AXA S.A.

Key Holdings

The current portfolio is dominated by liquid, large-cap assets, with a heavy emphasis on Exchange Traded Funds (ETFs) and mega-cap technology stocks.

• Top Position: The SPDR S&P 500 ETF Trust (SPY) is the largest holding, comprising 22.69% of the portfolio ($45.25M). This indicates a strategic preference for passive market exposure as a core anchor.
• Technology Concentration: The filer retains significant exposure to secular technology leaders, albeit at drastically reduced absolute values. Microsoft (MSFT) (6.13%) and NVIDIA (NVDA) (6.02%) are the top individual stock holdings, followed by Alphabet (GOOGL) (5.20%) and Apple (AAPL) (4.24%).
• Diversified Titans: Beyond tech and ETFs, the portfolio features Berkshire Hathaway (BRK/B) (3.87%) and Amazon (AMZN) (3.82%), rounding out a classic "quality" focus.
• Smaller Caps & Niche: The list includes smaller positions such as Lument Finance Trust (3.38%) and Ferrari N.V. (2.46%), suggesting a willingness to allocate capital to specific niche or higher-yield vehicles, though these are dwarfed by the major indices and tech giants.