Portfolio updates
CT QR Series Global Equity Active UCITS ETF (QRGE)
Top 10 Underweights - 30 June 2026
Stock | Rationale | Relative weight |
|---|---|---|
1. Microsoft Corporation | Microsoft (Information Technology) exhibits 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 compare less favourably with competing opportunities, reducing the stock’s relative attractiveness. | -2.59% |
2. Amazon.com, Inc. | Amazon (Consumer Discretionary) reflects weaker capital allocation discipline, while cash-flow generation appears less attractive relative to the company’s valuation. Earnings quality metrics also compare less favourably with many peers, suggesting that profit growth is not being converted into shareholder value as efficiently as elsewhere in the sector. | -2.27% |
3. Alphabet Inc. Class A | Alphabet (Communication Services) displays weaker capital allocation and earnings-quality characteristics than many large-cap peers. In addition, valuation measures appear stretched relative to underlying fundamentals, reducing the stock’s attractiveness compared with alternative opportunities. | -2.05% |
4. Broadcom Inc. | Broadcom (Information Technology) exhibits weaker earnings-quality characteristics than a number of competing semiconductor opportunities. At the same time, valuation metrics appear less compelling, while business momentum has moderated relative to peers, reducing the stock’s relative attractiveness. | -1.67% |
5. Alphabet Inc. Class C | Alphabet’s Class C shares exhibit similar characteristics to the Class A share line, with capital allocation and earnings-quality metrics comparing less favourably with peers. Valuation signals also register as excessive, making the shares less attractive relative to alternative opportunities. | -1.61% |
6. Micron Technology, Inc. | Micron (Information Technology) is currently underweighted as our research identifies more compelling opportunities elsewhere in the global semiconductor sector. The portfolio favours several higher-rated semiconductor companies where we have greater confidence in the durability of future returns. | -1.28% |
7. Meta Platforms, Inc. | Meta (Communication Services) exhibits weaker profitability, earnings-quality and capital-allocation characteristics than many peers. These factors reduce the stock’s attractiveness relative to alternative opportunities within the sector. | -1.22% |
8. Tesla, Inc. | Tesla (Consumer Discretionary) appears expensive across several valuation measures, while capital returned to shareholders remains limited relative to many peers. In addition, earnings characteristics compare less favourably with alternative opportunities, reducing the stock’s overall attractiveness. | -1.17% |
9. Eli Lilly and Company | Eli Lilly (Health Care) trades at a significant premium relative to many healthcare peers. At the same time, cash-flow generation appears less compelling relative to valuation, while earnings-quality characteristics compare less favourably with alternative opportunities. | -0.95% |
10. Advanced Micro Devices, Inc. | AMD (Information Technology) has experienced a moderation in both business performance trends and share-price momentum relative to many peers. These developments reduce the stock’s attractiveness compared with alternative semiconductor opportunities. | -0.93% |
Stocks removed since rebalance
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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