LOOMIS SAYLES & CO L P

Loomis Sayles held $74.3B across 1,168 positions in an extraordinarily concentrated growth book: NVIDIA alone is 9.6% of assets, followed by Alphabet (6.7%), Tesla (6.3%), Meta (5.7%), Amazon (5.1%) and Netflix (4.9%) — the top seven names approach half the portfolio. The Q1 activity was overwhelmingly reductions (33 trimmed against 11 added), led by Oracle (-$679M), Microsoft (-$655M), Meta (-$627M), Visa (-$436M) and Alphabet (-$378M), with Shopify, Salesforce, Autodesk and Boeing also cut. New positions in Intuitive Surgical, Booking, Trane Technologies, Costco and KLA broadened the book. Assets fell from $82.5B to $74.3B.