CIK: 0001481045
Total reported value
$34.8B
Reporting period: 2026-03-31 · Number of holdings: 1642
Daiwa Securities Group Inc. disclosed 1642 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $34.8B and a quarterly turnover rate of 27.7%.
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Daiwa Securities Group Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 44 equally-sized positions, well below its 1642 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 4.94), 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 CRWD
-94.9% -$682.6M
Add MSFT
+168.2% $722.2M
Add GOOGL
+102.4% $448.0M
Add MU
+89.9% $353.3M
Add NVDA
+72.7% $522.6M
Trim PG
-76.5% -$228.4M
Daiwa is aggressively buying into mega-cap tech infrastructure, stacking MSFT, NVDA, MU, and Google while completely slashing CRWD. Capital rotates from pure-play cybersecurity into AI compute leaders and cloud platforms. This is a momentum-driven position upgrade, not a defensive rebalance.
The fund places a hard bet on falling real rates collateralizing a continued AI capex super-cycle. IT at 35.45% coupled with a massive 23.62% real estate overweight targets the dual tailwind of rate cuts and commercial property normalization. The opposing thesis argues that heavy sector concentration creates a liquidity trap: if long-end yields refuse to roll over, both growth multiples and REIT cap rates contract simultaneously.
A 100 dispersion score hiding in an HHI of 0.02277 reveals a vast, index-like portfolio with concentrated satellite sleeves. The heavy adding into the top five tickers packs trading volume into narrow liquidity pockets. When semiconductor inventory digestion accelerates or big tech guidance misses, the long-tail holdings fail to cushion the drawdown, triggering a positioning squeeze across the board.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 1642 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.70% | +0.92% | +72.66% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 6.48% | +1.59% | +168.20% | |
| 3 | AAPL | Apple INC | Stock-Tech | 5.28% | +0.20% | +39.64% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.50% | +0.93% | +102.37% | |
| 5 | AVGO | Broadcom INC | Stock-Tech | 4.08% | +0.61% | +84.55% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.86% | -0.26% | +27.96% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.74% | -0.52% | +7.74% | |
| 8 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 2.65% | +0.12% | +60.73% | |
| 9 | WELL | Welltower INC | Stock-Real Estate | 2.43% | — | -4.34% | |
| 10 | NFLX | Netflix INC | Stock-Comm Services | 2.36% | -0.14% | +2.39% | |
| 11 | DLR | Digital Realty Trust INC | Stock-Real Estate | 2.15% | -0.10% | -8.88% | |
| 12 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.98% | +0.69% | +173.01% | |
| 13 | PLD | Prologis INC | Stock-Real Estate | 1.85% | -0.11% | +1.28% | |
| 14 | MU | Micron Technology INC | Stock-Tech | 1.83% | +0.93% | +89.89% | |
| 15 | VTR | Ventas INC | Stock-Real Estate | 1.27% | +0.11% | +14.39% | |
| 16 | EQIX | Equinix INC | Stock-Real Estate | 1.24% | +0.03% | -11.44% | |
| 17 | EXR | Extra Space Storage INC | Stock-Real Estate | 1.10% | — | +5.43% | |
| 18 | CCI | Crown Castle INC | Stock-Real Estate | 1.03% | -0.19% | +1.67% | |
| 19 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.93% | +0.69% | +789.34% | |
| 20 | IRM | Iron Mountain INC | Stock-Real Estate | 0.91% | — | -14.96% | |
| 21 | KIM | Kimco Realty CORP | Stock-Real Estate | 0.86% | +0.10% | +13.87% | |
| 22 | SPG | Simon Property Group INC | Stock-Real Estate | 0.85% | — | -3.00% | |
| 23 | TSLA | Tesla INC | Stock-Consumer Disc | 0.75% | -0.17% | +9.94% | |
| 24 | LRCX | Lam Research CORP | Stock-Tech | 0.73% | +0.53% | +436.48% | |
| 25 | ORCL | Oracle CORP | Stock-Tech | 0.72% | +0.52% | +828.72% | |
| 26 | PSA | Public Storage | Stock-Real Estate | 0.69% | — | +6.36% | |
| 27 | BXP | Bxp INC | Stock-Real Estate | 0.64% | — | +40.89% | |
| 28 | ESS | Essex Property Trust INC | Stock-Real Estate | 0.64% | -0.28% | -16.38% | |
| 29 | ADC | Agree Realty CORP | Stock-Real Estate | 0.64% | +0.12% | +30.87% | |
| 30 | SUI | Sun Communities INC | Stock-Real Estate | 0.64% | +0.04% | +17.02% | |
| 31 | ELS | Equity Lifestyle Properties | Stock-Real Estate | 0.63% | — | -3.56% | |
