EC
Eurizon Capital SGR S.p.A. 13F Filing History & Holdings
Eurizon Capital SGR S.p.A.CIK: 0002107286
Diversified strategyMomentum follower
Total reported value
$32.0B
Reporting period: 2026-03-31 · Number of holdings: 1193
Eurizon Capital SGR S.p.A. disclosed 1193 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $32.0B and a quarterly turnover rate of 33.5%.
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Personality snowflake
- Concentration
- 6.99
- Portfolio Stability
- 33.46
- Momentum/Contrarian
- 87.02
- Sector conviction
- 51.46
- Diversification
- 100
- Sizing Uniformity
- 55.42
Eurizon Capital SGR S.p.A.'s disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 57 equally-sized positions, well below its 1193 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.46), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Trim MSFT
-0.3% -$494.4M
Trim AAPL
-11.7% -$358.5M
Trim AMZN
-8.9% -$230.1M
Add FITB
+1038.5% $181.7M
Trim BNY
-78.4% -$177.4M
Trim LLY
-16.6% -$165.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The fund is aggressively rotating capital out of crowded US mega-cap tech to hunt contrarian alpha in financials, payments, and industrial semiconductors. Manager sheds MSFT, AAPL, and AMZN weight while initiating fresh positions in V, NXPI, WMT and heavily scaling FITB. This marks a directional pivot from narrative-driven software compounding into value and real-economy enablers.
Macro & Fundamentals
Embedded bet: The AI capex cycle has plateaued; capital is rotating structurally into rate-sensitive financials, payment rails, and consumer staples as multiple compression hits mega-cap margins. Opposing thesis: Software dominance remains earnings-secure; trimming MSFT/AAPL sacrifices compounding growth for a temporary valuation cooldown that triggers a positioning squeeze when inflows reverse.
Blind Spots / Risks
The 1,193-position portfolio dilutes conviction into a passive drift ocean. The flagship regional bank addition (FITB) faces outright deposit flight risk if the credit cycle deteriorates or short-end rates re-harden, while the residual 33% IT allocation still anchors beta despite active mega-cap exits.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1193 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.72% | -0.39% | +2.41% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.11% | -1.09% | -11.70% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.84% | -1.52% | -0.31% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.19% | -0.70% | -8.89% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.86% | -0.31% | -0.69% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.58% | -0.46% | -4.45% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.19% | -0.33% | -4.54% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.92% | — | +10.74% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.75% | -0.30% | +3.25% | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.42% | +0.18% | -2.93% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.26% | -0.51% | -16.58% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 1.11% | +1.11% | NEW | |
| 13 | BAC | Bank Of America CORP | Stock-Financials | 1.09% | — | +6.76% | |
| 14 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.06% | +0.24% | +12.40% | |
| 15 | ABBV | Abbvie INC | Stock-Healthcare | 1.01% | — | -3.60% | |
| 16 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.01% | +0.20% | +13.98% | |
| 17 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.95% | — | +1.16% | |
| 18 | KLAC | Kla CORP | Stock-Tech | 0.94% | — | -2.49% | |
| 19 | WMT | Walmart INC | Stock-Consumer Staples | 0.86% | +0.86% | NEW | |
| 20 | INTC | Intel CORP | Stock-Tech | 0.79% | — | +8.23% | |
| 21 | C | Citigroup INC | Stock-Financials | 0.78% | — | -12.76% | |
