Basic Stats
Portfolio Value $ 2,245,347,804
Current Positions 84
Latest Holdings, Performance, AUM (from 13F, 13D)

QVO2Q - Overseas Portfolio Initial Class has disclosed 84 total holdings in their latest SEC filings. Most recent portfolio value is calculated to be $ 2,245,347,804 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). QVO2Q - Overseas Portfolio Initial Class’s top holdings are SAP SE (DE:SAP) , Hitachi, Ltd. (DE:HIA1) , Safran SA (FR:SAF) , Rolls-Royce Holdings plc (GB:RR.) , and RELX PLC (GB:RENA) . QVO2Q - Overseas Portfolio Initial Class’s new positions include Deutsche Telekom AG (CZ:DTE) , Hermès International Société en commandite par actions (US:HESAF) , Heidelberg Materials AG (IT:1HEI) , Lottomatica Group S.p.A. (GB:LTMCM) , and DSM-Firmenich AG (MX:DSFIR N) .

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Top Increases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
1.29 47.20 2.0933 2.0933
0.01 27.35 1.2131 1.2131
0.19 50.88 2.2566 0.8951
6.11 50.61 2.2446 0.8333
1.01 36.91 1.6371 0.7572
0.07 16.44 0.7291 0.7291
0.29 14.68 0.6510 0.6510
0.46 44.59 1.9775 0.6085
0.29 14.35 0.6366 0.5495
1.21 30.18 1.3388 0.5253
Top Decreases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
28.84 28.85 1.2794 -2.4478
0.01 4.04 0.1791 -1.6399
0.03 26.15 1.1600 -1.1652
0.49 7.85 0.3484 -0.7578
0.07 18.22 0.8081 -0.6721
0.01 18.13 0.8042 -0.6176
0.29 21.85 0.9692 -0.5474
0.52 18.81 0.8344 -0.5331
0.15 33.49 1.4854 -0.3625
0.12 35.08 1.5558 -0.2872
13F and Fund Filings

This form was filed on 2025-08-22 for the reporting period 2025-06-30. Click the link icon to see the full transaction history.

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2022-07-28: Important Note - We have changed the treatment of the Δ Portfolio % column in this table. Previously, we were reporting it as the percent change in the portfolio allocation. We are now reporting it as the raw change in the portfolio allocation (still reported as a percent). In formula terms, we were previously reporting it as 100 * (current allocation - prior allocation ) / prior allocation. We are now reporting it as (current allocation - prior allocation).
Security Type Avg Share Price Shares
(MM)		 ΔShares
(%)		 ΔShares
(%)		 Value
($MM)		 Portfolio
(%)		 ΔPortfolio
(%)
SAP / SAP SE 0.25 6.26 77.39 21.26 3.4326 0.2397
HIA1 / Hitachi, Ltd. 2.01 14.05 58.38 41.18 2.5894 0.5208
SAF / Safran SA 0.17 1.71 56.13 25.99 2.4893 0.2609
RR. / Rolls-Royce Holdings plc 4.13 1.73 54.71 38.71 2.4265 0.4535
RENA / RELX PLC 0.94 1.63 51.02 9.66 2.2631 -0.0646
SBGSY / Schneider Electric S.E. - Depositary Receipt (Common Stock) 0.19 60.73 50.88 86.94 2.2566 0.8951
