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 +285.6% versus +202.2%for the S&P 500 (+23.9% 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: +$513,416,085
Return % Since Report: +3.95%
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 | $246.04 | $143,187,000 | $140,000,451 | -$3,186,549 | -2.23% |
| Advanced Micro Devices Inc. (AMD) | Equity | +5.52% | 506,119 | 2.26% | $580.91 | $483.36 | $294,010,000 | $244,637,680 | -$49,372,320 | -16.79% |
| Alphabet Inc. (GOOGL) | Equity | -6.59% | 1,440,207 | 3.96% | $357.37 | $354.30 | $514,687,000 | $510,265,340 | -$4,421,660 | -0.86% |
| Alphabet Inc. (GOOG) | Equity | +1.41% | 1,876,532 | 5.10% | $353.33 | $353.47 | $663,035,000 | $663,297,766 | +$262,766 | +0.04% |
| Amazon.com Inc. (AMZN) | Equity | +0.08% | 2,909,831 | 5.34% | $238.34 | $274.48 | $693,529,000 | $798,690,413 | +$105,161,413 | +15.16% |
| Amgen Inc. (AMGN) | Equity | -5.23% | 260,359 | 0.73% | $362.12 | $410.95 | $94,281,000 | $106,993,229 | +$12,712,229 | +13.48% |
| Amphenol Corp. (APH) | Equity | +100% | 580,870 | 0.79% | $176.32 | $169.18 | $102,419,000 | $98,271,587 | -$4,147,413 | -4.05% |
| Apple Inc. (AAPL) | Equity | -0.97% | 4,345,511 | 9.68% | $289.36 | $313.33 | $1,257,417,000 | $1,361,578,962 | +$104,161,962 | +8.28% |
| Applied Materials Inc. (AMAT) | Equity | -5.20% | 362,421 | 2.02% | $723.00 | $539.14 | $262,030,000 | $195,395,658 | -$66,634,342 | -25.43% |
| Automatic Data Processing Inc. (ADP) | Equity | +4.81% | 370,801 | 0.64% | $223.95 | $271.32 | $83,041,000 | $100,605,727 | +$17,564,727 | +21.15% |
| Baker Hughes Company (BKR) | Equity | -16.26% | 3,141,884 | 1.34% | $55.50 | $61.55 | $174,375,000 | $193,382,960 | +$19,007,960 | +10.90% |
| Bank Of America Corp. (BAC) | Equity | -1.02% | 2,627,191 | 1.15% | $56.98 | $63.17 | $149,697,000 | $165,959,655 | +$16,262,655 | +10.86% |
| Booking Holdings Inc. (BKNG) | Equity | +2215.86% | 478,757 | 0.66% | $178.24 | $214.42 | $85,334,000 | $102,655,076 | +$17,321,076 | +20.30% |
| Broadcom Inc. (AVGO) | Equity | -0.74% | 1,310,174 | 3.81% | $377.75 | $427.76 | $494,918,000 | $560,440,030 | +$65,522,030 | +13.24% |
| Cisco Systems Inc. (CSCO) | Equity | -4.92% | 1,311,581 | 1.19% | $117.46 | $121.43 | $154,058,000 | $159,265,281 | +$5,207,281 | +3.38% |
| The Coca-Cola Company (KO) | Equity | -2.02% | 1,505,504 | 0.94% | $81.27 | $87.05 | $122,352,000 | $131,054,123 | +$8,702,123 | +7.11% |
| Costco Wholesale Corp. (COST) | Equity | -0.15% | 186,969 | 1.35% | $935.47 | $947.82 | $174,904,000 | $177,212,958 | +$2,308,958 | +1.32% |
| Curtiss-Wright Corp. (CW) | Equity | +100% | 142,936 | 0.83% | $757.76 | $691.52 | $108,311,000 | $98,843,103 | -$9,467,897 | -8.74% |
| Eli Lilly And Company (LLY) | Equity | -0.65% | 249,204 | 2.30% | $1,199.43 | $1,185.71 | $298,903,000 | $295,483,675 | -$3,419,325 | -1.14% |
| GE Vernova Inc. (GEV) | Equity | +100% | 89,517 | 0.81% | $1,174.86 | $990.32 | $105,170,000 | $88,650,475 | -$16,519,525 | -15.71% |
| The Goldman Sachs Group Inc. (GS) | Equity | -4.11% | 111,237 | 0.87% | $1,011.37 | $1,039.61 | $112,502,000 | $115,643,098 | +$3,141,098 | +2.79% |
| The Home Depot Inc. (HD) | Equity | -8.27% | 316,784 | 0.86% | $352.68 | $355.62 | $111,723,000 | $112,654,726 | +$931,726 | +0.83% |
| Intel Corp. (INTC) | Equity | +100% | 1,341,703 | 1.44% | $139.63 | $101.65 | $187,342,000 | $136,384,110 | -$50,957,890 | -27.20% |
| JP Morgan Chase & Co. (JPM) | Equity | -0.60% | 882,774 | 2.22% | $327.33 | $357.52 | $288,958,000 | $315,609,360 | +$26,651,360 | +9.22% |
| KLA Corp. (KLAC) | Equity | +725.69% | 583,842 | 1.36% | $301.71 | $198.11 | $176,151,000 | $115,664,939 | -$60,486,061 | -34.34% |
