CIK: 0001368163
Total reported value
$46.0B
Reporting period: 2026-03-31 · Number of holdings: 2557
Zurcher Kantonalbank (Zurich Cantonalbank) disclosed 2557 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $46.0B and a quarterly turnover rate of 17.8%.
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Zurcher Kantonalbank (Zurich Cantonalbank)'s disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 64 equally-sized positions, well below its 2557 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 6.22), 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
+10.9% -$354.2M
Trim TSLA
-7.1% -$230.9M
Trim NVDA
+1.5% -$157.7M
Trim XLF
-100.0% -$133.1M
Trim UBS
+14.4% -$143.2M
Trim JPM
-11.5% -$127.8M
Zurcher Kantonalbank is not hunting Alpha but executing a deliberate capital rotation: reducing US financials (JPM trim, XLF liquidated) to reinforce a European conviction bet (UBS add) while layering into mega-cap tech with pricing power (MSFT, NVDA, AMZN) and initiating a defensive pharma anchor (AZN). The low-turnover, hyper-diversified structure masks that this is a micro-sector shift within a systematic momentum-tilt framework.
The portfolio is pricing in a regime of monetary policy divergence: overweight European financials to capture a catch-up in a recovering eurozone, underweight US financials as domestic growth peaks, and adding to mega-cap tech as steady compounders with moats. The opposing thesis is that the US economy will avoid a slowdown, making this rotation premature—US banks and high-beta growth would then outperform, leaving this portfolio caught in a defensive posture too early.
Zurcher Kantonalbank’s extreme diversification (2,544 holdings, HHI 0.0156) combined with a momentum tilt of 84.93 creates a structural exposure to factor crowding—the portfolio is long the consensus winners in tech and financials. When factor mean-reversion hits, this broad dispersion ensures no single alpha signal is decisive; the entire book becomes a passive index fund with noise-level deviation, vulnerable to multiple compression in its dominant 30% IT sector.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 2557 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.35% | -0.29% | +1.46% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.15% | -0.06% | +5.06% | |
| 3 | UBS | UBS Group AG | Stock-Financials | 4.72% | -0.27% | +14.43% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.33% | -0.73% | +10.90% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.65% | -0.14% | +2.67% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.65% | -0.24% | +0.69% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.11% | -0.19% | +1.78% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.83% | -0.12% | +1.69% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.69% | -0.20% | +2.39% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.66% | -0.49% | -7.08% | |
| 11 | ALC | Alcon Inc. | Stock-Healthcare | 1.29% | — | +3.65% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.28% | -0.15% | +3.83% | |
| 13 | AMRZ | Amrize Ltd | Stock-Materials | 1.26% | +0.11% | +10.40% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.17% | -0.27% | -11.51% | |
| 15 | WMT | Walmart INC | Stock-Consumer Staples | 0.91% | +0.11% | +0.54% | |
| 16 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.84% | +0.84% | NEW | |
| 17 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.83% | +0.14% | +0.93% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | -0.09% | +4.33% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 0.69% | +0.19% | -1.32% | |
| 20 | MA | Mastercard INC - A | Stock-Financials | 0.69% | -0.09% | +0.32% | |
| 21 | MU | Micron Technology INC | Stock-Tech | 0.61% | +0.14% | +8.25% | |
| 22 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.52% | +0.12% | +9.88% | |
| 23 | LIN | Linde plc | Stock-Materials | 0.51% | +0.12% | +11.17% | |
| 24 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.49% | — | +0.68% | |
| 25 | WELL | Welltower INC | Stock-Real Estate | 0.48% | — | -0.34% | |
| 26 | LOGI | Logitech International S.A. | Stock-Tech | 0.47% | -0.15% | -14.34% | |
| 27 | CVX | Chevron CORP | Stock-Energy | 0.46% | +0.13% | +3.19% | |
| 28 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.41% | +0.09% | +18.74% | |
| 29 | GEV | GE Vernova INC | Stock-Industrials | 0.41% | +0.20% | +43.18% | |
