Raiffeisen Bank International AG

The concentration is real and conventional. The top five positions — Nvidia ($487 million, 7.0 percent), Alphabet Class A ($343 million, 4.9 percent), Apple ($337 million, 4.8 percent), Microsoft ($254 million, 3.6 percent), and Broadcom ($222 million, 3.2 percent) — together form nearly a quarter of the entire book and replicate the holdings of every large-cap U.S.-growth mandate that has run meaningfully ahead of the MSCI World benchmark over the last two years. Amazon, Applied Materials, Eli Lilly, Lam Research, and Taiwan Semiconductor round out the top ten with the same flavor. The sector tag confirms it: Technology at $2.16 billion dominates, with Healthcare, Financial Services, and Communication Services filling the major supporting roles.

The Q/Q movement is where this book becomes legible as a fund manager's decision record rather than a passive snapshot. The overall portfolio value declined roughly $800 million (from $7.77 billion to $6.97 billion) in a market environment where the major index names were generally volatile but not uniformly down — that decline is a net reduction in deployment, not merely mark-to-market. The selling side is the sharper signal: Salesforce, Oracle, Palo Alto Networks, Union Pacific, ServiceNow, Verisk, and S&P Global were closed entirely. These are all software or infrastructure names that had a strong 2023–2024 run and were likely sized down as the Mag 7 story became the only narrative the manager wanted to retain. Removing ServiceNow and Verisk at the same time it is establishing positions in Lam Research and Arista Networks reads as a pivot from general commercial software to the semiconductor tool-chain and hyperscale-infrastructure subset of the industry.