| Lam Research Corp. (LRCX) | Equity | +100% | 535,748 | 1.79% | $433.33 | $311.35 | $232,156,000 | $166,805,140 | -$65,350,860 | -28.15% |
| Mastercard Inc. (MA) | Equity | -4.30% | 385,332 | 1.52% | $513.60 | $562.95 | $197,907,000 | $216,922,649 | +$19,015,649 | +9.61% |
| Merck & Co. Inc. (MRK) | Equity | -0.96% | 970,317 | 0.96% | $128.50 | $128.58 | $124,686,000 | $124,763,360 | +$77,360 | +0.06% |
| Micron Technology Inc. (MU) | Equity | -0.84% | 334,063 | 2.97% | $1,154.29 | $877.57 | $385,606,000 | $293,163,667 | -$92,442,333 | -23.97% |
| Microsoft Corp. (MSFT) | Equity | +0.27% | 2,430,917 | 6.98% | $373.02 | $499.99 | $906,781,000 | $1,215,434,191 | +$308,653,191 | +34.04% |
| Morgan Stanley (MS) | Equity | -8.34% | 508,175 | 0.82% | $209.04 | $216.33 | $106,229,000 | $109,933,498 | +$3,704,498 | +3.49% |
| Nvidia Corp. (NVDA) | Equity | -4.45% | 7,715,089 | 11.89% | $200.09 | $223.96 | $1,543,712,000 | $1,727,871,332 | +$184,159,332 | +11.93% |
| Oracle Corp. (ORCL) | Equity | -0.58% | 512,981 | 0.58% | $146.55 | $147.02 | $75,177,000 | $75,418,467 | +$241,467 | +0.32% |
| Palantir Technologies Inc. (PLTR) | Equity | -1.57% | 686,694 | 0.62% | $116.67 | $172.01 | $80,117,000 | $118,118,235 | +$38,001,235 | +47.43% |
| Palo Alto Networks Inc. (PANW) | Equity | +100% | 351,256 | 0.92% | $341.02 | $363.86 | $119,785,000 | $127,808,008 | +$8,023,008 | +6.70% |
| The Procter & Gamble Company (PG) | Equity | -17.93% | 779,511 | 0.88% | $146.64 | $145.79 | $114,307,000 | $113,644,909 | -$662,091 | -0.58% |
| Prologis Inc. (PLD) | Equity | -0.64% | 1,174,787 | 1.23% | $135.47 | $140.16 | $159,148,000 | $164,658,146 | +$5,510,146 | +3.46% |
| S&P Global Inc. (SPGI) | Equity | -7.61% | 154,024 | 0.48% | $407.26 | $408.19 | $62,728,000 | $62,871,057 | +$143,057 | +0.23% |
| Salesforce Inc. (CRM) | Equity | +9.31% | 432,871 | 0.52% | $156.66 | $192.74 | $67,814,000 | $83,431,557 | +$15,617,557 | +23.03% |
| Servicenow Inc. (NOW) | Equity | +6.86% | 484,785 | 0.37% | $99.28 | $124.88 | $48,129,000 | $60,539,951 | +$12,410,951 | +25.79% |
| Simon Property Group Inc. (SPG) | Equity | +100% | 466,269 | 0.80% | $223.65 | $222.91 | $104,281,000 | $103,936,023 | -$344,977 | -0.33% |
| Schlumberger Limited (SLB) | Equity | +100% | 3,989,536 | 1.43% | $46.49 | $50.53 | $185,474,000 | $201,591,254 | +$16,117,254 | +8.69% |
| Tesla Inc. (TSLA) | Equity | +0.22% | 861,418 | 2.79% | $420.60 | $328.58 | $362,312,000 | $283,044,726 | -$79,267,274 | -21.88% |
| Texas Instruments Inc. (TXN) | Equity | +100% | 337,713 | 0.78% | $298.07 | $286.08 | $100,662,000 | $96,612,935 | -$4,049,065 | -4.02% |
| The Tjx Companies Inc. (TJX) | Equity | +0.76% | 676,762 | 0.79% | $151.50 | $161.36 | $102,529,000 | $109,202,316 | +$6,673,316 | +6.51% |
| UnitedHealth Group Inc. (UNH) | Equity | -1.18% | 256,026 | 0.82% | $415.63 | $407.08 | $106,412,000 | $104,223,064 | -$2,188,936 | -2.06% |
| Verizon Communications Inc. (VZ) | Equity | +3.49% | 2,372,766 | 0.77% | $42.34 | $47.06 | $100,463,000 | $111,662,368 | +$11,199,368 | +11.15% |
| Visa Inc. (V) | Equity | +0.68% | 804,973 | 2.13% | $343.09 | $362.50 | $276,178,000 | $291,802,713 | +$15,624,712 | +5.66% |
| Welltower Inc. (WELL) | Equity | +7.27% | 1,069,814 | 1.87% | $226.97 | $236.92 | $242,816,000 | $253,460,333 | +$10,644,333 | +4.38% |
| Western Digital Corp. (WDC) | Equity | +100% | 187,935 | 0.92% | $638.72 | $434.30 | $120,038,000 | $81,620,171 | -$38,417,830 | -32.00% |
| Netflix Inc. (NFLX) | Equity | -1.12% | 1,465,830 | 0.81% | $71.40 | $74.14 | $104,660,000 | $108,676,636 | +$4,016,636 | +3.84% |