CREDIT AGRICOLE S A

Key Holdings

The portfolio exhibits a strong conviction in the technology sector, with NVIDIA Corporation (NVDA) remaining the dominant position despite a reduction. NVDA holds the top spot with a value of $3.10 billion, representing 15.35% of the total portfolio, although the firm reduced its stake by 4.5% ($1.22B). The portfolio is heavily weighted toward the "Magnificent Seven" and other large-cap growth leaders. Alphabet Inc. appears twice in the top ten (Class A and Class C shares), with a combined value exceeding $1.6 billion, underscoring a major bet on the search and digital advertising giant. Other top-tier positions include Broadcom (AVGO) at $1.11B (5.51%) and Tesla (TSLA) at $1.03B (5.07%). Notably, the firm utilizes ETFs for broad market exposure, with the SPDR S&P 500 ETF (SPY) accounting for 8.01% of the portfolio ($1.62B), serving as a significant liquidity and beta anchor.

Sector Allocation

The sector allocation reveals a pronounced tilt toward Technology, which commands $5.96 billion (approximately 29.5% of the total portfolio value). This is complemented by a significant investment in Communication Services, totaling $3.03 billion, driven largely by holdings in Meta, Netflix, and Alphabet. Financial Services is the third-largest sector at $2.00 billion, reflecting investments in major banks (JPMorgan), payment processors (Mastercard, Visa), and asset managers (BlackRock, Blackstone).