| 30 | CAT | Caterpillar INC | Stock-Industrials | 0.40% | +0.08% | -0.65% | |
| 31 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.39% | +0.11% | -11.09% | |
| 32 | ADBE | Adobe INC | Stock-Tech | 0.38% | -0.07% | +22.46% | |
| 33 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 0.38% | — | +4.21% | |
| 34 | TTE | Totalenergies Se | Stock-Other | 0.38% | +0.15% | +16.55% | |
| 35 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.38% | -0.07% | -2.81% | |
| 36 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.38% | — | -2.49% | |
| 37 | APH | Amphenol Corp-cl A | Stock-Tech | 0.37% | — | +3.73% | |
| 38 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.37% | — | +5.84% | |
| 39 | GE | General Electric | Stock-Industrials | 0.37% | — | -0.63% | |
| 40 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.37% | — | +6.66% | |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.36% | — | +1.95% | |
| 42 | PWR | Quanta Services INC | Stock-Industrials | 0.36% | +0.09% | +2.02% | |
| 43 | ANET | Arista Networks INC | Stock-Tech | 0.36% | — | -1.84% | |
| 44 | ETN | Eaton Corporation plc | Stock-Industrials | 0.35% | — | -4.85% | |
| 45 | KLAC | Kla CORP | Stock-Tech | 0.35% | +0.11% | +20.26% | |
| 46 | FIX | Comfort Systems USA INC | Stock-Industrials | 0.34% | — | -20.45% | |
| 47 | BAC | Bank Of America CORP | Stock-Financials | 0.33% | -0.21% | -31.83% | |
| 48 | CSCO | Cisco Systems INC | Stock-Tech | 0.33% | — | -0.85% | |
| 49 | AMD | Advanced Micro Devices | Stock-Tech | 0.33% | — | +5.29% | |
| 50 | VZ | Verizon Communications INC | Stock-Comm Services | 0.33% | +0.08% | +3.60% |
Performance for Q3 2026
+3.7%
Performance Last 4 Quarters
+22.6%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2557 | $46.0B | 18 | |
| 2025-12-31 | 2545 | $46.3B | 19 | |
| 2025-09-30 | 2553 | $43.5B | 35 | |
| 2025-06-30 | 2571 | $40.9B | 0 | |
| 2025-03-31 | 2630 | $34.8B | 100 | |
| 2024-12-31 | 2699 | $35.1B | 0 | |
| 2024-09-30 | 2701 | $33.6B | 0 | |
| 2024-06-30 | 2688 | $30.7B | 0 | |
| 2024-03-31 | 2753 | $28.5B | 0 | |
| 2023-12-31 | 2772 | $26.1B | 0 | |
| 2023-09-30 | 2822 | $22.7B | 0 | |
| 2023-06-30 | 2833 | $22.7B | 0 | |
| 2023-03-31 | 2895 | $20.5B | 0 | |
| 2022-12-31 | 2891 | $18.7B | 0 | |
| 2022-09-30 | 2959 | $16.9B | 0 | |
| 2022-06-30 | 2943 | $17.1B | 0 | |
| 2022-03-31 | 2781 | $20.3B | 0 | |
| 2021-12-31 | 2952 | $20.7B | 0 | |
| 2021-09-30 | 2858 | $18.5B | 0 | |
| 2021-06-30 | 2639 | $18.0B | 97 | |
| 2021-03-31 | 2584 | $16.8B | 19 | |
| 2020-12-31 | 2639 | $16.4B | 22 | |
| 2020-09-30 | 2594 | $14.2B | 26 | |
| 2020-06-30 | 2551 | $11.6B | 24 | |
| 2020-03-31 | 2617 | $10.7B | 29 | |
| 2019-12-31 | 2618 | $12.9B | 19 | |
| 2019-09-30 | 2640 | $11.9B | 16 | |
| 2019-06-30 | 2634 | $11.8B | 20 | |
| 2019-03-31 | 2592 | $11.2B | 23 | |
| 2018-12-31 | 2612 | $9.9B | 26 | |
| 2018-09-30 | 2604 | $11.8B | 17 | |
| 2018-06-30 | 2550 | $11.2B | 18 | |
| 2018-03-31 | 2562 | $11.0B | 19 | |
| 2017-12-31 | 2570 | $11.3B | 22 | |
| 2017-09-30 | 2541 | $10.8B | 20 | |
| 2017-06-30 | 2545 | $10.2B | 18 | |
| 2017-03-31 | 2618 | $10.1B | 17 | |
| 2016-12-31 | 2588 | $9.7B | 23 | |
| 2016-09-30 | 2589 | $9.6B | 31 | |
| 2016-06-30 | 2579 | $7.7B | 25 | |
| 2016-03-31 | 2585 | $7.9B | 20 | |
| 2015-12-31 | 2570 | $7.9B | 27 | |
| 2015-09-30 | 2460 | $7.1B | 20 | |
| 2015-06-30 | 2947 | $7.3B | 18 | |
| 2015-03-31 | 2896 | $7.2B | 80 | |
| 2014-12-31 | 977 | $3.3B | 100 | |
| 2014-09-30 | 967 | $3.0B | 0 | |
| 2014-06-30 | 1060 | $3.4B | 28 | |
| 2014-03-31 | 1042 | $3.2B | 20 | |
| 2013-12-31 | 1033 | $3.1B | 25 | |
| 2013-09-30 | 1044 | $2.9B | 25 | |
| 2013-06-30 | 1043 | $2.9B | 23 |
Zurcher Kantonalbank (Zurich Cantonalbank)'s most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Add: Microsoft CORP (MSFT) — shares +10.90%; Trim: Tesla INC (TSLA) — shares -7.08%; Add: Nvidia CORP (NVDA) — shares +1.46%; Trim: Ss Financial Select Sector (XLF) — shares -100.00%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GEV | GE Vernova INC | +0.2% | +43.18% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.2% | -1.32% | Trim |
| 3 | TTE | Totalenergies Se | +0.2% | +16.55% | Add |
| 4 | MU | Micron Technology INC | +0.1% | +8.25% | Add |
| 5 | JNJ | Johnson & Johnson | +0.1% | +0.93% | Add |
| 6 | CVX | Chevron CORP | +0.1% | +3.19% | Add |
| 7 | LIN | Linde plc | +0.1% | +11.17% | Add |
