinson and Co.	Reduce -49.6%	0.03%	−0.03
MMM 3M Co.	Reduce -61.7%	0.02%	−0.03
DHR Danaher Corp.	Reduce -2.2%	0.14%	−0.02
LULU Lululemon Athletica Inc.	Reduce -26.5%	0.03%	−0.02
EXPE Expedia Group Inc.	Reduce -82.0%	0.00%	−0.02
LRCX Lam Research Corp.	Reduce -11.6%	0.15%	−0.02
APP AppLovin Corp. Class A	Sold out	0.00%	−0.02

Portfolio Buys Q4 2024 → Q1 2025


AEM Agnico Eagle Mines Ltd.	Add +23.6%	2.79%	+1.11
TMUS T-Mobile US Inc.	Add +18.8%	1.79%	+0.50
BSX Boston Scientific Corp.	Add +13.7%	2.63%	+0.49
MU Micron Technology Inc.	Add +24.1%	2.30%	+0.46
RTX RTX Corp.	Add +14.5%	2.14%	+0.46
FNV Franco-Nevada Corp.	Add +65.3%	0.70%	+0.37
BKR Baker Hughes Co.	Add +35.5%	1.26%	+0.35
JPM JPMorgan Chase & Co.	Add +11.4%	3.57%	+0.33
META Meta Platforms Inc. Class A	Add +19.9%	2.26%	+0.28
CYBR Cyberark Software Ltd./Israel	Add +25.8%	1.14%	+0.25
LLY Eli Lilly & Co.	Add +10.2%	1.69%	+0.21
BNTX Biontech SE-ADR	Add +126.6%	0.38%	+0.18
VRTX Vertex Pharmaceuticals Inc.	Add +19.4%	0.52%	+0.16
ETR Entergy Corp.	Add +11.4%	0.86%	+0.15
MSI Motorola Solutions Inc.	Add +14.7%	3.50%	+0.15
ABBV Abbvie Inc.	Add +13.3%	0.62%	+0.14
HCA HCA Healthcare Inc.	Add +23.1%	0.40%	+0.11
TMO Thermo Fisher Scientific Inc.	Add +14.9%	1.48%	+0.11
CME Cme Group Inc.	Add +5.7%	0.76%	+0.11
TECK Teck Resources Ltd.-CLS B	Add +19.5%	1.44%	+0.11
WFC Wells Fargo & Co.	Add +95.5%	0.21%	+0.10
LIN Linde PLC	Add +32.2%	0.27%	+0.08
ALNY Alnylam Pharmaceuticals Inc.	Add +41.1%	0.22%	+0.08
PANW Palo Alto Networks Inc.	Add +16.3%	1.26%	+0.07
TJX TJX Companies Inc.	Add +12.1%	1.14%	+0.07
MDGL Madrigal Pharmaceuticals Inc.	Add +37.5%	0.22%	+0.06
AMT American Tower Corp.	Add +1.6%	0.42%	+0.06
WTS Watts Water Technologies-A	Add +25.4%	0.32%	+0.06
NTRA Natera Inc.	Add +48.8%	0.24%	+0.06
DB Deutsche Bank AG-Registered	New	0.06%	+0.06
KO The Coca-Cola Co.	Add +2.3%	0.46%	+0.05
MET Metlife Inc.	Add +11.0%	1.02%	+0.05
NEE Nextera Energy Inc.	Add +10.3%	0.94%	+0.05
TSM Taiwan Semiconductor-SP ADR	Add +42.0%	0.38%	+0.05
WELL Welltower Inc.	New	0.05%	+0.05
VLO Valero Energy Corp.	Add +6.0%	0.38%	+0.05
CDNS Cadence Design SYS Inc.	Add +32.1%	0.52%	+0.04
COST Costco Wholesale Corp.	Add +23.2%	0.22%	+0.04
LDOS Leidos Holdings Inc.	Add +166.8%	0.06%	+0.04
DECK Deckers Outdoor Corp.	New	0.04%	+0.04
C Citigroup Inc.	Add +9.2%	0.60%	+0.04
WMT Walmart Inc.	Add +11.6%	1.54%	+0.03
GEV GE Vernova Inc.	Add +17.5%	0.65%	+0.03
CSCO Cisco Systems Inc.	Add +15.0%	0.23%	+0.03
WCN Waste Connections Inc.	Add +14.4%	0.14%	+0.03
RACE Ferrari NV	Add +11.3%	0.53%	+0.03
TSN Tyson Foods Inc. Class A	Add +52.4%	0.07%	+0.03
CB Chubb Ltd.	Add +12.3%	0.18%	+0.03
EIX Edison International	Add +597.3%	0.03%	+0.03
VTR Ventas Inc.	New	0.03%	+0.03

