CIK: 0001027799
Total reported value
$72.2M
Reporting period: 2018-03-31 · Number of holdings: 75
GRATRY & Co LLC disclosed 75 holdings in its latest 13F filing for the period ending 2018-03-31, with total reported value of $72.2M and a quarterly turnover rate of 31.9%.
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GRATRY & Co LLC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 48 equally-sized positions, close to its 75 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.75), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 9% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
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Add SMFG
+85.8% $830.0K
Trim SAP
-55.2% -$1.2M
Add ITUB
+164.7% $787.0K
Add NTDOY
+23.6% $541.0K
Add NPSNY
+32.6% $244.0K
Trim AAGIY
-27.9% -$663.0K
GRATRY & Co is systematically gutting US tech allocation (AVGO sold, SAP halved, LOGI eliminated) to plow capital into international financials (SMFG doubled, ITUB tripled) and a new defensive anchor in Unilever. This is a clean rotation off momentum names and into value/cyclicals, betting that financials will price in a steeper curve and global reflation. The re-buy of AVGO at half the old weight signals a tactical hedge, not a conviction increase.
The portfolio is pricing in a regime shift where rising rates and synchronized global growth lift banks in Japan and Brazil. The exit of DXJ (hedged Japan equity ETF) for a concentrated bet on SMFG is a double-down on unhedged yen exposure and Japanese lending revival. The opposing thesis: if reflation stalls or rate hikes choke credit demand, these foreign financials will compress while the sold tech names keep compounding — the market is not yet ready for a value rotation.
The 41.7% consumer discretionary weighting is the portfolio's single largest structural vulnerability: any whiff of consumer weakness or multiple compression in that sector will overwhelm the financials bet. Factor crowding is the silent risk here — the rush into value/cyclical financials is now consensus, and GRATRY's shift from broad Japan ETFs into a concentrated, unhedged SMFG position amplifies both single-name and FX hazard. A sudden yen rally would hit that trade from both sides.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ICLR | ICON Public Limited Company | Stock-Healthcare | 3.53% | +0.05% | -16.07% | |
| 2 | ✓ | Stock-Other | 3.36% | -0.20% | -12.53% | ||
| 3 | ING | Ing Groep N.v.-sponsored Adr | Stock-Financials | 3.16% | -0.39% | -15.50% | |
| 4 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 2.90% | — | -7.92% | |
| 5 | TCEHY | Tencent Holdings Ltd-uns Adr | Stock-Other | 2.87% | — | +0.28% | |
| 6 | RIO | Rio Tinto Plc-spon Adr | Stock-Materials | 2.84% | -0.20% | -16.35% | |
| 7 | EWJ | Ishares Msci Japan ETF | ETF-Other | 2.81% | -0.30% | -22.39% | |
| 8 | RDS-A | Shell Plc-spon Adr-a | Stock-Other | 2.80% | -0.17% | -14.22% | |
| 9 | DBSDY | Dbs Group Holdings-spon Adr | Stock-Other | 2.79% | — | -15.80% | |
| 10 | UOVEY | United Overseas Bank-sp Adr | Stock-Other | 2.60% | +2.60% | NEW | |
| 11 | SMFG | Sumitomo Mitsui-spons Adr | Stock-Financials | 2.56% | +1.33% | +85.79% | |
| 12 | SONY | Sony Group CORP - Sp Adr | Stock-Tech | 2.46% | -0.13% | -23.02% | |
| 13 | ACN | Accenture plc | Stock-Tech | 2.46% | -0.05% | -14.72% | |
| 14 | MUFG | Mitsubishi Ufj Finl-spon Adr | Stock-Financials | 2.46% | -0.30% | -15.14% | |
| 15 | FANUY | Fanuc Corp-unsp Adr | Stock-Other | 2.46% | +0.05% | -16.18% | |
| 16 | AAGIY | Aia Group Ltd-sp Adr | Stock-Other | 2.41% | -0.49% | -27.91% | |
| 17 | APTV | Aptiv PLC | Stock-Consumer Disc | 2.38% | -0.05% | -14.95% | |
| 18 | NPSNY | Naspers Ltd-n Shs Spon Adr | Stock-Other | 2.26% | +0.58% | +32.56% | |
