VH
Vontobel Holding Ltd. Institutional Portfolio (13F)
Vontobel Holding Ltd.CIK: 0001588340
Diversified strategyMomentum follower
Total reported value
$29.1B
Reporting period: 2026-03-31 · Number of holdings: 3011
Vontobel Holding Ltd. disclosed 3011 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $29.1B and a quarterly turnover rate of 30.3%.
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Personality snowflake
- Concentration
- 4.49
- Portfolio Stability
- 30.33
- Momentum/Contrarian
- 100
- Sector conviction
- 45.94
- Diversification
- 100
- Sizing Uniformity
- 64.87
Vontobel Holding Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 89 equally-sized positions, well below its 3011 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 3.51), 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.
Recent moves
Trim GOOG
-56.6% -$666.2M
Trim MSFT
-1.0% -$376.7M
Trim AMZN
-21.1% -$315.5M
Add CTAS
+1285.3% $219.6M
Trim BKNG
-91.3% -$235.5M
Add KMI
+10937.0% $188.2M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Vontobel isn't hunting Alpha; it's systematically extracting capital from the growth complex — slashing GOOG, MSFT, AMZN, META — and redeploying into defensive infrastructure (KMI, CTAS). This is a deliberate capital rotation to fortify a defensive posture against a regime where mega-cap tech loses relative pricing power.
Macro & Fundamentals
Vontobel places a direct bet on a liquidity-driven regime shift: selling high-multiple tech for cash-flow stable real assets like midstream energy and business services. They are betting peak earnings momentum for the Magnificent 7 is behind us and that value/infrastructure will outperform as macro uncertainty persists. The opposing thesis: the AI cycle extends tech's multiple expansion, rendering this rotation premature and costly.
Blind Spots / Risks
Vontobel's 100% contrarian bias and 1,188-name portfolio create a structural vulnerability — the 'anti-momentum paradox.' Systematically trimming winners positions the fund as the liquidity provider for growth, exposing it to a positioning squeeze if the rotation reverses. Additionally, the extreme diversification (HHI 0.011) dilutes conviction, leaving performance dependent on nascent adds like KMI and CTAS rather than proven compounders.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 3011 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 4.05% | -0.84% | -1.03% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 3.46% | +0.02% | -1.52% | |
| 3 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.69% | -0.76% | -21.06% | |
| 4 | WM | Waste Management INC | Stock-Industrials | 2.31% | +0.38% | +4.69% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.13% | -0.12% | -5.63% | |
| 6 | CME | Cme Group INC | Stock-Financials | 2.06% | +0.56% | +16.07% | |
| 7 | UBS | UBS Group AG | Stock-Financials | 2.00% | -0.09% | +6.34% | |
| 8 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.85% | — | -12.35% | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 1.72% | -0.31% | -12.87% | |
| 10 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.72% | +0.58% | +109.31% | |
| 11 | AAPL | Apple INC | Stock-Tech | 1.65% | — | +9.92% | |
| 12 | MA | Mastercard INC - A | Stock-Financials | 1.61% | -0.25% | -9.04% | |
