13F filer · CIK 1481045 ↗
Daiwa Securities Group Inc.
You are looking at Q1 2025. See the latest, Q3 2026 →
Reported value
$23.65B
+5.6% on the quarter before
Positions
1,279
63 new · 65 sold out
Top 10
31.0%
of the value
Est. gain
−$843.3M
on stocks held all quarter
Est. return
−4.0%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, from Daiwa Securities Group Inc.'s 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
The 24 largest positions, 53% of the reported value, each sized by its share, colored by what the fund did with it since Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Apple~$219.2MAdded · 4.3% → 4.5%+986,643 shares
- Microsoft~$191.9MAdded · 3.8% → 4.1%+511,094 shares
- Amazon~$173.0MAdded · 3.0% → 3.2%+909,429 shares
- Nvidia~$169.6MAdded · 4.0% → 3.8%+1,564,799 shares
- ServiceNow~$159.7MAdded · 1.4% → 1.7%+200,554 shares
- Alphabet~$154.1MAdded · 2.1% → 2.3%+996,603 shares
- Meta~$138.2MAdded · 2.3% → 2.7%+239,747 shares
- Broadcom~$132.2MAdded · 2.2% → 2.1%+789,368 shares
- Ventas Inc~$124.3MAdded · 0.1% → 0.6%+1,808,201 shares
- Netflix~$101.4MAdded · 1.6% → 2.1%+108,714 shares
Largest sells
Since Q4 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Vici Pptys Inc~$183.4MCut · 1.5% → 0.8%−5,622,507 shares
- Simon Ppty Group Inc New~$146.4MCut · 2.3% → 1.4%−881,523 shares
- Welltower Inc~$122.2MCut · 3.5% → 3.5%−797,833 shares
- American Tower~$107.5MCut · 0.9% → 0.6%−493,805 shares
- Equity Lifestyle Pptys Inc~$87.9MCut · 0.7% → 0.3%−1,317,368 shares
- Prologis~$58.4MCut · 2.8% → 2.5%−522,048 shares
- Interdigital Inc~$37.7MSold out · 0.2% → 0.0%−15,000,000 shares
- Digital Realty~$35.8MCut · 3.4% → 2.4%−249,721 shares
- Royal Caribbean Group~$32.5MSold out · 0.1% → 0.0%−7,000,000 shares
- Avalonbay Cmntys Inc~$25.9MCut · 0.5% → 0.4%−120,621 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares +26% · price −11.3% | 4.5% | $1.08B | −$109.0M | ||||||||
| MicrosoftCOM · shares +25% · price −10.9% | 4.1% | $958.8M | −$94.2M | ||||||||
| NvidiaCOM · shares +24% · price −19.3% | 3.8% | $889.7M | −$172.2M | ||||||||
| Welltower IncCOM · shares −13% · price +21.6% | 3.5% | $833.7M | +$147.9M | ||||||||
| AmazonCOM · shares +30% · price −13.3% | 3.2% | $756.2M | −$89.3M | ||||||||
| MetaCL A · shares +28% · price −1.6% | 2.7% | $638.1M | −$7.9M | ||||||||
| PrologisCOM · shares −8.9% · price +5.8% | 2.5% | $596.8M | +$32.5M | ||||||||
| Digital RealtyCOM · shares −5.9% · price −19.2% | 2.4% | $572.8M | −$136.1M | ||||||||
| AlphabetCAP STK CL A · shares +41% · price −18.3% | 2.3% | $534.6M | −$85.3M | ||||||||
| BroadcomCOM · shares +37% · price −27.8% | 2.1% | $487.3M | −$136.6M | ||||||||
| NetflixCOM · shares +26% · price +4.6% | 2.1% | $485.8M | +$17.0M | ||||||||
| Invitation Homes IncCOM · shares +9.5% · price +9.0% | 1.9% | $446.3M | +$33.7M | ||||||||
| Global X FdsCONSCIOUS COS · shares +0.01% · price −4.7% | 1.8% | $435.1M | −$21.2M | ||||||||
| EquinixCOM · shares −1.8% · price −13.5% | 1.7% | $412.1M | −$64.5M | ||||||||
| Extra Space Storage IncCOM · shares +30% · price −0.7% | 1.7% | $409.4M | −$2.4M | ||||||||
| ServiceNowCOM · shares +69% · price −24.9% | 1.7% | $392.8M | −$77.3M | ||||||||
| CrowdStrikeCL A · shares +31% · price +3.0% | 1.6% | $385.9M | +$8.7M | ||||||||
| Public Storage Oper CoCOM · shares +12% · price −0.1% | 1.5% | $364.6M | −$164,214 | ||||||||
| Simon Ppty Group Inc NewCOM · shares −30% · price −3.6% | 1.4% | $343.0M | −$12.7M | ||||||||
| Sun Cmntys IncCOM · shares +13% · price +4.6% | 1.4% | $340.6M | +$13.3M | ||||||||
| Udr IncCOM · shares +2.3% · price +4.1% | 1.4% | $323.4M | +$12.3M | ||||||||
| Crown Castle IncCOM · shares +22% · price +14.8% | 1.2% | $277.2M | +$29.3M | ||||||||
| Host Hotels & Resorts IncCOM · shares +7.7% · price −18.9% | 1.0% | $243.3M | −$52.6M | ||||||||
| Kimco Rlty CorpCOM · shares +20% · price −9.3% | 1.0% | $238.0M | −$20.5M | ||||||||
| Iron MountainCOM · shares −6.6% · price −18.1% | 1.0% | $236.8M | −$52.5M | ||||||||
| Total · 1,279 positions | 100% | $23.65B | −$843.3M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q4 2024 to Q1 2025: 1,206 stocks held throughout, down $843.3M (−4.0%).
