SATURNA CAPITAL CORP

2. Key Holdings

The portfolio is anchored by a "Who's Who" of the technology and healthcare sectors, focusing heavily on quality and market dominance.

• Top Tier Dominance: The top three positions—Taiwan Semiconductor (TSM), Microsoft (MSFT), and Broadcom (AVGO)—are weighted between 6.5% and 7.7% each. This heavy allocation to the semiconductor and software infrastructure space highlights a strong bet on the AI and cloud computing supply chain. TSM, as the largest holding at $597.5M, serves as a critical proxy for global chip demand.
• Diversified Tech Giants: Apple (AAPL) and NVIDIA (NVDA) hold the 4th and 6th spots, respectively. While NVIDIA saw a slight reduction this quarter, its continued presence as a top-10 holding ($417M) confirms sustained exposure to the AI hardware trade. Microsoft ($577M) remains a core software holding.
• Healthcare Leaders: Eli Lilly (LLY) is the standout healthcare position, ranked 5th overall at $449.8M (5.8%). This suggests Saturna is leveraging the obesity/diabetes care growth story alongside its tech exposure.
• Other Notables: Alphabet (GOOGL) rounds out the top 10, providing significant exposure to digital advertising and cloud services.