Portfolio updates
CT QR Series Emerging Markets Equity Active UCITS ETF (QREM)
Top 10 Underweights - 3 September 2026
Stock | Rationale | Relative weight |
|---|---|---|
1. Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing (Information Technology) ranks highly across valuation, business quality and momentum measures. However, the position is held below benchmark weight due to the portfolio’s 10% maximum holding limit, which aims to promote diversification. | -7.5% |
2. Tencent Holdings Ltd. | Tencent (Communication Services) exhibited weaker business momentum and price momentum than many competing opportunities. These characteristics reduced its attractiveness relative to alternative investments within the sector. | -2.8% |
3. Alibaba Group Holding Ltd. | Alibaba (Consumer Discretionary) combined less attractive profitability and cash-flow characteristics with weaker valuation metrics than many competing opportunities, reducing its relative attractiveness within its sector. | -1.9% |
4. HDFC Bank Ltd. | HDFC Bank (Financials) experienced weaker business momentum and share-price trends than many competing opportunities. In addition, shareholder return characteristics compared less favourably among peers. | -0.7% |
5. ICICI Bank Ltd. | ICICI Bank (Financials) appeared less attractive across several valuation measures, with earnings yield and shareholder return characteristics comparing less favourably than those of many companies across the EM financials sector. | -0.7% |
6. Reliance Industries Ltd. | Reliance Industries (Energy) exhibited weaker business and share-price momentum alongside less attractive valuation characteristics than many competing opportunities. Combined, these factors reduced the stock’s relative attractiveness. | -0.7% |
7. SK Square Co., Ltd. | SK Square (Industrials) benefited from supportive business growth. However, weaker underlying business quality and only a moderate valuation profile reduced its attractiveness relative to alternatives. | -0.5% |
8. Xiaomi Corporation | Xiaomi (Information Technology) experienced weaker business and share-price trends than many competing opportunities, reducing its attractiveness relative to alternative investments within its sector. | -0.5% |
9. Nu Holdings Ltd. | Nu Holdings (Financials) exhibited less attractive valuation characteristics than many peers within the EM financials universe. In particular, weaker earnings yield, shareholder return and price momentum metrics reduced the stock’s relative attractiveness compared with alternative investment opportunities. | -0.5% |
10. Vale S.A. | Vale (Materials) is excluded from the portfolio due to its ESG profile, which is taken into consideration within portfolio construction for Article 8 alignment. | -0.5% |
No rebalancing has taken place since the launch of this ETF.
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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Emerging Markets Risks:
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