Robeco Schweiz AG

Count the line items in this $4.7B book and it looks diversified; read them and it is a single trade on electricity demand. Robeco Schweiz AG's Q1 2026 filing puts Vertiv (VRT, 3.8%), Quanta Services (PWR, 3.8%) and nVent (3.6%) atop 126 holdings that almost all sit somewhere on the wire between power generation and the server rack — and the quarter's trades sharpen the monoculture rather than hedge it. The defensive ballast went out the door: PTC ($64.7M), Pentair, Dover, Mettler-Toledo and water utility American Water Works were sold to zero, while power semiconductors got the aggression (ARM shares +52% to 3.2% of the book, ON Semiconductor +50%, Marvell +30%, Analog Devices +29%) and the beaten-down solar complex was deliberately rebuilt — Enphase ($39.8M), Bloom Energy ($35.4M) and SOLV Energy ($30.2M) are new stakes, and the Sunrun position grew 43% to 4.2M shares. The result is name-count diversification without thesis diversification: as the book now stands, a pause in grid and datacenter capex is not a sector event but the whole portfolio's event, repricing semis, contractors and solar at once.