CIK: 0001537014
Total reported value
$19.3B
Reporting period: 2026-03-31 · Number of holdings: 692
Candriam S.C.A. disclosed 692 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.3B and a quarterly turnover rate of 24.0%.
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Candriam S.C.A.'s disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 66 equally-sized positions, well below its 692 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 3.08), 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.
Sector classification currently covers about 63% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+3.4% -$261.0M
Trim NU
-94.7% -$91.0M
Add KLAC
+242.9% $84.5M
Add NEE
+54.0% $74.5M
Trim LLY
-6.5% -$95.8M
Add GEV
+56.6% $59.7M
Candriam is aggressively harvesting momentum alpha, rotating out of names like LLY and JPM—which have lost pricing power or earnings catalyst—into KLAC and NEE, where momentum is accelerating. This is a hunting strategy, not a hedging one: they are doubling down on the tech+healthcare growth complex while churning away from any name that loses its trend.
The portfolio's extreme momentum tilt and 44% IT overweight is a concentrated bet that the AI-driven growth regime endures and that market leadership remains in U.S. large-cap growth. The opposing thesis: a regime shift to value/cyclical leadership or a broad drawdown that punishes overcrowded technology exposures.
With 692 holdings but a 100% momentum score, Candriam's diversified façade masks a concentrated bet on factor crowding—the velocity of flows into tech and healthcare has become the trade itself. A sudden regime shift—whether from peak momentum to mean reversion or a liquidity event—would turn this portfolio from a trend-capture machine into a liquidity trap, as every name is positioned for the same macro scenario and nobody is buying the hedge.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.36% | +0.07% | +3.87% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 5.15% | -1.10% | +3.43% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.62% | +0.07% | +4.46% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.86% | -0.08% | +2.40% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.74% | -0.14% | +1.21% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.28% | -0.19% | -1.04% | |
| 7 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.99% | -0.40% | -6.49% | |
| 8 | ABBV | Abbvie INC | Stock-Healthcare | 1.29% | — | +6.22% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.28% | — | +6.77% | |
| 10 | GILD | Gilead Sciences INC | Stock-Healthcare | 1.21% | — | -8.84% | |
| 11 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.15% | — | -14.16% | |
| 12 | MCK | Mckesson CORP | Stock-Healthcare | 1.08% | +0.24% | +16.74% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.01% | +0.24% | +6.57% | |
| 14 | MA | Mastercard INC - A | Stock-Financials | 1.01% | -0.18% | -6.67% | |
| 15 | PANW | Palo Alto Networks INC | Stock-Tech | 1.00% | — | +11.69% | |
| 16 | LRCX | Lam Research CORP | Stock-Tech | 0.96% | — | -16.88% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 0.92% | -0.16% | -5.33% | |
| 18 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.90% | — | +18.93% | |
| 19 | MU | Micron Technology INC | Stock-Tech | 0.90% | +0.15% | -2.73% | |
| 20 | NEE | Nextera Energy INC | Stock-Utilities | 0.88% | +0.41% | +54.04% | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.84% | — | +12.44% | |
| 22 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.83% | +0.16% | +3.68% | |
| 23 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.79% | — | +12.75% | |
| 24 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.75% | — | -9.23% | |
| 25 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.73% | -0.27% | -23.43% | |
| 26 | AMGN | Amgen INC | Stock-Healthcare | 0.72% | — | +0.92% | |
| 27 | A | Agilent Technologies INC | Stock-Healthcare | 0.69% | — | +26.72% | |
| 28 | NOW | Servicenow INC | Stock-Tech | 0.63% | — | +35.69% | |
| 29 | AMD | Advanced Micro Devices | Stock-Tech | 0.63% | — | +23.09% | |
