ACADIAN ASSET MANAGEMENT LLC

Apple and NVIDIA swapped rank this quarter — Apple grew into the top spot while NVIDIA slipped to second — but their combined weight barely moved: 10.17% of the book last quarter, 10.14% now, even as total assets grew by $9.6 billion and 65 other positions changed. That stability at the very top sits above real turnover underneath: Deutsche Bank, UBS, and Barclays were all three fully exited in the same quarter, a coordinated retreat from European banking. Meta Platforms saw a genuine 33.7% share-count cut, and ten new positions arrived — Chevron, Exxon Mobil, Merck, Eli Lilly, and AstraZeneca among them — a rotation toward energy and pharma.