Generate Investment Management Ltd

2. Key Holdings

The portfolio is characterized by a heavy concentration in large-cap technology leaders, with the top 10 positions accounting for approximately 43% of the total portfolio value. The holdings are remarkably balanced at the very top, with the four largest positions—NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL)—all clustered between 7.0% and 7.3% allocation. This suggests a conviction-based approach to the "Mag 7" or broader tech ecosystem without over-concentrating in a single name.

Notably, the top 10 positions extend beyond pure technology into healthcare (Eli Lilly), basic materials (Alamos Gold, Newmont), and financials (Visa, Berkshire Hathaway). The inclusion of two gold miners (AGI, NEM) in the top 10 is a distinct differentiator, providing a hedge against inflation or market volatility that is uncommon in standard growth-focused portfolios. Other significant concentrations include Taiwan Semiconductor (TSM) at 4.33% and Meta (META) at 4.92%, reinforcing the theme of semiconductor and digital advertising exposure.