Amundi

Diversified strategyMomentum followerSector-focused

Total reported value

$367.1B

Reporting period: 2026-03-31 · Number of holdings: 5406

Amundi disclosed 5406 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $367.1B and a quarterly turnover rate of 35.6%.

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Personality snowflake

Concentration: 6.57
Portfolio Stability: 35.64
Momentum/Contrarian: 90.16
Sector conviction: 69.09
Diversification: 100
Sizing Uniformity: 43.09

Recent moves

Trim BABA 0.5 06-01-31
+3.8%　-$2.9B
Trim MCHP 0.75 06-01-30
+23.5%　-$2.5B
Add AAPL
+23.2%　$2.4B
Trim JD 0.25 06-01-29
-32.8%　-$1.7B
Trim UBER 0.875 12-01-28 2028
+8.8%　-$1.7B
Trim WDC 3 11-15-28
-33.3%　-$1.7B

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

Amundi is mechanically harvesting tech momentum via a hyper-diversified systematic strategy, not stock-picking Alpha. The new 5.14% anchor position and AAPL ramp are algorithmic weight adjustments, reflecting a momentum algorithm that is doubling down on the largest tech winners while maintaining extreme breadth across 2,033 names.

Macro & Fundamentals

Amundi is betting on a continuation of the low-volatility, trend-following regime where tech multiples expand further and momentum factors remain rewarded. The opposing thesis is that this consensus positioning is a reflexivity trap: as macro regime shifts to stagflation or rate tightening, the momentum factor will collapse, and the massive tech overweight (41.6% IT) will drive a factor-driven drawdown, amplified by the lack of stock-specific hedging.

Blind Spots / Risks

The portfolio's extreme diversification across 2,033 holdings combined with a momentum tilt of 90.16 creates a hidden vulnerability: it is not hedged against factor rotation. Every position is correlated to the momentum factor, so the dispersion is illusory—when momentum reverses, this book will suffer a systematic liquidity event. The 5.14% anchor position, coupled with a coefficient of variation of 5.69, turns a seemingly broad book into a tail-weighted momentum lottery.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 2033 holdings (of 5406 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	NVDA	Nvidia CORP	Stock-Tech	6.35%	+0.21%	+10.38%
2	✓	Totalenergies Se	Stock-Other	5.14%	+5.14%	NEW
3	AAPL	Apple INC	Stock-Tech	5.05%	+0.67%	+23.24%
4	MSFT	Microsoft CORP	Stock-Tech	4.20%	—	+30.80%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	3.48%	—	+14.11%
6	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	2.49%	—	+12.69%
