GROUPAMA ASSET MANAGMENT

Key Holdings

The portfolio is heavily dominated by the "Magnificent Seven" ecosystem, though with a notable exclusion of specific major players.

• NVIDIA (NVDA) and Broadcom (AVGO) are the twin pillars of the portfolio, representing 16.09% and 14.26% respectively. Combined, these two semiconductor giants account for over 30% of the entire portfolio's value, signaling a strong bet on the continued infrastructure build-out of artificial intelligence.
• JPMorgan Chase (JPM) holds the third spot at 8.74%, providing significant exposure to traditional financial services and acting as a defensive ballast against the volatility of the tech sector.
• Alphabet (GOOGL) and Meta (META) represent the communication services allocation, with GOOGL at 7.72% and META at 5.55%.
• A notable absence from the top holdings is Apple and Microsoft, both of which were completely sold off during the quarter. This suggests a preference for pure-play AI infrastructure (semiconductors) and cyclical tech over mature consumer hardware or established software incumbents.