NOMURA ASSET MANAGEMENT CO LTD

Key Holdings

The portfolio is dominated by the "Magnificent Seven" and associated semiconductor leaders, reflecting a strong conviction in the U.S. technology ecosystem.

• NVIDIA Corporation (NVDA) remains the undisputed top holding, valued at $3.35 billion. Despite a reduction of $400.52 million (-3.8%), it still commands a massive 8.74% of the total portfolio, indicating that while the firm may be taking some profits or managing risk, NVDA remains the central pillar of their equity strategy.
• Microsoft (MSFT) and Apple (AAPL) hold the second and third spots at $2.06B (5.39%) and $1.80B (4.70%), respectively. Notably, Microsoft saw an increase of $126.51M (+2.3%), while Apple saw a reduction of $339.39M (-0.7%). This divergence suggests a slight rotation preference toward Microsoft's cloud and AI stability over Apple’s hardware-dependent growth within this specific quarter.
• Broadcom Inc (AVGO) is the fourth largest holding at $1.78B (4.64%) and was the single largest absolute increase in the portfolio, adding $312.37M (+1.4%). This signals a continued aggressive bet on the semiconductor and infrastructure AI trade.
• Amazon (AMZN) and Meta (META) round out the top six, with Amazon seeing a 5.9% increase and Meta a 3.4% increase, reinforcing confidence in the consumer digital and advertising sectors.