Quilter Plc

Key Holdings

The composition of the top holdings reflects a strong conviction in the dominant US technology giants. The portfolio is heavily concentrated in "Magnificent Seven" stocks, which command the top five positions.

• Microsoft (MSFT) is the largest holding, valued at $522.27 million, representing 8.77% of the portfolio.
• NVIDIA (NVDA) follows at $399.37 million (6.71%), despite a minor reduction of 1.2% during the quarter.
• Amazon (AMZN) and Apple (AAPL) hold the third and fourth spots at $382.45 million (6.42%) and $326.57 million (5.48%), respectively.
• Alphabet (GOOGL) rounds out the top five with $303.98 million (5.10%).

Outside of pure technology, Visa (V) and JPMorgan Chase (JPM) represent significant financial exposure, accounting for 4.73% and 3.81% of the portfolio, respectively. Notably, Berkshire Hathaway (BRK/B) was initiated as a new position in the top 20, valued at $120.17 million. The top 10 positions alone account for approximately 48% of the total portfolio value, indicating a core-satellite approach where a concentrated basket of mega-cap stocks drives performance.