CIK: 0001068855
Total reported value
$33.9B
Reporting period: 2026-03-31 · Number of holdings: 911
Asset Management One Co., Ltd. disclosed 911 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $33.9B and a quarterly turnover rate of 15.2%.
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Asset Management One Co., Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 63 equally-sized positions, well below its 911 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 3.68), 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
-1.4% -$415.6M
Add XOM
+1.7% $99.7M
Trim TSLA
-2.3% -$127.1M
Trim GLDM
-43.3% -$87.2M
Add CAT
+10.4% $59.0M
Add CVX
+2.1% $56.1M
The portfolio manager is actively rotating out of hyper-concentrated AI megacaps (MSFT, NVDA, AAPL) while selectively adding cyclical exposure via XOM and AMZN. This quarter features a deliberate positioning squeeze to trim the most crowded trades without abandoning the core IT allocation.
The underlying bet is a shift from pure growth momentum to inflation-resilient cash flows. Capital rotates directly from overextended semiconductor names into energy, pricing in real rate pressure that will compress unprofitable tech valuations. The opposing thesis holds that AI capex cycles remain intact, meaning trimmed names will quickly re-rank and drag this relative-value play underperforming.
With 911 holdings and an HHI of just 0.016, signal decay is structural: trimming single-name risk in a hyper-fragmented book leaks alpha directly into broad market beta. The manager’s perfect diversification score masks severe idiosyncratic dilution, making the portfolio highly sensitive to cross-asset liquidity shocks rather than targeted security selection.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 911 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 6.21% | -0.01% | -0.29% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.70% | -0.11% | -0.10% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.92% | -0.14% | -1.08% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 3.67% | -0.94% | -1.41% | |
| 5 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.82% | -0.12% | +0.86% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.35% | -0.08% | -0.60% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.98% | -0.15% | -1.13% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.91% | -0.10% | -1.74% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.81% | -0.13% | +1.20% | |
| 10 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 1.54% | — | +0.38% | |
| 11 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 1.48% | +0.16% | +2.03% | |
| 12 | TSLA | Tesla INC | Stock-Consumer Disc | 1.41% | -0.28% | -2.31% | |
| 13 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.16% | -0.11% | -5.87% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.01% | -0.10% | +0.99% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 0.98% | +0.34% | +1.66% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.90% | +0.18% | -0.18% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.84% | — | -0.59% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.81% | -0.11% | -2.45% | |
| 19 | WMT | Walmart INC | Stock-Consumer Staples | 0.80% | +0.13% | +2.40% | |
| 20 | WELL | Welltower INC | Stock-Real Estate | 0.76% | — | +0.31% | |
| 21 | PLD | Prologis INC | Stock-Real Estate | 0.70% | — | -1.04% | |
| 22 | CAT | Caterpillar INC | Stock-Industrials | 0.67% | +0.20% | +10.45% | |
| 23 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.66% | +0.11% | -0.63% | |
| 24 | GS | Goldman Sachs Group INC | Stock-Financials | 0.61% | — | -3.17% | |
| 25 | MA | Mastercard INC - A | Stock-Financials | 0.60% | -0.07% | -3.19% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 0.58% | +0.19% | +2.15% | |
| 27 | ABBV | Abbvie INC | Stock-Healthcare | 0.56% | — | -3.21% | |
| 28 | NFLX | Netflix INC | Stock-Comm Services | 0.56% | — | -3.33% | |
| 29 | EQIX | Equinix INC | Stock-Real Estate | 0.54% | +0.14% | -1.63% | |
| 30 | HD | Home Depot INC | Stock-Consumer Disc | 0.53% | — | +2.66% | |