| 13 | NFLX | Netflix INC | Stock-Comm Services | 1.60% | +0.62% | +45.35% | |
| 14 | LOGI | Logitech International S.A. | Stock-Tech | 1.51% | — | +5.19% | |
| 15 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.51% | -1.97% | -56.58% | |
| 16 | RBA | Rb Global INC | Stock-Industrials | 1.46% | -0.02% | -3.51% | |
| 17 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.45% | -0.58% | -24.27% | |
| 18 | ALC | Alcon Inc. | Stock-Healthcare | 1.39% | — | +18.29% | |
| 19 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.30% | -0.11% | -23.87% | |
| 20 | INTU | Intuit INC | Stock-Tech | 1.28% | -0.06% | +34.22% | |
| 21 | CASY | Casey's General Stores INC | Stock-Consumer Disc | 1.27% | — | -27.39% | |
| 22 | AZO | Autozone INC | Stock-Consumer Disc | 1.17% | — | +3.92% | |
| 23 | FERG | Ferguson Enterprises INC | Stock-Industrials | 1.15% | -0.46% | -37.76% | |
| 24 | AON | Aon plc | Stock-Financials | 1.11% | +0.27% | +31.45% | |
| 25 | ICE | Intercontinental Exchange In | Stock-Financials | 1.05% | — | -10.00% | |
| 26 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.02% | -0.19% | -9.17% | |
| 27 | ABT | Abbott Laboratories | Stock-Healthcare | 0.97% | -0.37% | -18.89% | |
| 28 | SNPS | Synopsys INC | Stock-Tech | 0.92% | -0.10% | -2.07% | |
| 29 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.92% | — | -2.56% | |
| 30 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.85% | +0.25% | +10.47% | |
| 31 | CTAS | Cintas CORP | Stock-Industrials | 0.82% | +0.76% | +1285.34% | |
| 32 | ECL | Ecolab INC | Stock-Materials | 0.81% | -0.08% | -18.04% | |
| 33 | TKO | Tko Group Holdings INC | Stock-Comm Services | 0.79% | — | -10.44% | |
| 34 | APH | Amphenol Corp-cl A | Stock-Tech | 0.77% | -0.30% | -28.82% | |
| 35 | VMC | Vulcan Materials Co | Stock-Materials | 0.77% | -0.49% | -41.40% | |
| 36 | AMRZ | Amrize Ltd | Stock-Materials | 0.76% | — | -11.66% | |
| 37 | IRM | Iron Mountain INC | Stock-Real Estate | 0.74% | +0.30% | +25.31% | |
| 38 | CRH | CRH plc | Stock-Materials | 0.74% | — | -0.32% | |
| 39 | KMI | Kinder Morgan INC | Stock-Energy | 0.65% | +0.65% | +10937.01% | |
| 40 | NOW | Servicenow INC | Stock-Tech | 0.64% | — | +58.43% | |
| 41 | NEE | Nextera Energy INC | Stock-Utilities | 0.64% | +0.22% | +19.74% | |
| 42 | PM | Philip Morris International | Stock-Consumer Staples | 0.62% | — | +27.10% | |
| 43 | V | Visa Inc-class A Shares | Stock-Financials | 0.59% | — | +9.41% | |
| 44 | EMR | Emerson Electric Co | Stock-Industrials | 0.58% | +0.51% | +646.14% | |
| 45 | STLA | Stellantis N.V. | Stock-Consumer Disc | 0.57% | — | +78.42% | |
| 46 | ALLE | Allegion plc | Stock-Industrials | 0.56% | +0.53% | +1624.60% | |
| 47 | ADSK | Autodesk INC | Stock-Tech | 0.55% | — | +14.15% | |
| 48 | RACE | Ferrari N.V. | Stock-Consumer Disc | 0.54% | -0.12% | -15.05% | |
| 49 | PGR | Progressive CORP | Stock-Financials | 0.53% | — | -0.56% | |
| 50 | AKAM | Akamai Technologies INC | Stock-Tech | 0.53% | +0.20% | +9.80% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
-0.7%
Performance Last 4 Quarters
+9.5%
Based on 75% of reported portfolio value with available pricing
- Stdev
- +22.1%
- Beta
- -0.25
- Alpha
- -1.5%
- Max Drawdown
- -48.7%
- Annualized Perf
- -8.2%
- Batting Avg vs S&P
- +33.3%
- Sortino
- -0.34
- Stutzer
- -0.08
- Treynor
- +0.24
- Sterling
- -0.26
- Calmar