| 30 | XYL | Xylem INC | Stock-Industrials | 0.61% | — | +28.03% | |
| 31 | GEV | GE Vernova INC | Stock-Industrials | 0.59% | +0.32% | +56.60% | |
| 32 | KLAC | Kla CORP | Stock-Tech | 0.58% | +0.45% | +242.85% | |
| 33 | CRM | Salesforce INC | Stock-Tech | 0.57% | -0.24% | -4.42% | |
| 34 | TSLA | Tesla INC | Stock-Consumer Disc | 0.57% | — | +11.65% | |
| 35 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.53% | — | +5.92% | |
| 36 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.53% | — | +1.61% | |
| 37 | HD | Home Depot INC | Stock-Consumer Disc | 0.53% | — | +5.28% | |
| 38 | EXC | Exelon CORP | Stock-Utilities | 0.51% | +0.25% | +66.42% | |
| 39 | ADI | Analog Devices INC | Stock-Tech | 0.47% | — | -8.27% | |
| 40 | ON | On Semiconductor | Stock-Tech | 0.45% | — | -8.33% | |
| 41 | WAB | Wabtec CORP | Stock-Industrials | 0.43% | — | -25.84% | |
| 42 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.41% | -0.13% | +11.65% | |
| 43 | ONC | Beone Medicines Ltd-adr | Stock-Other | 0.40% | — | +31.67% | |
| 44 | KEYS | Keysight Technologies In | Stock-Tech | 0.40% | — | -14.18% | |
| 45 | MS | Morgan Stanley | Stock-Financials | 0.39% | — | +7.34% | |
| 46 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.39% | — | -8.06% | |
| 47 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.39% | — | +8.17% | |
| 48 | MPWR | Monolithic Power Systems INC | Stock-Tech | 0.39% | — | -27.00% | |
| 49 | ALNY | Alnylam Pharmaceuticals INC | Stock-Healthcare | 0.39% | — | — | |
| 50 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.37% | — | +14.90% |
Performance for Q3 2026
+5.7%
Performance Last 4 Quarters
+29.4%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 692 | $19.3B | 24 | |
| 2025-12-31 | 685 | $20.1B | 25 | |
| 2025-09-30 | 665 | $19.1B | 40 | |
| 2025-06-30 | 679 | $17.3B | 0 | |
| 2025-03-31 | 799 | $16.0B | 100 | |
| 2024-12-31 | 791 | $17.4B | 0 | |
| 2024-09-30 | 689 | $17.4B | 0 | |
| 2024-06-30 | 810 | $16.5B | 0 | |
| 2024-03-31 | 702 | $15.6B | 0 | |
| 2023-12-31 | 704 | $14.5B | 0 | |
| 2023-09-30 | 844 | $14.1B | 0 | |
| 2023-06-30 | 903 | $13.8B | 0 | |
| 2023-03-31 | 1076 | $14.4B | 0 | |
| 2022-12-31 | 1050 | $14.8B | 0 | |
| 2022-09-30 | 1066 | $14.2B | 0 | |
| 2022-06-30 | 966 | $12.1B | 0 | |
| 2022-03-31 | 996 | $14.7B | 0 | |
| 2021-12-31 | 997 | $15.7B | 0 | |
| 2021-09-30 | 1076 | $14.7B | 0 | |
| 2021-06-30 | 1099 | $14.6B | 90 | |
| 2021-03-31 | 1001 | $12.0B | 5 | |
| 2020-12-31 | 998 | $12.6B | 38 | |
| 2020-09-30 | 993 | $10.6B | 30 | |
| 2020-06-30 | 995 | $9.5B | 46 | |
| 2020-03-31 | 964 | $9.0B | 3 | |
| 2019-12-31 | 787 | $9.3B | 31 | |
| 2019-09-30 | 741 | $7.5B | 30 | |
| 2019-06-30 | 808 | $8.0B | 27 | |
| 2019-03-31 | 864 | $7.8B | 37 | |
| 2018-12-31 | 881 | $6.5B | 31 | |
| 2018-09-30 | 883 | $7.5B | 38 | |
| 2018-06-30 | 858 | $6.3B | 32 | |
| 2018-03-31 | 760 | $5.9B | 30 | |
| 2017-12-31 | 750 | $5.8B | 33 | |
| 2017-09-30 | 723 | $5.7B | 36 | |
| 2017-06-30 | 704 | $5.3B | 34 | |
| 2017-03-31 | 690 | $5.2B | 40 | |
| 2016-12-31 | 668 | $4.4B | 38 | |
| 2016-09-30 | 656 | $4.2B | 38 | |
| 2016-06-30 | 653 | $3.8B | 45 | |
| 2016-03-31 | 635 | $4.0B | 59 | |
| 2015-12-31 | 553 | $3.7B | 60 | |
| 2015-09-30 | 617 | $4.1B | 48 | |
| 2015-06-30 | 634 | $4.8B | 45 | |
| 2015-03-31 | 634 | $5.0B | 45 | |
| 2014-12-31 | 617 | $4.8B | 0 |
Candriam S.C.A.'s most significant position changes for 2026-03-31: New buy: Service CORP International (SCI); New buy: Firstcash Holdings INC (FCFS); Sold out: Banco Macro Sa-adr (BMA); New buy: Definium Therapeutics INC (DFTX); Sold out: Biomarin Pharmaceutical INC (BMRN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KLAC | Kla CORP | +0.5% | +242.85% | Add |
| 2 | NEE | Nextera Energy INC | +0.4% | +54.04% | Add |
| 3 | GEV | GE Vernova INC | +0.3% | +56.60% | Add |
| 4 | EXC | Exelon CORP | +0.3% | +66.42% | Add |
| 5 | JNJ | Johnson & Johnson | +0.2% | +6.57% | Add |
| 6 | MCK | Mckesson CORP | +0.2% | +16.74% | Add |
| 7 | ENSG | Ensign Group Inc/the | +0.2% | +264.86% | Add |
| 8 | TRGP | Targa Resources CORP | +0.2% | +564.08% | Add |