SAN / Banco Santander, S.A. 6.11 45.93 50.61 79.38 2.2446 0.8333
MH6 / Tokio Marine Holdings, Inc. 1.15 7.18 48.61 16.76 2.1560 0.0733
UCG / UniCredit S.p.A. 0.72 -1.90 48.54 17.24 2.1530 0.0818
DTE / Deutsche Telekom AG 1.29 47.20 2.0933 2.0933
DB1 / Deutsche Börse AG 0.14 6.92 45.95 18.38 2.0378 0.0962
ALV / Allianz SE 0.11 4.01 45.29 10.29 2.0085 -0.0455
NTO / Nintendo Co., Ltd. 0.46 15.33 44.59 62.92 1.9775 0.6085
IGQ5 / 3i Group plc 0.75 4.66 42.43 25.97 1.8818 0.1969
AI / L'Air Liquide S.A. 0.20 1.74 42.15 10.45 1.8695 -0.0396
CMPGF / Compass Group PLC 1.24 1.73 42.12 4.18 1.8683 -0.1544
LSE N / London Stock Exchange Group plc 0.29 1.67 41.94 0.11 1.8603 -0.2357
WTKWY / Wolters Kluwer N.V. - Depositary Receipt (Common Stock) 0.24 5.60 40.69 13.76 1.8045 0.0153
RYSD / NatWest Group plc 5.77 4.02 40.54 23.73 1.7980 0.1589
DS81 / DSV A/S 0.17 16.00 39.65 43.88 1.7585 0.3800
CABK / CaixaBank, S.A. 4.52 -2.21 39.12 8.78 1.7352 -0.0640
CNSWF / Constellation Software Inc. 0.01 4.08 37.38 20.51 1.6580 0.1062
HNR1 / Hannover Rück SE 0.12 1.73 37.12 7.79 1.6462 -0.0763
AJI / Ajinomoto Co., Inc. 1.36 11.93 37.00 53.35 1.6411 0.4340
TSMWF / Taiwan Semiconductor Manufacturing Company Limited 1.01 61.38 36.91 109.86 1.6371 0.7572
SPGI / S&P Global Inc. 0.07 4.54 35.18 8.49 1.5604 -0.0618
HO / Thales S.A. 0.12 -14.29 35.08 -4.79 1.5558 -0.2872
UMG / Universal Music Group N.V. 1.08 14.41 34.90 34.41 1.5479 0.2490
LIN / Linde plc 0.07 1.25 34.28 2.02 1.5205 -0.1606
HYB / HOYA Corporation 0.29 16.05 34.26 22.12 1.5197 0.1161
MMC / Marsh & McLennan Companies, Inc. 0.15 1.19 33.49 -9.34 1.4854 -0.3625
J2B / Experian plc 0.62 -4.73 31.75 6.02 1.4084 -0.0899
MIH / Mitsubishi Heavy Industries, Ltd. 1.21 27.38 30.18 85.62 1.3388 0.5253
ALC / Alcon Inc. 0.34 8.31 29.99 1.87 1.3300 -0.1425
US31635A1051 / Fidelity Cash Central Fund 28.84 -61.28 28.85 -61.28 1.2794 -2.4478
V / Visa Inc. 0.08 1.30 27.76 2.62 1.2315 -0.1220
HESAF / Hermès International Société en commandite par actions 0.01 27.35 1.2131 1.2131
IHG / InterContinental Hotels Group PLC - Depositary Receipt (Common Stock) 0.24 -1.01 26.88 5.12 1.1922 -0.0870
ASML / ASML Holding N.V. 0.03 -53.53 26.15 -43.73 1.1600 -1.1652
H11 / Halma plc 0.56 11.01 24.63 46.25 1.0923 0.2499
SPF / Spotify Technology S.A. 0.03 8.19 24.32 50.94 1.0789 0.2727
AC / Accor SA 0.46 -3.32 23.99 11.45 1.0642 -0.0128
CRH / CRH plc 0.26 5.95 23.68 10.57 1.0505 -0.0211
KBC / KBC Group NV 0.23 6.47 23.44 21.04 1.0395 0.0709
FBK / FinecoBank Banca Fineco S.p.A. 1.05 0.14 23.23 12.93 1.0304 0.0013
I1M / Indutrade AB (publ) 0.85 5.58 23.10 4.56 1.0244 -0.0806