Options Activity Q4 2024 → Q1 2025


AVGO Broadcom Inc.	call	New	95	$1.6M
QGEN Qiagen N.V.	call	New	125	$502K
MDB Mongodb Inc.	call	Sold out	50	$35Kbefore exit
MU Micron Technology Inc.	call	Sold out	100	$20Kbefore exit
HAL Halliburton Co.	call	Sold out	200	$19Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


QGEN Qiagen N.V.	COM SHS · principal	Reduce -48.2%	16,000,000	$15.9M
MSFT Microsoft Corp.	COM · principal	Add +150.0%	5,000,000	$4.9M
BILL Bill Holdings Inc.	COM · principal	Reduce -21.2%	4,450,000	$3.8M
COIN Coinbase Global Inc. Class A	COM CL A · principal	Add +100.0%	3,000,000	$2.9M
PCG P G & E Corp.	COM · principal	Add +0.4%	1,867,850	$2.8M
NET Cloudflare Inc. Class A	CL A COM · principal	Sold out	2,500,000	$2.4Mbefore exit
PSN Parsons Corp.	COM · principal	New	2,300,000	$2.3M
AWK American Water Works Co. Inc.	COM · principal	Add +114.3%	1,500,000	$1.5M
RIVN Rivian Automotive Inc. Class A	COM CL A · principal	Reduce -25.0%	1,500,000	$1.3M
MTCH Match Group Inc.	COM · principal	Sold out	1,250,000	$1.1Mbefore exit
RPD RAPID7 Inc.	COM · principal	Sold out	1,000,000	$932Kbefore exit
EVRG Evergy Inc.	COM · principal	Sold out	850,000	$926Kbefore exit
U Unity Software Inc.	COM · principal	Sold out	700,000	$638Kbefore exit
MTH Meritage Homes Corp.	COM · principal	Reduce -50.0%	500,000	$492K
CORZ Core Scientific Inc.	COM · principal	New	400,000	$342K
MARA Mara Holdings Inc.	COM · principal	New	400,000	$301K
AFRM Affirm Holdings Inc.	COM CL A · principal	Reduce -50.0%	250,000	$224K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	372	$7.9B	NVDA, MU, GOOGL, MSFT, AVGO
Q1 2026	366	$6.8B	NVDA, MSFT, AAPL, GOOGL, AVGO
Q4 2025	396	$6.8B	MSFT, NVDA, AAPL, GOOGL, AVGO
Q3 2025	405	$6.7B	MSFT, NVDA, AVGO, AAPL, AEM
Q2 2025	341	$5.9B	MSFT, NVDA, AVGO, AAPL, AMZN
Q1 2025	346	$4.9B	MSFT, NVDA, AAPL, AMZN, JPM
Q4 2024	353	$4.8B	MSFT, NVDA, AAPL, AMZN, GOOGL
Q3 2024	412	$3.8B	MSFT, NVDA, AAPL, AVGO, GOOGL
Q2 2024	396	$7.3B	TM, MUFG, MSFT, SONY, SMFG
Q1 2024	457	$5.5B	MSFT, ASML, NVDA, AAPL, NVO