DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main

DZ Bank, Germany's central cooperative bank, held $112.7B across 2,354 positions with an unusually heavy NVIDIA weight of 8.0% — well above most peers — followed by Apple (5.0%), Microsoft (3.9%), Amazon and Alphabet. The Q1 activity carried a distinctly European flavor: the largest add was TotalEnergies (+$1.1B), alongside Johnson & Johnson (+$921M), Applied Materials (+$513M) and Meta (+$324M). On the sell side, the bank cut Microsoft sharply (-$2.3B), with Amazon (-$952M), Boston Scientific (-$879M) and JPMorgan (-$717M) also reduced. New positions in ARM Holdings, Cloudflare and Quanta Services were added; ServiceNow, AbbVie and 3M were exited. Assets eased from $115.8B to $112.7B.