Institutional Manager · CIK 0002062680

Rakuten Investment Management, Inc.

TOKYO, M0 · File #028-25589

Latest AUM

$29.69B

Positions

607

Top-10 Concentration

87.9%

Filings

Portfolio Value Over Time

2025-03

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	APPLOVIN CORP	APP	-1,975,963	-$1.38B	+$900.5M
ADD	NVIDIA CORPORATION	NVDA	+3,701,724	+$696.7M	+$8.1M
ADD	APPLE INC	AAPL	+2,206,573	+$604.1M	+$7.2M
ADD	MICROSOFT CORP	MSFT	+1,092,736	+$532.3M	-$4.0M
REDUCE	INTUITIVE SURGICAL INC	ISRG	-802,601	-$461.8M	+$469.8M
REDUCE	BOOKING HOLDINGS INC	BKNG	-80,737	-$439.3M	+$456.6M
ADD	AMAZON COM INC	AMZN	+1,284,910	+$298.2M	+$33.0M
REDUCE	OREILLY AUTOMOTIVE INC	67103H107	-3,232,663	-$296.7M	-$305.3M
ADD	ALPHABET INC	GOOG	+874,195	+$274.1M	-$652,239
ADD	BROADCOM INC	AVGO	+730,171	+$255.1M	+$1.2M

Sector Allocation

Technology

10.3%$3.07B

Consumer Discretionary

2.8%$837.1M

Healthcare

2.3%$679.8M

Industrials

1.4%$412.2M

Communication Services

1.4%$406.3M

1.2%$345.8M

0.8%$228.6M

0.6%$192.6M

0.3%$94.6M

0.3%$74.3M

0.2%$49.0M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025607 pos · $29.69B
Oct 30, 202513F HOLDINGS REPORTQ/E Sep 2025640 pos · $28.10B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202521 pos · $9.66B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202516 pos · $2.50B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025533 pos · $17.12B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202519 pos · $5.82B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202518 pos · $4.01B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202517 pos · $6.33B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202520 pos · $5.91B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202515 pos · $1.90B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025694 pos · $21.85B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025536 pos · $15.24B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202521 pos · $7.31B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202518 pos · $4.62B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202515 pos · $1.10B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025527 pos · $11.40B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202521 pos · $9.34B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202516 pos · $3.11B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202521 pos · $8.30B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202521 pos · $6.14B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908769	47,479,738	$15.53B	59.59%
2	VANGUARD INTL EQUITY INDEX F	922042742	15,505,097	$2.13B	8.17%
3	SCHWAB STRATEGIC TR	808524797	41,592,034	$1.13B	4.32%
4	VANGUARD STAR FDS	921909768	15,070,900	$1.10B	4.23%
5	NVIDIA CORPORATION	NVDA	3,757,295	$707.2M	2.71%
6	APPLE INC	AAPL	2,235,441	$612.0M	2.35%
7	MICROSOFT CORP	MSFT	1,107,445	$539.4M	2.07%
8	VANGUARD INDEX FDS	922908363	867,009	$529.0M	2.03%
9	AMAZON COM INC	AMZN	1,483,366	$344.2M	1.32%
10	ALPHABET INC	GOOG	879,065	$275.6M	1.06%
11	BROADCOM INC	AVGO	734,805	$256.7M	0.99%
12	ALPHABET INC	GOOG	727,464	$228.7M	0.88%
13	META PLATFORMS INC	META	343,623	$226.3M	0.87%
14	TESLA INC	TSLA	456,834	$210.0M	0.81%
15	VANGUARD WHITEHALL FDS	921946406	1,418,554	$199.3M	0.76%
16	JPMORGAN CHASE & CO.	VYLD	359,277	$116.3M	0.45%
17	ELI LILLY & CO	LLY	104,905	$113.2M	0.43%
18	BERKSHIRE HATHAWAY INC DEL	BRK-A	221,944	$111.2M	0.43%
19	VISA INC	V	222,475	$78.9M	0.30%
20	PALANTIR TECHNOLOGIES INC	PLTR	423,436	$78.0M	0.30%