SAVA PENZISKO DRUSHTVO A.D. SKOPJE

2. Key Holdings

The portfolio's top ten positions are dominated by a mix of sector-specific ETFs and mega-cap technology stocks.

• iShares Trust ($16.71M - 17.05%): This is the largest position. While the specific ETF ticker is not fully detailed in the summary (often reported as "ISHARES TR" in 13F raw data), its size suggests it serves as a core holding, likely providing broad equity or fixed income exposure.
• VanEck Gold Miners ETF (GDX) ($13.76M - 14.04%): This is a significant tactical allocation to gold mining equities. A 14% weight in a single commodity sector ETF represents a strong tilt toward defensive assets or an inflation hedge, diverging from a standard equity-only portfolio.
• Health Care Select Sector SPDR Fund (XLV) ($13.30M - 13.57%): This position provides heavy exposure to the US healthcare sector, including pharmaceuticals, biotech, and healthcare providers. It complements the technology exposure by adding a defensive, non-cyclical sector.
• NVIDIA Corporation (NVDA) ($9.55M - 9.74%): NVDA is the largest individual equity holding. This position provides direct exposure to the semiconductor and artificial intelligence infrastructure boom, acting as a primary growth driver for the portfolio.
• Alphabet Inc. (GOOGL & GOOG) ($16.74M combined - 17.08%): The manager holds both Class A (GOOGL) and Class C (GOOG) shares, combining for a larger position than NVDA. This indicates strong conviction in the advertising and cloud computing giant, likely viewing it as a value opportunity within the communication services sector.
• PayPal Holdings Inc. (PYPL) ($5.82M - 5.94%): This represents a turnaround or value play in the fintech space, showing a willingness to invest in companies that may have underperformed recently but possess strong market franchises.