Latest portfolio updates for CT QR Series Global Equity Active UCITS ETF

Top 10 Underweights - 12 February 2026

Stock	Rationale	Relative weight
1. Alphabet Inc.	Alphabet (Communication Services) screens as expensive across several key metrics, with the company continuing to deploy substantial capital into large scale infrastructure investments. This elevated level of spending, while supporting long term strategic initiatives, weighs on free cash flow efficiency and makes the stock less compelling relative to peers.	-3.45%
2. Microsoft Corporation	Microsoft (Information Technology) shows a profitability profile that is lower than expected given its scale, with gross profit levels appearing modest relative to total assets and enterprise value. In addition, its earnings and cash flow have not moved in a stable or predictable pattern, raising concerns about earnings quality and consistency.	-2.96%
3. Amazon.com, Inc.	Amazon (Consumer Discretionary) reflects weaker capital allocation discipline, having issued significant debt and equity to support expansion. The stock also appears expensive on forward earnings, and unlike many peers, it does not distribute dividends. These characteristics make it less attractive within a sector where investors increasingly seek demonstrated cash generation discipline.	-2.00%
4. Broadcom Inc.	Broadcom (Information Technology) faces analyst expectations of slowing future growth, which tempers enthusiasm despite strong historical performance. The company also shows instability between earnings and cash flow, and sentiment turned more cautious following commentary from the most recent earnings call, signaling potential moderation ahead.	-1.55%
5. Meta Platforms, Inc.	Meta Platforms (Communication Services) is currently deploying significant capital into large, companywide investment initiatives, which has resulted in weaker free cash flow margins. This elevated spending level also contributes to a less attractive valuation profile, making the stock screen less favorably relative to its peers.	-1.47%
6. Tesla, Inc.	Tesla (Consumer Discretionary) suffers from structurally weak profitability, with cost of goods sold absorbing a significant share of revenue. Combined with valuation metrics that remain elevated across the board, the stock appears expensive both relative to its own history and to other companies within the sector.	-1.23%
7. JPMorgan Chase & Co.	JPMorgan Chase (Financials) has experienced more negative sentiment following its recent earnings call communication, which pointed to potential pressure on certain parts of the business. Additionally, its dividend yield is lower than that of several major peers, reducing its relative attractiveness.	-0.87%
8. Eli Lilly and Company	Eli Lilly (Health Care) trades at a premium relative to many of its large cap pharmaceutical peers, reflecting high expectations already embedded in the stock. At the same time, it produces relatively low free cash flow compared to its net income, indicating weaker cash conversion dynamics that weigh on its overall ranking.	-0.87%
9. Berkshire Hathaway Inc.	Berkshire Hathaway (Financials) shows low stability in return on equity and has relied on higher debt issuance. With no material capital returned to shareholders and analysts reducing earnings forecasts, the stock currently ranks less favorably within its peer group.	-0.72%
10. Exxon Mobil Corporation	Exxon Mobil (Energy) has seen negative earnings revisions as outlooks for future profitability have softened. In addition, the company has been issuing shares rather than returning capital, and accrual quality screens as poor. When combined with an expensive forward valuation profile, these factors contribute to its position as a top underweight.	-0.67%

15 December 2025 (6 monthly)

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30 October 2025 (adhoc)

Table of stock removals since last rebalance on xxxx

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3 October 2025 (adhoc)

Table of stock removals since last rebalance on xxxx

Stock	Date removed	% weight	Rationale
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