Cardano Risk Management (Theo Kocken & Michaël De Vos) latest 13F portfolio: 52 holdings worth $13.0B as of Q2 2026.
Backtested since 2020: mirroring Cardano Risk Management's reported 13F equity holdings each quarter would have returned +285.2% versus +203.0%for the S&P 500 (+23.3% annualized). See the Performance tab for the full equity curve.
Investor: Theo Kocken & Michaël De Vos
Number of Assets: 52
Reporting Period: Q2 - 2026
Holdings at Report: $12,987,954,000
Return $ Since Report: +$503,618,280
Return % Since Report: +3.88%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Linde PLC | Equity | +100% | 203,325 | 0.81% | $518.94 | N/A | $105,513,000 | N/A | N/A | N/A |
| Abbvie Inc. (ABBV) | Equity | +6.03% | 569,015 | 1.10% | $251.64 | $265.21 | $143,187,000 | $150,908,468 | +$7,721,468 | +5.39% |
| Advanced Micro Devices Inc. (AMD) | Equity | +5.52% | 506,119 | 2.26% | $580.91 | $623.77 | $294,010,000 | $315,701,849 | +$21,691,849 | +7.38% |
| Alphabet Inc. (GOOGL) | Equity | -6.59% | 1,440,207 | 3.96% | $357.37 | $351.16 | $514,687,000 | $505,743,090 | -$8,943,910 | -1.74% |
| Alphabet Inc. (GOOG) | Equity | +1.41% | 1,876,532 | 5.10% | $353.33 | $347.41 | $663,035,000 | $651,925,982 | -$11,109,018 | -1.68% |
| Amazon.com Inc. (AMZN) | Equity | +0.08% | 2,909,831 | 5.34% | $238.34 | $254.98 | $693,529,000 | $741,948,708 | +$48,419,708 | +6.98% |
| Amgen Inc. (AMGN) | Equity | -5.23% | 260,359 | 0.73% | $362.12 | $410.24 | $94,281,000 | $106,809,676 | +$12,528,676 | +13.29% |
| Amphenol Corp. (APH) | Equity | +100% | 580,870 | 0.79% | $176.32 | $82.84 | $102,419,000 | $48,119,271 | -$54,299,729 | -53.02% |
| Apple Inc. (AAPL) | Equity | -0.97% | 4,345,511 | 9.68% | $289.36 | $339.75 | $1,257,417,000 | $1,476,387,362 | +$218,970,362 | +17.41% |
| Applied Materials Inc. (AMAT) | Equity | -5.20% | 362,421 | 2.02% | $723.00 | $472.46 | $262,030,000 | $171,229,426 | -$90,800,574 | -34.65% |
| Automatic Data Processing Inc. (ADP) | Equity | +4.81% | 370,801 | 0.64% | $223.95 | $269.64 | $83,041,000 | $99,982,782 | +$16,941,782 | +20.40% |
| Baker Hughes Company (BKR) | Equity | -16.26% | 3,141,884 | 1.34% | $55.50 | $57.26 | $174,375,000 | $179,904,278 | +$5,529,278 | +3.17% |
| Bank Of America Corp. (BAC) | Equity | -1.02% | 2,627,191 | 1.15% | $56.98 | $56.20 | $149,697,000 | $147,648,134 | -$2,048,866 | -1.37% |
| Booking Holdings Inc. (BKNG) | Equity | +2215.86% | 478,757 | 0.66% | $178.24 | $164.22 | $85,334,000 | $78,621,475 | -$6,712,525 | -7.87% |
| Broadcom Inc. (AVGO) | Equity | -0.74% | 1,310,174 | 3.81% | $377.75 | $364.54 | $494,918,000 | $477,610,830 | -$17,307,170 | -3.50% |
| Cisco Systems Inc. (CSCO) | Equity | -4.92% | 1,311,581 | 1.19% | $117.46 | $106.44 | $154,058,000 | $139,604,682 | -$14,453,318 | -9.38% |
| The Coca-Cola Company (KO) | Equity | -2.02% | 1,505,504 | 0.94% | $81.27 | $88.61 | $122,352,000 | $133,402,709 | +$11,050,709 | +9.03% |
| Costco Wholesale Corp. (COST) | Equity | -0.15% | 186,969 | 1.35% | $935.47 | $899.41 | $174,904,000 | $168,161,788 | -$6,742,212 | -3.85% |
| Curtiss-Wright Corp. (CW) | Equity | +100% | 142,936 | 0.83% | $757.76 | $550.27 | $108,311,000 | $78,653,393 | -$29,657,607 | -27.38% |
| Eli Lilly And Company (LLY) | Equity | -0.65% | 249,204 | 2.30% | $1,199.43 | $1,170.14 | $298,903,000 | $291,603,569 | -$7,299,431 | -2.44% |
| GE Vernova Inc. (GEV) | Equity | +100% | 89,517 | 0.81% | $1,174.86 | $950.28 | $105,170,000 | $85,066,215 | -$20,103,785 | -19.12% |
| The Goldman Sachs Group Inc. (GS) | Equity | -4.11% | 111,237 | 0.87% | $1,011.37 | $949.49 | $112,502,000 | $105,618,419 | -$6,883,581 | -6.12% |
| The Home Depot Inc. (HD) | Equity | -8.27% | 316,784 | 0.86% | $352.68 | $305.35 | $111,723,000 | $96,729,994 | -$14,993,006 | -13.42% |
| Intel Corp. (INTC) | Equity | +100% | 1,341,703 | 1.44% | $139.63 | $123.86 | $187,342,000 | $166,183,334 | -$21,158,666 | -11.29% |