- -0.17
- Information Ratio
- -0.9
- Tracking Error
- +27.2%
- Stdev Down
- +17.5%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +22.4%
- Worst 12 Months
- -47.7%
- Efficiency Ratio
- +0.14
- Sharpe
- -0.27
- Stdev Sectors
- +7.5%
- Skewness
- -0.83
- Kurtosis
- +2.47
- Upside Potential
- +1.34
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 3011 | $29.1B | 30 | |
| 2025-12-31 | 3242 | $31.7B | 27 | |
| 2025-09-30 | 3128 | $33.1B | 46 | |
| 2025-06-30 | 3064 | $31.4B | 0 | |
| 2025-03-31 | 2681 | $27.4B | 100 | |
| 2024-12-31 | 2661 | $29.2B | 0 | |
| 2024-09-30 | 2597 | $31.0B | 0 | |
| 2024-06-30 | 2610 | $30.8B | 0 | |
| 2024-03-31 | 2490 | $12.5B | 0 | |
| 2023-12-31 | 2506 | $11.9B | 0 | |
| 2023-09-30 | 2345 | $10.8B | 0 | |
| 2023-06-30 | 2393 | $11.4B | — | |
| 2023-03-31 | 2346 | $10.7B | — | |
| 2022-12-31 | 2497 | $9.9B | 0 | |
| 2022-09-30 | 2439 | $8.6B | 0 | |
| 2022-06-30 | 2372 | $9.2B | 0 | |
| 2022-03-31 | 2484 | $11.6B | 0 | |
| 2021-12-31 | 2435 | $12.0B | 0 | |
| 2021-09-30 | 2567 | $11.3B | 0 | |
| 2021-06-30 | 2378 | $11.6B | 100 | |
| 2021-03-31 | 2031 | $13.5B | 26 | |
| 2020-12-31 | 1969 | $15.3B | — |
Holding changes this quarter
Vontobel Holding Ltd.'s most significant position changes for 2026-03-31: New buy: Tc Energy CORP (TRP); New buy: AstraZeneca PLC (AZN); Trim: Alphabet Inc-cl C (GOOG) — shares -56.58%; Trim: Microsoft CORP (MSFT) — shares -1.03%; Trim: Amazon.com INC (AMZN) — shares -21.06%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CTAS | Cintas CORP | +0.8% | +1285.34% | Add |
| 2 | KMI | Kinder Morgan INC | +0.7% | +10937.01% | Add |
| 3 | NFLX | Netflix INC | +0.6% | +45.35% | Add |
| 4 | BSX | Boston Scientific CORP | +0.6% | +109.31% | Add |
| 5 | CME | Cme Group INC | +0.6% | +16.07% | Add |
| 6 | ALLE | Allegion plc | +0.5% | +1624.60% | Add |
| 7 | EMR | Emerson Electric Co | +0.5% | +646.14% | Add |
| 8 | WM | Waste Management INC | +0.4% | +4.69% | Add |
| 9 | IRM | Iron Mountain INC | +0.3% | +25.31% | Add |
| 10 | WY | Weyerhaeuser Co | +0.3% | +3797.18% | Add |
| 11 | AON | Aon plc | +0.3% | +31.45% | Add |
| 12 | ADI | Analog Devices INC | +0.3% | +1274.86% | Add |
| 13 | JNJ | Johnson & Johnson | +0.3% | +10.47% | Add |
| 14 | XLF | Ss Financial Select Sector | +0.2% | +290.84% | Add |
| 15 | NEE | Nextera Energy INC | +0.2% | +19.74% | Add |
| 16 | ENB | Enbridge INC | +0.2% | +4512.94% | Add |
| 17 | AKAM | Akamai Technologies INC | +0.2% | +9.80% | Add |
| 18 | MU | Micron Technology INC | +0.2% | +60.88% | Add |
| 19 | NVDA | Nvidia CORP | 0% | -1.52% | Trim |
| 20 | RBA | Rb Global INC | 0% | -3.51% | Trim |
| 21 | INTU | Intuit INC | -0.1% | +34.22% | Add |
| 22 | ECL | Ecolab INC | -0.1% | -18.04% | Trim |
| 23 | UBS | UBS Group AG | -0.1% | +6.34% | Add |
| 24 | SNPS | Synopsys INC | -0.1% | -2.07% | Trim |
| 25 | TSM | Taiwan Semiconductor-sp Adr | -0.1% | -23.87% | Trim |
| 26 | GOOGL | Alphabet Inc-cl A | -0.1% | -5.63% | Trim |
| 27 | RACE | Ferrari N.V. | -0.1% | -15.05% | Trim |
| 28 | UBER | Uber Technologies INC | -0.2% | -34.18% | Trim |
| 29 | IBN | Icici Bank Ltd-spon Adr | -0.2% | -63.05% | Trim |
| 30 | TSLA | Tesla INC | -0.2% | -17.58% | Trim |
| 31 | WDAY | Workday Inc-class A | -0.2% | -2.47% | Trim |
| 32 | TOST | Toast Inc-class A | -0.2% | -97.88% | Trim |
