AA
Assenagon Asset Management S.A. — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Assenagon Asset Management S.A.CIK: 0001546007
Diversified strategyMomentum followerSector-focused
Total reported value
$80.2B
Reporting period: 2026-06-30 · Number of holdings: 1159
Assenagon Asset Management S.A. disclosed 1159 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $80.2B and a quarterly turnover rate of 60.6%.
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Personality snowflake
- Concentration
- 7.8
- Portfolio Stability
- 60.64
- Momentum
- 93.16
- Sector conviction
- 70.91
- Diversification
- 100
- Sizing Uniformity
- 53.49
Assenagon Asset Management S.A.'s disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 51 equally-sized positions, well below its 1159 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 4.65), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim MSFT
-23.5% -$1.2B
Add AMD
+12.9% $2.1B
Add INTC
+45.5% $1.8B
New buy SNDK
Trim LLY
-67.7% -$824.9M
Trim CVX
-78.1% -$878.2M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Aggressive alpha capture through high-velocity rotation. This fund ditched last cycle's moat stocks (MSFT, LLY, CVX) to pile into the semi supply chain, making a clean bet that AI capex is the only fuel left in the market.
Macro & Fundamentals
The embedded regime conviction is that AI infrastructure spending is steepening, not peaking. The opposing thesis is a classic crowded trade: peak AI exuberance, geopolitical shock to semi supply chains, or a capital rotation back into defensives that would destroy this fund's single-factor positioning.
Blind Spots / Risks
A dangerous mismatch between breadth and concentration. 1158 holdings distract from the fact that 43% of the book is riding on the semiconductor capex cycle. The high turnover (60.7%) combined with a near-max momentum score (93.1) means this portfolio has zero natural hedge against a factor rotation. When the AI trade reverses, the 'broad' diversification becomes a massive liquidity drag—everything moves in the same direction, and everything is for sale.
Compiled by AI directly from this institution's public Form 13F data on SEC EDGAR; reflects historical positioning only and carries no investment recommendation. Source filing linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1159 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.57% | +1.15% | +28.56% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.56% | -0.81% | -6.85% | |
| 3 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 5.30% | -1.19% | -13.11% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.86% | -2.81% | -23.47% | |
| 5 | AMD | Advanced Micro Devices | Stock-Tech | 3.85% | +2.39% | +12.86% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.49% | -0.41% | -11.44% | |
| 7 | INTC | Intel CORP | Stock-Tech | 2.81% | +2.07% | +45.53% | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 2.09% | +0.41% | +45.11% | |
| 9 | SNDK | Sandisk CORP | Stock-Tech | 1.76% | +1.76% | NEW | |
| 10 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.74% | +0.92% | +107.38% | |
| 11 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.72% | -0.50% | -16.73% | |
| 12 | SNPS | Synopsys Inc | Stock-Tech | 1.37% | +0.31% | +39.49% | |
| 13 | MCHX | Marchex, Inc. | Stock-Other | 1.24% | +0.20% | +27.64% | |
| 14 | UBS | UBS Group AG | Stock-Financials | 1.02% | +1.00% | +6277.50% | |
