Resona Asset Management Co.,Ltd.

The firm’s activity during the quarter was characterized by a defensive rebalancing strategy. While the total number of holdings remained high, the manager actively adjusted positions, reducing stakes in 37 companies while increasing only 10. The ratio of reductions to increases indicates a focus on profit-taking or risk mitigation in existing core positions rather than aggressive expansion into new areas.

Key Holdings

The portfolio is heavily anchored in the "Magnificent Seven" and other large-cap U.S. technology giants, which dominate the top of the holding list.

• Top Concentration: The three largest positions—NVIDIA (NVDA), Microsoft (MSFT), and Apple (AAPL)—account for a significant combined 18.76% of the total portfolio. NVIDIA alone represents 7.35% ($1.55B), making it the single largest holding.
• Tech Dominance: Six of the top ten positions are technology or communication services companies (NVDA, MSFT, AAPL, META, AVGO, GOOGL), underscoring a strong conviction in the secular growth of the technology sector.
• Financial Weight: JPMorgan Chase (JPM) holds the 10th spot at 1.34%, serving as the leading financial services representative in the top tier.
• Stability Holdings: The inclusion of Berkshire Hathaway (BRK/B) and Visa (V) within the top 12 suggests a blend of growth and stability, utilizing Berkshire as a proxy for diversified U.S. business exposure.