Allianz Asset Management GmbH

Allianz Asset Management held $95.4B across 3,758 positions, with a megacap core — NVIDIA (5.0%), Apple (3.7%), Microsoft (3.3%), Alphabet — and an unusually large stake in newly-public Venture Global (VG, 4.2%), its second-largest holding. The most notable Q1 move was an ETF swap: the firm cut roughly $5.1B from the iShares Core S&P 500 (IVV) while adding about $1.1B to the SPDR Portfolio S&P 500 (SPYM). It trimmed Microsoft (-$849M) and Amazon, and added TotalEnergies (+$265M), Applied Materials (+$256M) and AT&T. New positions in AstraZeneca, QQQ, Ross Stores, Bristol-Myers and Marathon Petroleum; exits in HYG, Walmart, Altria and Comcast. Assets eased from $98.9B to $95.4B.