CIK: 0001462160
Total reported value
$40.6B
Reporting period: 2026-03-31 · Number of holdings: 1721
Mitsubishi UFJ Trust & Banking Corp disclosed 1721 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $40.6B and a quarterly turnover rate of 17.7%.
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Mitsubishi UFJ Trust & Banking Corp's disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 88 equally-sized positions, well below its 1721 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 3.40), 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
+0.5% -$427.2M
Add XOM
-0.1% $112.6M
Trim ES
-89.7% -$104.4M
Trim AMZN
-1.8% -$146.2M
Trim META
-1.9% -$128.1M
Add HTHT
+14.4% $79.9M
MUFG Trust is executing a mechanical contrarian rotation this quarter. The fund actively trimmed AI momentum names (NVDA, META) and utility positions while adding to cash-rich mega-caps (AAPL, MSFT) and logistics infrastructure (CNI). With 1,097 holdings and a sector conviction of just 42%, capital is recycling across diversified liquid assets rather than betting on directional macro views.
The flow embeds a clear quality-over-growth regime shift. Management positions for AI capex saturation and persistent real rates by overweighting balance-sheet fortresses and real-economy logistics, while shedding speculative momentum and yield-dependent utilities. The opposing thesis argues infrastructure build-out remains structurally intact; trimming NVDA and META cuts exposure before the earnings cycle delivers.
The strategy’s vulnerability is a positioning squeeze during a rate-driven liquidity trap. An HHI of 0.011 across nearly eleven hundred positions guarantees idiosyncratic drag when risk premiums compress. Aggressive buying is mechanically neutralized by price appreciation (MSFT weight fell to 3.51% despite share accumulation), creating a tracking error that widens exactly when crowded trades unwind and passive rebalancing forces dictate flow.
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 1721 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.54% | -0.18% | -0.21% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.71% | -0.14% | +0.38% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.51% | -0.88% | +0.47% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.80% | -0.24% | -1.82% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.30% | -0.16% | -1.80% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.85% | -0.11% | -0.44% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.80% | -0.24% | -1.87% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 1.68% | -0.05% | +5.14% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.20% | -0.17% | +1.68% | |
| 10 | HTHT | H World Group Ltd-adr | Stock-Other | 1.08% | +0.23% | +14.37% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.01% | -0.11% | +1.27% | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.00% | +0.18% | -0.48% | |
| 13 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.97% | -0.09% | -3.12% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 0.96% | +0.30% | -0.11% | |
| 15 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.90% | — | +12.55% | |
| 16 | DUK | Duke Energy CORP | Stock-Utilities | 0.86% | +0.16% | +5.25% | |
| 17 | MA | Mastercard INC - A | Stock-Financials | 0.82% | -0.09% | -0.79% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.78% | -0.10% | -0.34% | |
| 19 | WMT | Walmart INC | Stock-Consumer Staples | 0.75% | +0.12% | +2.74% | |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.74% | — | -0.23% | |
| 21 | UNP | Union Pacific CORP | Stock-Industrials | 0.74% | — | +0.31% | |
| 22 | NEE | Nextera Energy INC | Stock-Utilities | 0.71% | — | -6.68% | |
| 23 | AEP | American Electric Power | Stock-Utilities | 0.68% | +0.11% | +0.17% | |