| 19 | LVMUY | Lvmh Moet Hennessy-unsp Adr | Stock-Other | 2.25% | +0.03% | -16.14% | |
| 20 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 2.20% | -0.31% | -17.61% | |
| 21 | BP | Bp Plc-spons Adr | Stock-Energy | 2.20% | -0.13% | -14.91% | |
| 22 | NTDOY | Nintendo Co Ltd-unspons Adr | Stock-Other | 2.18% | +0.93% | +23.62% | |
| 23 | KMTUY | Komatsu LTD -spons Adr | Stock-Other | 2.14% | -0.17% | -13.05% | |
| 24 | UL | Unilever PLC | Stock-Consumer Staples | 2.11% | -0.14% | -18.60% | |
| 25 | IX | Orix - Sponsored Adr | Stock-Other | 2.10% | +0.03% | -16.75% | |
| 26 | CB | Chubb Limited | Stock-Financials | 2.02% | -0.48% | -24.66% | |
| 27 | SFTBY | Softbank Group Corp-unsp Adr | Stock-Other | 2.02% | -0.21% | -16.27% | |
| 28 | SAN | Banco Santander Sa-spon Adr | Stock-Financials | 1.90% | -0.08% | -16.85% | |
| 29 | KB | Kb Financial Group Inc-adr | Stock-Financials | 1.62% | +0.10% | -6.56% | |
| 30 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 1.59% | +1.15% | +164.70% | |
| 31 | AVGO | Broadcom INC | Stock-Tech | 1.50% | +1.50% | NEW | |
| 32 | JAZZ | Jazz Pharmaceuticals plc | Stock-Healthcare | 1.41% | — | -12.03% | |
| 33 | IFNNY | Infineon Technologies-adr | Stock-Other | 1.38% | -0.12% | -18.95% | |
| 34 | ZTO | Zto Express Cayman Inc-adr | Stock-Other | 1.33% | — | -8.14% | |
| 35 | SAP | Sap Se-sponsored Adr | Stock-Tech | 1.20% | -1.30% | -55.24% | |
| 36 | FMS | Fresenius Medical Care-adr | Stock-Other | 1.13% | -0.06% | -15.50% | |
| 37 | DSDVY | Dsv A/s - Unsp Adr | Stock-Other | 1.11% | -0.05% | -16.73% | |
| 38 | MLCO | Melco Resorts & Entert-adr | Stock-Other | 1.03% | — | +0.12% | |
| 39 | SNN | Smith & Nephew PLC -spon Adr | Stock-Other | 0.93% | — | -17.20% | |
| 40 | WB | Weibo Corp-spon Adr | Stock-Other | 0.62% | — | +3.31% | |
| 41 | LZRFY | Localiza Rent A Car-spn Adr | Stock-Other | 0.58% | +0.19% | +3.46% | |
| 42 | ALGN | Align Technology INC | Stock-Healthcare | 0.57% | — | -17.81% | |
| 43 | PYPL | Paypal Holdings INC | Stock-Financials | 0.57% | — | -12.62% | |
| 44 | V | Visa Inc-class A Shares | Stock-Financials | 0.57% | — | -16.28% | |
| 45 | HTHT | H World Group Limited | Stock-Other | 0.56% | -0.11% | -19.87% | |
| 46 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.55% | — | -20.49% | |
| 47 | LRCXEUR | Lam Research CORP | Stock-Tech | 0.51% | — | -13.18% | |
| 48 | BLKCHF | Blackrock INC | Stock-Other | 0.51% | — | -13.43% | |
| 49 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.50% | +0.50% | NEW | |
| 50 | JD | Jd.com Inc-adr | Stock-Consumer Disc | 0.49% | — | +3.53% |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2018-03-31 | 75 | $72.2M | 32 | |
| 2017-12-31 | 80 | $82.9M | 52 | |
| 2017-09-30 | 83 | $81.7M | 41 | |
| 2017-06-30 | 83 | $81.4M | 40 | |
| 2017-03-31 | 81 | $81.6M | 59 | |
| 2016-12-31 | 81 | $113.7M | 46 | |
| 2016-09-30 | 79 | $128.2M | 56 | |
| 2016-06-30 | 71 | $127.1M | 53 | |
| 2016-03-31 | 78 | $139.6M | 60 | |
| 2015-12-31 | 65 | $153.7M | 31 | |
| 2015-09-30 | 61 | $162.9M | 57 | |
| 2015-06-30 | 54 | $191.2M | 40 | |
| 2015-03-31 | 59 | $185.2M | 100 | |
| 2014-12-31 | 69 | $305.3M | 83 | |
| 2014-09-30 | 62 | $190.9M | 45 | |
| 2014-06-30 | 64 | $254.1M | 28 | |
| 2014-03-31 | 63 | $277.7M | 34 | |
| 2013-12-31 | 69 | $305.3M | 43 | |
| 2013-09-30 | 65 | $283.5M | 29 | |
| 2013-06-30 | 63 | $257.1M | 0 |
GRATRY & Co LLC's most significant position changes for 2018-03-31: Sold out: Broadcom Inc. (AVGO); New buy: United Overseas Bank-sp Adr (UOVEY); New buy: Broadcom INC (AVGO); Sold out: Logitech International S.A. (LOGI); Sold out: Wisdomtree Japan Hedged Eq (DXJ).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SMFG | Sumitomo Mitsui-spons Adr | +1.3% | +85.79% | Add |