KGSPY / Kingspan Group plc - Depositary Receipt (Common Stock) 0.26 1.22 22.53 7.37 0.9992 -0.0504
HOLN / Holcim AG 0.29 4.45 21.85 -27.92 0.9692 -0.5474
HDFCB / HDFC Bank Ltd 0.90 18.76 21.03 30.09 0.9327 0.1241
BA. / BAE Systems plc 0.80 -31.55 20.87 -12.02 0.9256 -0.2610
MTX / MTU Aero Engines AG 0.04 90.17 19.77 143.98 0.8770 0.4715
REC / Recordati Industria Chimica e Farmaceutica S.p.A. 0.31 1.22 19.77 12.60 0.8766 -0.0015
FJI / FUJIFILM Holdings Corporation 0.89 1.21 19.38 14.40 0.8595 0.0121
DSY / Dassault Systèmes SE - Depositary Receipt (Common Stock) 0.52 -27.70 18.81 -31.18 0.8344 -0.5331
PBCRY / PT Bank Central Asia Tbk - Depositary Receipt (Common Stock) 34.63 1.21 18.51 5.90 0.8211 -0.0534
IMCD / IMCD N.V. 0.14 -2.35 18.41 -1.09 0.8165 -0.1145
CPK / Capcom Co., Ltd. 0.53 1.44 18.31 40.80 0.8122 0.1616
EL / EssilorLuxottica Société anonyme 0.07 -35.59 18.22 -38.42 0.8081 -0.6721
DP9 / Diploma PLC 0.27 8.10 18.19 45.99 0.8066 0.1834
PGHN / Partners Group Holding AG 0.01 -31.12 18.13 -36.21 0.8042 -0.6176
6857 N / Advantest Corporation 0.24 89.53 17.72 79.96 0.7858 0.2647
1HEI / Heidelberg Materials AG 0.07 16.44 0.7291 0.7291
BYCRF / Baycurrent, Inc. 0.30 19.38 15.34 41.72 0.6804 0.1389
AMRIZE LTD / EC (CH1430134226) 0.29 14.68 0.6510 0.6510
FRE / Frendy Energy S.p.A. 0.29 598.04 14.35 724.41 0.6366 0.5495
ITRK / Intertek Group plc 0.21 525.75 13.86 529.91 0.6147 0.5046
CTEC1 N / ConvaTec Group PLC 3.05 648.80 12.06 792.52 0.5348 0.4672
NVO / Novo Nordisk A/S - Depositary Receipt (Common Stock) 0.16 -26.71 11.16 -25.41 0.4951 -0.2536
1AD1 / AddLife AB (publ) 0.54 0.00 10.79 38.37 0.4788 0.0885
NZM2 / Novozymes A/S 0.15 33.18 10.53 64.31 0.4671 0.1464
LTMCM / Lottomatica Group S.p.A. 0.35 9.79 0.4340 0.4340
ATE / Alten S.A. 0.11 0.00 9.65 -9.38 0.4278 -0.1047
DSFIR N / DSM-Firmenich AG 0.09 9.61 0.4261 0.4261
ACO4 / Atlas Copco AB (publ) 0.49 -64.90 7.85 -64.48 0.3484 -0.7578
2N9 / JTC PLC 0.60 0.00 7.02 -0.62 0.3113 -0.0421
4HO / TIS Inc. 0.21 0.00 6.99 21.41 0.3099 0.0220
EAR / Ebara Corporation 0.36 0.00 6.88 26.00 0.3053 0.0320
MC / LVMH Moët Hennessy - Louis Vuitton, Société Européenne 0.01 -86.86 4.04 -88.89 0.1791 -1.6399
IP / Interpump Group S.p.A. 0.09 0.00 3.76 17.32 0.1667 0.0064
55027C106 / Lumine Group Inc 0.10 0.00 3.63 24.81 0.1609 0.0155
TOITF / Topicus.com Inc. 0.02 0.00 2.98 27.70 0.1323 0.0154
AZE / Azelis Group NV 0.15 -25.72 2.34 -32.56 0.1040 -0.0699
GVS / GVS S.p.A. 0.11 0.00 0.65 26.95 0.0288 0.0032
KRY INTERNATIONAL PP / EC (N/A) 0.03 0.59 0.0262 0.0262
CA21037X1345 / CONSTELLATION SOFTWARE INC 0.01 0.00 0.00 0.0000 -0.0000