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 +283.8% versus +200.8%for the S&P 500 (+23.8% 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: +$451,778,977
Return % Since Report: +3.48%
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 | $243.16 | $143,187,000 | $138,363,963 | -$4,823,037 | -3.37% |
| Advanced Micro Devices Inc. (AMD) | Equity | +5.52% | 506,119 | 2.26% | $580.91 | $492.78 | $294,010,000 | $249,405,321 | -$44,604,679 | -15.17% |
| Alphabet Inc. (GOOGL) | Equity | -6.59% | 1,440,207 | 3.96% | $357.37 | $359.85 | $514,687,000 | $518,258,489 | +$3,571,489 | +0.69% |
| Alphabet Inc. (GOOG) | Equity | +1.41% | 1,876,532 | 5.10% | $353.33 | $358.46 | $663,035,000 | $672,661,661 | +$9,626,661 | +1.45% |
| Amazon.com Inc. (AMZN) | Equity | +0.08% | 2,909,831 | 5.34% | $238.34 | $273.55 | $693,529,000 | $795,984,270 | +$102,455,270 | +14.77% |
| Amgen Inc. (AMGN) | Equity | -5.23% | 260,359 | 0.73% | $362.12 | $402.62 | $94,281,000 | $104,824,439 | +$10,543,439 | +11.18% |
| Amphenol Corp. (APH) | Equity | +100% | 580,870 | 0.79% | $176.32 | $171.83 | $102,419,000 | $99,810,892 | -$2,608,108 | -2.55% |
| Apple Inc. (AAPL) | Equity | -0.97% | 4,345,511 | 9.68% | $289.36 | $309.86 | $1,257,417,000 | $1,346,508,729 | +$89,091,729 | +7.09% |
| Applied Materials Inc. (AMAT) | Equity | -5.20% | 362,421 | 2.02% | $723.00 | $536.07 | $262,030,000 | $194,283,025 | -$67,746,975 | -25.85% |
| Automatic Data Processing Inc. (ADP) | Equity | +4.81% | 370,801 | 0.64% | $223.95 | $272.13 | $83,041,000 | $100,904,222 | +$17,863,222 | +21.51% |
| Baker Hughes Company (BKR) | Equity | -16.26% | 3,141,884 | 1.34% | $55.50 | $62.98 | $174,375,000 | $197,875,854 | +$23,500,854 | +13.48% |
| Bank Of America Corp. (BAC) | Equity | -1.02% | 2,627,191 | 1.15% | $56.98 | $63.05 | $149,697,000 | $165,631,257 | +$15,934,257 | +10.64% |
| Booking Holdings Inc. (BKNG) | Equity | +2215.86% | 478,757 | 0.66% | $178.24 | $206.30 | $85,334,000 | $98,767,569 | +$13,433,569 | +15.74% |
| Broadcom Inc. (AVGO) | Equity | -0.74% | 1,310,174 | 3.81% | $377.75 | $424.26 | $494,918,000 | $555,854,421 | +$60,936,421 | +12.31% |
| Cisco Systems Inc. (CSCO) | Equity | -4.92% | 1,311,581 | 1.19% | $117.46 | $121.21 | $154,058,000 | $158,970,175 | +$4,912,175 | +3.19% |
| The Coca-Cola Company (KO) | Equity | -2.02% | 1,505,504 | 0.94% | $81.27 | $86.61 | $122,352,000 | $130,391,701 | +$8,039,701 | +6.57% |
| Costco Wholesale Corp. (COST) | Equity | -0.15% | 186,969 | 1.35% | $935.47 | $946.43 | $174,904,000 | $176,953,071 | +$2,049,071 | +1.17% |
| Curtiss-Wright Corp. (CW) | Equity | +100% | 142,936 | 0.83% | $757.76 | $725.37 | $108,311,000 | $103,680,772 | -$4,630,228 | -4.27% |
| Eli Lilly And Company (LLY) | Equity | -0.65% | 249,204 | 2.30% | $1,199.43 | $1,182.33 | $298,903,000 | $294,641,365 | -$4,261,635 | -1.43% |
| GE Vernova Inc. (GEV) | Equity | +100% | 89,517 | 0.81% | $1,174.86 | $1,022.64 | $105,170,000 | $91,543,665 | -$13,626,335 | -12.96% |
| The Goldman Sachs Group Inc. (GS) | Equity | -4.11% | 111,237 | 0.87% | $1,011.37 | $1,051.30 | $112,502,000 | $116,943,458 | +$4,441,458 | +3.95% |
| The Home Depot Inc. (HD) | Equity | -8.27% | 316,784 | 0.86% | $352.68 | $349.55 | $111,723,000 | $110,731,847 | -$991,153 | -0.89% |
| Intel Corp. (INTC) | Equity | +100% | 1,341,703 | 1.44% | $139.63 | $101.15 | $187,342,000 | $135,713,258 | -$51,628,742 | -27.56% |
| JP Morgan Chase & Co. (JPM) | Equity | -0.60% | 882,774 | 2.22% | $327.33 | $356.44 | $288,958,000 | $314,655,965 | +$25,697,965 | +8.89% |
| KLA Corp. (KLAC) | Equity | +725.69% | 583,842 | 1.36% | $301.71 | $197.13 | $176,151,000 | $115,089,854 | -$61,061,146 | -34.66% |
