CN
Czech National Bank: 13F Stock Holdings & Portfolio (Q2 2026)
Czech National BankCIK: 0001908923
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$18.3B
Reporting period: 2026-06-30 · Number of holdings: 503
Czech National Bank disclosed 503 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $18.3B and a quarterly turnover rate of 23.3%.
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Personality snowflake
- Concentration
- 7.79
- Portfolio Stability
- 23.25
- Momentum
- 100
- Sector conviction
- 60.81
- Diversification
- 100
- Sizing Uniformity
- 70.32
Czech National Bank's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 51 equally-sized positions, well below its 503 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 2.97), 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.govAdd MU
+4.7% $267.0M
Add AMD
+4.5% $179.3M
Add INTC
+5.2% $131.3M
Trim MSFT
+4.6% $40.1M
Add AMAT
+4.5% $89.4M
New buy MRVL
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Czech National Bank is not acting like a reserve manager this quarter. This is a deliberate, high-conviction hunt for alpha, loading up on distressed semiconductor names (MU, AMD, INTC) while holding a massive 39% technology weighting. They are not rotating capital; they are deepening a tactical bet on semis recovery.
Macro & Fundamentals
The fund is embedding a bet that the semiconductor cycle has bottomed and that AI capex will reignite demand for memory and logic chips. The opposing thesis is equally sharp: AI spend is peaking, semis are a crowded trade, and central bank portfolios should not be taking single-stock timing risk.
Blind Spots / Risks
The structural vulnerability is that the portfolio's performance is now entirely hostage to the semiconductor sub-sector. If the expected recovery fails to materialize, the drawdown will be amplified by the complete lack of sector hedging. The central bank's capital preservation mandate is effectively subordinated to a tactical conviction on INTC and MU.
AI-assisted summary drawn from this institution's SEC EDGAR filings, covering historical data only. Not a substitute for professional investment advice — cross-check against the primary source filing 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 503 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.52% | -0.06% | +4.17% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 6.59% | -0.08% | +4.56% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.30% | -0.62% | +4.55% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.62% | -0.02% | +4.73% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.25% | +0.26% | +5.26% | |
| 6 | AVGO | Broadcom Inc | Stock-Tech | 2.77% | +0.14% | +4.37% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.59% | +0.19% | +5.62% | |
| 8 | MU | Micron Technology Inc | Stock-Tech | 2.02% | +1.34% | +4.72% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.92% | -0.32% | +4.94% | |
| 10 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.84% | -0.03% | +4.62% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.47% | +0.17% | +4.33% | |
| 12 | AMD | Advanced Micro Devices | Stock-Tech | 1.47% | +0.88% | +4.53% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.42% | -0.15% | +4.49% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.36% | -0.06% | +3.87% | |
| 15 | INTC | Intel CORP | Stock-Tech | 1.02% | +0.65% | +5.16% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.95% | -0.10% | +4.40% | |
| 17 | AMAT | Applied Materials Inc | Stock-Tech | 0.89% | +0.40% | +4.50% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.88% | -0.03% | +3.18% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 0.88% | -0.39% | +3.66% | |
| 20 | LRCX | Lam Research CORP | Stock-Tech | 0.84% | +0.36% | +4.66% | |