| 8 | COST | Costco Wholesale CORP | +0.1% | +9.88% | Add |
| 9 | KLAC | Kla CORP | +0.1% | +20.26% | Add |
| 10 | VRT | Vertiv Holdings Co-a | +0.1% | -11.09% | Trim |
| 11 | AMRZ | Amrize Ltd | +0.1% | +10.40% | Add |
| 12 | WMT | Walmart INC | +0.1% | +0.54% | Add |
| 13 | MDT | Medtronic plc | +0.1% | +81.42% | Add |
| 14 | KO | Coca-cola Co/the | +0.1% | +18.74% | Add |
| 15 | PWR | Quanta Services INC | +0.1% | +2.02% | Add |
| 16 | CAT | Caterpillar INC | +0.1% | -0.65% | Trim |
| 17 | INTC | Intel CORP | +0.1% | +9.74% | Add |
| 18 | CB | Chubb Limited | +0.1% | +46.37% | Add |
| 19 | VZ | Verizon Communications INC | +0.1% | +3.60% | Add |
| 20 | CIEN | Ciena CORP | +0.1% | +16.27% | Add |
| 21 | JAZZ | Jazz Pharmaceuticals plc | +0.1% | +59.84% | Add |
| 22 | MCD | Mcdonald's CORP | +0.1% | +23.47% | Add |
| 23 | AAPL | Apple INC | -0.1% | +5.06% | Add |
| 24 | NOW | Servicenow INC | -0.1% | +8.03% | Add |
| 25 | TMO | Thermo Fisher Scientific INC | -0.1% | -2.81% | Trim |
| 26 | ADBE | Adobe INC | -0.1% | +22.46% | Add |
| 27 | PNR | Pentair plc | -0.1% | -58.57% | Trim |
| 28 | EHC | Encompass Health CORP | -0.1% | -41.94% | Trim |
| 29 | MA | Mastercard INC - A | -0.1% | +0.32% | Add |
| 30 | FSLR | First Solar INC | -0.1% | -32.33% | Trim |
| 31 | ORCL | Oracle CORP | -0.1% | -0.31% | Trim |
| 32 | V | Visa Inc-class A Shares | -0.1% | +4.33% | Add |
| 33 | MRSH | Marsh & Mclennan Cos | -0.1% | -47.08% | Trim |
| 34 | XYL | Xylem INC | -0.1% | -58.29% | Trim |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | +1.69% | Add |
| 36 | BSX | Boston Scientific CORP | -0.1% | +3.51% | Add |
| 37 | GOOGL | Alphabet Inc-cl A | -0.1% | +2.67% | Add |
| 38 | LLY | Eli Lilly & Co | -0.2% | +3.83% | Add |
| 39 | LOGI | Logitech International S.A. | -0.2% | -14.34% | Trim |
| 40 | AVGO | Broadcom INC | -0.2% | +1.78% | Add |
| 41 | META | Meta Platforms Inc-class A | -0.2% | +2.39% | Add |
| 42 | BAC | Bank Of America CORP | -0.2% | -31.83% | Trim |
| 43 | AMZN | Amazon.com INC | -0.2% | +0.69% | Add |
| 44 | UBS | UBS Group AG | -0.3% | +14.43% | Add |
| 45 | JPM | Jpmorgan Chase & Co | -0.3% | -11.51% | Trim |
| 46 | NVDA | Nvidia CORP | -0.3% | +1.46% | Add |
| 47 | XLF | Ss Financial Select Sector | -0.3% | -100.00% | Trim |
| 48 | TSLA | Tesla INC | -0.5% | -7.08% | Trim |
| 49 | MSFT | Microsoft CORP | -0.7% | +10.90% | Add |
| 50 | AZN | AstraZeneca PLC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-27 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-25 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-30 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-07 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-08 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-01 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-01 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-30 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-28 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-06 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-28 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-06 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-18 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-30 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-25 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-03 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-31 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-04 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-01 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-29 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-29 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-11-14 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-10-28 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2015-05-06 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2015-05-06 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-04-29 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2015-05-06 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-03 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2015-05-06 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-10-31 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2015-05-06 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-07-24 | 13F-HR | View on EDGAR |
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