CIK: 0001993888
Total reported value
$94.8B
Reporting period: 2026-03-31 · Number of holdings: 2102
Pictet Asset Management Holding SA disclosed 2102 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $94.8B and a quarterly turnover rate of 23.1%.
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Pictet Asset Management Holding SA's disclosed holdings carry a Herfindahl concentration index of 0.008 — mathematically equivalent to about 118 equally-sized positions, well below its 2102 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 4.09), 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.
Sector classification currently covers about 49% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
-9.3% -$1.1B
Add AVGO
+20.0% $158.6M
Trim TMO
-16.3% -$414.0M
Add AMAT
-1.5% $226.3M
Add XEL
+37.1% $226.7M
Trim TEAM
+27.4% -$297.3M
Pictet is hunting mean-reversion alpha by systematically fading consensus momentum leaders (trimming MSFT, AMZN, GOOGL, SNPS, TMO) and rotating capital into high-conviction laggards (initiating AZN, adding to TEAM). This is a deliberate capital rotation away from factor crowding into idiosyncratic dispersion, telegraphing a strong belief that the AI leadership trade has exhausted its pricing power.
Pictet is pricing in an 'AI Fatigue' macro regime where premium valuations on mega-cap tech face multiple compression, forcing capital into defensive GARP (AZN) and deeply discounted software (TEAM). The opposing thesis is a 'Global Capex Supercycle' where AI monetization sustains the momentum factor, making this rotation a premature value trap against a market that continues to climb the wall of AI revenue visibility.
Pictet's portfolio structure reveals a massive tail of small bets (CV 4.09, HHI 0.008) that dramatically dilutes any single mean-reversion catalyst. The structural vulnerability is a liquidity trap in a factor reversal scenario: if the trimmed mega-cap leaders simply stagnate while value fails to re-rate, the 2095-position drag overwhelms the tiny active overweight signals. It is a stealth bet against Consensus Momentum itself that requires the entire value cycle to turn simultaneously, not just single names working.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 2102 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 4.73% | +0.15% | +1.65% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 2.61% | -0.85% | -9.33% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.55% | -0.06% | -2.40% | |
| 4 | AVGO | Broadcom INC | Stock-Tech | 2.47% | +0.35% | +20.04% | |
| 5 | AAPL | Apple INC | Stock-Tech | 2.43% | — | +2.54% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.09% | -0.11% | -3.03% | |
| 7 | UBS | UBS Group AG | Stock-Financials | 1.44% | -0.19% | -0.95% | |
| 8 | KLAC | Kla CORP | Stock-Tech | 1.12% | — | -18.70% | |
| 9 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.07% | -0.31% | -16.28% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.04% | -0.05% | +1.54% | |
| 11 | AMAT | Applied Materials INC | Stock-Tech | 1.01% | +0.30% | -1.54% | |
| 12 | NEE | Nextera Energy INC | Stock-Utilities | 0.95% | +0.23% | +4.27% | |
| 13 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.92% | — | +0.96% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.92% | — | +7.21% | |
| 15 | ECL | Ecolab INC | Stock-Materials | 0.91% | -0.07% | -15.57% | |
