VICTORY CAPITAL MANAGEMENT INC

Cutting the core. Every one of the largest holdings was trimmed. Microsoft was cut by $2.3B, Amazon by $2.1B, NVIDIA by $1.6B, Apple by $1.3B and Eli Lilly by $1.2B. NVIDIA remains the top holding at 3.66%, but the megacap spine — Apple (3.04%), Microsoft (2.54%), Amazon (2.26%) — is materially lighter than a quarter ago. The uniformity of the reductions points to portfolio-wide risk management rather than name-specific calls.

Selective additions. Against that broad reduction, only a handful of names were increased — Netflix (+$243M) and Meta (+$147M) the largest. New money was concentrated and deliberate: ServiceNow ($798M), Quanta Services ($712M), Power Solutions International and Intuitive Surgical ($599M), plus an ASML-related stake ($722M). The new-position list leans toward enterprise software, electrical infrastructure and medical devices.