CIK: 0000883677
Total reported value
$26.7B
Reporting period: 2026-03-31 · Number of holdings: 1159
PANAGORA ASSET MANAGEMENT INC disclosed 1159 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $26.7B and a quarterly turnover rate of 34.8%.
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Panagora Asset Management INC's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 61 equally-sized positions, well below its 1159 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 4.25), 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
+0.4% -$330.7M
Add GE
+228.4% $155.0M
Add XOM
+20.4% $123.3M
Add MPC
+289.7% $111.7M
Trim AMZN
-7.9% -$148.0M
Trim QCOM
-59.0% -$109.6M
Panagora executes a sharp capital rotation this quarter, draining liquidity from crowded trades in mega-cap AI titles (NVDA, AMZN, META, AAPL) while mounting decisive add positions in XOM, MPC, and GE. The fund systematically trims hyper-valued growth exposure to fund deep-value industrial and energy plays.
The embedded bet is a regime shift away from the AI-driven liquidity trap back into hard-capex energy and machinery. If rate cuts stall or tech margins compress, capital will flow into refiners with dominant free-cash yield. The opposing thesis holds that infrastructure spend remains secular; trimming top names simply exposes the portfolio to late-cycle cyclical downside without capturing multi-year compounding.
Position sizing discipline sits at 57.54 across 1,159 holdings with a coefficient of variation of 4.24. The structural vulnerability is a positioning squeeze during high turnover: actively rebalancing a massively diversified barbell creates constant execution friction. When mid-cap liquidity dries up, the fund’s heavy trading velocity will bleed alpha through market impact costs, trapping capital in stagnant name transitions.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
Showing top 200 holdings (of 1159 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.23% | -0.28% | -2.60% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.00% | -0.13% | -0.77% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.11% | -0.95% | +0.40% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.25% | — | +10.42% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.73% | -0.38% | -7.88% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 2.27% | -0.08% | +2.26% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.18% | -0.35% | -5.70% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.05% | — | +4.83% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.23% | -0.31% | -8.13% | |
| 10 | MA | Mastercard INC - A | Stock-Financials | 1.21% | -0.13% | -2.17% | |
| 11 | XOM | Exxon Mobil CORP | Stock-Energy | 1.12% | +0.49% | +20.44% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.11% | -0.18% | -4.50% | |
| 13 | PM | Philip Morris International | Stock-Consumer Staples | 0.93% | — | -8.91% | |
| 14 | WMT | Walmart INC | Stock-Consumer Staples | 0.87% | — | -2.99% | |
| 15 | GE | General Electric | Stock-Industrials | 0.87% | +0.60% | +228.35% | |
| 16 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.84% | +0.21% | +12.74% | |
| 17 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.80% | +0.28% | +25.50% | |
| 18 | BAC | Bank Of America CORP | Stock-Financials | 0.79% | — | +1.93% | |
| 19 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.77% | — | +9.34% | |
| 20 | LRCX | Lam Research CORP | Stock-Tech | 0.74% | — | -16.96% | |
| 21 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.71% | — | +8.97% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.71% | -0.22% | -20.67% | |
| 23 | ANET | Arista Networks INC | Stock-Tech | 0.65% | — | -3.50% | |
| 24 | MU | Micron Technology INC | Stock-Tech | 0.62% | +0.23% | +25.62% | |
