Bpifrance SA
Long book
$1.65B
Q1 2026
Positions
2
Top-10 weight
100%
concentration
Last quarter
-10.9%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsBpifrance SA is a diversified fundamental manager, specialised in industrials (100% of the long book), running a $1.65B US long book across 2 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: STELLANTIS NV, CONSTELLIUM SE.
Over the last 9 quarters its long book ran on average 15.9pp per quarter behind the S&P 500, beating the index in 1 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-24.2%
Q2 2024
-27.9%
Q3 2024
-9.2%
Q4 2024
-13.5%
Q1 2025
-0.7%
Q2 2025
-5.4%
Q3 2025
+17.6%
Q4 2025
-28.3%
Q1 2026
-10.9%
Sector allocation
Industrials 100%
Long book by quarter
What does Bpifrance SA own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 28, 2026 | 2 | $1.65B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 2, 2026 | 2 | $2.37B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 2 | $1.97B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 3 | $2.09B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 6, 2025 | 3 | $2.27B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 30, 2025 | 3 | $2.67B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 28, 2024 | 4 | $2.88B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 25, 2024 | 5 | $4.09B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 5 | $5.90B | canonical | SEC ↗ |