BNP Paribas Asset Management Holding S.A.

BNP Paribas Asset Management employs a growth-oriented, quality-focused style with a pronounced tilt toward large-cap technology leaders, as evidenced by the top five holdings—NVIDIA, Apple, Microsoft, Amazon, and Alphabet—accounting for nearly 20% of the $86.1 billion portfolio across over 4,000 positions. The fund’s largest sector allocation is Technology at 33.3%, with significant overweight exposure to semiconductors and mega-cap platforms, while Healthcare (11.5%) and Consumer Cyclical (9.0%) provide diversification but remain secondary. The concentrated top 15 positions, each ranging from 0.8% to 5.8%, reveal a high-conviction approach where the manager is willing to take sizable active bets in a handful of names—especially NVIDIA at 5.8%—while maintaining broad diversification to temper idiosyncratic risk. This blend of concentrated conviction in dominant growth stocks within a well-diversified, multi-sector framework reflects a strategy aimed at capturing long-term structural trends without overexposure to any single theme. The fund’s substantial asset under management growth to $86.1 billion underscores institutional confidence in this disciplined, research-intensive philosophy.