Total reported value
$130.8B
Reporting period: 2021-03-31 · Number of holdings: 13055
AMUNDI ASSET MANAGEMENT US, INC. disclosed 13055 holdings in its latest 13F filing for the period ending 2021-03-31, with total reported value of $130.8B and a quarterly turnover rate of 26.6%.
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Trim AAPL
-6.4% -$595.9M
Add SLB
+91.1% $476.3M
Add GOOGL
+11.8% $585.3M
Add WFC
+81.9% $412.7M
Trim QCOM
-7.1% -$223.8M
Add INTC
+55.9% $394.6M
Amundi US is executing a cautious alpha hunt on the edges—slicing AAPL, bulking up on SLB, WFC, and INTC—while the 1513-holding body stays a broad market proxy. The real signal is not the sector tilt but the willingness to trim the largest growth position and recycle into value/cyclical laggards, a textbook rebalancing bet on the reflation narrative.
The macro cycle bet is a regime shift from coronavirus disinflation to reopening reflation: add financials (WFC) for steepening yield curve, energy services (SLB) for oil demand recovery, and semiconductors (INTC) for capex cycle. The opposing thesis is that growth multiples compress faster than value recovers, turning this rotation into a performance drag if inflation expectations overshoot and the Fed is forced to taper earlier than anticipated.
The portfolio's structural vulnerability is not sector concentration—it's the illusion of diversification. With 1,513 names and a 0.007 HHI, Amundi is effectively a low-fee index with a few hundred basis points of active tilt. The crowded trade here is not a single stock but the factor itself: this is consensus 'value rotation' executed through SLB and WFC, and when everyone is leaning the same way, the positioning squeeze awaits the first whiff of a demand miss or rate spike that kills the reflation narrative.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
Showing top 1513 holdings (of 13055 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 4.30% | +0.09% | +7.10% | |
| 2 | AAPL | Apple INC | Stock-Tech | 2.83% | -0.82% | -6.44% | |
| 3 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.59% | — | +5.73% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.87% | +0.29% | +11.81% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.63% | +0.14% | +2.94% | |
| 6 | STLA | Stellantis N.V. | Stock-Consumer Disc | 1.47% | +1.47% | NEW | |
| 7 | LIN | Linde plc | Stock-Materials | 1.17% | +0.09% | +12.76% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.16% | +0.14% | +18.04% | |
| 9 | MA | Mastercard INC - A | Stock-Financials | 1.12% | — | -1.50% | |
| 10 | HD | Home Depot INC | Stock-Consumer Disc | 1.12% | +0.02% | -1.47% | |
| 11 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.04% | — | +6.67% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 0.97% | — | +11.16% | |
| 13 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.90% | +0.04% | +14.60% | |
| 14 | NVDA | Nvidia CORP | Stock-Tech | 0.87% | +0.20% | +41.27% | |
| 15 | PYPL | Paypal Holdings INC | Stock-Financials | 0.82% | -0.23% | -15.62% | |
| 16 | ACN | Accenture plc | Stock-Tech | 0.80% | +0.03% | +9.31% | |
| 17 | CRM | Salesforce INC | Stock-Tech | 0.77% | +0.08% | +30.01% | |
| 18 | ADBE | Adobe INC | Stock-Tech | 0.76% | — | -2.12% | |
| 19 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.76% | +0.18% | +40.31% | |
| 20 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.74% | — | +17.81% | |
