Swedbank AB

Swedbank AB’s investment philosophy emphasizes large-cap growth with a pronounced technology tilt, as evidenced by a 40.7% technology sector allocation and top holdings in NVIDIA, Microsoft, and Apple, which alone account for over 19% of the portfolio. The top 15 holdings represent roughly 43% of total assets, indicating high conviction in a concentrated set of mega-cap names, with significant overweight positions in semiconductors (NVDA, AVGO, AMAT, KLAC) and financials (JPM, C). This composition reflects a strategy centered on secular growth drivers like AI and cloud computing, while maintaining broad diversification across 900+ positions to manage idiosyncratic risk. The absence of significant exposure to consumer defensive or basic materials—at 3.1% and 1.3%, respectively—underscores a deliberate avoidance of defensive or cyclical value plays in favor of capital appreciation from technology leaders.