| 31 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.51% | +0.11% | +6.77% | |
| 32 | MU | Micron Technology INC | Stock-Tech | 0.51% | — | -1.19% | |
| 33 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.49% | — | -0.31% | |
| 34 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.49% | — | -0.54% | |
| 35 | CSCO | Cisco Systems INC | Stock-Tech | 0.48% | — | -7.56% | |
| 36 | BAC | Bank Of America CORP | Stock-Financials | 0.47% | -0.07% | -6.62% | |
| 37 | PM | Philip Morris International | Stock-Consumer Staples | 0.44% | — | -1.01% | |
| 38 | AMD | Advanced Micro Devices | Stock-Tech | 0.44% | — | -0.25% | |
| 39 | LRCX | Lam Research CORP | Stock-Tech | 0.42% | +0.10% | +2.13% | |
| 40 | USIG | Ishares Broad Usd Investment | ETF-Other | 0.42% | — | +16.75% | |
| 41 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.42% | -0.08% | -0.06% | |
| 42 | GE | General Electric | Stock-Industrials | 0.41% | — | +0.20% | |
| 43 | GLDM | Spdr Gold Minishares Trust | ETF-Commodities | 0.41% | -0.22% | -43.31% | |
| 44 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.39% | -0.06% | -0.10% | |
| 45 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.39% | — | -0.77% | |
| 46 | IBM | Intl Business Machines CORP | Stock-Tech | 0.39% | -0.07% | -1.15% | |
| 47 | AMGN | Amgen INC | Stock-Healthcare | 0.36% | — | -1.17% | |
| 48 | GEV | GE Vernova INC | Stock-Industrials | 0.35% | +0.10% | +2.45% | |
| 49 | AMAT | Applied Materials INC | Stock-Tech | 0.34% | +0.09% | -0.74% | |
| 50 | RTX | Rtx CORP | Stock-Industrials | 0.34% | — | +7.44% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+21.1%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 911 | $33.9B | 15 | |
| 2025-12-31 | 939 | $36.0B | 12 | |
| 2025-09-30 | 946 | $34.5B | 24 | |
| 2025-06-30 | 944 | $31.9B | 0 | |
| 2025-03-31 | 966 | $28.9B | 100 | |
| 2024-12-31 | 952 | $29.1B | 0 | |
| 2024-09-30 | 965 | $28.1B | 0 | |
| 2024-06-30 | 962 | $26.1B | 0 | |
| 2024-03-31 | 973 | $25.9B | 0 | |
| 2023-12-31 | 976 | $24.8B | 0 | |
| 2023-09-30 | 990 | $22.5B | 0 | |
| 2023-06-30 | 999 | $23.6B | 0 | |
| 2023-03-31 | 1006 | $22.1B | 0 | |
| 2022-12-31 | 999 | $20.5B | 0 | |
| 2022-09-30 | 1012 | $19.7B | 0 | |
| 2022-06-30 | 1033 | $21.3B | 0 | |
| 2022-03-31 | 1039 | $25.6B | 0 | |
| 2021-12-31 | 1051 | $28.7B | 0 | |
| 2021-09-30 | 1064 | $26.1B | 0 | |
| 2021-06-30 | 1060 | $26.9B | 100 | |
| 2021-03-31 | 1061 | $25.2B | 11 | |
| 2020-12-31 | 1043 | $24.3B | 15 | |
| 2020-09-30 | 1078 | $21.8B | 12 | |
| 2020-06-30 | 1044 | $20.3B | 21 | |
| 2020-03-31 | 1238 | $17.1B | 28 | |
| 2019-12-31 | 1240 | $22.2B | 12 | |
| 2019-09-30 | 1230 | $20.8B | 10 | |
| 2019-06-30 | 1254 | $20.4B | 14 | |
| 2019-03-31 | 1238 | $18.5B | 83 | |
| 2018-12-31 | 1195 | $42.0B | 19 | |
| 2018-09-30 | 1197 | $48.7B | 12 | |
| 2018-06-30 | 1194 | $45.8B | 12 | |
| 2018-03-31 | 1186 | $44.4B | 12 | |
| 2017-12-31 | 1134 | $45.3B | 12 | |
| 2017-09-30 | 1151 | $42.6B | 15 | |
| 2017-06-30 | 1185 | $39.2B | 9 | |
| 2017-03-31 | 1210 | $38.1B | 12 | |
| 2016-12-31 | 1188 | $39.1B | 100 | |
| 2016-09-30 | 2320 | $6.7B | 18 | |
| 2016-06-30 | 2325 | $6.7B | 20 | |
| 2016-03-31 | 2428 | $6.9B | 22 | |
| 2015-12-31 | 2447 | $6.7B | 24 | |
| 2015-09-30 | 2539 | $6.6B | 25 | |
| 2015-06-30 | 2570 | $7.2B | 25 | |
| 2015-03-31 | 2528 | $8.1B | 25 | |
| 2014-12-31 | 2411 | $7.7B | 30 | |
| 2014-09-30 | 2394 | $7.2B | 27 | |
| 2014-06-30 | 2293 | $6.7B | 24 | |
| 2014-03-31 | 2286 | $6.3B | 23 | |
| 2013-12-31 | 2269 | $6.5B | 18 | |
| 2013-09-30 | 2263 | $6.6B | 24 | |
| 2013-06-30 | 1766 | $6.2B | — |
Asset Management One Co., Ltd.'s most significant position changes for 2026-03-31: New buy: Lumentum Holdings INC (LITE); Trim: Microsoft CORP (MSFT) — shares -1.41%; Add: Exxon Mobil CORP (XOM) — shares +1.66%; Trim: Tesla INC (TSLA) — shares -2.31%; Trim: Spdr Gold Minishares Trust (GLDM) — shares -43.31%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.3% | +1.66% | Add |
| 2 | CAT | Caterpillar INC | +0.2% | +10.45% | Add |
| 3 | CVX | Chevron CORP | +0.2% | +2.15% | Add |
| 4 | JNJ | Johnson & Johnson | +0.2% | -0.18% | Trim |
