Perpetual portfolio

What changed this quarter

380 positions with a change (22 new, 120 added to, 188 trimmed, 50 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Flutter Entertainment−53%fewer sharesReduced
  2.8% → 1.4%
• Corteva−1.3 ppof portfolioSold out
  1.3% → —
• Stryker+17,298%more sharesIncreased
  under 0.1% → 1.4%
• Emerson Electric−99.7%fewer sharesReduced
  1.3% → under 0.1%
• GE Healthcare Technologies+107%more sharesIncreased
  1.2% → 2.7%
• CSX−99.5%fewer sharesReduced
  1.3% → under 0.1%
• Merck−95%fewer sharesReduced
  1.1% → 0.1%
• TE Connectivity+26%more sharesIncreased
  3.3% → 4.7%
• News−76%fewer sharesReduced
  1.0% → 0.3%
• Itau Unibanco Holding−98%fewer sharesReduced
  0.7% → under 0.1%
• Axalta Coating Systems−0.7 ppof portfolioSold out
  0.7% → —
• Amazon.com+76%more sharesIncreased
  0.9% → 1.7%

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

• TE ConnectivityTEL4.7%
• Intercontinental ExchangeICE3.5%
• SempraSRE3.5%
• MicrosoftMSFT3.3%
• Baker HughesBKR3.3%
• Union PacificUNP2.8%
• NVIDIANVDA2.7%
• GE Healthcare TechnologiesGEHC2.7%
• Atmos EnergyATO2.7%
• Philip Morris InternationalPM2.5%
• Freeport-McMoRanFCX2.3%
• AdobeADBE2.2%
• CRH publicCRH2.1%
• Taiwan Semiconductor ManufacturingTSM1.8%
• Amazon.comAMZN1.7%
• AptivAPTV1.7%
• Fidelity National Information ServicesFIS1.6%
• Petrobras - Petroleo BrasileiroPBR1.6%
• Hewlett Packard EnterpriseHPE1.6%
• Millicom International CellularTIGO1.5%
• Thermo Fisher ScientificTMO1.5%
• Flutter EntertainmentFLUT1.4%
• StrykerSYK1.4%
• AlphabetGOOGL1.4%
• Hdfc BankHDB1.2%
• Xcel EnergyXEL1.1%
• ChevronCVX1.1%
• MercadoLibreMELI1.0%
• BroadcomAVGO0.9%
• CACI InternationalCACI0.9%
• American TowerAMT0.8%
• Charles SchwabSCHW0.8%
• Pinnacle West CapitalPNW0.8%
• HumanaHUM0.8%
• Keurig Dr PepperKDP0.8%
• Cemex SAB De CVCX0.8%
• NewmontNEM0.8%
• Everest GroupEG0.7%
• Micron TechnologyMU0.7%
• Abbott LaboratoriesABT0.7%
• Public StoragePSA0.7%
• Nu HoldingsNU0.6%
• American Water WorksAWK0.6%
• Barrick MiningB0.6%
• HalliburtonHAL0.6%
• FortiveFTV0.6%
• Prosperity BancsharesPB0.6%
• Regal RexnordRRX0.5%
• LPL Financial HoldingsLPLA0.5%
• Companhia De Saneamento Basico DO Estado De SAO Paulo-sabespSBS0.5%
• AppleAAPL0.5%
• CarnivalCCL0.5%
• Mueller IndustriesMLI0.5%
• AecomACM0.5%
• Ferguson EnterprisesFERG0.5%
• Arista NetworksANET0.5%
• CNH IndustrialCNH0.5%
• OracleORCL0.5%
• FortinetFTNT0.5%
• UnitedHealth GroupUNH0.4%
• Vertiv HoldingsVRT0.4%
• NXP SemiconductorsNXPI0.4%
• Green PlainsGPRE0.4%
• ArgenxARGX0.4%
• Vivmark ResidentialVMRK0.4%
• Morgan StanleyMS0.4%
• TECK ResourcesTECK0.4%
• Permian ResourcesPR0.4%
• Genmab A/SGMAB0.4%
• GE AerospaceGE0.4%
• Arcutis BiotherapeuticsARQT0.4%
• CME GroupCME0.4%
• NeteaseNTES0.4%
• Mid-america Apartment CommunitiesMAA0.4%
• MDU Resources GroupMDU0.4%
• Jazz PharmaceuticalsJAZZ0.4%
• UBER TechnologiesUBER0.4%
• Wheaton Precious MetalsWPM0.3%
• JFrogFROG0.3%
• Kulicke and Soffa IndustriesKLIC0.3%
• StoneX GroupSNEX0.3%
• EntergyETR0.3%
• Watts Water TechnologiesWTS0.3%
• Microchip TechnologyMCHP0.3%
• NewsNWS0.3%
• VeraltoVLTO0.3%
• Crown HoldingsCCK0.3%
• Service Corporation InternationalSCI0.2%
• Republic ServicesRSG0.2%
• Waste ManagementWM0.2%
• Zurn Elkay Water SolutionsZWS0.2%
• NextpowerNXT0.2%
• Waste ConnectionsWCN0.2%
• SterisSTE0.2%
• Tetra TechTTEK0.2%
• EcolabECL0.2%
• Clean HarborsCLH0.2%
• PentairPNR0.2%
• Advanced Drainage SystemsWMS0.2%
• American States WaterAWR0.2%