Groupama's $6.83T Q4 Filing Blends U.S. Tech Leaders With JPMorgan and Micron

Groupama Asset Managment built a $6.83 trillion Q4 2025 filing around the usual U.S. technology leaders, but the texture is more interesting than that summary suggests. Microsoft, NVIDIA, Apple, and Alphabet dominate the top, yet JPMorgan and Micron appear high enough to matter. That combination gives the book both quality-platform exposure and a more cyclical financial and semiconductor edge.

TL;DR

• 13F AUM: $6.83T.
• Largest position: MSFT at 7.47%.
• Top-5 concentration: 27.83%.
• Top-10 concentration: 43.08%.
• Main read: This is a European institution expressing a very U.S.-centric leadership view, but with a visible banking and memory-chip twist.
• Compare with: Capital World Investors and our defensive-in-growth guide.

Filing Snapshot

Why JPMorgan and Micron Matter Here

Without JPMorgan and Micron, this filing would read like a standard U.S. mega-cap leadership basket. Those two positions complicate the picture in a good way. JPMorgan introduces a financials line large enough to matter, while Micron adds a more cyclical semiconductor exposure than the platform-heavy megacaps above it.

That mix tells you Groupama is not just copying the most obvious U.S. winners. It is building a top book that still leans into them, but with supporting positions that can change the earnings sensitivity of the overall portfolio.

How to Read This Filing

The correct read is neither “European diversification” nor “pure U.S. momentum.” It is a hybrid: global institution, U.S. leadership core, selective financials and semiconductor extensions. That is why the top ten reach 43.08% while still feeling more textured than a one-note growth stack.

Questions Investors Search For

Is Groupama mostly a U.S. tech book?

At the top, yes. But the inclusion of JPM and MU adds important cross-sector texture.

Why does Microsoft at 7.47% matter?

Because it makes Microsoft the clearest anchor of the whole filing.

What is the key takeaway?

Groupama uses U.S. mega-cap leadership as the core, then refines the risk profile with selective financial and semiconductor additions.