7	TSLA	Tesla INC	Stock-Consumer Disc	2.25%	—	+14.02%
8	AVGO	Broadcom INC	Stock-Tech	2.20%	—	+9.57%
9	META	Meta Platforms Inc-class A	Stock-Comm Services	1.85%	—	+18.07%
10	GOOG	Alphabet Inc-cl C	Stock-Comm Services	1.71%	+0.19%	+22.89%
11	LLY	Eli Lilly & Co	Stock-Healthcare	1.27%	—	+9.88%
12	XOM	Exxon Mobil CORP	Stock-Energy	1.13%	+0.37%	+5.11%
13	JNJ	Johnson & Johnson	Stock-Healthcare	0.89%	+0.25%	+17.55%
14	AZN	AstraZeneca PLC	Stock-Healthcare	0.83%	+0.83%	NEW
15	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.77%	+0.17%	+11.09%
16	AMD	Advanced Micro Devices	Stock-Tech	0.76%	-0.16%	-13.57%
17	CVX	Chevron CORP	Stock-Energy	0.69%	+0.20%	+2.95%
18	PLTR	Palantir Technologies Inc-a	Stock-Tech	0.65%	—	+2.49%
19	ABBV	Abbvie INC	Stock-Healthcare	0.63%	—	+2.37%
20	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.61%	—	+21.93%
21	AMAT	Applied Materials INC	Stock-Tech	0.61%	+0.17%	+5.01%
22	NFLX	Netflix INC	Stock-Comm Services	0.61%	—	-1.10%
23	LRCX	Lam Research CORP	Stock-Tech	0.59%	+0.21%	+23.68%
24	BAC	Bank Of America CORP	Stock-Financials	0.56%	—	+12.54%
25	JPM	Jpmorgan Chase & Co	Stock-Financials	0.56%	—	+3.22%
26	MU	Micron Technology INC	Stock-Tech	0.55%	+0.16%	+19.67%
27	V	Visa Inc-class A Shares	Stock-Financials	0.55%	—	+5.55%
28	HD	Home Depot INC	Stock-Consumer Disc	0.52%	—	-13.57%
29	WMT	Walmart INC	Stock-Consumer Staples	0.49%	—	-9.64%
30	DB	Deutsche Bank Aktiengesellschaft	Stock-Financials	0.49%	—	+11.39%
31	PEP	Pepsico INC	Stock-Consumer Staples	0.48%	—	+16.82%
32	TXN	Texas Instruments INC	Stock-Tech	0.48%	—	+9.05%
33	GE	General Electric	Stock-Industrials	0.47%	+0.25%	+135.23%
34	UNH	Unitedhealth Group INC	Stock-Healthcare	0.47%	-0.19%	-13.32%
35	INTC	Intel CORP	Stock-Tech	0.47%	—	+14.87%
36	MA	Mastercard INC - A	Stock-Financials	0.47%	—	+7.74%
37	MRK	Merck & Co. INC.	Stock-Healthcare	0.45%	—	+2.84%
38	KLAC	Kla CORP	Stock-Tech	0.44%	+0.18%	+37.01%
39	ADI	Analog Devices INC	Stock-Tech	0.44%	—	+5.32%
40	GEV	GE Vernova INC	Stock-Industrials	0.43%	+0.34%	+256.55%
41	CAT	Caterpillar INC	Stock-Industrials	0.43%	+0.16%	+29.37%
42	LIN	Linde plc	Stock-Materials	0.43%	—	+13.37%
43	GILD	Gilead Sciences INC	Stock-Healthcare	0.40%	—	+10.70%
44	RTX	Rtx CORP	Stock-Industrials	0.39%	+0.17%	+69.74%
45	ORCL	Oracle CORP	Stock-Tech	0.39%	—	+4.40%
46	KO	Coca-cola Co/the	Stock-Consumer Staples	0.39%	—	-4.24%
47	CSCO	Cisco Systems INC	Stock-Tech	0.38%	—	+9.24%
48	GS	Goldman Sachs Group INC	Stock-Financials	0.38%	—	+31.50%
49	TJX	Tjx Companies INC	Stock-Consumer Disc	0.38%	—	+9.09%
50	C	Citigroup INC	Stock-Financials	0.37%	—	+3.19%