| 15 | AVGO | Broadcom Inc | Stock-Tech | 0.99% | +0.33% | +49.28% | |
| 16 | BAC | Bank of America Corporation | Stock-Financials | 0.98% | -0.02% | +2.97% | |
| 17 | TXN | Texas Instruments Inc | Stock-Tech | 0.85% | +0.42% | +54.90% | |
| 18 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.78% | +0.01% | +31.51% | |
| 19 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.78% | -0.56% | -28.16% | |
| 20 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.75% | -1.41% | -67.68% | |
| 21 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.68% | +0.44% | +121.65% | |
| 22 | ABBV | Abbvie Inc | Stock-Healthcare | 0.66% | +0.21% | +55.51% | |
| 23 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.63% | +0.55% | +952.58% | |
| 24 | KLAC | Kla CORP | Stock-Tech | 0.62% | +0.27% | +967.62% | |
| 25 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.61% | +0.23% | +87.00% | |
| 26 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.61% | +0.61% | NEW | |
| 27 | WMT | Walmart Inc | Stock-Consumer Staples | 0.57% | +0.32% | +207.21% | |
| 28 | MA | Mastercard Inc - A | Stock-Financials | 0.55% | +0.39% | +295.80% | |
| 29 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.55% | +0.10% | +47.29% | |
| 30 | JPM | JPMorgan Chase & Co. | Stock-Financials | 0.53% | -0.03% | +3.85% | |
| 31 | MRVL | Marvell Technology Inc | Stock-Tech | 0.50% | +0.29% | -2.63% | |
| 32 | ISRG | Intuitive Surgical Inc | Stock-Healthcare | 0.50% | -0.72% | -42.70% | |
| 33 | NFLX | Netflix Inc | Stock-Comm Services | 0.49% | -0.68% | -31.62% | |
| 34 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 0.48% | +0.05% | +38.07% | |
| 35 | AMAT | Applied Materials Inc | Stock-Tech | 0.48% | -0.41% | -68.98% | |
| 36 | VRTX | Vertex Pharmaceuticals Inc | Stock-Healthcare | 0.47% | +0.11% | +41.38% | |
| 37 | ANET | Arista Networks Inc | Stock-Tech | 0.44% | +0.25% | +106.44% | |
| 38 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.43% | +0.29% | +263.69% | |
| 39 | RY | Royal Bank Of Canada | Stock-Financials | 0.41% | +0.40% | +3329.94% | |
| 40 | SBUX | Starbucks CORP | Stock-Consumer Disc | 0.41% | +0.34% | +483.83% | |
| 41 | TMUS | T-mobile US Inc | Stock-Comm Services | 0.39% | +0.19% | +204.94% | |
| 42 | UBER | Uber Technologies Inc | Stock-Industrials | 0.38% | +0.11% | +73.94% | |
| 43 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.38% | +0.27% | +93.47% | |
| 44 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 0.37% | +0.07% | +18.18% | |
| 45 | ABT | Abbott Laboratories | Stock-Healthcare | 0.36% | -0.33% | -27.34% | |
| 46 | GILD | Gilead Sciences Inc | Stock-Healthcare | 0.36% | +0.25% | +346.47% | |
| 47 | PNC | Pnc Financial Services Group | Stock-Financials | 0.36% | -0.06% | -12.49% | |
| 48 | PFE | Pfizer Inc | Stock-Healthcare | 0.36% | +0.10% | +95.98% | |
| 49 | ADBE | Adobe Inc | Stock-Tech | 0.33% | -0.10% | +12.28% | |
| 50 | ON | On Semiconductor | Stock-Tech | 0.33% | +0.18% | +74.80% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+1.9%
Performance Last 4 Quarters
+25.6%
- Stdev
- +14.4%
- Beta
- +1.1
- Alpha
- +0.8%
- Max Drawdown
- -9.2%
- Annualized Perf
- +24.1%
- Batting Avg vs S&P
- +66.7%
- Sortino
- +3.73
- Stutzer
- +0.48
- Treynor
- +0.21
- Sterling
- +1.49
- Calmar
- +2.63
- Information Ratio
- +1
- Tracking Error
- +2.8%
- Stdev Down
- +6.1%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +39.4%
- Worst 12 Months
- +5.3%
- Efficiency Ratio
- +0.71
- Sharpe
