Pictet North America Advisors portfolio

What changed this quarter

131 positions with a change (39 new, 62 added to, 26 trimmed, 4 sold). 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Janus Henderson Mortg Backed ETF−96%fewer sharesReduced
  2.3% → 0.1%
• Vanguard S&P 500 ETF+1.6 ppof portfolioNew
  — → 1.6%
• Vanguard International Equity Index F−54%fewer sharesReduced
  2.9% → 1.3%
• NVIDIA+116%more sharesIncreased
  0.8% → 1.8%
• Ishares−26%fewer sharesReduced
  3.1% → 2.2%
• UBS Group+39%more sharesIncreased
  1.6% → 2.1%
• Pimco Multisector Bond Actv ETF+25%more sharesIncreased
  2.5% → 2.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Taiwan Semiconductor ManufacturingTSM6.9%
• AlphabetGOOGL · GOOG4.8%
• SPDR Gold Shares ETFGLD4.5%
• MicrosoftMSFT4.4%
• Sony GroupSONY3.4%
• Amazon.comAMZN3.3%
• Pimco Multisector Bond Actv ETFPYLD2.8%
• AstrazenecaAZN2.6%
• Burford CapitalBUR2.5%
• Yum China HoldingsYUMC2.4%
• AlconALC2.3%
• IsharesURTH2.2%
• MercadoLibreMELI2.1%
• UBS GroupUBS2.1%
• Meta PlatformsMETA2.0%
• JPMorgan ChaseJPM1.9%
• VisaV1.8%
• NVIDIANVDA1.8%
• 2023 ETF Series TrustRISE1.7%
• Micron TechnologyMU1.7%
• iShares Gold Trust ETFIAU1.6%
• Vanguard S&P 500 ETFVOO1.6%
• First Trust RBA American IND ETFAIRR1.5%
• AppleAAPL1.5%
• BrookfieldBN1.5%
• Berkshire HathawayBRK/B1.4%
• S&P GlobalSPGI1.3%
• Vanguard International Equity Index FVT1.3%
• ASML HoldingASML1.1%
• Hilton Worldwide HoldingsHLT1.1%
• 2023 ETF Series TrustEMFI1.1%
• Advanced Micro DevicesAMD1.1%
• O Reilly AutomotiveORLY1.0%
• TPGTPG1.0%
• McDONALD’SMCD1.0%
• GE AerospaceGE0.9%
• Harbor ETF TrustSIHY0.9%
• Automatic Data ProcessingADP0.9%
• BroadcomAVGO0.8%
• CME GroupCME0.8%
• Eli LillyLLY0.7%
• MastercardMA0.7%
• UBER TechnologiesUBER0.7%
• Otis WorldwideOTIS0.7%
• IsharesEWL0.6%
• LindeLIN0.5%
• iShares Msci United Kingdom ETFEWU0.5%
• Thermo Fisher ScientificTMO0.5%
• RELXRELX0.5%
• TotalEnergiesTTE0.5%
• ChevronCVX0.5%
• iShares Core Msci Europe ETFIEUR0.4%
• FastenalFAST0.4%
• Philip Morris InternationalPM0.4%
• IsharesEWQ0.4%
• AmrizeAMRZ0.3%
• IsharesEWJ0.3%
• Vanguard International Equity Index FVGK0.3%
• Boston ScientificBSX0.3%
• IsharesEWT0.3%
• SalesforceCRM0.3%
• iShares US Real Estate ETFIYR0.3%
• Union PacificUNP0.3%
• Procter & GamblePG0.3%
• ChubbCB0.3%
• Home DepotHD0.3%
• Invesco QQQ Trust Series 1 ETFQQQ0.2%
• DanaherDHR0.2%
• State Str Spdr S&P 500 ETF TSPY0.2%
• iShares Msci India ETFINDA0.2%
• iShares Msci Acwi ETFACWI0.2%
• iShares Global Infrastructur ETFIGF0.2%
• Applied MaterialsAMAT0.2%
• Parker-hannifinPH0.2%
• Brown & BrownBRO0.2%
• TransDigm GroupTDG0.2%
• RTXRTX0.2%
• UnitedHealth GroupUNH0.2%
• CopartCPRT0.1%
• iShares Msci Europe Small-ca ETFIEUS0.1%
• Vanguard International Equity Index FVNQI0.1%
• Texas InstrumentsTXN0.1%
• IsharesEZU0.1%
• State Street Health Care Select Sector ETFXLV0.1%
• Dimensional ETF TrustDFUV0.1%
• AdobeADBE0.1%
• Vanguard International Equity Index FVWO0.1%
• iShares Msci Emerging Market ETFEEM0.1%
• iShares Global Tech ETFIXN0.1%
• Vanguard Int-term Corporate ETFVCIT0.1%
• State Street Technology Select Sector ETFXLK0.1%
• Nextera EnergyNEE0.1%
• IsharesEWA0.1%
• Invesco Exchange Traded Fund TRSP0.1%
• IsharesLEMB0.1%
• iShares China Large-cap ETFFXI0.1%
• QualcommQCOM0.1%
• MerckMRK0.1%
• Chipotle Mexican GrillCMG0.1%