| Lam Research Corp. (LRCX) | Equity | +100% | 535,748 | 1.79% | $433.33 | $311.25 | $232,156,000 | $166,751,565 | -$65,404,435 | -28.17% |
| Mastercard Inc. (MA) | Equity | -4.30% | 385,332 | 1.52% | $513.60 | $568.46 | $197,907,000 | $219,043,902 | +$21,136,902 | +10.68% |
| Merck & Co. Inc. (MRK) | Equity | -0.96% | 970,317 | 0.96% | $128.50 | $128.76 | $124,686,000 | $124,938,017 | +$252,017 | +0.20% |
| Micron Technology Inc. (MU) | Equity | -0.84% | 334,063 | 2.97% | $1,154.29 | $907.13 | $385,606,000 | $303,038,569 | -$82,567,431 | -21.41% |
| Microsoft Corp. (MSFT) | Equity | +0.27% | 2,430,917 | 6.98% | $373.02 | $495.94 | $906,781,000 | $1,205,588,977 | +$298,807,977 | +32.95% |
| Morgan Stanley (MS) | Equity | -8.34% | 508,175 | 0.82% | $209.04 | $216.83 | $106,229,000 | $110,187,077 | +$3,958,077 | +3.73% |
| Netflix Inc. (NFLX) | Equity | -1.12% | 1,465,830 | 0.81% | $71.40 | $73.70 | $104,660,000 | $108,024,342 | +$3,364,342 | +3.21% |
| Nvidia Corp. (NVDA) | Equity | -4.45% | 7,715,089 | 11.89% | $200.09 | $217.85 | $1,543,712,000 | $1,680,732,139 | +$137,020,139 | +8.88% |
| Oracle Corp. (ORCL) | Equity | -0.58% | 512,981 | 0.58% | $146.55 | $144.95 | $75,177,000 | $74,356,596 | -$820,404 | -1.09% |
| Palantir Technologies Inc. (PLTR) | Equity | -1.57% | 686,694 | 0.62% | $116.67 | $156.90 | $80,117,000 | $107,742,289 | +$27,625,289 | +34.48% |
| Palo Alto Networks Inc. (PANW) | Equity | +100% | 351,256 | 0.92% | $341.02 | $356.21 | $119,785,000 | $125,120,900 | +$5,335,900 | +4.45% |
| The Procter & Gamble Company (PG) | Equity | -17.93% | 779,511 | 0.88% | $146.64 | $146.71 | $114,307,000 | $114,362,059 | +$55,059 | +0.05% |
| Prologis Inc. (PLD) | Equity | -0.64% | 1,174,787 | 1.23% | $135.47 | $140.45 | $159,148,000 | $164,992,960 | +$5,844,960 | +3.67% |
| S&P Global Inc. (SPGI) | Equity | -7.61% | 154,024 | 0.48% | $407.26 | $406.83 | $62,728,000 | $62,661,584 | -$66,416 | -0.11% |
| Salesforce Inc. (CRM) | Equity | +9.31% | 432,871 | 0.52% | $156.66 | $185.41 | $67,814,000 | $80,258,612 | +$12,444,612 | +18.35% |
| Servicenow Inc. (NOW) | Equity | +6.86% | 484,785 | 0.37% | $99.28 | $115.16 | $48,129,000 | $55,827,841 | +$7,698,841 | +16.00% |
| Simon Property Group Inc. (SPG) | Equity | +100% | 466,269 | 0.80% | $223.65 | $223.31 | $104,281,000 | $104,122,530 | -$158,470 | -0.15% |
| Schlumberger Limited (SLB) | Equity | +100% | 3,989,536 | 1.43% | $46.49 | $52.24 | $185,474,000 | $208,413,361 | +$22,939,361 | +12.37% |
| Tesla Inc. (TSLA) | Equity | +0.22% | 861,418 | 2.79% | $420.60 | $320.86 | $362,312,000 | $276,394,579 | -$85,917,421 | -23.71% |
| Texas Instruments Inc. (TXN) | Equity | +100% | 337,713 | 0.78% | $298.07 | $281.43 | $100,662,000 | $95,040,881 | -$5,621,119 | -5.58% |
| The Tjx Companies Inc. (TJX) | Equity | +0.76% | 676,762 | 0.79% | $151.50 | $160.48 | $102,529,000 | $108,606,766 | +$6,077,766 | +5.93% |
| UnitedHealth Group Inc. (UNH) | Equity | -1.18% | 256,026 | 0.82% | $415.63 | $404.15 | $106,412,000 | $103,472,908 | -$2,939,092 | -2.76% |
| Verizon Communications Inc. (VZ) | Equity | +3.49% | 2,372,766 | 0.77% | $42.34 | $46.76 | $100,463,000 | $110,957,656 | +$10,494,656 | +10.45% |
| Visa Inc. (V) | Equity | +0.68% | 804,973 | 2.13% | $343.09 | $366.78 | $276,178,000 | $295,247,997 | +$19,069,997 | +6.90% |
| Welltower Inc. (WELL) | Equity | +7.27% | 1,069,814 | 1.87% | $226.97 | $234.62 | $242,816,000 | $250,999,761 | +$8,183,761 | +3.37% |
| Western Digital Corp. (WDC) | Equity | +100% | 187,935 | 0.92% | $638.72 | $472.97 | $120,038,000 | $88,886,865 | -$31,151,135 | -25.95% |