ABN AMRO Bank N.V.

The portfolio remains highly concentrated, holding 116 positions, yet the top 10 holdings account for approximately 56% of the total value. This suggests a "core-satellite" approach where a significant portion of capital is allocated to high-conviction winners, while the remainder is diversified across smaller positions. The turnover rate was exceptionally high this quarter, characterized by a complete overhaul of the portfolio's fringes with 23 new positions and 23 complete exits, and zero positions remaining unchanged.

2. Key Holdings

The portfolio is currently dominated by a few mega-cap technology and financial services leaders, reflecting a "quality growth" bias.