| 5 | IEMG | Ishares Core Msci Emerging | +0.2% | +2.03% | Add |
| 6 | EQIX | Equinix INC | +0.1% | -1.63% | Trim |
| 7 | WMT | Walmart INC | +0.1% | +2.40% | Add |
| 8 | MRK | Merck & Co. INC. | +0.1% | +6.77% | Add |
| 9 | COST | Costco Wholesale CORP | +0.1% | -0.63% | Trim |
| 10 | GEV | GE Vernova INC | +0.1% | +2.45% | Add |
| 11 | LRCX | Lam Research CORP | +0.1% | +2.13% | Add |
| 12 | VZ | Verizon Communications INC | +0.1% | +6.67% | Add |
| 13 | AMAT | Applied Materials INC | +0.1% | -0.74% | Trim |
| 14 | COP | Conocophillips | +0.1% | +4.41% | Add |
| 15 | VRT | Vertiv Holdings Co-a | +0.1% | +26.88% | Add |
| 16 | IVV | Ishares Core S&p 500 ETF | 0% | -0.29% | Trim |
| 17 | WFC | Wells Fargo & Co | 0% | -2.39% | Trim |
| 18 | ISRG | Intuitive Surgical INC | 0% | -0.17% | Trim |
| 19 | DIS | Walt Disney Co/the | -0.1% | -7.06% | Trim |
| 20 | QCOM | Qualcomm INC | -0.1% | -0.80% | Trim |
| 21 | ACN | Accenture plc | -0.1% | -1.04% | Trim |
| 22 | UNH | Unitedhealth Group INC | -0.1% | -0.10% | Trim |
| 23 | SPGI | S&p Global INC | -0.1% | -12.88% | Trim |
| 24 | MELI | Mercadolibre INC | -0.1% | -27.38% | Trim |
| 25 | MA | Mastercard INC - A | -0.1% | -3.19% | Trim |
| 26 | IBM | Intl Business Machines CORP | -0.1% | -1.15% | Trim |
| 27 | BAC | Bank Of America CORP | -0.1% | -6.62% | Trim |
| 28 | APP | Applovin Corp-class A | -0.1% | +1.05% | Add |
| 29 | BKNG | Booking Holdings INC | -0.1% | -9.34% | Trim |
| 30 | GOOGL | Alphabet Inc-cl A | -0.1% | -0.60% | Trim |
| 31 | PLTR | Palantir Technologies Inc-a | -0.1% | -0.06% | Trim |
| 32 | AXP | American Express Co | -0.1% | -5.66% | Trim |
| 33 | ORCL | Oracle CORP | -0.1% | -0.91% | Trim |
| 34 | NOW | Servicenow INC | -0.1% | -13.66% | Trim |
| 35 | BSX | Boston Scientific CORP | -0.1% | -11.46% | Trim |
| 36 | GOOG | Alphabet Inc-cl C | -0.1% | -1.74% | Trim |
| 37 | LLY | Eli Lilly & Co | -0.1% | +0.99% | Add |
| 38 | NVDA | Nvidia CORP | -0.1% | -0.10% | Trim |
| 39 | JPM | Jpmorgan Chase & Co | -0.1% | -5.87% | Trim |
| 40 | V | Visa Inc-class A Shares | -0.1% | -2.45% | Trim |
| 41 | CRM | Salesforce INC | -0.1% | -1.72% | Trim |
| 42 | INTU | Intuit INC | -0.1% | -14.10% | Trim |
| 43 | AMZN | Amazon.com INC | -0.1% | +0.86% | Add |
| 44 | META | Meta Platforms Inc-class A | -0.1% | +1.20% | Add |
| 45 | AAPL | Apple INC | -0.1% | -1.08% | Trim |
| 46 | AVGO | Broadcom INC | -0.2% | -1.13% | Trim |
| 47 | GLDM | Spdr Gold Minishares Trust | -0.2% | -43.31% | Trim |
| 48 | TSLA | Tesla INC | -0.3% | -2.31% | Trim |
| 49 | MSFT | Microsoft CORP | -0.9% | -1.41% | Trim |
| 50 | LITE | Lumentum Holdings INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-27 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-22 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-31 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-23 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-30 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-30 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-18 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-24 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-19 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-25 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-29 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-03 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-05-02 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-07 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-03 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-05 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-28 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-05 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-05 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-05 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-01-29 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2014-02-05 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-11-06 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2014-02-12 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-05 | 13F-HR | View on EDGAR |
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