Zurich Insurance Group Ltd/FI

Key Holdings

The portfolio is dominated by a strong "Magnificent Seven" and AI-centric bias, though with significant exclusions. NVIDIA (NVDA) remains the largest holding at $1.08 billion (14.39% of the portfolio), despite a 5.1% reduction in shares during the quarter. This suggests Zurich maintains a bullish long-term view on AI infrastructure but is managing position size or risk exposure. Alphabet (GOOGL) is the second-largest holding at $689 million (9.17%), and notably, it was the largest absolute increase during the quarter, signaling strong conviction in the search and cloud giant.