| JP Morgan Chase & Co. (JPM) | Equity | -0.60% | 882,774 | 2.22% | $327.33 | $340.00 | $288,958,000 | $300,143,160 | +$11,185,160 | +3.87% |
| KLA Corp. (KLAC) | Equity | +725.69% | 583,842 | 1.36% | $301.71 | $188.32 | $176,151,000 | $109,949,125 | -$66,201,875 | -37.58% |
| Lam Research Corp. (LRCX) | Equity | +100% | 535,748 | 1.79% | $433.33 | $310.96 | $232,156,000 | $166,596,198 | -$65,559,802 | -28.24% |
| Mastercard Inc. (MA) | Equity | -4.30% | 385,332 | 1.52% | $513.60 | $555.89 | $197,907,000 | $214,202,205 | +$16,295,205 | +8.23% |
| Merck & Co. Inc. (MRK) | Equity | -0.96% | 970,317 | 0.96% | $128.50 | $150.91 | $124,686,000 | $146,430,538 | +$21,744,538 | +17.44% |
| Micron Technology Inc. (MU) | Equity | -0.84% | 334,063 | 2.97% | $1,154.29 | $1,096.16 | $385,606,000 | $366,186,498 | -$19,419,502 | -5.04% |
| Microsoft Corp. (MSFT) | Equity | +0.27% | 2,430,917 | 6.98% | $373.02 | $498.00 | $906,781,000 | $1,210,596,666 | +$303,815,666 | +33.50% |
| Morgan Stanley (MS) | Equity | -8.34% | 508,175 | 0.82% | $209.04 | $200.18 | $106,229,000 | $101,726,472 | -$4,502,528 | -4.24% |
| Netflix Inc. (NFLX) | Equity | -1.12% | 1,465,830 | 0.81% | $71.40 | $72.16 | $104,660,000 | $105,774,293 | +$1,114,293 | +1.06% |
| Nvidia Corp. (NVDA) | Equity | -4.45% | 7,715,089 | 11.89% | $200.09 | $228.87 | $1,543,712,000 | $1,765,752,419 | +$222,040,419 | +14.38% |
| Oracle Corp. (ORCL) | Equity | -0.58% | 512,981 | 0.58% | $146.55 | $149.20 | $75,177,000 | $76,536,765 | +$1,359,765 | +1.81% |
| Palantir Technologies Inc. (PLTR) | Equity | -1.57% | 686,694 | 0.62% | $116.67 | $184.99 | $80,117,000 | $127,031,523 | +$46,914,523 | +58.56% |
| Palo Alto Networks Inc. (PANW) | Equity | +100% | 351,256 | 0.92% | $341.02 | $374.57 | $119,785,000 | $131,569,960 | +$11,784,960 | +9.84% |
| The Procter & Gamble Company (PG) | Equity | -17.93% | 779,511 | 0.88% | $146.64 | $148.22 | $114,307,000 | $115,539,120 | +$1,232,120 | +1.08% |
| Prologis Inc. (PLD) | Equity | -0.64% | 1,174,787 | 1.23% | $135.47 | $135.88 | $159,148,000 | $159,630,058 | +$482,058 | +0.30% |
| S&P Global Inc. (SPGI) | Equity | -7.61% | 154,024 | 0.48% | $407.26 | $402.44 | $62,728,000 | $61,985,419 | -$742,581 | -1.18% |
| Salesforce Inc. (CRM) | Equity | +9.31% | 432,871 | 0.52% | $156.66 | $233.28 | $67,814,000 | $100,980,147 | +$33,166,147 | +48.91% |
| Servicenow Inc. (NOW) | Equity | +6.86% | 484,785 | 0.37% | $99.28 | $137.00 | $48,129,000 | $66,415,545 | +$18,286,545 | +37.99% |
| Simon Property Group Inc. (SPG) | Equity | +100% | 466,269 | 0.80% | $223.65 | $205.95 | $104,281,000 | $96,028,101 | -$8,252,899 | -7.91% |
| Schlumberger Limited (SLB) | Equity | +100% | 3,989,536 | 1.43% | $46.49 | $52.12 | $185,474,000 | $207,934,616 | +$22,460,616 | +12.11% |
| Tesla Inc. (TSLA) | Equity | +0.22% | 861,418 | 2.79% | $420.60 | $378.90 | $362,312,000 | $326,391,280 | -$35,920,720 | -9.91% |
| Texas Instruments Inc. (TXN) | Equity | +100% | 337,713 | 0.78% | $298.07 | $271.41 | $100,662,000 | $91,658,685 | -$9,003,315 | -8.94% |
| The Tjx Companies Inc. (TJX) | Equity | +0.76% | 676,762 | 0.79% | $151.50 | $130.79 | $102,529,000 | $88,513,702 | -$14,015,298 | -13.67% |
| UnitedHealth Group Inc. (UNH) | Equity | -1.18% | 256,026 | 0.82% | $415.63 | $372.95 | $106,412,000 | $95,484,897 | -$10,927,103 | -10.27% |
| Verizon Communications Inc. (VZ) | Equity | +3.49% | 2,372,766 | 0.77% | $42.34 | $46.45 | $100,463,000 | $110,214,981 | +$9,751,981 | +9.71% |
| Visa Inc. (V) | Equity | +0.68% | 804,973 | 2.13% | $343.09 | $362.04 | $276,178,000 | $291,432,425 | +$15,254,425 | +5.52% |
| Welltower Inc. (WELL) | Equity | +7.27% | 1,069,814 | 1.87% | $226.97 | $230.39 | $242,816,000 | $246,474,447 | +$3,658,447 | +1.51% |
| Western Digital Corp. (WDC) | Equity | +100% | 187,935 | 0.92% | $638.72 | $464.60 | $120,038,000 | $87,314,601 | -$32,723,399 | -27.26% |