- +1.58
- Stdev Sectors
- +11.5%
- Skewness
- +0.4
- Kurtosis
- +0.26
- Upside Potential
- +5.36
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 1159 | $80.2B | 61 | ||
| 2026 Q1 | 1095 | $65.9B | 52 | ||
| 2025 Q4 | 1143 | $72.6B | 50 | ||
| 2025 Q3 | 1160 | $73.1B | 62 | ||
| 2025 Q2 | 1148 | $67.4B | 0 | ||
| 2025 Q1 | 1144 | $59.9B | 100 | ||
| 2024 Q4 | 1306 | $62.0B | 0 | ||
| 2024 Q3 | 1358 | $54.3B | 0 | ||
| 2024 Q2 | 1403 | $44.9B | 0 | ||
| 2024 Q1 | 1350 | $42.2B | 0 | ||
| 2023 Q4 | 1392 | $37.7B | 0 | ||
| 2023 Q3 | 1371 | $32.3B | 0 | ||
| 2023 Q2 | 1315 | $28.9B | 0 | ||
| 2023 Q1 | 1398 | $28.2B | 0 | ||
| 2022 Q4 | 1342 | $27.7B | 0 | ||
| 2022 Q3 | 1322 | $26.1B | 0 | ||
| 2022 Q2 | 1437 | $27.0B | 0 | ||
| 2022 Q1 | 1401 | $36.0B | 0 | ||
| 2021 Q4 | 1409 | $34.5B | 0 | ||
| 2021 Q3 | 1271 | $31.3B | 0 | ||
| 2021 Q2 | 1177 | $29.5B | 91 | ||
| 2021 Q1 | 1179 | $24.6B | 73 | ||
| 2020 Q4 | 981 | $23.0B | 76 | ||
| 2020 Q3 | 1097 | $17.8B | 76 | ||
| 2020 Q2 | 1100 | $15.6B | 97 | ||
| 2020 Q1 | 757 | $12.5B | 100 | ||
| 2019 Q4 | 742 | $15.9B | 84 | ||
| 2019 Q3 | 809 | $14.9B | 79 | ||
| 2019 Q2 | 984 | $13.3B | 95 | ||
| 2019 Q1 | 919 | $10.7B | 98 | ||
| 2018 Q4 | 989 | $8.8B | 94 | ||
| 2018 Q3 | 764 | $10.1B | 88 | ||
| 2018 Q2 | 439 | $8.7B | 96 | ||
| 2018 Q1 | 533 | $7.7B | 98 | ||
| 2017 Q4 | 670 | $9.7B | 93 | ||
| 2017 Q3 | 458 | $10.8B | 99 | ||
| 2017 Q2 | 235 | $4.6B | 63 | ||
| 2017 Q1 | 254 | $4.7B | 83 | ||
| 2016 Q4 | 230 | $5.4B | 0 |
Holding changes this quarter
Assenagon Asset Management S.A.'s most significant position changes for 2026-06-30: New buy: Sandisk CORP (SNDK); New buy: Taiwan Semiconductor-sp Adr (TSM); Sold out: Pdd Holdings Inc (PDD); Sold out: Taylor Morrison Home CORP (TMHC); New buy: Carnival CORP LTD F.
Showing top 200 changes by size (of 1271 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMD | Advanced Micro Devices | +2.4% | +12.86% | Add |
| 2 | INTC | Intel CORP | +2.1% | +45.53% | Add |
| 3 | SNDK | Sandisk CORP | +1.8% | NEW | New buy |
| 4 | NVDA | Nvidia CORP | +1.2% | +28.56% | Add |
| 5 | UBS | UBS Group AG | +1% | +6277.50% | Add |
| 6 | GOOGL | Alphabet Inc-cl A | +0.9% | +107.38% | Add |
| 7 | TSM | Taiwan Semiconductor-sp Adr | +0.6% | NEW | New buy |
| 8 | PEP | Pepsico Inc | +0.6% | +952.58% | Add |
| 9 | UNH | Unitedhealth Group Inc | +0.4% | +121.65% | Add |
| 10 | TXN | Texas Instruments Inc | +0.4% | +54.90% | Add |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | +0.4% | +45.11% | Add |
| 12 | RY | Royal Bank Of Canada | +0.4% | +3329.94% | Add |
| 13 | MA | Mastercard Inc - A | +0.4% | +295.80% | Add |
| 14 | SBUX | Starbucks CORP | +0.3% | +483.83% | Add |
| 15 | AVGO | Broadcom Inc | +0.3% | +49.28% | Add |
| 16 | WMT | Walmart Inc | +0.3% | +207.21% | Add |
| 17 | SNPS | Synopsys Inc | +0.3% | +39.49% | Add |
| 18 | MO | Altria Group Inc | +0.3% | +3691.15% | Add |
| 19 | MRVL | Marvell Technology Inc | +0.3% | -2.63% | Trim |
| 20 | MRK | Merck & Co. Inc. | +0.3% | +263.69% | Add |
| 21 | KLAC | Kla CORP | +0.3% | +967.62% | Add |
| 22 | PANW | Palo Alto Networks Inc | +0.3% | +93.47% | Add |
| 23 | ANET | Arista Networks Inc | +0.3% | +106.44% | Add |
| 24 | GILD | Gilead Sciences Inc | +0.3% | +346.47% | Add |
| 25 | LPLA | Lpl Financial Holdings Inc | +0.3% | +4435.22% | Add |
| 26 | JNJ | Johnson & Johnson | +0.2% | +87.00% | Add |
| 27 | MU | Micron Technology Inc | +0.2% | +289.47% | Add |
