Rakuten Group, Inc.

Key Holdings

The portfolio is overwhelmingly dominated by AST SpaceMobile, Inc., which represents 99.42% of the total assets at approximately $1.52 billion. Rakuten holds 31.02 million shares, indicating a massive, strategic stake in the satellite communications company. This position is so large that it effectively dictates the performance of the entire portfolio. The remaining holdings are negligible in comparison but represent a new direction in asset allocation. The iShares Bitcoin Trust (IBIT) accounts for 0.47% ($7.14 million), and the iShares Ethereum Trust (ETHA) accounts for 0.11% ($1.68 million). While these crypto positions are financially minor relative to the total AUM, their introduction is noteworthy as a signal of expanding asset class interest.

Sector Allocation

Sector allocation is heavily skewed, with the vast majority of the portfolio classified as "Unknown" due to the specific nature of AST SpaceMobile’s business, which bridges telecommunications and space technology, valued at $1.52 billion. The "Financial Services" sector accounts for the remaining $8.83 million, derived entirely from the newly acquired spot Bitcoin and Ethereum ETFs. There is effectively zero diversification across traditional sectors such as healthcare, consumer staples, or industrials. This allocation confirms that the portfolio is not designed to mitigate sector-specific risk but is rather a bet on specific disruptive technologies—specifically, space-based connectivity and decentralized digital assets.