1–50 of 2,033

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	5406	$367.1B	36	1NVDA2F921243AAPL Top holdings2026-03-31 1.NVDA 2.F92124 3.AAPL 4.MSFT 5.AMZN 6.GOOGL 7.TSLA 8.AVGO 9.META 10.GOOG
2025-12-31	5068	$368.0B	29	1NVDA 2AAPL 3MSFT Top holdings2025-12-31 1.NVDA 2.AAPL 3.MSFT 4.AMZN 5.GOOGL 6.TSLA 7.AVGO 8.META 9.GOOG 10.LLY
2025-09-30	4786	$311.1B	36	1NVDA 2MSFT 3AAPL Top holdings2025-09-30 1.NVDA 2.MSFT 3.AAPL 4.AMZN 5.TSLA 6.AVGO 7.GOOGL 8.GOOG 9.META 10.LLY
2025-06-30	4863	$289.7B	0	1NVDA 2MSFT 3AAPL Top holdings2025-06-30 1.NVDA 2.MSFT 3.AAPL 4.AMZN 5.TSLA 6.AVGO 7.GOOGL 8.META 9.GOOG 10.HD
2025-03-31	12221	$274.7B	100	1MSFT 2AAPL 3NVDA Top holdings2025-03-31 1.MSFT 2.AAPL 3.NVDA 4.AMZN 5.GOOGL 6.TSLA 7.META 8.LLY 9.AVGO 10.XOM
2024-12-31	11888	$287.6B	0	1NVDA 2MSFT 3AAPL Top holdings2024-12-31 1.NVDA 2.MSFT 3.AAPL 4.AMZN 5.GOOGL 6.TSLA 7.GOOG 8.META 9.LLY 10.UNH
2024-09-30	11404	$271.4B	0	1NVDA 2MSFT 3AAPL Top holdings2024-09-30 1.NVDA 2.MSFT 3.AAPL 4.AMZN 5.LLY 6.GOOGL 7.GOOG 8.META 9.AVGO 10.TSLA
2024-06-30	10576	$260.9B	0	1MSFT 2NVDA 3AAPL Top holdings2024-06-30 1.MSFT 2.NVDA 3.AAPL 4.AMZN 5.GOOGL 6.GOOG 7.LLY 8.XOM 9.AMD 10.AVGO
2024-03-31	10930	$232.7B	0	1MSFT 2NVDA 3AMZN Top holdings2024-03-31 1.MSFT 2.NVDA 3.AMZN 4.AAPL 5.GOOGL 6.GOOG 7.META 8.LLY 9.AMD 10.STLA
2023-12-31	10466	$222.2B	0	1MSFT 2AAPL 3NVDA Top holdings2023-12-31 1.MSFT 2.AAPL 3.NVDA 4.AMZN 5.GOOGL 6.GOOG 7.META 8.LLY 9.ADBE 10.AMD
2023-09-30	10456	$203.5B	0	1MSFT 2AAPL 3NVDA Top holdings2023-09-30 1.MSFT 2.AAPL 3.NVDA 4.AMZN 5.GOOGL 6.GOOG 7.META 8.LLY 9.CVX 10.XOM
2023-06-30	10400	$197.7B	0	1MSFT 2AAPL 3AMZN Top holdings2023-06-30 1.MSFT 2.AAPL 3.AMZN 4.NVDA 5.GOOGL 6.GOOG 7.META 8.TSLA 9.AMD 10.LLY
2023-03-31	10672	$185.5B	0	1MSFT 2AAPL 3AMZN Top holdings2023-03-31 1.MSFT 2.AAPL 3.AMZN 4.NVDA 5.GOOGL 6.XOM 7.GOOG 8.ADBE 9.LLY 10.UNH
2022-12-31	10312	$182.3B	0	1MSFT 2AAPL 3AMZN Top holdings2022-12-31 1.MSFT 2.AAPL 3.AMZN 4.GOOGL 5.XOM 6.NVDA 7.GOOG 8.STLA 9.LIN 10.TMO
2022-09-30	9937	$168.7B	0	1MSFT 2AAPL 3AMZN Top holdings2022-09-30 1.MSFT 2.AAPL 3.AMZN 4.GOOGL 5.TSLA 6.GOOG 7.XOM 8.LIN 9.META 10.STLA
2022-06-30	12632	$124.6B	0	1MSFT 2AAPL 3AMZN Top holdings2022-06-30 1.MSFT 2.AAPL 3.AMZN 4.GOOG 5.GOOGL 6.NVDA 7.XOM 8.PFE 9.V 10.LIN
2022-03-31	11959	$147.7B	0	1MSFT 2AAPL 3AMZN Top holdings2022-03-31 1.MSFT 2.AAPL 3.AMZN 4.GOOG 5.GOOGL 6.NVDA 7.TSLA 8.XOM 9.LIN 10.STLA
2021-12-31	11810	$157.8B	0	1MSFT 2AAPL 3AMZN Top holdings2021-12-31 1.MSFT 2.AAPL 3.AMZN 4.GOOGL 5.GOOG 6.STLA 7.TSLA 8.NVDA 9.HD 10.QCOM
2021-09-30	4643	$142.7B	0	1MSFT 2AAPL 3AMZN Top holdings2021-09-30 1.MSFT 2.AAPL 3.AMZN 4.GOOGL 5.GOOG 6.STLA 7.PYPL 8.TSLA 9.NVDA 10.CRM
2021-06-30	13475	$144.0B	0	1MSFT 2AAPL 3AMZN Top holdings2021-06-30 1.MSFT 2.AAPL 3.AMZN 4.GOOGL 5.GOOG 6.STLA 7.NVDA 8.META 9.PYPL 10.MA

Holding changes this quarter

Amundi's most significant position changes for 2026-03-31: New buy: Totalenergies Se; New buy: AstraZeneca PLC (AZN); Sold out: Ford Motor Company (F 0 03-15-26); Sold out: Workiva INC (WK 1.25 08-15-28); Add: Alibaba Group Holding (BABA 0.5 06-01-31) — shares +3.78%.

