Sector breakdown

04
Communication Services 35.5%
Healthcare 28.6%
Consumer Discretionary 13.6%
Consumer Staples 11.2%
Technology 6.8%
Energy 2.2%
Consumer products 1.2%
Materials 0.6%
Financials 0.3%

Full portfolio 25 positions

05
Type Streak 8Q trend
VOD Vodafone Group Plc - American Depositary Shares each representing ten Ordinary Shares $50,532,725 26.77% 3,821,000 $-6,858,695
RACE Ferrari N.V. Common Shares $24,858,548 13.17% 66,772 $2,259,565
AZN AstraZeneca PLC - American Depositary Shares $17,682,065 9.37% 93,250 $-708,700
NOK Nokia Corporation Sponsored American Depositary Shares $14,278,656 7.56% 1,075,200 $5,634,048
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $12,703,855 6.73% 154,173 $2,008,874
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $12,342,761 6.54% 235,459
NVO Novo Nordisk A/S Common Stock $12,279,064 6.51% 256,134 $2,866,139
NVS Novartis AG Common Stock $10,475,792 5.55% 66,844 $265,371
STM STMicroelectronics N.V. Common Stock $9,428,651 5.00% 125,900 $5,078,806
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $5,903,577 3.13% 95,589 $314,488
DEO Diageo plc Common Stock $2,560,505 1.36% 31,855 $188,900
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $2,218,428 1.18% 36,900 Up ×1
ERIC Ericsson - American Depositary Shares each representing 1 underlying Class B share $2,213,275 1.17% 198,500 $-40,725 Down ×1
FRO Frontline Plc Ordinary Shares $2,181,333 1.16% 62,700 $-4,389
ASML ASML Holding N.V. - New York Registry Shares $1,448,312 0.77% 728 $486,748
MT Arcelor Mittal NY Registry Shares NEW $1,186,334 0.63% 19,700 $162,328
SAP SAP SE ADS $1,022,058 0.54% 6,632 $-113,407
LOGI Logitech International S.A. - Registered Shares $918,113 0.49% 9,763 $28,508
STLA Stellantis N.V. Common Shares $863,830 0.46% 150,493 $-203,165
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $770,593 0.41% 9,938 $-153,641
QGEN Qiagen N.V. Common Shares $705,755 0.37% 18,050 Up ×1
EQNR Equinor ASA $690,800 0.37% 22,000 $-237,600
MIAX Miami International Holdings, Inc. Common Stock $563,829 0.30% 15,173 $-26,704
ARGX argenx SE - American Depositary Shares $463,885 0.25% 500 $98,760
WDS Woodside Energy Group Limited American Depositary Shares, each representing one Ordinary Share $461,903 0.24% 23,908 $-109,020

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GSK $12,342,761 235,459 6.54%
UL $2,218,428 36,900 1.18%
QGEN $705,755 18,050 0.37%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VOD Price move only +0 -$6.9M
NOK Price move only +0 +$5.6M
STM Price move only +0 +$5.1M
NVO Price move only +0 +$2.9M
RACE Price move only +0 +$2.3M
BUD Price move only +0 +$2.0M
AZN Price move only +0 -$709K
ASML Price move only +0 +$487K
BTI Price move only +0 +$314K
NVS Price move only +0 +$265K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
ASML June 30, 2025 55,400 $36,709,702 133.0%
RIO June 30, 2025 396,278 $23,808,382 61.5%
GSK June 30, 2025 90,659 $3,512,130 22.5%
NVO Sept. 30, 2025 24,684 $1,703,690 -32.7%
AZN June 30, 2025 15,200 $1,117,200 12.3%
BTI June 30, 2025 9,000 $372,330 11.2%
FRO June 30, 2025 23,700 $351,945 221.4%
BP June 30, 2026 4,800 $225,600 21.2%