Allianz Asset Management 13F Portfolio

The biggest dollar adds are not in obscure stock picks; they are in macro tools and AI infrastructure, signalling Allianz wants to own the regime, not just a list of names.

• IVV: A $2.85B add, up 388.4% in shares, takes this iShares S&P 500 ETF to 3.69% of the book. That’s a decisive move toward owning the US equity beta directly rather than through a diffuse tail of single names.
• SPYM: A $2.32B add and shares up 133.0% makes this low‑cost S&P tracker the second‑largest holding at 4.18%. This cements the idea that Allianz is layering on a cheap, rules‑based core.
• NVDA: A $1.08B add, with shares up 24.9%, shows they’re not treating NVIDIA as a fully harvested winner; they’re pressing a gain that’s already +149.0% versus their average cost.
• AMZN and AAPL: Adds of $377.1M and $320.9M, respectively, show continued faith in hyperscale platforms monetizing AI and cloud, not just one-off beneficiaries.
• META and MSFT: With $178.1M and $150.1M more deployed, Allianz is clearly aligning behind the ad‑driven and enterprise software legs of the AI story.
• ADBE: A $135.5M increase and shares up 62.0%, despite being down 29.1% versus their own cost, reads like a contrarian top‑up on a bruised software compounder they still see as core to AI‑enabled content and productivity.

Outside tech, BMY (+20.3% in shares) and ABBV (+12.3%) hint at targeted conviction in select pharma, but the real capital is marching toward AI platforms plus index beta.

The funding leg of this quarter is just as telling: Allianz is cannibalizing prior winners and low‑growth defensives to pay for the AI-and-beta barbell.

• VG (Venture Global): A $879.9M cut and shares down 31.5% is the standout. After a strong run (still +39.9% vs their cost), this looks like a deliberate harvest of LNG infrastructure gains to underwrite new bets elsewhere.
• JNJ: A $200.7M reduction (shares down 14.4%) in a classic defensive pharma name says they’re less interested in ballast and more in upside, even as the stock is still +59.6% over their cost.
• QCOM, LRCX, MU: Trims of $71.3M, $60.5M, and $49.5M across these semiconductor names indicate an internal rotation within chips: away from more cyclical or already-explosive winners toward concentrated exposure in NVDA, AVGO, and TSM.
• VLO and MPC: Cuts of $43.6M and $35.3M turn integrated refiners from profit centers into partial funding sources, consistent with a view that the big energy spread trade has played out.
• CSCO: A $54.4M trim in a mature networking stalwart suggests less appetite for low‑growth, hardware‑heavy comms when the marginal dollar can go into AI software, hyperscale, or ETFs.

Across the book, this is not de‑risking; it’s re‑risking — recycling gains in defensives, old‑economy energy, and late‑cycle semi equipment into platforms and broad beta.

The sector chart shows Allianz subtly shifting from a stock‑picker’s tech overweight toward a blended regime bet, with AI still at the core.

Technology’s reported weight dipped from 46.38% to 44.03%, but that’s misleading at face value: they trimmed QCOM, LRCX, MU, AMAT slightly, yet added heavily to NVDA, ADBE, and mega‑cap platforms. The “real” tech exposure is simply being refocused toward scalable AI economics rather than across-the-board semis.

Unclassified holdings — the ETF sleeve (SPYM, IVV, PMBS) — jumped from 6.61% to 16.15%. That’s a structural change: Allianz is increasingly comfortable expressing macro views via ETFs instead of dozens of smaller lines in sectors like finance (down from 3.12% to 2.72%) and energy (3.68% to 3.04%).

Health care fell from 12.59% to 10.75%, and utilities from 7.92% to 5.14%, as VG and JNJ were clipped and names like LLY, MRK, GILD, and ABT saw modest trims. Real estate and telecom each ticked down as well, even as they added slightly to VICI, ACN, T, and VZ, implying these sectors are now more income ballast than growth engines.

Consumer discretionary held roughly steady (8.40% to 8.34%), but underneath that label they leaned harder into AMZN, TJX, ROST, NFLX, and TGT — a tilt toward scale retailers and digital platforms over pure cyclicals.

Put together, this 13F says Allianz believes the next phase of equity returns will be driven by AI platforms and US beta — not by further multiple expansion in defensives or another leg in refiners and old‑line utilities.

The aggressive build in SPYM and IVV suggests they see the macro backdrop as good enough to own the market outright, while the outsized NVDA, AVGO, MSFT, GOOGL/GOOG, AAPL, AMZN, and META positions express a clear view on who captures most of that upside. Their willingness to add to underwater software like ADBE, and to underperforming income sleeves like VICI and PMBS, hints at a time‑horizon advantage: they’re prepared to lean into quality drawdowns if the structural thesis is intact.

On the other side, systematic trims in energy, utilities, and mega‑pharma — alongside profit‑taking in high‑flyer semis outside NVDA — show them monetizing old leadership to fund new. If this barbelled posture works, Allianz will have swapped a chunk of lower‑vol, income‑heavy exposure for concentrated participation in AI‑driven earnings growth, with ETFs cushioning idiosyncratic risk.

If it doesn’t, the book is now more exposed to broad market drawdowns and factor reversals than it was a few quarters ago. Either way, the signal is unambiguous: Allianz is done hiding in defensives and is actively choosing to ride the AI plus S&P cycle.