| 9 | BABA | Alibaba Group Holding-sp Adr | +0.2% | +104.58% | Add |
| 10 | MRK | Merck & Co. INC. | +0.2% | +3.68% | Add |
| 11 | TTD | Trade Desk Inc/the -class A | +0.2% | +13.16% | Add |
| 12 | MEDP | Medpace Holdings INC | +0.2% | +164.76% | Add |
| 13 | MU | Micron Technology INC | +0.2% | -2.73% | Trim |
| 14 | MELI | Mercadolibre INC | +0.1% | +479.64% | Add |
| 15 | VRT | Vertiv Holdings Co-a | +0.1% | +294.13% | Add |
| 16 | FCX | Freeport-mcmoran INC | +0.1% | +109.31% | Add |
| 17 | NVDA | Nvidia CORP | +0.1% | +3.87% | Add |
| 18 | AAPL | Apple INC | +0.1% | +4.46% | Add |
| 19 | GOOGL | Alphabet Inc-cl A | -0.1% | +2.40% | Add |
| 20 | RVMD | Revolution Medicines INC | -0.1% | -43.68% | Trim |
| 21 | JBL | Jabil INC | -0.1% | -94.46% | Trim |
| 22 | UTHR | United Therapeutics CORP | -0.1% | -50.43% | Trim |
| 23 | TGT | Target CORP | -0.1% | -66.94% | Trim |
| 24 | SPGI | S&p Global INC | -0.1% | -15.76% | Trim |
| 25 | BSX | Boston Scientific CORP | -0.1% | +11.65% | Add |
| 26 | BLK | Blackrock INC | -0.1% | -60.18% | Trim |
| 27 | AMZN | Amazon.com INC | -0.1% | +1.21% | Add |
| 28 | PGR | Progressive CORP | -0.1% | -45.99% | Trim |
| 29 | V | Visa Inc-class A Shares | -0.2% | -5.33% | Trim |
| 30 | ADP | Automatic Data Processing | -0.2% | -27.20% | Trim |
| 31 | WM | Waste Management INC | -0.2% | -39.08% | Trim |
| 32 | MA | Mastercard INC - A | -0.2% | -6.67% | Trim |
| 33 | EBAY | Ebay INC | -0.2% | -83.85% | Trim |
| 34 | AVGO | Broadcom INC | -0.2% | -1.04% | Trim |
| 35 | AXP | American Express Co | -0.2% | -30.88% | Trim |
| 36 | QCOM | Qualcomm INC | -0.2% | -72.09% | Trim |
| 37 | CRM | Salesforce INC | -0.2% | -4.42% | Trim |
| 38 | JPM | Jpmorgan Chase & Co | -0.3% | -23.43% | Trim |
| 39 | DHR | Danaher CORP | -0.3% | -41.26% | Trim |
| 40 | BKNG | Booking Holdings INC | -0.3% | -44.11% | Trim |
| 41 | IQV | Iqvia Holdings INC | -0.3% | -49.30% | Trim |
| 42 | ABT | Abbott Laboratories | -0.3% | -38.71% | Trim |
| 43 | LLY | Eli Lilly & Co | -0.4% | -6.49% | Trim |
| 44 | NU | Nu Holdings Ltd. | -0.5% | -94.73% | Trim |
| 45 | MSFT | Microsoft CORP | -1.1% | +3.43% | Add |
| 46 | SCI | Service CORP International | — | NEW | New buy |
| 47 | FCFS | Firstcash Holdings INC | — | NEW | New buy |
| 48 | BMA | Banco Macro Sa-adr | — | EXIT | Sold out |
| 49 | DFTX | Definium Therapeutics INC | — | NEW | New buy |
| 50 | BMRN | Biomarin Pharmaceutical INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-30 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-04-30 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-06 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-03 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-20 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-29 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-22 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-19 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-23 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-26 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-01-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2020-02-05 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-10-21 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-01 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-02 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-07 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-07 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-03 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-21 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-02 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-27 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-25 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-19 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-29 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-28 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-04-27 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-05-28 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-03-26 | 13F-HR | View on EDGAR |
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