| 32 | TMUS | T-mobile US INC | Stock-Comm Services | 0.62% | +0.50% | +900.17% | |
| 33 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.52% | — | +4.82% | |
| 34 | PEP | Pepsico INC | Stock-Consumer Staples | 0.51% | +0.33% | +362.75% | |
| 35 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.49% | — | +8.06% | |
| 36 | EGP | Eastgroup Properties INC | Stock-Real Estate | 0.47% | +0.08% | +27.10% | |
| 37 | WMT | Walmart INC | Stock-Consumer Staples | 0.47% | +0.18% | +61.67% | |
| 38 | EPRT | Essential Properties Realty | Stock-Real Estate | 0.46% | +0.08% | +32.16% | |
| 39 | QCOM | Qualcomm INC | Stock-Tech | 0.45% | +0.26% | +459.07% | |
| 40 | UDR | Udr INC | Stock-Real Estate | 0.43% | -0.18% | -14.30% | |
| 41 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.43% | — | +4.19% | |
| 42 | LAMR | Lamar Advertising Co-a | Stock-Real Estate | 0.42% | — | +5.38% | |
| 43 | HR | Healthcare Realty Trust INC | Stock-Real Estate | 0.41% | — | -2.42% | |
| 44 | HST | Host Hotels & Resorts INC | Stock-Real Estate | 0.41% | -0.18% | -28.76% | |
| 45 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.40% | — | +9.35% | |
| 46 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.40% | — | +6.71% | |
| 47 | INVH | Invitation Homes INC | Stock-Real Estate | 0.39% | -0.48% | -43.80% | |
| 48 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.39% | — | +0.72% | |
| 49 | XOM | Exxon Mobil CORP | Stock-Energy | 0.38% | +0.09% | +3.79% | |
| 50 | KRC | Kilroy Realty CORP | Stock-Real Estate | 0.38% | — | +32.97% |
Performance for Q3 2026
+1.2%
Performance Last 4 Quarters
+19.6%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1642 | $34.8B | 28 | |
| 2025-12-31 | 1807 | $31.3B | 23 | |
| 2025-09-30 | 1800 | $29.6B | 32 | |
| 2025-06-30 | 1753 | $27.1B | 0 | |
| 2025-03-31 | 1698 | $23.7B | 100 | |
| 2024-12-31 | 1676 | $22.4B | 0 | |
| 2024-09-30 | 1686 | $21.6B | 0 | |
| 2024-06-30 | 1723 | $18.8B | 0 | |
| 2024-03-31 | 1732 | $17.7B | 0 | |
| 2023-12-31 | 1728 | $16.1B | 0 | |
| 2023-09-30 | 1663 | $14.0B | 0 | |
| 2023-06-30 | 1753 | $15.1B | 0 | |
| 2023-03-31 | 1630 | $14.4B | 0 | |
| 2022-12-31 | 1626 | $13.0B | 0 | |
| 2022-09-30 | 1740 | $12.0B | 0 | |
| 2022-06-30 | 1720 | $13.1B | 0 | |
| 2022-03-31 | 1737 | $16.0B | 0 | |
| 2021-12-31 | 1751 | $17.0B | 0 | |
| 2021-09-30 | 1655 | $15.2B | 0 | |
| 2021-06-30 | 1566 | $14.8B | 100 | |
| 2021-03-31 | 1562 | $13.4B | 22 | |
| 2020-12-31 | 1550 | $12.9B | 34 | |
| 2020-09-30 | 1423 | $11.0B | 100 | |
| 2020-06-30 | 1620 | $4.7B | 73 | |
| 2020-03-31 | 1623 | $9.6B | 43 | |
| 2019-12-31 | 1532 | $12.1B | 27 | |
| 2019-09-30 | 1529 | $11.8B | 29 | |
| 2019-06-30 | 1532 | $11.3B | 19 | |
| 2019-03-31 | 1502 | $11.4B | 33 | |
| 2018-12-31 | 1454 | $10.4B | 41 | |
| 2018-09-30 | 1482 | $11.9B | 35 | |
| 2018-06-30 | 1517 | $12.7B | 24 | |
| 2018-03-31 | 1528 | $12.5B | 32 | |
| 2017-12-31 | 1361 | $14.1B | 37 | |
| 2017-09-30 | 1270 | $14.6B | 36 | |
| 2017-06-30 | 1286 | $15.5B | 27 | |
| 2017-03-31 | 1277 | $15.9B | 30 | |
| 2016-12-31 | 1328 | $15.6B | 32 | |
| 2016-09-30 | 1259 | $16.7B | 23 | |
| 2016-06-30 | 1238 | $16.7B | 34 | |
| 2016-03-31 | 1222 | $15.8B | 30 | |
| 2015-12-31 | 1246 | $15.1B | 24 | |
| 2015-09-30 | 1228 | $14.1B | 31 | |
| 2015-06-30 | 1258 | $14.1B | 28 | |
| 2015-03-31 | 1151 | $14.9B | 26 | |
| 2014-12-31 | 1149 | $14.2B | 28 | |
| 2014-09-30 | 1152 | $13.2B | 25 | |
| 2014-06-30 | 1164 | $13.4B | 18 | |
| 2014-03-31 | 1122 | $12.8B | 29 | |
| 2013-12-31 | 1135 | $11.8B | 17 | |
| 2013-09-30 | 1122 | $12.6B | 23 | |
| 2013-06-30 | 1121 | $13.2B | — |
Daiwa Securities Group Inc.'s most significant position changes for 2026-03-31: Sold out: Ishares Bitcoin Trust ETF (IBIT); Trim: Crowdstrike Holdings INC - A (CRWD) — shares -94.95%; Add: Microsoft CORP (MSFT) — shares +168.20%; Add: Alphabet Inc-cl A (GOOGL) — shares +102.37%; Add: Micron Technology INC (MU) — shares +89.89%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.6% | +168.20% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +0.9% | +102.37% | Add |
| 3 | MU | Micron Technology INC | +0.9% | +89.89% | Add |
| 4 | NVDA | Nvidia CORP | +0.9% | +72.66% | Add |
| 5 | GOOG | Alphabet Inc-cl C | +0.7% | +173.01% | Add |