| 33 | TMO | Thermo Fisher Scientific INC | -0.2% | -9.17% | Trim |
| 34 | AMT | American Tower CORP | -0.2% | -46.59% | Trim |
| 35 | FSLR | First Solar INC | -0.2% | -83.80% | Trim |
| 36 | MA | Mastercard INC - A | -0.3% | -9.04% | Trim |
| 37 | APH | Amphenol Corp-cl A | -0.3% | -28.82% | Trim |
| 38 | AVGO | Broadcom INC | -0.3% | -12.87% | Trim |
| 39 | ABT | Abbott Laboratories | -0.4% | -18.89% | Trim |
| 40 | INDA | Ishares Msci India ETF | -0.4% | -94.74% | Trim |
| 41 | FERG | Ferguson Enterprises INC | -0.5% | -37.76% | Trim |
| 42 | VMC | Vulcan Materials Co | -0.5% | -41.40% | Trim |
| 43 | META | Meta Platforms Inc-class A | -0.6% | -24.27% | Trim |
| 44 | ADBE | Adobe INC | -0.6% | -66.52% | Trim |
| 45 | BKNG | Booking Holdings INC | -0.7% | -91.29% | Trim |
| 46 | AMZN | Amazon.com INC | -0.8% | -21.06% | Trim |
| 47 | MSFT | Microsoft CORP | -0.8% | -1.03% | Trim |
| 48 | GOOG | Alphabet Inc-cl C | -2% | -56.58% | Trim |
| 49 | TRP | Tc Energy CORP | — | NEW | New buy |
| 50 | AZN | AstraZeneca PLC | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-15 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-23 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-28 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-30 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-16 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-06-04 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-01-30 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-06-04 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-10-11 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-06-04 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-24 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-06-04 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-04-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-27 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-29 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | Amendment | View on EDGAR |
FAQ
What is Vontobel Holding Ltd. and what type of investor is it?
Vontobel Holding Ltd. 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 $29.1B, spread across 3011 disclosed positions.
What are Vontobel Holding Ltd.'s largest equity positions?
Based on the latest 13F filing, Vontobel Holding Ltd.'s top holdings by market value are:
1. Microsoft CORP (MSFT) — $1.2B (4.0%)
2. Nvidia CORP (NVDA) — $1.0B (3.5%)
3. Amazon.com INC (AMZN) — $781.1M (2.7%)
4. Waste Management INC (WM) — $672.5M (2.3%)
5. Alphabet Inc-cl A (GOOGL) — $620.5M (2.1%)
What changes did Vontobel Holding Ltd. make in its most recent portfolio filing?
In the latest reported quarter, Vontobel Holding Ltd. made 50 notable position adjustments: 2 new positions were initiated, 20 existing holdings were added to, 28 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Tc Energy CORP (TRP); New buy: AstraZeneca PLC (AZN); Trim: Alphabet Inc-cl C (GOOG) — shares -56.58%; Trim: Microsoft CORP (MSFT) — shares -1.03%; Trim: Amazon.com INC (AMZN) — shares -21.06%
What sectors does Vontobel Holding Ltd. focus on?
Vontobel Holding Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.3%
• Industrials: 13.7%
• Financials: 12.9%
• Health Care: 10.9%
• Consumer Discretionary: 10.9%
• Communication Services: 9.6%
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