Sumitomo Mitsui Trust Group, Inc.

Sumitomo Mitsui Trust Group reported $154.5B across 1,047 holdings for Q1 2026, down from $170.3B. The quarter was a pronounced reduction in US megacap technology: Microsoft (-$2.5B), NVIDIA (-$1.2B), Apple (-$1.1B), Amazon (-$848M) and Tesla (-$700M) were all cut, with 37 positions decreased against just two increased. Most striking, the trust opened a new $1.7B position in the SPDR Gold MiniShares (GLDM) and added to gold via IAUM — a clear defensive, inflation-hedging tilt.