Healthcare Of Ontario Pension Plan Trust Fund 13F Portfolio

Conviction capital is clearly marching toward the AI and software stack, flanked by a fresh push into select cyclicals. The single biggest dollar add was IGV, up +1337.8% to a $1.04B position, signaling they prefer owning the software complex via a diversified vehicle rather than just a handful of mega-cap platforms.

Semiconductors are the other obvious battleground. They increased NVIDIA by +17.1%, but the more telling moves are:

• IGV: a near-$1.0B ramp-up in software, turning a small sleeve into a core bet.
• SMH and SOXX: boosted by +820.0% and +108.5%, respectively, adding over $947.9M of indexed chip exposure.
• AMAT, KLAC, LRCX, AMD: sharp adds across equipment and key chip names, including +125.5% in AMAT and +115.8% in LRCX.

New capital is also backing financial and healthcare franchises. Goldman Sachs was increased +293.3% to $725.7M, while Citigroup more than doubled (+111.8%). In healthcare, UnitedHealth jumped +222.6% to $411.5M and Medline rose +47.1%, marking a deliberate move to upgrade the quality and scalability of the fund's defensive growth exposure.

On the consumer side, they are not hiding: WMT is up +23.4%, AMZN +57.4%, and NFLX +336.8%, together lifting Consumer Discretionary from 3.75% to 5.28%. This is a very conscious bet that the US consumer and digital services remain durable even as rates stay higher for longer.

The dominant funding leg this quarter is broad S&P beta. The -82.7% cut in SPY, or about -$1.60B, is effectively a reallocation of passive market exposure into more thematically precise risk: semis, software, selected banks, and healthcare. They also trimmed RSP by -24.5%, further dialing back vanilla US equity beta.

Among single-name tech, the message is clear: treat mature mega-cap winners as liquidity. The fund reduced Apple by -33.9% (about -$751.4M), trimmed both Alphabet lines (GOOGL -16.5%, GOOG -42.1%), and cut Microsoft by -5.1%. Micron and Intel were hit even harder, down -43.6% and -54.7%, respectively, despite very large gains versus cost — classic profit-taking after a big run.

They also lightened up in social and payments. Meta was reduced by -43.4%, and Mastercard and American Express saw cuts of -26.8% and -21.7%. On the financial side, JPMorgan dropped -23.3%, Bank of America -21.1%, and several Canadian financials (TD, RY, MFC) were modestly reduced. XBI and QQQ both saw trims, indicating a preference for more targeted or newly favored vehicles (IGV, SMH, SOXX) over earlier, broader growth and biotech bets.

In energy, Canadian Natural Resources was cut -17.8%, funding moves elsewhere and shrinking Energy from 3.81% to 3.05%. The pattern across these trims is consistent: harvest liquid, crowded winners and broad beta to reload into the next turn of the same secular narratives.

On a sector level, the numbers suggest a subtle but meaningful evolution rather than a wholesale change. Reported Technology weight dipped from 39.31% to 37.18%, but that masks a deeper shift within tech from mega-cap platforms toward the picks-and-shovels of compute and software. NVIDIA, AMAT, KLAC, LRCX, AMD, and the big chip ETFs now carry more of the load, while Apple, Alphabet, Meta, Intel, and Micron are being harvested.

The so-called "Unclassified" bucket — really an ETF and thematic sleeve (IVV, IWM, XBI, QQQ, IGV, XRT, SOXX, KRE, SMH, SPY, RSP) — has edged up from 27.74% to 28.24%. Underneath that stable headline, there is a clear rotation: out of SPY and RSP, into IGV, SMH, SOXX, IWM, KRE, and XRT, effectively swapping broad beta for factor and sector exposures (software, semis, small caps, regional banks, retail).

Finance eased slightly from 19.4% to 18.9%, but that masks an internal change from safer behemoths like JPM and BAC into more cyclically geared or higher-beta plays like GS and C, and incrementally larger positions in Canadian banks such as BMO, BNS, and CM. Consumer Discretionary climbed from 3.75% to 5.28% via WMT, AMZN, and NFLX, while Health Care doubled from 0.84% to 1.76% on UNH and Medline.

Utilities and quasi-infrastructure names are being introduced as stabilizers: Southern Company exploded +4030.3% to $273.4M, and NextEra was boosted +57.2%. Together with healthcare, this builds a ballast sleeve against the more aggressive semiconductor and cyclicals tilt.

Taken together, the 2026-Q2 book reads less like a pension plan nervously derisking and more like an institution retooling for the next phase of the cycle. The fund is explicitly trading broad, cap-weighted beta (SPY, RSP) and the first generation of mega-cap cloud and social winners (AAPL, GOOGL/GOOG, META) for second-derivative beneficiaries of AI and digitization: semiconductor infrastructure, diversified software, and targeted ETFs.

The simultaneous build in Goldman Sachs, Citigroup, KRE, and small-cap exposure via IWM suggests a view that financial conditions will normalize rather than break, and that credit-sensitive parts of the market can still work. Upgrades in healthcare (UNH, MDLN) and utilities (SO, NEE), plus incremental WMT and COST despite trims, reinforce an underlying preference for cash-generative, scale players as the defensive leg of the portfolio.

Looking ahead, expect the fund to keep using mega-cap tech and broad ETFs as the swing factor: a flexible pool of liquidity that can be cut when new AI, software, or factor opportunities emerge. If AI infrastructure and software multiples hold, and if the US consumer and banks avoid a hard landing, this construction should continue to drive the strong 3-year annualized return of 19.33%. For outside observers, the signal is clear: this is a long-term endorsement of compute, code, and scaled financial and healthcare franchises as the spine of the equity book.