Groupama Asset Management — one of France's largest insurance-linked asset managers — filed 437 U.S. equity holdings in Q4 2025. They added 254 new positions and exited 32. On the surface, this looks like one of the broadest institutional books in the database.
Check the weights and the story narrows fast.
The Mega-Cap Spine
| Metric | Value |
|---|---|
| AUM | $6.83T |
| Holdings | 437 |
| Top holding (MSFT) | 7.5% |
| Top-5 weight | 27.8% |
| Top-10 weight | 43.1% |
| New positions | 254 |
| Exits | 32 |
Microsoft at the top (not NVIDIA) is a subtle but meaningful choice — favoring enterprise software stability over pure AI infrastructure momentum.
254 New Positions, Same Hierarchy
Adding 254 names in a single quarter is enormous churn. But the added complexity still resolved into the same familiar hierarchy: MSFT, NVDA, AAPL, GOOGL, AVGO.
This is the pattern we see across European institutional allocators building U.S. equity sleeves: broad implementation for diversification and tracking error management, concentrated conviction at the top for performance capture.
The European Allocator Pattern
Compare this with HSBC (11,612 holdings, NVDA at top), EPF Malaysia (73 holdings, NVDA at top), or Amundi (500 holdings, NVDA at top). Different managers, different line counts, different geographies — but the same five mega-caps controlling the risk budget.
The spine is always U.S. mega-cap tech. The difference is how wide the implementation tail gets around it.
Originally published at 13finsight.com
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