| 21 | WMT | Walmart Inc | Stock-Consumer Staples | 0.77% | -0.20% | +4.52% | |
| 22 | CAT | Caterpillar Inc | Stock-Industrials | 0.76% | +0.17% | +3.46% | |
| 23 | CSCO | Cisco Systems Inc | Stock-Tech | 0.72% | +0.17% | +4.48% | |
| 24 | ABBV | Abbvie Inc | Stock-Healthcare | 0.69% | — | +4.48% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.64% | -0.15% | +4.46% | |
| 26 | MA | Mastercard Inc - A | Stock-Financials | 0.64% | -0.09% | +3.55% | |
| 27 | KLAC | Kla CORP | Stock-Tech | 0.61% | +0.26% | +941.56% | |
| 28 | GE | General Electric | Stock-Industrials | 0.60% | +0.07% | +3.97% | |
| 29 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.59% | +0.15% | +4.78% | |
| 30 | BAC | Bank Of America CORP | Stock-Financials | 0.58% | — | +2.83% | |
| 31 | HD | Home Depot Inc | Stock-Consumer Disc | 0.54% | -0.04% | +4.57% | |
| 32 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.53% | -0.07% | +4.72% | |
| 33 | SNDK | Sandisk CORP | Stock-Tech | 0.52% | +0.35% | +4.86% | |
| 34 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.49% | -0.04% | +4.00% | |
| 35 | GEV | GE Vernova Inc | Stock-Industrials | 0.49% | +0.07% | +4.20% | |
| 36 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.49% | -0.04% | +4.53% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.48% | -0.21% | +4.38% | |
| 38 | NFLX | Netflix Inc | Stock-Comm Services | 0.47% | -0.26% | +4.23% | |
| 39 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.46% | +0.01% | +2.80% | |
| 40 | PM | Philip Morris International | Stock-Consumer Staples | 0.44% | -0.02% | +4.64% | |
| 41 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.43% | +0.20% | +4.89% | |
| 42 | TXN | Texas Instruments Inc | Stock-Tech | 0.42% | +0.10% | +4.81% | |
| 43 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.42% | -0.18% | +5.05% | |
| 44 | IBM | Intl Business Machines CORP | Stock-Tech | 0.41% | — | +5.09% | |
| 45 | MRVL | Marvell Technology Inc | Stock-Tech | 0.40% | +0.40% | NEW | |
| 46 | RTX | Rtx CORP | Stock-Industrials | 0.40% | -0.06% | +4.86% | |
| 47 | WFC | Wells Fargo & Co | Stock-Financials | 0.39% | -0.05% | +3.42% | |
| 48 | MS | Morgan Stanley | Stock-Financials | 0.39% | +0.04% | +4.14% | |
| 49 | ORCL | Oracle CORP | Stock-Tech | 0.39% | -0.06% | +4.58% | |
| 50 | LIN | Linde plc | Stock-Materials | 0.37% | -0.04% | +3.48% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+21.6%
- Stdev
- +12.8%
- Beta
- +0.98
- Alpha
- -0.5%
- Max Drawdown
- -8.2%
- Annualized Perf
- +20%
- Batting Avg vs S&P
- +50%
- Sortino
- +3.14
- Stutzer
- +0.44
- Treynor
- +0.19
- Sterling
- +1.25
- Calmar
- +2.44
- Information Ratio
- -0.64
- Tracking Error
- +1.3%
- Stdev Down
- +6.1%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +32.7%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.63
- Sharpe
- +1.5
- Stdev Sectors
- +10.1%
- Skewness
- +0.1
- Kurtosis
- -0.01
- Upside Potential
- +4.74
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 503 | $18.3B | 23 | ||
| 2026 Q1 | 503 | $15.2B | 13 | ||
| 2025 Q4 | 503 | $15.4B | 11 | ||
| 2025 Q3 | 503 | $14.5B | 29 | ||
| 2025 Q2 | 504 | $12.8B | 0 | ||
| 2025 Q1 | 503 | $10.9B | 0 | ||
| 2024 Q4 | 503 | $10.8B | 0 | ||
| 2024 Q3 | 504 | $9.9B | 0 | ||
| 2024 Q2 | 503 | $8.7B | 0 | ||
| 2024 Q1 | 503 | $7.8B | 0 | ||
| 2023 Q4 | 503 | $7.0B | 0 | ||
| 2023 Q3 | 503 | $6.3B | 0 | ||
| 2023 Q2 | 503 | $4.4B | 0 | ||
| 2023 Q1 | 503 | $4.0B | 0 | ||
| 2022 Q4 | 503 | $3.8B | 0 | ||
| 2022 Q3 | 503 | $3.5B | 0 |
Holding changes this quarter
Czech National Bank's most significant position changes for 2026-06-30: New buy: Marvell Technology Inc (MRVL); Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: Flex Ltd. (FLEX).
