CIK: 0000921739
Total reported value
$58.4B
Reporting period: 2026-03-31 · Number of holdings: 1471
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. disclosed 1471 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $58.4B and a quarterly turnover rate of 31.2%.
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Nomura Asset Management International INC.'s disclosed holdings carry a Herfindahl concentration index of 0.007 — mathematically equivalent to about 143 equally-sized positions, well below its 1471 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.76), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-19.5% -$1.1B
Add STX
+36716.6% $705.5M
Trim CRM
-85.2% -$449.4M
Trim ACN
-50.2% -$296.6M
Add TSM
+0.3% $94.5M
Add META
+34.4% $101.1M
Nomura is actively locking gains from the mega-cap tech consensus — trimming MSFT by over a quarter of its weight, nearly exiting CRM, and paring NVDA, GOOGL, AAPL, and AMZN — while seeding a new storage bet in STX. This is a tactical capital rotation from crowded momentum into a lower-conviction value/turnaround play, not a bearish pivot, within an overwhelmingly momentum-driven framework.
The portfolio is betting on a regime shift away from concentrated mega-cap tech leadership, with capital flowing into storage/cyclicals (STX) and a broadly diversified sector allocation that expects a broadening of market participation. The opposing thesis is that the AI capex supercycle remains intact — that this rotation is premature, and momentum will continue to favor the mega-caps, leaving Nomura's tech trims a drag on relative performance.
Nomura's 94.1 momentum-contrarian orientation is a design for trend endurance, but it becomes a positioning squeeze when the trend falters. With 1,232 holdings and a coefficient of variation of 2.76, the portfolio is factor-concentrated despite stock diversification — a crowded momentum trade that leaves it structurally vulnerable to a sharp mean-reversion event, where every name unwinds in unison.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Showing top 1232 holdings (of 1471 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 4.58% | +0.07% | -4.36% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 2.94% | -1.25% | -19.46% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.35% | -0.19% | -11.22% | |
| 4 | AAPL | Apple INC | Stock-Tech | 2.28% | -0.10% | -9.92% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.07% | -0.09% | -6.74% | |
| 6 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.56% | +0.33% | +0.35% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.40% | -0.04% | -4.24% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.22% | +0.30% | +34.41% | |
| 9 | STX | Seagate Technology Holdings plc | Stock-Tech | 1.21% | +1.21% | +36716.63% | |
| 10 | HWM | Howmet Aerospace INC | Stock-Industrials | 0.88% | — | -14.24% | |
| 11 | AMD | Advanced Micro Devices | Stock-Tech | 0.84% | — | +8.60% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | -0.24% | -20.90% | |
| 13 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.82% | — | -3.16% | |
| 14 | NFLX | Netflix INC | Stock-Comm Services | 0.74% | — | +1.26% | |
| 15 | MA | Mastercard INC - A | Stock-Financials | 0.71% | -0.03% | -3.96% | |
| 16 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.63% | — | +21.53% | |
| 17 | ICE | Intercontinental Exchange In | Stock-Financials | 0.59% | — | -4.84% | |
| 18 | MU | Micron Technology INC | Stock-Tech | 0.56% | — | -20.79% | |
| 19 | INTU | Intuit INC | Stock-Tech | 0.56% | — | +70.92% | |
| 20 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.53% | -0.17% | -30.37% | |
| 21 | XOM | Exxon Mobil CORP | Stock-Energy | 0.52% | — | -9.92% | |
| 22 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.51% | — | +4.39% | |
| 23 | DHR | Danaher CORP | Stock-Healthcare | 0.49% | -0.13% | -16.33% | |
| 24 | TXN | Texas Instruments INC | Stock-Tech | 0.48% | — | +3.76% | |
| 25 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.47% | -0.06% | -4.70% | |
| 26 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.44% | -0.09% | -27.92% | |
| 27 | ASML | ASML Holding N.V. | Stock-Tech | 0.44% | — | +3.69% | |
| 28 | EFG | Ishares Msci Eafe Growth ETF | ETF-Other | 0.44% | — | -2.76% | |
| 29 | WDC | Western Digital CORP | Stock-Tech | 0.41% | — | -13.05% | |
| 30 | IDXX | Idexx Laboratories INC | Stock-Healthcare | 0.38% | — | -7.56% | |
| 31 | EW | Edwards Lifesciences CORP | Stock-Healthcare | 0.38% | +0.24% | +149.64% | |
| 32 | CSCO | Cisco Systems INC | Stock-Tech | 0.37% | — | -0.49% | |
| 33 | ONB | Old National Bancorp | Stock-Financials | 0.36% | — | -6.62% | |
| 34 | NEE | Nextera Energy INC | Stock-Utilities | 0.36% | — | -18.70% | |
