Daiwa Securities Group Inc.

Active + Structured Mix

Unlike Western institutional managers who lean almost entirely on stocks and ETFs, Daiwa's book commonly blends:

• Direct U.S. large-cap equity positions (AAPL, MSFT, NVDA, GOOGL, AMZN)
• Equity-linked notes and structured products referencing those same names (captured in cusip formats distinct from the underlying stock)
• ETFs on broad equity indices for lower-cost passive sleeves

Japan Signaling

Daiwa's 13F is among the cleanest proxies for Japanese institutional appetite for U.S. tech names. Large additions to positions like NVDA, MSFT, or AAPL in Daiwa's filings often coincide with broader Nikkei/TOPIX rebalancing waves. Cross-reference against filings from Nomura, Mitsubishi UFJ, and Sumitomo Mitsui Trust for the fuller picture of Japanese capital deployment.