| 24 | NFLX | Netflix INC | Stock-Comm Services | 0.68% | -0.05% | -12.97% | |
| 25 | OKE | Oneok INC | Stock-Energy | 0.59% | +0.19% | +15.09% | |
| 26 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.59% | +0.11% | +2.05% | |
| 27 | ABBV | Abbvie INC | Stock-Healthcare | 0.59% | — | +0.28% | |
| 28 | CSX | Csx CORP | Stock-Industrials | 0.58% | -0.04% | -20.88% | |
| 29 | SRE | Sempra | Stock-Utilities | 0.52% | — | -5.19% | |
| 30 | XEL | Xcel Energy INC | Stock-Utilities | 0.52% | +0.10% | +9.69% | |
| 31 | CSCO | Cisco Systems INC | Stock-Tech | 0.52% | — | +1.21% | |
| 32 | SE | Sea Ltd-adr | Stock-Comm Services | 0.49% | -0.15% | +14.18% | |
| 33 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.49% | -0.17% | -24.40% | |
| 34 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.49% | — | -1.12% | |
| 35 | LNG | Cheniere Energy INC | Stock-Energy | 0.49% | — | -30.74% | |
| 36 | CVX | Chevron CORP | Stock-Energy | 0.49% | +0.16% | +3.08% | |
| 37 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.48% | — | +14.59% | |
| 38 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.47% | — | -2.41% | |
| 39 | CAT | Caterpillar INC | Stock-Industrials | 0.47% | +0.12% | +4.09% | |
| 40 | PEP | Pepsico INC | Stock-Consumer Staples | 0.46% | — | +7.33% | |
| 41 | SBAC | Sba Communications CORP | Stock-Real Estate | 0.46% | — | +29.69% | |
| 42 | MU | Micron Technology INC | Stock-Tech | 0.45% | +0.10% | +5.17% | |
| 43 | GLD | Spdr Gold Shares | ETF-Commodities | 0.45% | — | — | |
| 44 | LRCX | Lam Research CORP | Stock-Tech | 0.44% | — | -6.12% | |
| 45 | D | Dominion Energy INC | Stock-Utilities | 0.43% | +0.09% | +14.66% | |
| 46 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.42% | — | +1.85% | |
| 47 | BAC | Bank Of America CORP | Stock-Financials | 0.41% | — | +4.39% | |
| 48 | AMAT | Applied Materials INC | Stock-Tech | 0.41% | +0.14% | +8.68% | |
| 49 | PCG | P G & E CORP | Stock-Utilities | 0.41% | — | -1.18% | |
| 50 | VZ | Verizon Communications INC | Stock-Comm Services | 0.40% | +0.16% | +27.86% |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+18.2%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1721 | $40.6B | 18 | |
| 2025-12-31 | 1557 | $42.1B | 18 | |
| 2025-09-30 | 1600 | $45.5B | 30 | |
| 2025-06-30 | 1710 | $43.2B | 0 | |
| 2025-03-31 | 1427 | $38.4B | 100 | |
| 2024-12-31 | 1548 | $42.6B | 0 | |
| 2024-09-30 | 1548 | $43.8B | 0 | |
| 2024-06-30 | 1871 | $42.0B | 0 | |
| 2024-03-31 | 2001 | $43.6B | 0 | |
| 2023-12-31 | 2036 | $42.5B | 0 | |
| 2023-09-30 | 2149 | $40.0B | 0 | |
| 2023-06-30 | 2139 | $43.2B | 0 | |
| 2023-03-31 | 2297 | $41.1B | 0 | |
| 2022-12-31 | 2310 | $38.3B | 0 | |
| 2022-09-30 | 2358 | $35.7B | 0 | |
| 2022-06-30 | 2410 | $39.1B | 0 | |
| 2022-03-31 | 2705 | $43.8B | 0 | |
| 2021-12-31 | 3227 | $48.5B | 0 | |
| 2021-09-30 | 3136 | $46.3B | 0 | |
| 2021-06-30 | 3153 | $47.3B | 100 | |
| 2021-03-31 | 2933 | $45.4B | 18 | |
| 2020-12-31 | 3066 | $49.6B | 20 | |
| 2020-09-30 | 3066 | $44.4B | 14 | |
| 2020-06-30 | 3021 | $41.4B | 25 | |
| 2020-03-31 | 2889 | $34.4B | 27 | |
| 2019-12-31 | 3057 | $41.9B | 16 | |
| 2019-09-30 | 3105 | $39.1B | 36 | |
| 2019-06-30 | 837 | $29.4B | 14 | |
| 2019-03-31 | 806 | $27.2B | 16 | |
| 2018-12-31 | 792 | $24.0B | 21 | |
| 2018-09-30 | 800 | $28.2B | 72 | |
| 2018-06-30 | 806 | $58.8B | 13 | |
| 2018-03-31 | 805 | $56.6B | 11 | |
| 2017-12-31 | 804 | $57.5B | 12 | |
| 2017-09-30 | 793 | $54.0B | 11 | |
| 2017-06-30 | 786 | $51.8B | 10 | |
| 2017-03-31 | 780 | $50.2B | 11 | |
| 2016-12-31 | 788 | $47.7B | 11 | |
| 2016-09-30 | 778 | $48.2B | 11 | |
| 2016-06-30 | 778 | $45.6B | 13 | |
| 2016-03-31 | 780 | $44.5B | 12 | |
| 2015-12-31 | 778 | $43.8B | 17 | |
| 2015-09-30 | 765 | $41.0B | 13 | |