| 35 | SPGI | S&p Global INC | Stock-Financials | 0.35% | — | -0.47% | |
| 36 | PLD | Prologis INC | Stock-Real Estate | 0.35% | — | -22.76% | |
| 37 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.35% | — | -11.08% | |
| 38 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.35% | — | +57.52% | |
| 39 | VMC | Vulcan Materials Co | Stock-Materials | 0.34% | — | -12.76% | |
| 40 | CARR | Carrier Global CORP | Stock-Industrials | 0.34% | +0.28% | +367.55% | |
| 41 | KTOS | Kratos Defense & Security | Stock-Industrials | 0.34% | — | +7.75% | |
| 42 | T | At&t INC | Stock-Comm Services | 0.33% | — | -20.76% | |
| 43 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.32% | — | -4.33% | |
| 44 | INSM | Insmed INC | Stock-Healthcare | 0.32% | — | -3.32% | |
| 45 | BKH | Black Hills CORP | Stock-Utilities | 0.32% | — | +0.91% | |
| 46 | AMAT | Applied Materials INC | Stock-Tech | 0.32% | — | -5.24% | |
| 47 | PNC | Pnc Financial Services Group | Stock-Financials | 0.31% | +0.24% | +272.29% | |
| 48 | PWR | Quanta Services INC | Stock-Industrials | 0.31% | — | -5.64% | |
| 49 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.30% | — | -8.86% | |
| 50 | ACN | Accenture plc | Stock-Tech | 0.30% | -0.41% | -50.16% |
Performance for Q3 2026
+4.2%
Performance Last 4 Quarters
+9.3%
Based on 5 months of available history
Based on 75% of reported portfolio value with available pricing
Nomura Asset Management International INC.'s most significant position changes for 2026-03-31: Sold out: Unity Software INC (U); New buy: Ishares Msci World ETF (URTH); New buy: Cboe Global Markets INC (CBOE); Sold out: Cadence Bank (CADE); Sold out: Sap Se-sponsored Adr (SAP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | STX | Seagate Technology Holdings plc | +1.2% | +36716.63% | Add |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | +0.35% | Add |
| 3 | META | Meta Platforms Inc-class A | +0.3% | +34.41% | Add |
| 4 | CARR | Carrier Global CORP | +0.3% | +367.55% | Add |
| 5 | PNC | Pnc Financial Services Group | +0.2% | +272.29% | Add |
| 6 | EW | Edwards Lifesciences CORP | +0.2% | +149.64% | Add |
| 7 | NOW | Servicenow INC | +0.2% | +1225.12% | Add |
| 8 | UBER | Uber Technologies INC | +0.2% | +1229.55% | Add |
| 9 | NVDA | Nvidia CORP | +0.1% | -4.36% | Trim |
| 10 | MA | Mastercard INC - A | 0% | -3.96% | Trim |
| 11 | AVGO | Broadcom INC | 0% | -4.24% | Trim |
| 12 | ISRG | Intuitive Surgical INC | -0.1% | -4.70% | Trim |
| 13 | AMZN | Amazon.com INC | -0.1% | -6.74% | Trim |
| 14 | IEFA | Ishares Core Msci Eafe ETF | -0.1% | -27.92% | Trim |
| 15 | TFC | Truist Financial CORP | -0.1% | -50.61% | Trim |
| 16 | AAPL | Apple INC | -0.1% | -9.92% | Trim |
| 17 | WBS | Webster Financial CORP | -0.1% | -57.86% | Trim |
| 18 | ESNT | Essent Group Ltd. | -0.1% | -38.20% | Trim |
| 19 | IQV | Iqvia Holdings INC | -0.1% | -66.60% | Trim |
| 20 | TRV | Travelers Cos Inc/the | -0.1% | -72.05% | Trim |
| 21 | EQR | Equity Residential | -0.1% | -89.47% | Trim |
| 22 | DHR | Danaher CORP | -0.1% | -16.33% | Trim |
| 23 | ROL | Rollins INC | -0.1% | -78.38% | Trim |
| 24 | EFX | Equifax INC | -0.1% | -52.82% | Trim |
| 25 | HD | Home Depot INC | -0.1% | -67.43% | Trim |
| 26 | KKR | Kkr & Co INC | -0.1% | -86.74% | Trim |
| 27 | DASH | Doordash INC - A | -0.2% | -28.06% | Trim |
| 28 | SNPS | Synopsys INC | -0.2% | -59.48% | Trim |
| 29 | SNOW | Snowflake INC | -0.2% | -42.05% | Trim |
| 30 | COF | Capital One Financial CORP | -0.2% | -69.82% | Trim |
| 31 | OTIS | Otis Worldwide CORP | -0.2% | -50.91% | Trim |
| 32 | EL | Estee Lauder Companies-cl A | -0.2% | -66.03% | Trim |
| 33 | VOO | Vanguard S&p 500 ETF | -0.2% | -30.37% | Trim |
| 34 | UNH | Unitedhealth Group INC | -0.2% | -75.84% | Trim |
| 35 | VEEV | Veeva Systems Inc-class A | -0.2% | -49.89% | Trim |
| 36 | GOOGL | Alphabet Inc-cl A | -0.2% | -11.22% | Trim |
| 37 | V | Visa Inc-class A Shares | -0.2% | -20.90% | Trim |
| 38 | DDOG | Datadog INC - Class A | -0.2% | -71.46% | Trim |
| 39 | CSGP | Costar Group INC | -0.2% | -40.30% | Trim |
| 40 | CDW | Cdw Corp/de | -0.3% | -77.40% | Trim |
| 41 | ACN | Accenture plc | -0.4% | -50.16% | Trim |
| 42 | CRM | Salesforce INC | -0.7% | -85.25% | Trim |
| 43 | MSFT | Microsoft CORP | -1.3% | -19.46% | Trim |
| 44 | U | Unity Software INC | — | EXIT | Sold out |
| 45 | URTH | Ishares Msci World ETF | — | NEW | New buy |
| 46 | CBOE | Cboe Global Markets INC | — | NEW | New buy |
| 47 | CADE | Cadence Bank | — | EXIT | Sold out |
| 48 | SAP | Sap Se-sponsored Adr | — | EXIT | Sold out |
| 49 | HUBS | Hubspot INC | — | EXIT | Sold out |
| 50 | MC | Moelis & Co - Class A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
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