Zurcher Kantonalbank (Zurich Cantonalbank)
Long book
$45.93B
Q1 2026
Positions
2489
Top-10 weight
33%
concentration
Last quarter
+15.1%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsZurcher Kantonalbank (Zurich Cantonalbank) is a mechanically diversified allocator, running a $45.93B US long book across 2489 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, UBS GROUP AG-REG, MICROSOFT CORP, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 6 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.5%
Q2 2024
+5.9%
Q3 2024
+1.0%
Q4 2024
-4.2%
Q1 2025
+11.0%
Q2 2025
+8.3%
Q3 2025
+3.2%
Q4 2025
-4.4%
Q1 2026
+15.1%
Sector allocation
Technology 37%
Financials 15%
Industrials 12%
Healthcare 10%
Consumer discretionary 8%
Services media 5%
Other 4%
Energy 3%
Long book by quarter
What does Zurcher Kantonalbank own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 16.7M | $2.92B | 6.4% | +1.5% |
| AAPL APPLE INC | Technology | 9.3M | $2.37B | 5.2% | +5.1% |
| UBS UBS GROUP AG-REG | Financials | 56.7M | $2.17B | 4.7% | +14.4% |
| MSFT MICROSOFT CORP | Technology | 5.4M | $1.99B | 4.3% | +10.9% |
| GOOGL ALPHABET INC-CL A | Technology | 4.2M | $1.22B | 2.7% | +2.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 5.8M | $1.22B | 2.6% | +0.7% |
| AVGO BROADCOM INC | Technology | 3.1M | $970.6M | 2.1% | +1.8% |
| GOOG ALPHABET INC-CL C | Technology | 2.9M | $840.2M | 1.8% | +1.7% |
| META META PLATFORMS INC-CLASS A | Technology | 1.4M | $778.9M | 1.7% | +2.4% |
| TSLA TESLA INC | Industrials | 2.1M | $764.8M | 1.7% | -7.1% |
| ALC ALCON INC | Healthcare | 8.0M | $591.7M | 1.3% | +3.7% |
| LLY ELI LILLY & CO | Healthcare | 638.3K | $587.1M | 1.3% | +3.8% |
| AMRZ AMRIZE LTD | Industrials | 10.7M | $578.8M | 1.3% | +10.4% |
| JPM JPMORGAN CHASE & CO | Financials | 1.8M | $537.2M | 1.2% | -11.5% |
| WMT WALMART INC | Consumer discretionary | 3.4M | $416.6M | 0.9% | +0.5% |
| AZN ASTRAZENECA PLC | Healthcare | 2.0M | $386.0M | 0.8% | New |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.6M | $381.3M | 0.8% | +0.9% |
| V VISA INC-CLASS A SHARES | Services media | 1.3M | $377.9M | 0.8% | +4.3% |
| XOM EXXON MOBIL CORP | Energy | 1.9M | $319.4M | 0.7% | -1.3% |
| MA MASTERCARD INC - A | Services media | 636.5K | $318.0M | 0.7% | +0.3% |
| MU MICRON TECHNOLOGY INC | Technology | 833.7K | $281.7M | 0.6% | +8.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 238.1K | $237.3M | 0.5% | +9.9% |
| LIN LINDE PLC | Materials | 470.3K | $233.1M | 0.5% | +11.2% |
| GILD GILEAD SCIENCES INC | Healthcare | 1.6M | $226.4M | 0.5% | +0.7% |
| LTEC LOGITECH INTERNATIONAL-REG | — | 2.4M | $216.2M | 0.5% | -14.3% |
| CVX CHEVRON CORP | Energy | 1.0M | $211.6M | 0.5% | +3.2% |
| KO COCA-COLA CO/THE | Consumer staples | 2.5M | $190.1M | 0.4% | +18.7% |
| GEV GE VERNOVA INC | Industrials | 216.2K | $188.7M | 0.4% | +43.2% |
| CAT CATERPILLAR INC | Industrials | 258.0K | $182.8M | 0.4% | -0.6% |
| VRT VERTIV HOLDINGS CO-A | Technology | 724.0K | $181.4M | 0.4% | -11.1% |
| ADBE ADOBE INC | Technology | 721.6K | $175.4M | 0.4% | +22.5% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 1.9M | $175.4M | 0.4% | +4.2% |
| TTE TOTALENERGIES SE | Energy | 1.9M | $174.7M | 0.4% | +16.6% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 353.4K | $173.7M | 0.4% | -2.8% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 1.5M | $173.1M | 0.4% | -2.5% |
| APH AMPHENOL CORP-CL A | Technology | 1.4M | $171.1M | 0.4% | +3.7% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.2M | $171.1M | 0.4% | +5.8% |
| GE GENERAL ELECTRIC | Industrials | 595.9K | $169.1M | 0.4% | -0.6% |
| VRTX VERTEX PHARMACEUTICALS INC | Healthcare | 377.0K | $168.4M | 0.4% | +6.7% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 348.6K | $167.0M | 0.4% | +1.9% |
| PWR QUANTA SERVICES INC | Industrials | 299.3K | $164.3M | 0.4% | +2.0% |
| ANET ARISTA NETWORKS INC | Technology | 1.3M | $164.2M | 0.4% | -1.8% |
| ETN EATON CORP PLC | Industrials | 456.0K | $163.1M | 0.4% | -4.9% |
| KLAC KLA CORP | Other | 108.8K | $160.2M | 0.3% | +20.3% |
| FIX COMFORT SYSTEMS USA INC | Industrials | 114.2K | $157.5M | 0.3% | -20.4% |
| BAC BANK OF AMERICA CORP | Financials | 3.1M | $152.5M | 0.3% | -31.8% |
| CSCO CISCO SYSTEMS INC | Technology | 2.0M | $151.5M | 0.3% | -0.8% |
| AMD ADVANCED MICRO DEVICES | Technology | 742.5K | $151.0M | 0.3% | +5.3% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 3.0M | $150.0M | 0.3% | +3.6% |
| GS GOLDMAN SACHS GROUP INC | Financials | 172.0K | $145.5M | 0.3% | +1.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 2557 | $45.96B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 2545 | $46.34B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2553 | $43.54B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 2571 | $40.91B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 2630 | $34.83B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 2699 | $35.10B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 14, 2024 | 2701 | $33.60B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 2701 | $33.60B | SEC ↗ | |
| Q2 2024 | 13F-HR | Jul 29, 2024 | 2688 | $30.75B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 25, 2024 | 2753 | $28.55B | canonical | SEC ↗ |
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