Exane Asset Management
Long book
$489.2M
Q1 2026
Positions
32
Top-10 weight
74%
concentration
Last quarter
+11.5%
SPY +14.8%
Turnover
57%
of book per quarter
Strategy in plain words
auto-generated from filingsExane Asset Management is a concentrated fundamental stock-picker, running a $489.2M US long book across 32 positions.
The portfolio is concentrated: the top 10 names carry 74% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: UBS GROUP AG-REG, SMURFIT WESTROCK PLC, ASTRAZENECA PLC, FERROVIAL NV, META PLATFORMS INC-CLASS A.
Over the last 9 quarters its long book ran on average 2.2pp per quarter behind the S&P 500, beating the index in 3 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
-10.2%
Q2 2024
+4.6%
Q3 2024
+0.6%
Q4 2024
+0.5%
Q1 2025
+10.7%
Q2 2025
+10.2%
Q3 2025
+5.1%
Q4 2025
-12.9%
Q1 2026
+11.5%
Sector allocation
Industrials 22%
Technology 17%
Financials 14%
Other 9%
Healthcare 9%
Services media 9%
Consumer discretionary 9%
Materials 6%
Long book by quarter
What does Exane Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| UBS UBS GROUP AG-REG | Financials | 1.9M | $66.7M | 13.6% | +183.0% |
| SW SMURFIT WESTROCK PLC | Other | 836.6K | $38.4M | 7.8% | +48.1% |
| AZN ASTRAZENECA PLC | Healthcare | 222.5K | $37.6M | 7.7% | New |
| FER FERROVIAL NV | Industrials | 551.4K | $35.2M | 7.2% | -14.2% |
| META META PLATFORMS INC-CLASS A | Technology | 51.4K | $33.9M | 6.9% | New |
| CRH CRH PLC | Industrials | 279.1K | $33.8M | 6.9% | -70.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 130.2K | $31.2M | 6.4% | +70.9% |
| LIN LINDE PLC | Materials | 51.4K | $29.3M | 6.0% | -1.3% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 50.9K | $28.4M | 5.8% | +364.9% |
| AMRZ AMRIZE LTD | Industrials | 527.5K | $26.4M | 5.4% | New |
| DASH DOORDASH INC - A | Services media | 128.5K | $22.2M | 4.5% | +222.6% |
| NFLX NETFLIX INC | Services media | 160.3K | $17.8M | 3.6% | +4.7% |
| QXO QXO INC | Consumer discretionary | 475.0K | $10.6M | 2.2% | New |
| DDOG DATADOG INC - CLASS A | Technology | 74.4K | $10.1M | 2.1% | New |
| SHOP SHOPIFY INC - CLASS A | Technology | 73.7K | $10.1M | 2.1% | New |
| STLA STELLANTIS NV | Industrials | 1.4M | $9.8M | 2.0% | +7.4% |
| INTU INTUIT INC | Technology | 16.4K | $8.2M | 1.7% | +1746.0% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 89.2K | $6.4M | 1.3% | New |
| BIRK BIRKENSTOCK HOLDING PLC | Other | 153.0K | $6.3M | 1.3% | -3.8% |
| MDB MONGODB INC | Technology | 22.0K | $6.2M | 1.3% | -18.0% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 9.3K | $4.2M | 0.9% | New |
| SNOW SNOWFLAKE INC | Technology | 21.1K | $3.7M | 0.7% | -67.2% |
| ACN ACCENTURE PLC-CL A | Services media | 15.3K | $3.5M | 0.7% | New |
| HUBS HUBSPOT INC | Technology | 12.1K | $3.4M | 0.7% | New |
| TEAM ATLASSIAN CORP-CL A | Technology | 26.9K | $2.1M | 0.4% | -14.1% |
| NOW SERVICENOW INC | Technology | 15.9K | $1.9M | 0.4% | -58.0% |
| TTE TOTALENERGIES SE | Energy | 14.1K | $1.3M | 0.3% | +242.2% |
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 1.0K | $179K | 0.0% | New |
| LTEC LOGITECH INTERNATIONAL-REG | — | 1.2K | $97K | 0.0% | -66.7% |
| ALC ALCON INC | Healthcare | 1.3K | $88K | 0.0% | New |
| BKNG BOOKING HOLDINGS INC | Industrials | 10 | $48K | 0.0% | -99.3% |
| PCOR PROCORE TECHNOLOGIES INC | Technology | 59 | $4K | 0.0% | -99.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 29, 2026 | 32 | $489.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 34 | $475.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 34 | $296.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 17, 2025 | 26 | $256.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 26 | $171.8M | SEC ↗ | |
| Q1 2025 | 13F-HR/ARESTATEMENT | Apr 30, 2025 | 26 | $171.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 27 | $175.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 18 | $124.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 18 | $142.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 23, 2024 | 13 | $129.6M | canonical | SEC ↗ |
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