Tech giant Jingshun shows a strong preference for Amazon in Q3, investing heavily and increasing its holdings in Adobe.

Zhitong App has learned that Invesco, a global asset management giant, has submitted its third-quarter holdings report (13F) to the U.S. Securities and Exchange Commission (SEC) as of September 30, 2023.

According to statistics, Invesco's Q3 total holdings market value reached $371 billion, a decrease of nearly 3% compared to the previous quarter's total holdings market value of $381 billion. In the third quarter, Invesco added 131 individual stocks to its portfolio and increased its holdings in 2,186 individual stocks. At the same time, Invesco reduced its holdings in 1,368 individual stocks and completely sold off 121 individual stocks. The top ten holdings accounted for 14.14% of the total market value.

In terms of sector preferences, IT, financials, and healthcare stocks ranked in the top three, accounting for 21.40%, 13.26%, and 10.91% of Invesco's total holdings, respectively.

Among Invesco's top ten major holdings in the third quarter, the focus was on IT and communication technology stocks, but most of them were reduced. Microsoft (MSFT.US), known as the "AI leader," still ranked first, with approximately 34.63 million shares and a market value of approximately $10.9 billion, accounting for 2.95% of Invesco's investment portfolio, a decrease of 4.14% from the previous quarter.

Apple (AAPL.US) ranked second, with approximately 50.48 million shares and a market value of approximately $8.6 billion, accounting for 2.33% of the portfolio, a decrease of 3.58% from the previous quarter.

Google (GOOGL.US) ranked third, with approximately 47.47 million shares and a market value of approximately $6.2 billion, accounting for 1.67% of the portfolio, a decrease of 2.08% from the previous quarter.

Amazon (AMZN.US) ranked fourth, with approximately 45.80 million shares and a market value of approximately $5.8 billion, accounting for 1.57% of the portfolio, with a slight increase of 0.42% in holdings compared to the previous quarter.

NVIDIA (NVDA.US), the biggest beneficiary of the global AI boom this year, ranked fifth, with approximately 12.63 million shares and a market value of approximately $5.5 billion. However, the number of holdings decreased by 4.05% compared to the previous quarter, accounting for 1.48% of the portfolio.In the third quarter, among the top ten heavy-weight stocks held by Jingshun, the sixth to tenth largest holdings were Meta Platforms (META.US), Broadcom (AVGO.US), Google (GOOG.US), ExxonMobil (XOM.US), and VISA (V.US), respectively. Except for Broadcom, one of the winners in the AI boom, which increased its holdings by 19.09% compared to the previous quarter, the holdings of other stocks have decreased compared to the previous quarter.

In terms of changes in the proportion of holdings, the top five stocks purchased by Jingshun in the third quarter were Adobe (ADBE.US), CRH Cement (CRH.US), Broadcom (AVGO.US), Philip Morris (PM.US), and Marathon Oil Corp. (MRO.US), respectively. Among them, Adobe, the provider of popular software products such as Photoshop and Illustrator, increased its holdings by 25.07% in the third quarter, with a market value of up to 2.3 billion US dollars, ranking twelfth in Jingshun's heavy-weight stocks in the third quarter. Broadcom's increase in holdings reached 19%, ranking seventh in the heavy-weight stocks.

Adobe, which has caught up with the AI trend, has risen by as much as 80% this year. Recently, Adobe announced the launch of multiple new versions of its generative AI model Firefly, promising to provide higher quality images and the ability to generate new types of media content. Adobe Firefly is an AI generator that converts text into images. Broadcom, one of the winners in the AI boom, has also risen by 77% this year. It is worth noting that Bridgewater, the world's largest hedge fund, recently announced in its 13F filing that it has also significantly increased its holdings of Broadcom.From the perspective of changes in the portfolio ratio, in the third quarter, Invesco's top five selling targets were Apple, Microsoft, Merck (MRK.US), Raytheon Technologies (RTX.US), and AMD (AMD.US). Although Invesco reduced its holdings in Apple and Microsoft, they still remain among the top two heavy-weight stocks in Invesco's portfolio. In addition, the core driving force behind the US stock market this year, the Magnificent Seven, which includes the seven major technology giants, except for Amazon, all saw reductions in Invesco's holdings in the third quarter, including Apple, Microsoft, Google, Tesla, Nvidia, and Meta.

In the third quarter, Invesco reduced its holdings in Merck by as much as 17%, and reduced its holdings in the CPU and GPU dual-industry giant AMD by 24%. It also reduced its holdings in the US aerospace and defense giant Raytheon Technologies by 27%.