| 25 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.61% | — | -6.44% | |
| 26 | EXC | Exelon CORP | Stock-Utilities | 0.59% | — | -12.49% | |
| 27 | MCK | Mckesson CORP | Stock-Healthcare | 0.59% | -0.28% | -39.62% | |
| 28 | HIG | Hartford Insurance Group INC | Stock-Financials | 0.57% | -0.17% | -25.68% | |
| 29 | SYF | Synchrony Financial | Stock-Financials | 0.57% | -0.32% | -25.66% | |
| 30 | ALL | Allstate CORP | Stock-Financials | 0.56% | — | -15.14% | |
| 31 | GM | General Motors Co | Stock-Consumer Disc | 0.53% | — | +47.06% | |
| 32 | MO | Altria Group INC | Stock-Consumer Staples | 0.51% | — | +23.84% | |
| 33 | MPC | Marathon Petroleum CORP | Stock-Energy | 0.50% | +0.42% | +289.74% | |
| 34 | SPG | Simon Property Group INC | Stock-Real Estate | 0.49% | -0.14% | -26.80% | |
| 35 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.49% | — | +9.75% | |
| 36 | NEM | Newmont CORP | Stock-Materials | 0.49% | — | -25.14% | |
| 37 | DAL | Delta Air Lines INC | Stock-Industrials | 0.48% | — | +7.24% | |
| 38 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.46% | — | -20.02% | |
| 39 | DVN | Devon Energy CORP | Stock-Energy | 0.45% | — | -33.36% | |
| 40 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.45% | — | -4.18% | |
| 41 | INCY | Incyte CORP | Stock-Healthcare | 0.43% | — | +22.05% | |
| 42 | NOW | Servicenow INC | Stock-Tech | 0.43% | -0.32% | -21.44% | |
| 43 | STT | State Street CORP | Stock-Financials | 0.42% | — | +6.44% | |
| 44 | ADI | Analog Devices INC | Stock-Tech | 0.42% | +0.29% | +151.53% | |
| 45 | UBER | Uber Technologies INC | Stock-Industrials | 0.41% | — | -10.69% | |
| 46 | NTRS | Northern Trust CORP | Stock-Financials | 0.41% | — | -22.36% | |
| 47 | PBUS | Invesco Msci USA ETF | ETF-Other | 0.40% | — | +0.19% | |
| 48 | ABBV | Abbvie INC | Stock-Healthcare | 0.40% | — | +78.41% | |
| 49 | ED | Consolidated Edison INC | Stock-Utilities | 0.40% | — | -22.04% | |
| 50 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.39% | — | -37.78% |
Performance for Q3 2026
+4.1%
Performance Last 4 Quarters
+22.5%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1159 | $26.7B | 35 | |
| 2025-12-31 | 1176 | $28.2B | 39 | |
| 2025-09-30 | 1147 | $24.8B | 62 | |
| 2025-06-30 | 1111 | $22.2B | 0 | |
| 2025-03-31 | 1098 | $20.0B | 100 | |
| 2024-12-31 | 1130 | $21.6B | 0 | |
| 2024-09-30 | 1193 | $20.9B | 0 | |
| 2024-06-30 | 1182 | $19.9B | 0 | |
| 2024-03-31 | 1202 | $19.2B | 0 | |
| 2023-12-31 | 1215 | $17.9B | 0 | |
| 2023-09-30 | 1226 | $16.1B | 0 | |
| 2023-06-30 | 1240 | $17.0B | 0 | |
| 2023-03-31 | 1429 | $15.8B | 0 | |
| 2022-12-31 | 1423 | $15.2B | 0 | |
| 2022-09-30 | 1420 | $14.4B | 0 | |
| 2022-06-30 | 1457 | $15.3B | 0 | |
| 2022-03-31 | 1514 | $18.4B | 0 | |
| 2021-12-31 | 1530 | $18.9B | 0 | |
| 2021-09-30 | 1694 | $18.7B | 0 | |
| 2021-06-30 | 2839 | $18.7B | 98 | |
| 2021-03-31 | 2843 | $17.8B | 33 | |
| 2020-12-31 | 2815 | $16.9B | 34 | |
| 2020-09-30 | 2729 | $16.0B | 27 | |
| 2020-06-30 | 2592 | $15.7B | 28 | |
| 2020-03-31 | 2549 | $14.1B | 58 | |
| 2019-12-31 | 2492 | $22.0B | 35 | |
| 2019-09-30 | 2499 | $21.7B | 37 | |
| 2019-06-30 | 2647 | $22.4B | 32 | |
| 2019-03-31 | 2522 | $22.5B | 38 | |
| 2018-12-31 | 2475 | $21.5B | 38 | |
| 2018-09-30 | 2420 | $26.6B | 38 | |
| 2018-06-30 | 2378 | $25.2B | 33 | |
| 2018-03-31 | 2344 | $25.3B | 39 | |
| 2017-12-31 | 2308 | $26.7B | 26 | |
| 2017-09-30 | 2318 | $25.3B | 39 | |
| 2017-06-30 | 2596 | $24.8B | 31 | |
| 2017-03-31 | 2383 | $24.0B | 42 | |
| 2016-12-31 | 2372 | $21.8B | 25 | |
| 2016-09-30 | 2427 | $21.0B | 30 | |
| 2016-06-30 | 2315 | $20.1B | 26 | |
| 2016-03-31 | 2296 | $20.1B | 33 | |
| 2015-12-31 | 2305 | $20.3B | 26 | |
| 2015-09-30 | 2322 | $18.9B | 34 | |
| 2015-06-30 | 2427 | $19.9B | 26 | |
