KLP KAPITALFORVALTNING AS

2. Key Holdings

The portfolio is dominated by the "Magnificent Seven" and other mega-cap US technology giants, which serve as the primary performance drivers.

• NVIDIA Corp (NVDA): Retains the position as the largest holding at $1.77 billion, representing 7.02% of the portfolio. With 9.49 million shares, KLP maintains a massive overweight position in the semiconductor leader, reflecting a strong conviction in the AI infrastructure trade.
• Apple Inc (AAPL) & Microsoft Corp (MSFT): These are the second and third largest holdings, constituting 5.89% and 5.74% of the portfolio, respectively. Despite a reduction in Apple's stake this quarter, these three companies (NVDA, AAPL, MSFT) alone account for nearly 19% of the fund's total value.
• Communication Services & Consumer Cyclical: Meta (2.33%), Alphabet (GOOGL/GOOG combined ~4.09%), Amazon (2.98%), and Tesla (1.94%) round out the top echelon, reinforcing a heavy tilt toward secular growth winners.
• Financial & Healthcare Leaders: JPMorgan Chase (1.41%) and Eli Lilly (0.92%) represent the top positions in their respective sectors, providing ballast and diversification outside of pure technology.

3. Sector Allocation

The sector allocation reveals a pronounced pro-cyclical and growth-oriented tilt, heavily favoring industries benefiting from digital transformation and economic scalability.