Position changes disclosed by Amundi for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AAPL	Apple INC	+0.7%	+23.24%	Add
2	XOM	Exxon Mobil CORP	+0.4%	+5.11%	Add
3	GEV	GE Vernova INC	+0.3%	+256.55%	Add
4	GE	General Electric	+0.3%	+135.23%	Add
5	JNJ	Johnson & Johnson	+0.3%	+17.55%	Add
6	LRCX	Lam Research CORP	+0.2%	+23.68%	Add
7	NVDA	Nvidia CORP	+0.2%	+10.38%	Add
8	CVX	Chevron CORP	+0.2%	+2.95%	Add
9	GOOG	Alphabet Inc-cl C	+0.2%	+22.89%	Add
10	KLAC	Kla CORP	+0.2%	+37.01%	Add
11	AMAT	Applied Materials INC	+0.2%	+5.01%	Add
12	RTX	Rtx CORP	+0.2%	+69.74%	Add
13	COST	Costco Wholesale CORP	+0.2%	+11.09%	Add
14	MU	Micron Technology INC	+0.2%	+19.67%	Add
15	CAT	Caterpillar INC	+0.2%	+29.37%	Add
16	NEE 3 03-01-27	Nextera Energy Capital	-0.1%	+8.93%	Add
17	AMD	Advanced Micro Devices	-0.2%	-13.57%	Trim
18	MSTR	Strategy INC	-0.2%	-88.90%	Trim
19	NTNX 0.25 10-01-27	Nutanix INC	-0.2%	+9.48%	Add
20	VTR 3.75 06-01-26	Ventas Realty LP	-0.2%	—	Unchanged
21	UNH	Unitedhealth Group INC	-0.2%	-13.32%	Trim
22	QCOM	Qualcomm INC	-0.2%	-33.73%	Trim
23	RIVN 4.625 03-15-29	Rivian Auto INC	-0.2%	+8.37%	Add
24	DXCM 0.375 05-15-28	Dexcom INC	-0.2%	-25.00%	Trim
25	ALNY 1 09-15-27	Alnylam Pharmaceuticals	-0.2%	—	Unchanged
26	CNP 4.25 08-15-26	Centerpoint Energy INC	-0.2%	—	Unchanged
27	HTHT 3 05-01-26	H World Group LTD	-0.2%	-98.00%	Trim
28	ENPH 0 03-01-28	Enphase Energy INC	-0.2%	—	Unchanged
29	RIVN 3.625 10-15-30	Rivian Auto INC	-0.2%	+8.90%	Add
30	JAZZ 3.125 09-15-30	Jazz Investments I LTD	-0.2%	+9.09%	Add
31	ON 0.5 03-01-29	On Semiconductor CORP	-0.3%	+82.94%	Add
32	SMTC 1.625 11-01-27	Semtech CORP	-0.3%	—	Unchanged
33	ON 0 05-01-27	On Semiconductor CORP	-0.3%	+3.74%	Add
34	TCOM 0.75 06-15-29	Trip.com Group LTD	-0.3%	+8.15%	Add
35	SNOW 0 10-01-29	Snowflake INC	-0.3%	—	Unchanged
36	BKNG	Booking Holdings INC	-0.4%	-18.43%	Trim
37	AVAV 0 07-15-30	Aerovironment INC	-0.4%	+4.07%	Add
38	AWK 3.625 06-15-26	American Water Capital C	-0.4%	—	Unchanged
39	PSN 2.625 03-01-29	Parsons CORP	-0.4%	+2.32%	Add
40	MKSI 1.25 06-01-30	Mks INC	-0.4%	-66.67%	Trim
41	GPN 1.5 03-01-31	Global Payments INC	-0.4%	—	Unchanged
42	UBER 0.875 12-01-28 2028	Uber Technologies INC	-0.5%	+8.75%	Add
43	WDC 3 11-15-28	Western Digital CORP	-0.5%	-33.33%	Trim
44	JD 0.25 06-01-29	Jd.com INC	-0.5%	-32.79%	Trim
45	MCHP 0.75 06-01-30	Microchip Technology INC	-0.7%	+23.54%	Add
46	BABA 0.5 06-01-31	Alibaba Group Holding	-0.8%	+3.78%	Add
47	✓	Totalenergies Se	—	NEW	New buy
48	AZN	AstraZeneca PLC	—	NEW	New buy
49	F 0 03-15-26	Ford Motor Company	—	EXIT	Sold out
50	WK 1.25 08-15-28	Workiva INC	—	EXIT	Sold out

FAQ

What is Amundi and what type of investor is it?

Amundi is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $367.1B, spread across 5406 disclosed positions.

What are Amundi's largest equity positions?

Based on the latest 13F filing, Amundi's top holdings by market value are: 1. Nvidia CORP (NVDA) — $23.3B (6.3%) 2. Totalenergies Se — $18.9B (5.1%) 3. Apple INC (AAPL) — $18.5B (5.0%) 4. Microsoft CORP (MSFT) — $15.4B (4.2%) 5. Amazon.com INC (AMZN) — $12.8B (3.5%)

What changes did Amundi make in its most recent portfolio filing?

In the latest reported quarter, Amundi made 42 notable position adjustments: 2 new positions were initiated, 28 existing holdings were added to, 10 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Totalenergies Se; New buy: AstraZeneca PLC (AZN); Sold out: Ford Motor Company (F 0 03-15-26); Sold out: Workiva INC (WK 1.25 08-15-28); Add: Alibaba Group Holding (BABA 0.5 06-01-31) — shares +3.78%

What sectors does Amundi focus on?

Amundi is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 41.6% • Communication Services: 12.6% • Consumer Discretionary: 12.3% • Health Care: 11.4% • Financials: 9.0% • Consumer Staples: 4.2%