SBI Okasan Asset Management Q2 Portfolio Changes: Focus on ETFs, Including Significant Activity in GLDM and BND

As of June 30, 2026, SBI Okasan Asset Management Co.Ltd.'s portfolio has grown significantly to a total value of approximately 3.04 billion yen (as detailed on their filing page: SBI Okasan Asset Management). The fund's holdings reflect a continued focus on Exchange-Traded Funds (ETFs), with major allocations concentrated in broad market exposure, fixed income, and real estate sectors.

The largest allocation remains VTI, the Vanguard Total Stock Market ETF (VEA). Despite a slight reduction in shares (-20.21%) this quarter, its portfolio weight increased slightly to 25.63%. This suggests that while the fund trimmed some positions within VTI, overall stock market exposure remains high.

Significant buying activity was observed across several holdings during Q2:

• BND, the Vanguard Total Bond Market ETF (BND) saw its largest share increase (100%) and holds a substantial 16.71% allocation.
• GLDM, the SPDR Gold Miners ETF (GLDM) experienced an enormous share increase (325.3%) and now accounts for 20.55% of the portfolio.
• IYR, the iShares US Real Estate ETF (IYR) added shares at a 100% increase rate, boosting its allocation to 3.48%.
• VNQ, the Vanguard Real Estate ETF (VNQ) also saw a massive share jump (100%) and its allocation increased to 2.75%.
• Additionally, positions in XLC, the SPDR Consumer Staples ETF (XLP) were added significantly (shares increased by 100%), now representing a small but notable 0.26% allocation.

Conversely, the fund sold or reduced positions in several key holdings:

• VEA, the Vanguard FTSE Developed ETF (VWO) saw a substantial reduction (-56.54%) and its allocation dropped to 4.46%.
• HYG, the iShares High Yield Corporate Bond ETF (HYG) experienced a severe decline (-82.36%) in its allocation, now standing at just 2.04%.
• EMB, the iShares Emerging Market Bond ETF (EMB) also saw a significant reduction (-47.37%) in its allocation to 5.83%.
• VNQ and IYR, despite being added, are not the only real estate plays showing change; however, their allocations increased this quarter as per the data provided.

The fund's holdings also include other sectors like Technology (SEDG) and smaller sector-specific ETFs. The portfolio includes 311 individual holdings, with the top five positions accounting for a combined 73.37% of assets (as per SBI Okasan filing). The remaining sectors are more diversified across various ETFs and individual stocks, contributing the rest.

Overall, SBI Okasan Asset Management appears to have maintained a significant allocation to broad market equities (VTI) while simultaneously increasing exposure to fixed income through BND. Their substantial investment in GLDM indicates confidence in gold-related assets this quarter, contrasting with reduced allocations in certain high-yield and developed market ETFs like HYG and VEA. Further details on the fund's holdings can be found on their official page.