CIK: 0000800177
Total reported value
$41.5B
Reporting period: 2026-03-31 · Number of holdings: 2101
DANSKE BANK A/S disclosed 2101 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $41.5B and a quarterly turnover rate of 17.6%.
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Danske Bank A/s's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 47 equally-sized positions, well below its 2101 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 4.90), 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.
Trim MSFT
+6.1% -$481.5M
Trim TSLA
-23.8% -$399.5M
Add AAPL
+14.3% $182.1M
Trim META
+0.0% -$140.7M
Trim GOOGL
-1.3% -$140.9M
Add OKE
+34.4% $81.2M
DANSKE BANK A/S is executing a high-conviction momentum rotation within mega-cap tech, systematically accumulating AAPL and adding to MSFT while paring back TSLA and GOOGL. The 1,178 positions and 42% IT sector weight reveal this as a factor-driven device designed to capture AI-fueled market leadership with broad diversification around the core, not a stock-picking exercise.
This portfolio is pricing in a continuation of the growth/AI regime where the largest TAM beneficiaries (Apple, Microsoft) dominate the index. The opposing thesis is a looming liquidity squeeze that breaks the reflexivity loop driving mega-cap concentration — if the carry trade unwinds or capex disappoints, the momentum dynamic collapses, and the portfolio has no natural hedge outside its tech cluster.
Despite a deceptively low HHI, the strategy harbors a hidden concentration risk: factor crowding in momentum combined with a top-heavy sector bet on Information Technology. When the momentum factor reverses — and it always does — the 1,178 positions all dance to the same rhythm, offering no true diversification against a style rotation. The new buy in GLNG is a marginal hedge, not a structural solution.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 2101 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.75% | +0.07% | +4.21% | |
| 2 | AAPL | Apple INC | Stock-Tech | 7.03% | +0.67% | +14.25% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 5.02% | -0.94% | +6.12% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.85% | — | +12.07% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.29% | -0.21% | -1.33% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.40% | -0.16% | +1.19% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.21% | -0.25% | +0.04% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.07% | -0.12% | -0.03% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.73% | -0.87% | -23.80% | |
| 10 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.68% | -0.08% | +8.08% | |
| 11 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.63% | -0.09% | +0.03% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 1.30% | -0.17% | -0.72% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.22% | +0.20% | -2.38% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.94% | — | -1.77% | |
| 15 | WMT | Walmart INC | Stock-Consumer Staples | 0.90% | +0.13% | +0.71% | |
| 16 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.81% | +0.14% | +1.16% | |
| 17 | MU | Micron Technology INC | Stock-Tech | 0.77% | +0.17% | +5.90% | |
| 18 | ABBV | Abbvie INC | Stock-Healthcare | 0.69% | — | +12.88% | |
| 19 | LIN | Linde plc | Stock-Materials | 0.69% | +0.12% | +0.81% | |
| 20 | NFLX | Netflix INC | Stock-Comm Services | 0.67% | — | +1.07% | |
| 21 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.67% | — | +0.76% | |
| 22 | CSCO | Cisco Systems INC | Stock-Tech | 0.63% | — | -1.41% | |
| 23 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.58% | — | -3.83% | |
| 24 | CB | Chubb Limited | Stock-Financials | 0.55% | — | +5.56% | |
| 25 | MA | Mastercard INC - A | Stock-Financials | 0.54% | -0.07% | -1.40% | |
| 26 | LRCX | Lam Research CORP | Stock-Tech | 0.54% | — | -11.62% | |
| 27 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.52% | -0.08% | +1.51% | |
| 28 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.52% | — | -4.62% | |
| 29 | AMD | Advanced Micro Devices | Stock-Tech | 0.51% | — | +17.18% | |
| 30 | GS | Goldman Sachs Group INC | Stock-Financials | 0.51% | — | +5.75% | |
| 31 | RTX | Rtx CORP | Stock-Industrials | 0.50% | — | +6.42% | |
| 32 | WFC | Wells Fargo & Co | Stock-Financials | 0.50% | -0.10% | -5.62% | |
| 33 | GE | General Electric | Stock-Industrials | 0.50% | — | +2.94% | |
| 34 | OKE | Oneok INC | Stock-Energy | 0.50% | +0.21% | +34.40% | |
| 35 | CRM | Salesforce INC | Stock-Tech | 0.47% | -0.15% | +3.88% | |
| 36 | BAC | Bank Of America CORP | Stock-Financials | 0.46% | -0.08% | -6.68% | |
| 37 | ORCL | Oracle CORP | Stock-Tech | 0.45% | -0.17% | -6.88% | |
| 38 | HD | Home Depot INC | Stock-Consumer Disc | 0.42% | — | -5.26% | |
| 39 | KLAC | Kla CORP | Stock-Tech | 0.42% | — | -10.31% | |