| 16 | CRM | Salesforce INC | Stock-Tech | 0.87% | -0.14% | +12.75% | |
| 17 | TT | Trane Technologies plc | Stock-Industrials | 0.85% | — | -5.22% | |
| 18 | MA | Mastercard INC - A | Stock-Financials | 0.81% | -0.08% | -4.09% | |
| 19 | PANW | Palo Alto Networks INC | Stock-Tech | 0.81% | — | +10.39% | |
| 20 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 0.80% | -0.16% | -15.51% | |
| 21 | TSLA | Tesla INC | Stock-Consumer Disc | 0.75% | -0.09% | -0.07% | |
| 22 | XEL | Xcel Energy INC | Stock-Utilities | 0.74% | +0.28% | +37.06% | |
| 23 | RSG | Republic Services INC | Stock-Industrials | 0.72% | -0.07% | -19.44% | |
| 24 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.71% | +0.71% | NEW | |
| 25 | FERG | Ferguson Enterprises INC | Stock-Industrials | 0.71% | — | +9.16% | |
| 26 | NOW | Servicenow INC | Stock-Tech | 0.67% | — | +58.33% | |
| 27 | LRCX | Lam Research CORP | Stock-Tech | 0.65% | — | -30.42% | |
| 28 | V | Visa Inc-class A Shares | Stock-Financials | 0.65% | -0.17% | -14.96% | |
| 29 | DT | Dynatrace INC | Stock-Tech | 0.62% | — | +7.92% | |
| 30 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.59% | — | +6.29% | |
| 31 | PH | Parker Hannifin CORP | Stock-Industrials | 0.58% | — | +4.22% | |
| 32 | INTU | Intuit INC | Stock-Tech | 0.57% | -0.09% | +22.84% | |
| 33 | NFLX | Netflix INC | Stock-Comm Services | 0.57% | — | -5.97% | |
| 34 | HUBS | Hubspot INC | Stock-Tech | 0.56% | -0.19% | +13.05% | |
| 35 | LIN | Linde plc | Stock-Materials | 0.56% | — | -22.61% | |
| 36 | ANET | Arista Networks INC | Stock-Tech | 0.55% | +0.26% | +86.00% | |
| 37 | XYL | Xylem INC | Stock-Industrials | 0.55% | -0.10% | -11.29% | |
| 38 | ADSK | Autodesk INC | Stock-Tech | 0.53% | +0.19% | +80.24% | |
| 39 | PTC | Ptc INC | Stock-Tech | 0.53% | — | +17.78% | |
| 40 | CRWD | Crowdstrike Holdings INC - A | Stock-Tech | 0.53% | — | +40.16% | |
| 41 | AXP | American Express Co | Stock-Financials | 0.46% | +0.16% | +73.82% | |
| 42 | ETN | Eaton Corporation plc | Stock-Industrials | 0.45% | — | -13.08% | |
| 43 | MU | Micron Technology INC | Stock-Tech | 0.44% | -0.10% | -36.28% | |
| 44 | SRE | Sempra | Stock-Utilities | 0.44% | — | +0.34% | |
| 45 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.43% | — | -4.85% | |
| 46 | SO | Southern Co/the | Stock-Utilities | 0.43% | — | -0.68% | |
| 47 | MRVL | Marvell Technology INC | Stock-Tech | 0.43% | +0.14% | +15.62% | |
| 48 | A | Agilent Technologies INC | Stock-Healthcare | 0.42% | -0.20% | -25.03% | |
| 49 | SNOW | Snowflake INC | Stock-Tech | 0.41% | — | +44.68% | |
| 50 | AMD | Advanced Micro Devices | Stock-Tech | 0.41% | -0.08% | -18.47% |
Performance for Q3 2026
+3.8%
Performance Last 4 Quarters
+18.4%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2102 | $94.8B | 23 | |
| 2025-12-31 | 2082 | $103.0B | 19 | |
| 2025-09-30 | 2032 | $103.8B | 31 | |
| 2025-06-30 | 2000 | $98.3B | 0 | |
| 2025-03-31 | 2009 | $90.0B | 0 | |
| 2024-12-31 | 2042 | $92.7B | 0 | |
| 2024-09-30 | 2018 | $90.9B | 0 | |
| 2024-06-30 | 1970 | $87.3B | 0 | |
| 2024-03-31 | 1973 | $91.9B | 0 | |
| 2023-12-31 | 1975 | $90.7B | 0 | |
| 2023-09-30 | 1958 | $81.1B | 0 |
