ROYAL LONDON ASSET MANAGEMENT LTD

2. Key Holdings

The portfolio is anchored by the "Magnificent Seven" and other dominant US technology giants, which command the highest weightings.

• Top Tier Dominance: Microsoft (MSFT) and NVIDIA (NVDA) are the crown jewels of the portfolio, nearly tied in value at approximately $3.18 billion and $3.17 billion, respectively. Together, they constitute roughly 13.7% of the total assets. Apple (AAPL) follows closely at $2.55 billion.
• Concentration in Big Tech: The top four positions (MSFT, NVDA, AAPL, AMZN) are all technology or tech-adjacent giants, comprising over 23% of the portfolio. This indicates a strong strategic bet on the continued dominance of the US technology sector, specifically artificial intelligence (NVDA), cloud computing (MSFT), and consumer ecosystems (AAPL, AMZN).
• Financial & Communication Pillars: Outside of tech, Alphabet (GOOGL/GOOG) and Broadcom (AVGO) round out the top positions. Visa (V) and JPMorgan Chase (JPM) represent the financial sector's heavyweights, providing exposure to payment processing and traditional banking.
• Position Sizing: No single position exceeds 7% of the portfolio, suggesting a disciplined approach to risk management that avoids over-concentration in any single name despite the clear sector bias.