| 21 | TSLA | Tesla INC | Stock-Consumer Disc | 0.74% | — | +12.94% | |
| 22 | QCOM | Qualcomm INC | Stock-Tech | 0.72% | -0.28% | -7.07% | |
| 23 | XOM | Exxon Mobil CORP | Stock-Energy | 0.71% | +0.16% | +5.78% | |
| 24 | PEP | Pepsico INC | Stock-Consumer Staples | 0.70% | — | -7.61% | |
| 25 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.65% | — | -0.23% | |
| 26 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.64% | — | +9.16% | |
| 27 | CVX | Chevron CORP | Stock-Energy | 0.63% | +0.08% | +3.30% | |
| 28 | SLB | Slb LTD | Stock-Energy | 0.63% | +0.34% | +91.06% | |
| 29 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.63% | -0.19% | -10.31% | |
| 30 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.60% | — | +3.45% | |
| 31 | INTC | Intel CORP | Stock-Tech | 0.60% | +0.27% | +55.87% | |
| 32 | BAC | Bank Of America CORP | Stock-Financials | 0.60% | — | -32.22% | |
| 33 | DHR | Danaher CORP | Stock-Healthcare | 0.60% | +0.21% | +69.32% | |
| 34 | MDT | Medtronic plc | Stock-Healthcare | 0.59% | — | -15.25% | |
| 35 | SWK | Stanley Black & Decker INC | Stock-Industrials | 0.58% | — | +4.85% | |
| 36 | CAT | Caterpillar INC | Stock-Industrials | 0.56% | — | -7.55% | |
| 37 | WFC | Wells Fargo & Co | Stock-Financials | 0.55% | +0.29% | +81.91% | |
| 38 | CSCO | Cisco Systems INC | Stock-Tech | 0.54% | +0.21% | +58.13% | |
| 39 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.53% | +0.06% | +31.48% | |
| 40 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.50% | — | +13.58% | |
| 41 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.49% | — | -6.00% | |
| 42 | ABBV | Abbvie INC | Stock-Healthcare | 0.49% | — | +2.31% | |
| 43 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.48% | — | -6.83% | |
| 44 | CDW | Cdw Corp/de | Stock-Tech | 0.47% | +0.07% | +3.03% | |
| 45 | ADI | Analog Devices INC | Stock-Tech | 0.46% | +0.08% | +28.98% | |
| 46 | LRCXEUR | Lam Research CORP | Stock-Tech | 0.46% | — | -25.07% | |
| 47 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.46% | — | -3.12% | |
| 48 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.45% | +0.09% | +46.97% | |
| 49 | UNP | Union Pacific CORP | Stock-Industrials | 0.45% | — | +6.75% | |
| 50 | TXN | Texas Instruments INC | Stock-Tech | 0.43% | — | -7.66% |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2021-03-31 | 13055 | $130.8B | 27 | |
| 2020-12-31 | 13406 | $117.6B | 29 | |
| 2020-09-30 | 12356 | $95.4B | 22 | |
| 2020-06-30 | 11613 | $84.4B | 44 | |
| 2020-03-31 | 11235 | $57.4B | 50 | |
| 2019-12-31 | 8318 | $85.3B | 32 | |
| 2019-09-30 | 7803 | $6.6T | 0 | |
| 2019-06-30 | 8018 | $122.2B | 65 | |
| 2019-03-31 | 7719 | $71.1B | 65 | |
| 2018-12-31 | 7654 | $108.6B | 67 | |
| 2018-09-30 | 7913 | $76.3B | 24 | |
| 2018-06-30 | 7310 | $69.4B | 31 | |
| 2018-03-31 | 7033 | $62.4B | 23 | |
| 2017-12-31 | 6975 | $64.9B | 76 | |
| 2017-09-30 | 730 | $31.4B | 27 | |
| 2017-06-30 | 752 | $30.5B | 27 | |
| 2017-03-31 | 775 | $29.7B | 28 | |
| 2016-12-31 | 783 | $28.4B | 31 | |
| 2016-09-30 | 801 | $27.8B | 25 | |
| 2016-06-30 | 865 | $27.6B | 23 | |
| 2016-03-31 | 841 | $26.9B | 31 | |
| 2015-12-31 | 841 | $26.8B | 36 | |
| 2015-09-30 | 904 | $24.4B | 39 | |
| 2015-06-30 | 994 | $27.4B | 26 | |
| 2015-03-31 | 995 | $28.0B | 27 | |
| 2014-12-31 | 1028 | $27.6B | 27 | |
| 2014-09-30 | 1039 | $26.5B | 27 | |