| 22 | CAT | Caterpillar INC | Stock-Industrials | 0.76% | +0.21% | +11.91% | |
| 23 | LRCX | Lam Research CORP | Stock-Tech | 0.71% | — | -16.80% | |
| 24 | HON | Honeywell International INC | Stock-Industrials | 0.70% | — | -21.56% | |
| 25 | COP | Conocophillips | Stock-Energy | 0.66% | +0.26% | +16.77% | |
| 26 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.64% | — | -1.86% | |
| 27 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.63% | -0.24% | -19.93% | |
| 28 | FITB | Fifth Third Bancorp | Stock-Financials | 0.62% | +0.56% | +1038.53% | |
| 29 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 0.61% | +0.61% | NEW | |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.59% | -0.20% | -22.23% | |
| 31 | PM | Philip Morris International | Stock-Consumer Staples | 0.58% | +0.28% | +86.39% | |
| 32 | AMD | Advanced Micro Devices | Stock-Tech | 0.57% | -0.23% | -24.74% | |
| 33 | PH | Parker Hannifin CORP | Stock-Industrials | 0.55% | — | -5.36% | |
| 34 | CME | Cme Group INC | Stock-Financials | 0.55% | +0.50% | +934.67% | |
| 35 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.55% | +0.55% | NEW | |
| 36 | PCG | P G & E CORP | Stock-Utilities | 0.54% | — | +1.42% | |
| 37 | MU | Micron Technology INC | Stock-Tech | 0.53% | — | -6.93% | |
| 38 | NFLX | Netflix INC | Stock-Comm Services | 0.52% | — | +17.93% | |
| 39 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.52% | — | +1.53% | |
| 40 | PGR | Progressive CORP | Stock-Financials | 0.52% | — | +2.40% | |
| 41 | ROST | Ross Stores INC | Stock-Consumer Disc | 0.51% | — | -32.61% | |
| 42 | GEV | GE Vernova INC | Stock-Industrials | 0.49% | — | -3.93% | |
| 43 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.48% | -0.18% | -31.66% | |
| 44 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.47% | — | -1.86% | |
| 45 | LIN | Linde plc | Stock-Materials | 0.46% | +0.46% | NEW | |
| 46 | PANW | Palo Alto Networks INC | Stock-Tech | 0.45% | — | +2.30% | |
| 47 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.45% | — | +9.77% | |
| 48 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.45% | — | +0.57% | |
| 49 | BKR | Baker Hughes Co | Stock-Energy | 0.44% | — | -26.48% | |
| 50 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.44% | +0.29% | +150.45% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+4.1%
Performance Last 4 Quarters
+12.7%
Based on 5 months of available history
Based on 75% of reported portfolio value with available pricing
- Stdev
- +25.2%
- Beta
- +1.19
- Alpha
- +4.9%
- Max Drawdown
- -1.6%
- Annualized Perf
- +33.4%
- Batting Avg vs S&P
- +80%
- Sortino
- +4.16
- Stutzer
- —
- Treynor
- +0.26
- Sterling
- —
- Calmar
- +21.33
- Information Ratio
- +1.83
- Tracking Error
- +5%
- Stdev Down
- +7.6%
- Winning Months %
- +40%
- Losing Months %
- +60%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.49
- Sharpe
- +1.25
- Stdev Sectors
- +8.6%
- Skewness
- +0.67
- Kurtosis
- -0.91
- Upside Potential
- +6.16
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Eurizon Capital SGR S.p.A.'s most significant position changes for 2026-03-31: New buy: Visa Inc-class A Shares (V); New buy: Walmart INC (WMT); New buy: NXP Semiconductors N.V. (NXPI); New buy: Johnson & Johnson (JNJ); New buy: Linde plc (LIN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FITB | Fifth Third Bancorp | +0.6% | +1038.53% | Add |
| 2 | CME | Cme Group INC | +0.5% | +934.67% | Add |
| 3 | RSG | Republic Services INC | +0.4% | +856.14% | Add |
| 4 | COST | Costco Wholesale CORP | +0.3% | +150.45% | Add |
| 5 | PM | Philip Morris International | +0.3% | +86.39% | Add |
| 6 | COHR | Coherent CORP | +0.3% | +13717.75% | Add |
| 7 | COP | Conocophillips | +0.3% | +16.77% | Add |
| 8 | MRK | Merck & Co. INC. | +0.2% | +12.40% | Add |
