AXA Investment Managers S.A.

AXA Investment Managers S.A. entered Q3 2025 with $37.1B in disclosed U.S. equity holdings across 2,671 positions, establishing a fresh portfolio with no prior filing on record. The manager built concentrated stakes in mega-cap technology and AI infrastructure names—NVIDIA ($2.6B, 7.1% of book), Microsoft ($2.2B, 5.9%), and Apple ($1.7B, 4.4%)—representing roughly a fifth of disclosed assets. Communication Services (Meta, Alphabet dual-class) and Healthcare (Visa, Intuitive Surgical, Eli Lilly) round out the core, while all 50 reported changes are new positions with zero reductions, signaling either a strategy launch or a structural reset.