Czech National Bank

Despite the massive growth in assets under management, the portfolio remains highly diversified with 503 total holdings. However, the activity level during this quarter was exceptionally high. The filing data shows a complete turnover of active management: 29 new positions were initiated, 29 positions were sold out, 21 positions were increased, and 0 positions were reduced. This pattern suggests that the bank executed a major strategy overhaul rather than merely accumulating existing assets, rotating out of specific mid-cap names and into mega-cap liquidity leaders.

2. Key Holdings

The portfolio is characterized by a heavy concentration in US mega-cap technology stocks, which now dominate the top of the holding list.