Showing top 200 changes by size (of 512 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.3% | +4.72% | Add |
| 2 | AMD | Advanced Micro Devices | +0.9% | +4.53% | Add |
| 3 | INTC | Intel CORP | +0.7% | +5.16% | Add |
| 4 | AMAT | Applied Materials Inc | +0.4% | +4.50% | Add |
| 5 | MRVL | Marvell Technology Inc | +0.4% | NEW | New buy |
| 6 | LRCX | Lam Research CORP | +0.4% | +4.66% | Add |
| 7 | SNDK | Sandisk CORP | +0.4% | +4.86% | Add |
| 8 | GOOGL | Alphabet Inc-cl A | +0.3% | +5.26% | Add |
| 9 | KLAC | Kla CORP | +0.3% | +941.56% | Add |
| 10 | PANW | Palo Alto Networks Inc | +0.2% | +4.89% | Add |
| 11 | GOOG | Alphabet Inc-cl C | +0.2% | +5.62% | Add |
| 12 | STX | Seagate Technology Holdings plc | +0.2% | +7.46% | Add |
| 13 | WDC | Western Digital CORP | +0.2% | +6.25% | Add |
| 14 | LLY | Eli Lilly & Co | +0.2% | +4.33% | Add |
| 15 | CAT | Caterpillar Inc | +0.2% | +3.46% | Add |
| 16 | CSCO | Cisco Systems Inc | +0.2% | +4.48% | Add |
| 17 | UNH | Unitedhealth Group Inc | +0.2% | +4.78% | Add |
| 18 | AVGO | Broadcom Inc | +0.1% | +4.37% | Add |
| 19 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | +5.52% | Add |
| 20 | GLW | Corning Inc | +0.1% | +4.84% | Add |
| 21 | ✓ | +0.1% | NEW | New buy | |
| 22 | ✓ | +0.1% | NEW | New buy | |
| 23 | TXN | Texas Instruments Inc | +0.1% | +4.81% | Add |
| 24 | DELL | Dell Technologies -c | +0.1% | +1.73% | Add |
| 25 | FLEX | Flex Ltd. | +0.1% | NEW | New buy |
| 26 | GE | General Electric | +0.1% | +3.97% | Add |
| 27 | GEV | GE Vernova Inc | +0.1% | +4.20% | Add |
| 28 | APH | Amphenol Corp-cl A | +0.1% | +4.60% | Add |
| 29 | DDOG | Datadog Inc - Class A | +0.1% | +5.33% | Add |
| 30 | FTNT | Fortinet Inc | +0.1% | +2.97% | Add |
| 31 | ✓ | Carnival CORP LTD F | +0.1% | NEW | New buy |
| 32 | QCOM | Qualcomm Inc | +0.1% | +3.24% | Add |
| 33 | CASY | Casey's General Stores Inc | +0.1% | NEW | New buy |
| 34 | MS | Morgan Stanley | 0% | +4.14% | Add |
| 35 | ANET | Arista Networks Inc | 0% | +4.51% | Add |
| 36 | CVS | Cvs Health CORP | 0% | +4.82% | Add |
| 37 | COHR | Coherent CORP | 0% | +9.06% | Add |
| 38 | TER | Teradyne Inc | 0% | +4.47% | Add |
| 39 | VEEV | Veeva Systems Inc-class A | 0% | NEW | New buy |
| 40 | VRT | Vertiv Holdings Co-a | 0% | +4.94% | Add |
| 41 | APP | Applovin Corp-class A | 0% | +3.76% | Add |
| 42 | HPE | Hewlett Packard Enterprise | 0% | +4.36% | Add |
| 43 | HUM | Humana Inc | 0% | +4.06% | Add |
| 44 | URI | United Rentals Inc | 0% | +3.93% | Add |
| 45 | ✓ | 0% | NEW | New buy | |
| 46 | ✓ | 0% | NEW | New buy | |
| 47 | C | Citigroup Inc | 0% | +2.01% | Add |
| 48 | ADI | Analog Devices Inc | 0% | +4.42% | Add |
| 49 | CDNS | Cadence Design Sys Inc | 0% | +5.90% | Add |
| 50 | PWR | Quanta Services Inc | 0% | +5.18% | Add |
1–50 of 200
Filing History
FAQ
What is Czech National Bank and what type of investor is it?
Czech National Bank 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 $18.3B, spread across 503 disclosed positions.
What are Czech National Bank's largest equity positions?
Based on the latest 13F filing, Czech National Bank's top holdings by market value are:
1. Nvidia CORP (NVDA) — $1.4B (7.5%)
2. Apple Inc (AAPL) — $1.2B (6.6%)
3. Microsoft CORP (MSFT) — $788.7M (4.3%)
4. Amazon.com Inc (AMZN) — $664.1M (3.6%)
5. Alphabet Inc-cl A (GOOGL) — $596.5M (3.3%)
What changes did Czech National Bank make in its most recent portfolio filing?
In the latest reported quarter, Czech National Bank made 200 notable position adjustments: 9 new positions were initiated, 185 existing holdings were added to, 1 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: Marvell Technology Inc (MRVL); Sold out: Honeywell International Inc (HON); New buy: ; New buy: ; New buy: Flex Ltd. (FLEX)
What sectors does Czech National Bank focus on?
Czech National Bank is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 39.1%
• Financials: 10.4%
• Communication Services: 9.9%
• Consumer Discretionary: 9.7%
• Health Care: 9.2%
• Industrials: 8.4%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Czech National Bank returned an annualized 20.0% over the trailing 36 months — underperforming the S&P 500 by 0.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.98 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 39.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 23 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$286.0M, now $370.5M), while trimming PLTR over the same stretch (-$30.8M, still holding $76.2M).
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Developer Access
Access Czech National Bank's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/czech-national-bankCLI
npx alphasmo institutions get czech-national-bank