Boston Partners

The biggest adds read like a deliberate migration from component suppliers to scaled platforms that monetize AI and travel directly through P&Ls.

• AMZN: Up 136.0% with an added ~$1.77B, now 2.73% of the book. They are paying up for the flywheel: retail volume, high-margin AWS, and advertising, with the position already 27.4% above their average cost.
• BKNG: A 1,211.0% share increase and roughly $599.5M added turns this from a rounding error into a core bet on global travel spend and pricing power in online bookings.
• NVDA: Shares up 137.3% and about $461.9M added; despite cutting elsewhere in semis, they are doubling down on the AI tollbooth with cleaner, more concentrated exposure.
• CRH: A 43.4% add and ~$418.0M more says they see sustained infrastructure and construction demand rather than a late-cycle peak in building materials.
• ABBV and GILD: With ~39.3% and 41.4% share adds (roughly $339.3M and $223.1M), they are leaning into mature, cash-rich pharma where pipelines and pricing can matter more than headline biotech volatility.
• COF and ZBRA: Capital One’s 69.4% add ($336.5M) plus Zebra’s 78.0% add ($302.0M) extend a theme: real-economy enablers of digital and data-heavy workflows, bought at reasonable premia to cost.

Even in tech, the pattern is telling: trims in Micron and Flex bankroll increases in Nvidia and NXP, suggesting the fund prefers structural AI winners over memory and contract manufacturing cyclicals.

The sell-side of the ledger is dominated by disciplined profit-taking where positions have already delivered outsized gains.

• MU: A brutal cut of 57.1% in shares, pulling out an estimated ~$1.83B, with the stock a staggering 908.2% above their average cost. That looks less like a view change on memory and more like locking in a windfall to redeploy elsewhere.
• FLEX and DELL: Flex’s stake is down 33.7% ($703.5M out) and Dell’s 16.3% ($268.2M out), despite both sitting hundreds of percent above cost. They are clearly trimming the more cyclical, PC- and hardware-adjacent parts of their tech book.
• MPC: Marathon Petroleum is cut 37.8%, freeing about $549.8M even though it’s up 185.8% versus their cost basis. The residual energy exposure looks more balanced across ConocoPhillips, Diamondback, and Schlumberger than dominated by refiners.
• CMI and ODFL: Smaller reductions in Cummins (-13.5%, about $102.4M) and Old Dominion (-4.3%, ~$37.7M) suggest portfolio maintenance, not an abandonment of industrials.

In semis, the nuance matters: they trim Applied Materials and Microchip only modestly, but savage Micron. Together with big buys of Nvidia and NXP, that says they’re rotating from the most cyclical, inventory-sensitive lines of the AI stack into the higher-OL, IP-heavy layers.

The sector chart shows an intentional cooling of raw tech beta, not a retreat from growth. Technology drops 5.5 percentage points to 21.08%, yet remains the largest single sleeve; the risk has been re-cut rather than removed.

Consumer Discretionary is the principal beneficiary, climbing to 17.15%. That move is anchored by the outsized add in Amazon and the re-rating of Booking into a real position, plus steady increases in Disney, FedEx, and Allegion that stitch together a broad bet on resilient U.S. and global consumption.

Health care edges up to 16.93% as they scale Cencora, AbbVie, Gilead, Quest, and Labcorp. The pattern is consistent: less binary biotech risk, more in distributors, diagnostics, and hospital operators where volumes, demographics, and consolidation drive earnings.

Financials hold roughly steady at 18.5% but the internals improve. Adds across JPMorgan, Capital One, Morgan Stanley, Goldman, Wells Fargo, and Aon shift the book toward fee-rich, capital-light franchises and high-return lenders.

Energy slips from 7.86% to 6.81% on the Marathon sale, while industrials, real estate–classified fintech/marketplaces (Corpay, Visa, Uber), and utilities tick up modestly. Net-net, they are skewing the book toward businesses with pricing power and recurring demand, even as they keep selective cyclicality via CRH, L3Harris, and Zebra.

Taken together, Boston Partners is signaling that the easy money has been made in some corners of AI hardware and energy, but the secular story is far from over. They are exchanging convexity in memory and refiners for duration in platforms, payments, diagnostics, and travel.

Amazon and Booking becoming central, funded by Micron, Flex, and Marathon, tells you how they want to ride the next leg of the cycle: through operating leverage on top-line growth rather than sheer multiple expansion. The Nvidia and NXP adds show they still believe in semis as the backbone of AI, just with a sharper focus on IP and market power.

The quiet build in health care and financials suggests they are also hedging macro and rate uncertainty with cash-flow machines and capital-return stories. Gold via Kinross, plus regulated utilities like FirstEnergy and Entergy, add a modest ballast against shocks.

With top-10 concentration at only 15.6%, this remains a diversified, multi-engine portfolio. But underneath that diversification, the quarter’s trades show a clear bias: own the tollbooths and service providers to AI, travel, and health, funded by trimming the most cyclical beneficiaries of the last two years’ rally.