| 2 | ITUB | Itau Unibanco H-spon Prf Adr | +1.2% | +164.70% | Add |
| 3 | NTDOY | Nintendo Co Ltd-unspons Adr | +0.9% | +23.62% | Add |
| 4 | NPSNY | Naspers Ltd-n Shs Spon Adr | +0.6% | +32.56% | Add |
| 5 | LZRFY | Localiza Rent A Car-spn Adr | +0.2% | +3.46% | Add |
| 6 | KB | Kb Financial Group Inc-adr | +0.1% | -6.56% | Trim |
| 7 | ICLR | ICON Public Limited Company | +0.1% | -16.07% | Trim |
| 8 | FANUY | Fanuc Corp-unsp Adr | +0.1% | -16.18% | Trim |
| 9 | LVMUY | Lvmh Moet Hennessy-unsp Adr | 0% | -16.14% | Trim |
| 10 | IX | Orix - Sponsored Adr | 0% | -16.75% | Trim |
| 11 | ZTO | Zto Express Cayman Inc-adr | — | -8.14% | Trim |
| 12 | ACN | Accenture plc | -0.1% | -14.72% | Trim |
| 13 | APTV | Aptiv PLC | -0.1% | -14.95% | Trim |
| 14 | DSDVY | Dsv A/s - Unsp Adr | -0.1% | -16.73% | Trim |
| 15 | FMS | Fresenius Medical Care-adr | -0.1% | -15.50% | Trim |
| 16 | SAN | Banco Santander Sa-spon Adr | -0.1% | -16.85% | Trim |
| 17 | HTHT | H World Group Limited | -0.1% | -19.87% | Trim |
| 18 | IFNNY | Infineon Technologies-adr | -0.1% | -18.95% | Trim |
| 19 | SONY | Sony Group CORP - Sp Adr | -0.1% | -23.02% | Trim |
| 20 | BP | Bp Plc-spons Adr | -0.1% | -14.91% | Trim |
| 21 | UL | Unilever PLC | -0.1% | -18.60% | Trim |
| 22 | RDS-A | Shell Plc-spon Adr-a | -0.2% | -14.22% | Trim |
| 23 | KMTUY | Komatsu LTD -spons Adr | -0.2% | -13.05% | Trim |
| 24 | ✓ | -0.2% | -12.53% | Trim | |
| 25 | RIO | Rio Tinto Plc-spon Adr | -0.2% | -16.35% | Trim |
| 26 | SFTBY | Softbank Group Corp-unsp Adr | -0.2% | -16.27% | Trim |
| 27 | EWJ | Ishares Msci Japan ETF | -0.3% | -22.39% | Trim |
| 28 | MUFG | Mitsubishi Ufj Finl-spon Adr | -0.3% | -15.14% | Trim |
| 29 | DEO | Diageo Plc-sponsored Adr | -0.3% | -17.61% | Trim |
| 30 | ING | Ing Groep N.v.-sponsored Adr | -0.4% | -15.50% | Trim |
| 31 | CB | Chubb Limited | -0.5% | -24.66% | Trim |
| 32 | AAGIY | Aia Group Ltd-sp Adr | -0.5% | -27.91% | Trim |
| 33 | SAP | Sap Se-sponsored Adr | -1.3% | -55.24% | Trim |
| 34 | AVGO | Broadcom Inc. | — | EXIT | Sold out |
| 35 | UOVEY | United Overseas Bank-sp Adr | — | NEW | New buy |
| 36 | AVGO | Broadcom INC | — | NEW | New buy |
| 37 | LOGI | Logitech International S.A. | — | EXIT | Sold out |
| 38 | DXJ | Wisdomtree Japan Hedged Eq | — | EXIT | Sold out |
| 39 | ✓ | Delphi Technologies PLC | — | EXIT | Sold out |
| 40 | EWZ | Ishares Msci Brazil ETF | — | NEW | New buy |
| 41 | MELI | Mercadolibre INC | — | NEW | New buy |
| 42 | TLK | Telkom Indonesia Persero-adr | — | EXIT | Sold out |
| 43 | ZNHUSD | China Southern Air-spons Adr | — | NEW | New buy |
| 44 | FLEX | Flex Ltd. | — | EXIT | Sold out |
| 45 | MTN | Vail Resorts INC | — | EXIT | Sold out |
| 46 | DAL | Delta Air Lines INC | — | EXIT | Sold out |
| 47 | NVDA | Nvidia CORP | — | EXIT | Sold out |
| 48 | AMZN | Amazon.com INC | — | EXIT | Sold out |
| 49 | JOBSUSD | 51job Inc-adr | — | NEW | New buy |
| 50 | LMT | Lockheed Martin CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2018-03-31 | 2018-04-23 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-05 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-23 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-15 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-04 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-29 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-03 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-18 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-30 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-31 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-20 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-18 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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