NOMURA HOLDINGS INC

Key Holdings

The portfolio is heavily weighted toward the "Magnificent Seven" and dominant technology platforms, with a notable emphasis on Meta Platforms (META) and Tesla (TSLA). META is the single largest holding, valued at $6.65 billion (10.31% of the portfolio), followed closely by Tesla at $6.42 billion (9.95%). This indicates a strong tilt toward aggressive growth and consumer discretionary/communication services sectors.

A significant development is the massive allocation to the Invesco QQQ Trust (QQQ), which became the third-largest holding with a value of $4.36 billion. This suggests a strategic overlay of large-cap tech exposure beyond individual stock picking. Other top-tier positions include NVIDIA ($3.31B), Alibaba ($2.48B), and Alphabet ($2.13B). The presence of CoreWeave (CRWV), a private AI infrastructure company, within the top 50 highlights a specific interest in the AI supply chain, distinct from the standard semiconductor plays.