| 2014-06-30 | 1032 | $26.1B | 24 | |
| 2014-03-31 | 1012 | $26.2B | 21 | |
| 2013-12-31 | 1002 | $26.0B | 25 | |
| 2013-09-30 | 1034 | $24.7B | 22 | |
| 2013-06-30 | 1122 | $24.0B | 47 |
Amundi Asset Management US, INC.'s most significant position changes for 2021-03-31: New buy: Stellantis N.V. (STLA); Sold out: Stellantis N.V. (STLA); Sold out: Marvell Technology, Inc. (MRVL); Trim: Apple INC (AAPL) — shares -6.44%; Add: Slb LTD (SLB) — shares +91.06%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SLB | Slb LTD | +0.3% | +91.06% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +0.3% | +11.81% | Add |
| 3 | WFC | Wells Fargo & Co | +0.3% | +81.91% | Add |
| 4 | INTC | Intel CORP | +0.3% | +55.87% | Add |
| 5 | DHR | Danaher CORP | +0.2% | +69.32% | Add |
| 6 | CSCO | Cisco Systems INC | +0.2% | +58.13% | Add |
| 7 | NVDA | Nvidia CORP | +0.2% | +41.27% | Add |
| 8 | TFC | Truist Financial CORP | +0.2% | +230.83% | Add |
| 9 | BKNG | Booking Holdings INC | +0.2% | +40.31% | Add |
| 10 | MLM | Martin Marietta Materials | +0.2% | +763.03% | Add |
| 11 | XOM | Exxon Mobil CORP | +0.2% | +5.78% | Add |
| 12 | GOOG | Alphabet Inc-cl C | +0.1% | +2.94% | Add |
| 13 | META | Meta Platforms Inc-class A | +0.1% | +18.04% | Add |
| 14 | CFG | Citizens Financial Group | +0.1% | +358.28% | Add |
| 15 | EL | Estee Lauder Companies-cl A | +0.1% | +117.72% | Add |
| 16 | GILD | Gilead Sciences INC | +0.1% | +40.92% | Add |
| 17 | MMM | 3m Co | +0.1% | +94.29% | Add |
| 18 | MAR | Marriott International -cl A | +0.1% | +294.03% | Add |
| 19 | NEM | Newmont CORP | +0.1% | +66.11% | Add |
| 20 | GM | General Motors Co | +0.1% | +139.51% | Add |
| 21 | MSFT | Microsoft CORP | +0.1% | +7.10% | Add |
| 22 | LIN | Linde plc | +0.1% | +12.76% | Add |
| 23 | KO | Coca-cola Co/the | +0.1% | +46.97% | Add |
| 24 | CRM | Salesforce INC | +0.1% | +30.01% | Add |
| 25 | CVX | Chevron CORP | +0.1% | +3.30% | Add |
| 26 | ADI | Analog Devices INC | +0.1% | +28.98% | Add |
| 27 | PFE | Pfizer INC | +0.1% | +41.47% | Add |
| 28 | CDW | Cdw Corp/de | +0.1% | +3.03% | Add |
| 29 | CME | Cme Group INC | +0.1% | +21.94% | Add |
| 30 | TJX | Tjx Companies INC | +0.1% | +31.48% | Add |
| 31 | DIS | Walt Disney Co/the | 0% | +14.60% | Add |
| 32 | ACN | Accenture plc | 0% | +9.31% | Add |
| 33 | HD | Home Depot INC | 0% | -1.47% | Trim |
| 34 | TAL | Tal Education Group- Adr | -0.1% | -58.28% | Trim |
| 35 | ALXN | Alexion Pharmaceuticals INC | -0.1% | -66.60% | Trim |
| 36 | AMD | Advanced Micro Devices | -0.1% | -35.75% | Trim |
| 37 | WMT | Walmart INC | -0.2% | -36.59% | Trim |
| 38 | PGR | Progressive CORP | -0.2% | -37.60% | Trim |
| 39 | HIG | Hartford Insurance Group INC | -0.2% | -66.50% | Trim |
| 40 | EW | Edwards Lifesciences CORP | -0.2% | -23.60% | Trim |
| 41 | MRK | Merck & Co. INC. | -0.2% | -10.31% | Trim |
| 42 | ECL | Ecolab INC | -0.2% | -51.05% | Trim |
| 43 | APH | Amphenol Corp-cl A | -0.2% | +44.66% | Add |
| 44 | PYPL | Paypal Holdings INC | -0.2% | -15.62% | Trim |
| 45 | VZ | Verizon Communications INC | -0.3% | -36.96% | Trim |
| 46 | QCOM | Qualcomm INC | -0.3% | -7.07% | Trim |
| 47 | AAPL | Apple INC | -0.8% | -6.44% | Trim |
| 48 | STLA | Stellantis N.V. | — | NEW | New buy |
| 49 | STLA | Stellantis N.V. | — | EXIT | Sold out |
| 50 | MRVL | Marvell Technology, Inc. | — | EXIT | Sold out |
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