Sumitomo Mitsui Trust Group, Inc.

Cutting US tech across the board. The largest reductions form a clean pattern — Microsoft (-$2.5B), NVIDIA (-$1.2B), Apple (-$1.1B), Amazon (-$848M) and Tesla (-$700M). NVIDIA (6.84%), Apple (5.46%) and Microsoft (4.24%) still lead the book, but each was pared meaningfully. The breadth of the trimming signals top-down risk reduction rather than stock-specific disenchantment.

The gold pivot. The quarter's most distinctive move is a new $1.7B position in SPDR Gold MiniShares (GLDM), already a top-12 holding at 1.12%, reinforced by an add to the iShares Gold Trust Micro (IAUM, +$310M) — the single largest position increase of the quarter. For a portfolio shedding equity risk, layering in a gold sleeve is a textbook defensive, inflation-and-uncertainty hedge.