Pictet Asset Management Holding SA's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Cyberark Software LTD; Trim: Microsoft CORP (MSFT) — shares -9.33%; Add: Broadcom INC (AVGO) — shares +20.04%; Trim: Thermo Fisher Scientific INC (TMO) — shares -16.28%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AVGO | Broadcom INC | +0.4% | +20.04% | Add |
| 2 | AMAT | Applied Materials INC | +0.3% | -1.54% | Trim |
| 3 | XEL | Xcel Energy INC | +0.3% | +37.06% | Add |
| 4 | ANET | Arista Networks INC | +0.3% | +86.00% | Add |
| 5 | NEE | Nextera Energy INC | +0.2% | +4.27% | Add |
| 6 | ADSK | Autodesk INC | +0.2% | +80.24% | Add |
| 7 | DCI | Donaldson Co INC | +0.2% | +10438.06% | Add |
| 8 | AXP | American Express Co | +0.2% | +73.82% | Add |
| 9 | NVDA | Nvidia CORP | +0.2% | +1.65% | Add |
| 10 | MRVL | Marvell Technology INC | +0.1% | +15.62% | Add |
| 11 | META | Meta Platforms Inc-class A | -0.1% | +1.54% | Add |
| 12 | GOOGL | Alphabet Inc-cl A | -0.1% | -2.40% | Trim |
| 13 | ECL | Ecolab INC | -0.1% | -15.57% | Trim |
| 14 | RSG | Republic Services INC | -0.1% | -19.44% | Trim |
| 15 | MA | Mastercard INC - A | -0.1% | -4.09% | Trim |
| 16 | AMD | Advanced Micro Devices | -0.1% | -18.47% | Trim |
| 17 | EQIX | Equinix INC | -0.1% | -46.97% | Trim |
| 18 | GFL | Gfl Environmental Inc-sub Vt | -0.1% | -27.70% | Trim |
| 19 | TSLA | Tesla INC | -0.1% | -0.07% | Trim |
| 20 | INTU | Intuit INC | -0.1% | +22.84% | Add |
| 21 | CDNS | Cadence Design Sys INC | -0.1% | -18.32% | Trim |
| 22 | VLTO | Veralto CORP | -0.1% | -20.06% | Trim |
| 23 | TER | Teradyne INC | -0.1% | -55.11% | Trim |
| 24 | XYL | Xylem INC | -0.1% | -11.29% | Trim |
| 25 | MU | Micron Technology INC | -0.1% | -36.28% | Trim |
| 26 | ACN | Accenture plc | -0.1% | -31.22% | Trim |
| 27 | AMZN | Amazon.com INC | -0.1% | -3.03% | Trim |
| 28 | CPRT | Copart INC | -0.1% | -81.22% | Trim |
| 29 | FIVN | Five9 INC | -0.1% | -89.85% | Trim |
| 30 | ADBE | Adobe INC | -0.1% | -40.55% | Trim |
| 31 | CRM | Salesforce INC | -0.1% | +12.75% | Add |
| 32 | UNH | Unitedhealth Group INC | -0.1% | -37.77% | Trim |
| 33 | WM | Waste Management INC | -0.2% | -38.46% | Trim |
| 34 | NXPI | NXP Semiconductors N.V. | -0.2% | -15.51% | Trim |
| 35 | WDAY | Workday Inc-class A | -0.2% | +8.66% | Add |
| 36 | BKNG | Booking Holdings INC | -0.2% | -30.89% | Trim |
| 37 | V | Visa Inc-class A Shares | -0.2% | -14.96% | Trim |
| 38 | VRTX | Vertex Pharmaceuticals INC | -0.2% | -55.14% | Trim |
| 39 | AWK | American Water Works Co INC | -0.2% | -61.45% | Trim |
| 40 | UBS | UBS Group AG | -0.2% | -0.95% | Trim |
| 41 | HUBS | Hubspot INC | -0.2% | +13.05% | Add |
| 42 | WCN | Waste Connections INC | -0.2% | -33.72% | Trim |
| 43 | A | Agilent Technologies INC | -0.2% | -25.03% | Trim |
| 44 | ROP | Roper Technologies INC | -0.2% | -89.40% | Trim |
| 45 | SNPS | Synopsys INC | -0.3% | -51.40% | Trim |
| 46 | TEAM | Atlassian Corp-cl A | -0.3% | +27.35% | Add |
| 47 | TMO | Thermo Fisher Scientific INC | -0.3% | -16.28% | Trim |
| 48 | MSFT | Microsoft CORP | -0.9% | -9.33% | Trim |
| 49 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 50 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-22 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-29 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-18 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-05 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
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