| 40 | AMAT | Applied Materials INC | Stock-Tech | 0.40% | +0.13% | +9.34% | |
| 41 | GEV | GE Vernova INC | Stock-Industrials | 0.40% | +0.16% | +22.55% | |
| 42 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.38% | — | +1.68% | |
| 43 | PEP | Pepsico INC | Stock-Consumer Staples | 0.38% | — | +0.76% | |
| 44 | AMGN | Amgen INC | Stock-Healthcare | 0.37% | +0.15% | +48.41% | |
| 45 | APH | Amphenol Corp-cl A | Stock-Tech | 0.36% | — | -2.48% | |
| 46 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.36% | -0.16% | -17.68% | |
| 47 | WM | Waste Management INC | Stock-Industrials | 0.36% | +0.19% | +92.59% | |
| 48 | CAT | Caterpillar INC | Stock-Industrials | 0.36% | +0.09% | +2.47% | |
| 49 | NEE | Nextera Energy INC | Stock-Utilities | 0.35% | +0.10% | +16.48% | |
| 50 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.34% | — | +4.32% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+21.5%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2101 | $41.5B | 18 | |
| 2025-12-31 | 2424 | $43.0B | 17 | |
| 2025-09-30 | 2462 | $40.2B | 19 | |
| 2025-06-30 | 2521 | $40.3B | 32 | |
| 2025-03-31 | 2466 | $32.7B | 22 | |
| 2024-12-31 | 2698 | $33.4B | 24 | |
| 2024-09-30 | 2698 | $30.0B | 17 | |
| 2024-06-30 | 1732 | $27.1B | 25 | |
| 2024-03-31 | 1615 | $31.9B | 0 |
Danske Bank A/s's most significant position changes for 2026-03-31: New buy: Golar LNG Limited (GLNG); Add: Microsoft CORP (MSFT) — shares +6.12%; Trim: Tesla INC (TSLA) — shares -23.80%; Add: Apple INC (AAPL) — shares +14.25%; Add: Meta Platforms Inc-class A (META) — shares +0.04%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | +0.7% | +14.25% | Add |
| 2 | OKE | Oneok INC | +0.2% | +34.40% | Add |
| 3 | JNJ | Johnson & Johnson | +0.2% | -2.38% | Trim |
| 4 | HAL | Halliburton Co | +0.2% | +80.89% | Add |
| 5 | WM | Waste Management INC | +0.2% | +92.59% | Add |
| 6 | MU | Micron Technology INC | +0.2% | +5.90% | Add |
| 7 | GEV | GE Vernova INC | +0.2% | +22.55% | Add |
| 8 | AMGN | Amgen INC | +0.2% | +48.41% | Add |
| 9 | COST | Costco Wholesale CORP | +0.1% | +1.16% | Add |
| 10 | AMAT | Applied Materials INC | +0.1% | +9.34% | Add |
| 11 | TXN | Texas Instruments INC | +0.1% | +40.97% | Add |
| 12 | WMT | Walmart INC | +0.1% | +0.71% | Add |
| 13 | LIN | Linde plc | +0.1% | +0.81% | Add |
| 14 | DELL | Dell Technologies -c | +0.1% | +15.22% | Add |
| 15 | NEE | Nextera Energy INC | +0.1% | +16.48% | Add |
| 16 | YUMC | Yum China Holdings INC | +0.1% | +1545.77% | Add |
| 17 | BKR | Baker Hughes Co | +0.1% | +6.24% | Add |
| 18 | CAT | Caterpillar INC | +0.1% | +2.47% | Add |
| 19 | EQIX | Equinix INC | +0.1% | +17.21% | Add |
| 20 | NVDA | Nvidia CORP | +0.1% | +4.21% | Add |
| 21 | ADI | Analog Devices INC | +0.1% | +14.79% | Add |
| 22 | ALL | Allstate CORP | -0.1% | -30.47% | Trim |
| 23 | BSX | Boston Scientific CORP | -0.1% | -3.50% | Trim |
| 24 | MA | Mastercard INC - A | -0.1% | -1.40% | Trim |
| 25 | DHR | Danaher CORP | -0.1% | -19.34% | Trim |
| 26 | QCOM | Qualcomm INC | -0.1% | -4.78% | Trim |
| 27 | LLY | Eli Lilly & Co | -0.1% | +8.08% | Add |
| 28 | PLTR | Palantir Technologies Inc-a | -0.1% | +1.51% | Add |
| 29 | TMO | Thermo Fisher Scientific INC | -0.1% | -11.95% | Trim |
| 30 | BAC | Bank Of America CORP | -0.1% | -6.68% | Trim |
| 31 | JPM | Jpmorgan Chase & Co | -0.1% | +0.03% | Add |
| 32 | CRH | CRH plc | -0.1% | -44.53% | Trim |
| 33 | WFC | Wells Fargo & Co | -0.1% | -5.62% | Trim |
| 34 | ADBE | Adobe INC | -0.1% | -5.53% | Trim |
| 35 | UBER | Uber Technologies INC | -0.1% | -26.06% | Trim |
| 36 | APP | Applovin Corp-class A | -0.1% | -3.41% | Trim |
| 37 | NOW | Servicenow INC | -0.1% | -4.58% | Trim |
| 38 | GOOG | Alphabet Inc-cl C | -0.1% | -0.03% | Trim |
| 39 | DIS | Walt Disney Co/the | -0.1% | -21.55% | Trim |
| 40 | INTU | Intuit INC | -0.1% | -3.95% | Trim |
| 41 | CRM | Salesforce INC | -0.2% | +3.88% | Add |
| 42 | AVGO | Broadcom INC | -0.2% | +1.19% | Add |
| 43 | UNH | Unitedhealth Group INC | -0.2% | -17.68% | Trim |
| 44 | V | Visa Inc-class A Shares | -0.2% | -0.72% | Trim |
| 45 | ORCL | Oracle CORP | -0.2% | -6.88% | Trim |
| 46 | GOOGL | Alphabet Inc-cl A | -0.2% | -1.33% | Trim |
| 47 | META | Meta Platforms Inc-class A | -0.3% | +0.04% | Add |
| 48 | TSLA | Tesla INC | -0.9% | -23.80% | Trim |
| 49 | MSFT | Microsoft CORP | -0.9% | +6.12% | Add |
| 50 | GLNG | Golar LNG Limited | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-19 | Amendment | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-12-18 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-12-18 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2026-03-18 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2026-03-18 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2026-03-18 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2026-03-18 | 13F-HR | View on EDGAR |
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