Portfolio updates
CT QR Series Global Equity Active UCITS ETF (QRGE)
Top 10 Underweights - 30 June 2026
Stock | Rationale | Relative weight |
|---|---|---|
1. Alphabet Inc. | Alphabet (Communication Services) displayed weaker capital allocation and earnings-quality characteristics than many large-cap peers. In addition, valuation measures appeared stretched relative to underlying fundamentals, reducing the stock’s attractiveness compared with alternative opportunities. | -3.7% |
2. Microsoft Corporation | Microsoft (Information Technology) exhibited weaker earnings quality than a number of peers, with earnings and cash-flow trends appearing less consistent than expected for a company of its scale. In addition, capital allocation metrics compared less favourably with competing opportunities, reducing the stock’s relative attractiveness. | -2.6% |
3. Amazon.com, Inc | Amazon (Consumer Discretionary) reflected weaker capital allocation discipline, while cash-flow generation appeared less attractive relative to the company’s valuation. Earnings quality also compared less favourably with many peers, suggesting that profit growth was not being converted into shareholder value as efficiently as elsewhere in the sector. | -2.3% |
4. Broadcom Inc. | Broadcom (Information Technology) exhibited weaker earnings quality than a number of competing semiconductor opportunities. At the same time, its valuation appeared less compelling, while business had moderated relative to peers, reducing the stock’s relative attractiveness. | -1.7% |
5. Micron Technology, Inc. | Micron (Information Technology) is not held as our research identifies more compelling opportunities elsewhere in the global semiconductor sector. The portfolio favoured several higher-rated semiconductor companies where we had greater confidence in the durability of future returns. | -1.3% |
6. Meta Platforms, Inc. | Meta (Communication Services) exhibited weaker profitability, earnings quality and capital allocation than many peers. These factors reduced the stock’s attractiveness relative to alternative opportunities within the sector. | -1.2% |
7. Tesla, Inc. | Tesla (Consumer Discretionary) appeared expensive across several valuation measures, while capital returned to shareholders remained limited relative to many peers. In addition, earnings compared less favourably with alternative opportunities. | -1.2% |
8. Eli Lilly and Company | Eli Lilly (Health Care) traded at a significant premium relative to many healthcare peers. At the same time, cash-flow generation appeared less compelling relative to valuation, while its earnings quality compared less favourably with alternative opportunities. | -0.9% |
9. Advanced Micro Devices, Inc. | AMD (Information Technology) had experienced a moderation in both business performance and share-price trends relative to many peers. These developments reduced the stock’s attractiveness compared with alternative semiconductor opportunities. | -0.9% |
10. Berkshire Hathaway Inc. | Berkshire Hathaway (Financials) offered limited capital return to shareholders relative to many peers. Combined with valuation characteristics that appeared less attractive than alternative opportunities, the stock presented a less compelling investment case. | -0.7% |
Stocks removed since rebalance
Following our latest portfolio rebalance in June 2026, no Quick Responses have been triggered. Quick Responses are implemented when either our quantitative model or our fundamental research team identifies a material deterioration in a portfolio holding. Should a stock be removed through this process, a corresponding update will be published on this page shortly thereafter.
Date of sale | Stock removed since rebalance | Rationale | Weight before sale |
|---|---|---|---|
29 May 2026 | Wens Foodstuff Group | Wens Foodstuff Group (Consumer Staples – Food Products) was downgraded following a sustained deterioration across all three key pillars: Quality, Value, and Catalyst. The decline in Quality was most pronounced after weak first quarter 2026 results, where the company reported a net loss of approximately CNY 1.07 billion, primarily reflecting pressure from declining pork prices. This weighed on Earnings Quality as well as Efficiency & Profitability and Capital Allocation metrics. On the Value side, the stock’s attractiveness weakened further due to deteriorating Cash Flow Yield and Earnings Yield. In addition, Catalyst indicators softened, driven by weaker Business Momentum signals. | 0.01% |
9 April 2026 | The Magnum Ice Cream Company | The Magnum Ice Cream Company was downgraded following a broad weakening across Value, Quality, and Catalyst indicators after its fourth quarter 2025 results. Cash flow based valuation measures deteriorated, while Quality metrics softened due to weaker earnings quality, capital allocation, and business sustainability signals. At the same time, business momentum indicators declined, culminating in the stock’s ultimate fall to the lowest relative rating. | 0.03% |
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