| 2015-06-30 | 786 | $43.6B | 11 | |
| 2015-03-31 | 773 | $43.1B | 12 | |
| 2014-12-31 | 756 | $42.3B | 14 | |
| 2014-09-30 | 749 | $41.1B | 11 | |
| 2014-06-30 | 749 | $43.3B | 12 | |
| 2014-03-31 | 732 | $41.2B | 10 | |
| 2013-12-31 | 740 | $40.5B | 13 | |
| 2013-09-30 | 732 | $37.5B | 12 | |
| 2013-06-30 | 732 | $35.5B | — |
Mitsubishi UFJ Trust & Banking Corp's most significant position changes for 2026-03-31: New buy: Canadian Natl Railway Co (CNI); New buy: Algonquin Power & Utilities (AQN); Add: Microsoft CORP (MSFT) — shares +0.47%; Trim: Exxon Mobil CORP (XOM) — shares -0.11%; Trim: Eversource Energy (ES) — shares -89.73%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.3% | -0.11% | Trim |
| 2 | HTHT | H World Group Ltd-adr | +0.2% | +14.37% | Add |
| 3 | OKE | Oneok INC | +0.2% | +15.09% | Add |
| 4 | JNJ | Johnson & Johnson | +0.2% | -0.48% | Trim |
| 5 | VZ | Verizon Communications INC | +0.2% | +27.86% | Add |
| 6 | CVX | Chevron CORP | +0.2% | +3.08% | Add |
| 7 | DUK | Duke Energy CORP | +0.2% | +5.25% | Add |
| 8 | AMAT | Applied Materials INC | +0.1% | +8.68% | Add |
| 9 | CAT | Caterpillar INC | +0.1% | +4.09% | Add |
| 10 | WMT | Walmart INC | +0.1% | +2.74% | Add |
| 11 | COST | Costco Wholesale CORP | +0.1% | +2.05% | Add |
| 12 | AEP | American Electric Power | +0.1% | +0.17% | Add |
| 13 | GEV | GE Vernova INC | +0.1% | +11.82% | Add |
| 14 | MU | Micron Technology INC | +0.1% | +5.17% | Add |
| 15 | XEL | Xcel Energy INC | +0.1% | +9.69% | Add |
| 16 | BAP | Credicorp Ltd. | +0.1% | +13.37% | Add |
| 17 | D | Dominion Energy INC | +0.1% | +14.66% | Add |
| 18 | LMT | Lockheed Martin CORP | +0.1% | +12.12% | Add |
| 19 | CSX | Csx CORP | 0% | -20.88% | Trim |
| 20 | AVGO | Broadcom INC | -0.1% | +5.14% | Add |
| 21 | NFLX | Netflix INC | -0.1% | -12.97% | Trim |
| 22 | YMM | Full Truck Alliance -spn Adr | -0.1% | +9.56% | Add |
| 23 | DIS | Walt Disney Co/the | -0.1% | -11.03% | Trim |
| 24 | TEAM | Atlassian Corp-cl A | -0.1% | -4.16% | Trim |
| 25 | TMO | Thermo Fisher Scientific INC | -0.1% | -7.99% | Trim |
| 26 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | -0.1% | -58.89% | Trim |
| 27 | ORCL | Oracle CORP | -0.1% | +5.48% | Add |
| 28 | CBRE | Cbre Group INC - A | -0.1% | -23.35% | Trim |
| 29 | JPM | Jpmorgan Chase & Co | -0.1% | -3.12% | Trim |
| 30 | MA | Mastercard INC - A | -0.1% | -0.79% | Trim |
| 31 | BKNG | Booking Holdings INC | -0.1% | -8.03% | Trim |
| 32 | V | Visa Inc-class A Shares | -0.1% | -0.34% | Trim |
| 33 | CRM | Salesforce INC | -0.1% | -4.42% | Trim |
| 34 | QCOM | Qualcomm INC | -0.1% | -11.70% | Trim |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | -0.44% | Trim |
| 36 | LLY | Eli Lilly & Co | -0.1% | +1.27% | Add |
| 37 | INTU | Intuit INC | -0.1% | -6.03% | Trim |
| 38 | AAPL | Apple INC | -0.1% | +0.38% | Add |
| 39 | SE | Sea Ltd-adr | -0.2% | +14.18% | Add |
| 40 | GOOGL | Alphabet Inc-cl A | -0.2% | -1.80% | Trim |
| 41 | TSLA | Tesla INC | -0.2% | +1.68% | Add |
| 42 | IVV | Ishares Core S&p 500 ETF | -0.2% | -24.40% | Trim |
| 43 | NVDA | Nvidia CORP | -0.2% | -0.21% | Trim |
| 44 | APP | Applovin Corp-class A | -0.2% | +1.63% | Add |
| 45 | AMZN | Amazon.com INC | -0.2% | -1.82% | Trim |
| 46 | META | Meta Platforms Inc-class A | -0.2% | -1.87% | Trim |
| 47 | ES | Eversource Energy | -0.3% | -89.73% | Trim |
| 48 | MSFT | Microsoft CORP | -0.9% | +0.47% | Add |
| 49 | CNI | Canadian Natl Railway Co | — | NEW | New buy |
| 50 | AQN | Algonquin Power & Utilities | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-30 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-09-11 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-17 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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