Acadian Asset Management 13F Portfolio

Acadian’s biggest dollar adds cluster around durable platforms and infrastructure rather than speculative growth. The focus is on businesses with pricing power, embedded customer bases, or structural demand rather than pure volume cyclicality.

Key conviction builds:

• AMZN (+37.8%): Scaling up exposure to a cloud-and-commerce platform that monetizes both consumer demand and enterprise IT budgets, with the position now at 2.39% of the book.
• FTNT (+210.8%): A massive step-up in cybersecurity, effectively tripling down on network security as a non-discretionary spend even if IT budgets wobble.
• CSCO (+157.1%): Doubling-plus in networking gear and software, a tangible bet on bandwidth and enterprise infrastructure catching a second wind.
• META (+42.0%): Meaningful add into a still reasonably-valued cash engine, suggesting confidence in monetization and capex discipline rather than chasing multiple expansion.
• COST (+40.0%): Bigger stake in a membership retail model that historically wins when consumers trade down but still spend.
• CM (+42.2%) and BNS (+22.4%): Sizeable increases in Canadian banks, expressing a view that credit fears are over-discounted and dividend yields are worth owning.
• ELV (+444.9%), UNH (+103.1%), and CNC (+42.4%): A concerted build-out in managed care and health plans, classic defensive-growth names with volume visibility and policy risk that Acadian seems comfortable underwriting.

Taken together, the “biggest buys” table reads as an upgrade into recurring-revenue, oligopolistic franchises — in tech, consumer, and health — rather than a chase of the most speculative AI proxies.

On the sell side, Acadian is clearly ringing the register on the most cyclical and over-earning parts of the AI complex. They are not abandoning the theme — NVDA and AVGO are still large — but they are taking genuine risk off the table.

The most telling cuts:

• GOOGL and GOOG (-25.9% and -13.4%): Trimming a combined Alphabet exposure that is up strongly versus cost, freeing capital for other platforms where upside-to-risk looks better.
• MU (-25.2%), KLAC (-28.8%), LRCX (-30.1%), ASML (-16.9%), and STX (-25.9%): Systematic scaling back of memory, foundry equipment, and storage after enormous gains (Micron, Seagate, and others show triple-digit returns vs. buy prices).
• JPM (-28.9%) and BKNG (-29.9%): Reducing winners in U.S. money-center banking and high-end online travel, two areas that are particularly exposed if the consumer or corporate credit cycles turn.
• SU (-23.3%): Pulling some capital out of Canadian oil sands after strong performance, while still keeping energy exposure via BP and others.

Even within marquee names like MSFT, LLY, ABBV, MRK, and TSLA, the fund is cutting modestly rather than adding. The pattern suggests funding new defensive-growth and niche-tech ideas by shaving high-multiple or highly-cyclical winners that have already delivered substantial gains.

The sector chart shows that Acadian hasn’t “left” tech, but it has nudged the dial away from pure hardware beta. Technology’s share of the book slips from an estimated 59.64% to 54.94%, with capital redeployed into consumer, financials, and health care.

Consumer discretionary edges up to 13.77%, helped by larger positions in AMZN, COST, ABNB, TJX, and ROST — a mix of online platforms and value-oriented retail that can hold up across income brackets. Financials move from 12.11% to 13.15%, driven by adds in BNS, CM, C, BCS, and RY, while simultaneously trimming JPM and TD, a shift toward cheaper, higher-yield franchises.

Health care rises from 7.76% to 8.65% as UNH, ELV, and CNC get scaled, offsetting small reductions in big pharma. Staples (PEP) and telecom infrastructure (CSCO, properly viewed as networking/IT) both gain share, while energy and industrials are roughly flat to slightly lower after trims in SU and TSLA. Net-net, the book migrates toward cash-generating, oligopolistic businesses across sectors, with a bit less dependence on the AI capex cycle and a bit more on subscription-like earnings streams.

This quarter’s 13F says Acadian does not believe the AI story is over; it believes the easy money in the most cyclical exposures has been made. The managers are keeping large positions in AAPL, NVDA, AVGO, and software platforms, but using hardware and equipment profits to buy into steadier compounders across consumer, health, and financials.

The build-out in cybersecurity, networking, and cloud-adjacent platforms hints at a multi-year view: enterprises may slow discretionary IT, but they won’t cut the systems that keep them running and secure. Simultaneously, heavier bets on Costco-style retail, managed care, and Canadian banks suggest a base case of slower growth, stickier inflation, and ongoing demand for income and affordability.

If macro data weakens or rate volatility returns, this barbell — AI-enabled platforms on one side, defensive cashflow franchises on the other — should prove more resilient than a pure high-beta tech book. If growth surprises to the upside, the remaining AI and platform exposure is still large enough to participate. The 2026-Q2 snapshot, in short, shows Acadian trading a momentum-dominated AI wave for a more durable, cashflow-centric expression of the same digital and demographic themes.