Pictet North America Advisors SA

Key Holdings

The portfolio is characterized by a high-conviction top tier, with the top 10 positions accounting for approximately 40% of total assets.

• Burford Capital Ltd (BURF) is the dominant holding, comprising 6.50% of the portfolio ($68.51M). This indicates a strong appetite for alternative assets and litigation finance, a specialized area where Pictet has historically demonstrated expertise.
• SPDR Gold Trust (GLD) represents 5.78% ($60.85M), suggesting a defensive posture or a hedge against inflation and currency devaluation.
• Taiwan Semiconductor Manufacturing Ltd (TSM) is a new and major position at 5.25% ($55.33M), reflecting a bet on the semiconductor supply chain and AI infrastructure.
• Tech Giants: The portfolio holds significant positions in Alphabet (4.10%), Microsoft (3.84%), Amazon (3.02%), Meta (2.07%), and Apple (1.52%). Collectively, these represent a heavy tilt toward large-cap US technology growth.
• Sony Group Corp (3.74%) stands out as a notable non-US holding, likely providing exposure to both entertainment and semiconductor sectors.

Sector Allocation

While the raw data reports a majority "Unknown" sector allocation due to aggregation issues, an analysis of the individual top 50 holdings reveals distinct thematic tilts: