Amundi2026-Q2
The defining move of Amundi's second quarter was an erasure: an entire ExxonMobil position worth $4.16B — once 1.13% of everything the fund owned — carried to zero.
TL;DR: Amundi's 2026-Q2 13F reads like a fund catching its breath: turnover cooled to 0.266719 from 0.356384 even as the roster expanded to 2062 holdings from 2033. Three threads run through the quarter — a total exit from ExxonMobil, heavy buying of chipmaking machinery led by Applied Materials, and disciplined selling into strength across a dozen winners whose share counts fell while their dollar values climbed. Technology still anchors the book at 39.6%, and the classified slice of the portfolio widened sharply this quarter.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| XOM | Sold out | a notable change |
| AMAT | Add | +$3.40B |
| NVDA | Trim | +$2.59B — shares were genuinely sold; price gains simply outweighed the value of the trimmed shares, so this was not a buy |
| TTE | Trim | -$2.84B |
| BKNG | Add | +$1.02B |
On the surface, this was Amundi's quietest filing in quarters: the turnover ratio slid to 0.266719 from 0.356384, holdings crept up to 2062 from 2033, and the HHI concentration gauge eased to 0.015887 from 0.016417. Quiet, however, was not passive. The loudest line in the filing is an absence: XOM is recorded as sold_out, meaning the $4.16B stake — 1.13% of the entire fund — was deliberately liquidated. The same retreat runs through the rest of energy: TTE was actively trimmed, its value shifting by -$2.84B as its weight slid from 5.14% to 3.88%, while GE registered -$810.3M and PEP -$646.5M. The energy sleeve narrowed from 3.8% to 3.23% of the book, and the direction is unmistakable — the fund stepped back from the oil majors that anchored that exposure.
The subtler drama sits inside technology. Twelve positions — NVDA, AMD, MU, INTC, AAPL, LRCX, SNDK, TXN, LLY, GOOG, PANW and CAT — all hold fewer shares than they did at the end of the prior quarter, yet every single one posts a larger dollar value. The filing's own annotation untangles the knot: the shares really were sold, and each stock's price simply rose by more than the trimmed shares were worth. These were harvests, not bets. Even NVDA, the fund's largest line, was trimmed to 6.28% of assets from 6.35% while its value moved +$2.59B — price doing the lifting, not fresh buying.
Twelve winning positions shrank by share count this quarter while their dollar values grew — from Nvidia and AMD to Eli Lilly and Caterpillar, Amundi banked the rally rather than chasing it.
So where did the proceeds go? The single largest active add went to AMAT, whose value swelled by +$3.40B and whose weight climbed from 0.61% to 1.37%. MRVL expanded sharply from the margins, its value gaining +$2.00B as its weight jumped from 0.12% to 0.60%, with KLAC, QCOM (+$1.21B), STX and CSCO lined up behind them. Among the giants, MSFT's value rose +$1.99B, AVGO +$2.03B, GOOGL +$2.74B and AMZN +$2.42B, while BKNG scaled up from just $36.4M to $1.06B. Ballast came from V, HD and WMT. Read together, the buying clusters tightly around computing infrastructure — the equipment, memory and networking layer beneath the digital economy.
The wider silhouette shifted toward breadth. Industrials rose from 4.09% to 8.01% of the book, Real Estate from 0.06% to 1.95%, Utilities from 0.28% to 1.88% and Materials from 0.64% to 2.37%, with Financials firming to 9.7% from 8.98%. On the other side, Communication Services receded from 12.62% to 8.71%, Health Care from 11.39% to 10.08%, Consumer Discretionary from 12.29% to 10.93%, Consumer Staples from 4.24% to 3.54%, Energy from 3.8% to 3.23% — and Information Technology itself from 41.63% to 39.6%. Part of that reshuffle reflects measurement rather than trading: the mapped share of reported value leapt from 0.6447475760660484 to 0.9383822475467491, pulling far more of the book into sector frames. Dispersion ticked down, with a coefficient of variation of 5.636853 versus 5.691384; concentration slipped further; and the momentum tilt firmed slightly to 0.047008 percentage points from 0.040159.
Taken whole, the quarter describes a manager harvesting gains into strength, redeploying into the semiconductor supply chain, and cutting an oil major loose altogether. The zero where ExxonMobil used to sit is the period at the end of the sentence.