| 2015-03-31 | 2331 | $19.7B | 27 | |
| 2014-12-31 | 2286 | $19.6B | 34 | |
| 2014-09-30 | 2284 | $20.6B | 34 | |
| 2014-06-30 | 2321 | $20.6B | 39 | |
| 2014-03-31 | 2336 | $21.2B | 28 | |
| 2013-12-31 | 2167 | $21.6B | 39 | |
| 2013-09-30 | 2301 | $20.4B | 38 | |
| 2013-06-30 | 2297 | $19.6B | 0 |
Panagora Asset Management INC's most significant position changes for 2026-03-31: Add: Microsoft CORP (MSFT) — shares +0.40%; Add: General Electric (GE) — shares +228.35%; Add: Exxon Mobil CORP (XOM) — shares +20.44%; Add: Marathon Petroleum CORP (MPC) — shares +289.74%; Trim: Amazon.com INC (AMZN) — shares -7.88%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GE | General Electric | +0.6% | +228.35% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.5% | +20.44% | Add |
| 3 | MPC | Marathon Petroleum CORP | +0.4% | +289.74% | Add |
| 4 | MTB | M & T Bank CORP | +0.3% | +334.34% | Add |
| 5 | ADI | Analog Devices INC | +0.3% | +151.53% | Add |
| 6 | COST | Costco Wholesale CORP | +0.3% | +25.50% | Add |
| 7 | COP | Conocophillips | +0.3% | +410.96% | Add |
| 8 | FDX | Fedex CORP | +0.2% | +252.09% | Add |
| 9 | MU | Micron Technology INC | +0.2% | +25.62% | Add |
| 10 | JNJ | Johnson & Johnson | +0.2% | +384.87% | Add |
| 11 | BMY | Bristol-myers Squibb Co | +0.2% | +12.74% | Add |
| 12 | GRMN | Garmin Ltd. | +0.2% | +903.93% | Add |
| 13 | HST | Host Hotels & Resorts INC | +0.2% | +108.81% | Add |
| 14 | KEYS | Keysight Technologies In | +0.2% | +3288.50% | Add |
| 15 | RS | Reliance INC | +0.2% | +290.93% | Add |
| 16 | AVGO | Broadcom INC | -0.1% | +2.26% | Add |
| 17 | AAPL | Apple INC | -0.1% | -0.77% | Trim |
| 18 | MA | Mastercard INC - A | -0.1% | -2.17% | Trim |
| 19 | SPG | Simon Property Group INC | -0.1% | -26.80% | Trim |
| 20 | APTV | Aptiv PLC | -0.2% | -90.43% | Trim |
| 21 | VOO | Vanguard S&P 500 ETF | -0.2% | -35.87% | Trim |
| 22 | HIG | Hartford Insurance Group INC | -0.2% | -25.68% | Trim |
| 23 | AMGN | Amgen INC | -0.2% | -62.74% | Trim |
| 24 | ELV | Elevance Health INC | -0.2% | -92.58% | Trim |
| 25 | LLY | Eli Lilly & Co | -0.2% | -4.50% | Trim |
| 26 | MRK | Merck & Co. INC. | -0.2% | -79.08% | Trim |
| 27 | NTRA | Natera INC | -0.2% | -56.10% | Trim |
| 28 | INTU | Intuit INC | -0.2% | -17.92% | Trim |
| 29 | COF | Capital One Financial CORP | -0.2% | -22.21% | Trim |
| 30 | ITT | Itt INC | -0.2% | -85.70% | Trim |
| 31 | AMT | American Tower CORP | -0.2% | -93.35% | Trim |
| 32 | JPM | Jpmorgan Chase & Co | -0.2% | -20.67% | Trim |
| 33 | SNOW | Snowflake INC | -0.2% | -74.36% | Trim |
| 34 | CRM | Salesforce INC | -0.2% | -41.53% | Trim |
| 35 | VEEV | Veeva Systems Inc-class A | -0.2% | -52.75% | Trim |
| 36 | GD | General Dynamics CORP | -0.3% | -47.12% | Trim |
| 37 | NVDA | Nvidia CORP | -0.3% | -2.60% | Trim |
| 38 | MCK | Mckesson CORP | -0.3% | -39.62% | Trim |
| 39 | TSLA | Tesla INC | -0.3% | -8.13% | Trim |
| 40 | BSX | Boston Scientific CORP | -0.3% | -44.79% | Trim |
| 41 | SYF | Synchrony Financial | -0.3% | -25.66% | Trim |
| 42 | NOW | Servicenow INC | -0.3% | -21.44% | Trim |
| 43 | ACM | Aecom | -0.3% | -73.13% | Trim |
| 44 | META | Meta Platforms Inc-class A | -0.4% | -5.70% | Trim |
| 45 | BKNG | Booking Holdings INC | -0.4% | -37.32% | Trim |
| 46 | USFD | US Foods Holding CORP | -0.4% | -92.54% | Trim |
| 47 | PNR | Pentair plc | -0.4% | -61.09% | Trim |
| 48 | AMZN | Amazon.com INC | -0.4% | -7.88% | Trim |
| 49 | QCOM | Qualcomm INC | -0.4% | -58.99% | Trim |
| 50 | MSFT | Microsoft CORP | -1% | +0.40% | Add |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-07 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-31 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-21 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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