CAISSE DES DEPOTS ET CONSIGNATIONS

Caisse des Dépôts et Consignations' $6.06B Q1 2026 13F is still overwhelmingly a European large-cap concentration book, with TotalEnergies alone accounting for 46.7% of assets. But the quarter's real change is the arrival of AstraZeneca as a new 15.6% anchor and the expansion of Linde to 6.1%, offsetting reductions in UBS, Nvidia, Apple, and both Alphabet share classes. The result is a portfolio that remains dominated by a handful of continental champions — TotalEnergies, AstraZeneca, Linde, UBS, and Alcon — rather than rotating into a broad U.S. mega-cap basket. New positions in QIAGEN, Sunbelt Rentals, Netflix, RTX, and THD also show a modest widening of the opportunity set. The whaleScore of 73.5 reflects the sheer dollar scale of a very concentrated institutional book, not diversification.