| 6 | UNH | Unitedhealth Group INC | +0.7% | +789.34% | Add |
| 7 | AVGO | Broadcom INC | +0.6% | +84.55% | Add |
| 8 | LRCX | Lam Research CORP | +0.5% | +436.48% | Add |
| 9 | ORCL | Oracle CORP | +0.5% | +828.72% | Add |
| 10 | TMUS | T-mobile US INC | +0.5% | +900.17% | Add |
| 11 | PEP | Pepsico INC | +0.3% | +362.75% | Add |
| 12 | ADP | Automatic Data Processing | +0.3% | +858.37% | Add |
| 13 | QCOM | Qualcomm INC | +0.3% | +459.07% | Add |
| 14 | AAPL | Apple INC | +0.2% | +39.64% | Add |
| 15 | WMT | Walmart INC | +0.2% | +61.67% | Add |
| 16 | SOFI | Sofi Technologies INC | +0.1% | +5418.61% | Add |
| 17 | PLTR | Palantir Technologies Inc-a | +0.1% | +60.73% | Add |
| 18 | ADC | Agree Realty CORP | +0.1% | +30.87% | Add |
| 19 | VTR | Ventas INC | +0.1% | +14.39% | Add |
| 20 | KIM | Kimco Realty CORP | +0.1% | +13.87% | Add |
| 21 | XOM | Exxon Mobil CORP | +0.1% | +3.79% | Add |
| 22 | CVX | Chevron CORP | +0.1% | +19.33% | Add |
| 23 | EPRT | Essential Properties Realty | +0.1% | +32.16% | Add |
| 24 | EGP | Eastgroup Properties INC | +0.1% | +27.10% | Add |
| 25 | GEV | GE Vernova INC | +0.1% | +11.06% | Add |
| 26 | INTC | Intel CORP | +0.1% | +20.22% | Add |
| 27 | CAT | Caterpillar INC | +0.1% | +1.82% | Add |
| 28 | SUI | Sun Communities INC | 0% | +17.02% | Add |
| 29 | EQIX | Equinix INC | 0% | -11.44% | Trim |
| 30 | DLR | Digital Realty Trust INC | -0.1% | -8.88% | Trim |
| 31 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.1% | +32.00% | Add |
| 32 | PLD | Prologis INC | -0.1% | +1.28% | Add |
| 33 | WY | Weyerhaeuser Co | -0.1% | -32.71% | Trim |
| 34 | IBN | Icici Bank Ltd-spon Adr | -0.1% | -7.98% | Trim |
| 35 | NFLX | Netflix INC | -0.1% | +2.39% | Add |
| 36 | TSLA | Tesla INC | -0.2% | +9.94% | Add |
| 37 | BKNG | Booking Holdings INC | -0.2% | +2.92% | Add |
| 38 | HST | Host Hotels & Resorts INC | -0.2% | -28.76% | Trim |
| 39 | UDR | Udr INC | -0.2% | -14.30% | Trim |
| 40 | CCI | Crown Castle INC | -0.2% | +1.67% | Add |
| 41 | O | Realty Income CORP | -0.2% | -38.71% | Trim |
| 42 | QQQ | Invesco Qqq Trust Series 1 | -0.2% | -32.91% | Trim |
| 43 | AMZN | Amazon.com INC | -0.3% | +27.96% | Add |
| 44 | ESS | Essex Property Trust INC | -0.3% | -16.38% | Trim |
| 45 | INVH | Invitation Homes INC | -0.5% | -43.80% | Trim |
| 46 | META | Meta Platforms Inc-class A | -0.5% | +7.74% | Add |
| 47 | AXP | American Express Co | -0.6% | -69.61% | Trim |
| 48 | PG | Procter & Gamble Co/the | -0.8% | -76.53% | Trim |
| 49 | CRWD | Crowdstrike Holdings INC - A | -2.2% | -94.95% | Trim |
| 50 | IBIT | Ishares Bitcoin Trust ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-31 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-01 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-02 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-02 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-29 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-03 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-04 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-02 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-31 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-04 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-26 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-05 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-01 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-30 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-02 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-06 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-02 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-28 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-02 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-01 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2017-01-10 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-25 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-04 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-05 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-15 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-14 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-16 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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