| 9 | AEP | American Electric Power | +0.2% | +1040.45% | Add |
| 10 | CAT | Caterpillar INC | +0.2% | +11.91% | Add |
| 11 | KO | Coca-cola Co/the | +0.2% | +13.98% | Add |
| 12 | JNJ | Johnson & Johnson | +0.2% | -2.93% | Trim |
| 13 | CRM | Salesforce INC | -0.2% | -27.27% | Trim |
| 14 | ROK | Rockwell Automation INC | -0.2% | -31.03% | Trim |
| 15 | IFF | Intl Flavors & Fragrances | -0.2% | -31.66% | Trim |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -22.23% | Trim |
| 17 | JLL | Jones Lang Lasalle INC | -0.2% | -49.15% | Trim |
| 18 | AMD | Advanced Micro Devices | -0.2% | -24.74% | Trim |
| 19 | PFGC | Performance Food Group Co | -0.2% | -95.83% | Trim |
| 20 | NOW | Servicenow INC | -0.2% | -5.11% | Trim |
| 21 | JPM | Jpmorgan Chase & Co | -0.2% | -19.93% | Trim |
| 22 | MNST | Monster Beverage CORP | -0.3% | -56.18% | Trim |
| 23 | TSLA | Tesla INC | -0.3% | +3.25% | Add |
| 24 | ICE | Intercontinental Exchange In | -0.3% | -43.77% | Trim |
| 25 | GOOG | Alphabet Inc-cl C | -0.3% | -0.69% | Trim |
| 26 | KEY | Keycorp | -0.3% | -65.64% | Trim |
| 27 | FCX | Freeport-mcmoran INC | -0.3% | -91.28% | Trim |
| 28 | NKE | Nike INC -cl B | -0.3% | -70.17% | Trim |
| 29 | GOOGL | Alphabet Inc-cl A | -0.3% | -4.54% | Trim |
| 30 | NVDA | Nvidia CORP | -0.4% | +2.41% | Add |
| 31 | VZ | Verizon Communications INC | -0.4% | -67.78% | Trim |
| 32 | AVGO | Broadcom INC | -0.5% | -4.45% | Trim |
| 33 | LLY | Eli Lilly & Co | -0.5% | -16.58% | Trim |
| 34 | BNY | Bank Of New York Mellon CORP | -0.6% | -78.40% | Trim |
| 35 | AMZN | Amazon.com INC | -0.7% | -8.89% | Trim |
| 36 | AAPL | Apple INC | -1.1% | -11.70% | Trim |
| 37 | MSFT | Microsoft CORP | -1.5% | -0.31% | Trim |
| 38 | V | Visa Inc-class A Shares | — | NEW | New buy |
| 39 | WMT | Walmart INC | — | NEW | New buy |
| 40 | NXPI | NXP Semiconductors N.V. | — | NEW | New buy |
| 41 | JNJ | Johnson & Johnson | — | NEW | New buy |
| 42 | LIN | Linde plc | — | NEW | New buy |
| 43 | SPOT | Spotify Technology S.A. | — | NEW | New buy |
| 44 | SN | SharkNinja, Inc. | — | NEW | New buy |
| 45 | RACE | Ferrari N.V. | — | NEW | New buy |
| 46 | MDT | Medtronic plc | — | NEW | New buy |
| 47 | ETN | Eaton Corporation plc | — | NEW | New buy |
| 48 | CB | Chubb Limited | — | NEW | New buy |
| 49 | CWK | Cushman & Wakefield Limited | — | NEW | New buy |
| 50 | TEL | TE Connectivity plc | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
FAQ
What is Eurizon Capital SGR S.p.A. and what type of investor is it?
Eurizon Capital SGR S.p.A. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $32.0B, spread across 1193 disclosed positions.
What are Eurizon Capital SGR S.p.A.'s largest equity positions?
Based on the latest 13F filing, Eurizon Capital SGR S.p.A.'s top holdings by market value are:
1. Nvidia CORP (NVDA) — $2.5B (7.7%)
2. Apple INC (AAPL) — $1.6B (5.1%)
3. Microsoft CORP (MSFT) — $1.5B (4.8%)
4. Amazon.com INC (AMZN) — $1.0B (3.2%)
5. Alphabet Inc-cl C (GOOG) — $916.5M (2.9%)
What changes did Eurizon Capital SGR S.p.A. make in its most recent portfolio filing?
In the latest reported quarter, Eurizon Capital SGR S.p.A. made 50 notable position adjustments: 13 new positions were initiated, 13 existing holdings were added to, 24 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Visa Inc-class A Shares (V); New buy: Walmart INC (WMT); New buy: NXP Semiconductors N.V. (NXPI); New buy: Johnson & Johnson (JNJ); New buy: Linde plc (LIN)
What sectors does Eurizon Capital SGR S.p.A. focus on?
Eurizon Capital SGR S.p.A. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 33.7%
• Financials: 11.1%
• Consumer Discretionary: 10.9%
• Health Care: 10.9%
• Communication Services: 9.5%
• Industrials: 8.3%
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