| 28 | ABBV | Abbvie Inc | +0.2% | +55.51% | Add |
| 29 | PLTR | Palantir Technologies Inc-a | +0.2% | +2496.42% | Add |
| 30 | MCHX | Marchex, Inc. | +0.2% | +27.64% | Add |
| 31 | NTNX | Nutanix Inc - A | +0.2% | +1535.20% | Add |
| 32 | TMUS | T-mobile US Inc | +0.2% | +204.94% | Add |
| 33 | GEV | GE Vernova Inc | +0.2% | +112.90% | Add |
| 34 | ON | On Semiconductor | +0.2% | +74.80% | Add |
| 35 | ✓ | Carnival CORP LTD F | +0.2% | NEW | New buy |
| 36 | MNST | Monster Beverage CORP | +0.2% | +120.04% | Add |
| 37 | CTSH | Cognizant Tech Solutions-a | +0.2% | +925.50% | Add |
| 38 | TLN | Talen Energy CORP | +0.1% | +183.33% | Add |
| 39 | BKNG | Booking Holdings Inc | +0.1% | +66209.85% | Add |
| 40 | CVS | Cvs Health CORP | +0.1% | +102.69% | Add |
| 41 | PM | Philip Morris International | +0.1% | +310.35% | Add |
| 42 | TFC | Truist Financial CORP | +0.1% | +187.75% | Add |
| 43 | SLB | Slb LTD | +0.1% | +1858.13% | Add |
| 44 | XEL | Xcel Energy Inc | +0.1% | +6158.18% | Add |
| 45 | VRTX | Vertex Pharmaceuticals Inc | +0.1% | +41.38% | Add |
| 46 | UBER | Uber Technologies Inc | +0.1% | +73.94% | Add |
| 47 | CNC | Centene CORP | +0.1% | -2.86% | Trim |
| 48 | DDOG | Datadog Inc - Class A | +0.1% | -7.44% | Trim |
| 49 | EMR | Emerson Electric Co | +0.1% | +234.10% | Add |
| 50 | EXE | Expand Energy CORP | +0.1% | +882.17% | Add |
1–50 of 200
Filing History
FAQ
What is Assenagon Asset Management S.A. and what type of investor is it?
Assenagon Asset Management S.A. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $80.2B, spread across 1159 disclosed positions.
What are Assenagon Asset Management S.A.'s largest equity positions?
Based on the latest 13F filing, Assenagon Asset Management S.A.'s top holdings by market value are:
1. Nvidia CORP (NVDA) — $5.3B (6.6%)
2. Apple Inc (AAPL) — $4.5B (5.6%)
3. Amazon.com Inc (AMZN) — $4.3B (5.3%)
4. Microsoft CORP (MSFT) — $3.9B (4.9%)
5. Advanced Micro Devices (AMD) — $3.1B (3.9%)
What changes did Assenagon Asset Management S.A. make in its most recent portfolio filing?
In the latest reported quarter, Assenagon Asset Management S.A. made 200 notable position adjustments: 13 new positions were initiated, 114 existing holdings were added to, 67 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Sandisk CORP (SNDK); New buy: Taiwan Semiconductor-sp Adr (TSM); Sold out: Pdd Holdings Inc (PDD); Sold out: Taylor Morrison Home CORP (TMHC); New buy: Carnival CORP LTD F
What sectors does Assenagon Asset Management S.A. focus on?
Assenagon Asset Management S.A. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 43.0%
• Consumer Discretionary: 13.2%
• Health Care: 11.0%
• Financials: 9.4%
• Communication Services: 8.6%
• Consumer Staples: 4.8%
Investment Profile
Assenagon Asset Management S.A. returned an annualized 24.1% over the trailing 36 months — outperforming the S&P 500 by 0.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.10 (roughly in line with the market) and a 67% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 43.0% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 61 over the past 4 quarters — a shift toward more active trading.
It has added to its INTC position over the past two quarters (+$1.8B, now $2.3B), while trimming MSFT over the same stretch (-$1.3B, still holding $3.9B).
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Developer Access
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