- Welltower Inc+$147.9M+22%
- Invitation Homes Inc+$33.7M+9%
- Prologis+$32.5M+6%
- Crown Castle Inc+$29.3M+15%
- American Tower+$21.6M+19%
- Microsoft−$94.2M−11%
- Apple−$109.0M−11%
- Digital Realty−$136.1M−19%
- Broadcom−$136.6M−28%
- Nvidia−$172.2M−19%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 2 splits read into the share counts.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q3 2026 | Oct 29, 2026 | $53.60B+5% | SEC ↗ |
| Q2 2026 | Jul 31, 2026 | $51.14B+47% | SEC ↗ |
| Q1 2026 | May 13, 2026 | $34.78B+11% | SEC ↗ |
| Q4 2025 | Feb 11, 2026 | $31.30B+6% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $29.63B+9% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $27.09B+15% | SEC ↗ |
| Q1 2025 | May 13, 2025 | $23.65B+6% | SEC ↗ |
| Q4 2024 | Feb 7, 2025 | $22.39B+3% | SEC ↗ |
| Q3 2024 | Nov 12, 2024 | $21.65B+15% | SEC ↗ |
| Q2 2024 | Aug 7, 2024 | $18.80B+6% | SEC ↗ |
| Q1 2024 | May 2, 2024 | $17.72B+10% | SEC ↗ |
| Q4 2023 | Jan 31, 2024 | $16.08B+15% | SEC ↗ |
| Q3 2023 | Nov 1, 2023 | $14.04B−7% | SEC ↗ |
| Q2 2023 | Jul 31, 2023 | $15.12B+5% | SEC ↗ |
| Q1 2023 | May 2, 2023 | $14.38B+10% | SEC ↗ |
| Q4 2022 | Feb 6, 2023 | $13.02B+8% | SEC ↗ |
| Q3 2022 | Nov 2, 2022 | $12.04B−8% | SEC ↗ |
| Q2 2022 | Aug 9, 2022 | $13.09B−18% | SEC ↗ |
| Q1 2022 | Apr 29, 2022 | $15.95B−6% | SEC ↗ |
| Q4 2021 | Feb 3, 2022 | $17.00B+12% | SEC ↗ |
| Q3 2021 | Nov 5, 2021 | $15.21B+2% | SEC ↗ |
| Q2 2021 | Aug 6, 2021 | $14.85B+10% | SEC ↗ |
| Q1 2021 | May 3, 2021 | $13.44B+4% | SEC ↗ |
| Q4 2020 | Feb 4, 2021 | $12.94B+17% | SEC ↗ |
| Q3 2020 | Nov 2, 2020 | $11.04B+133% | SEC ↗ |
| Q2 2020 | Aug 11, 2020 | $4.74B−51% | SEC ↗ |
| Q1 2020 | May 14, 2020 | $9.64B−20% | SEC ↗ |
| Q4 2019 | Jan 31, 2020 | $12.12B+3% | SEC ↗ |
| Q3 2019 | Nov 4, 2019 | $11.80B+4% | SEC ↗ |
| Q2 2019 | Jul 24, 2019 | $11.32B−1% | SEC ↗ |
| Q1 2019 | Apr 26, 2019 | $11.45B+10% | SEC ↗ |
| Q4 2018 | Feb 5, 2019 | $10.42B−13% | SEC ↗ |
| Q3 2018 | Nov 1, 2018 | $11.94B−6% | SEC ↗ |
| Q2 2018 | Jul 30, 2018 | $12.70B+2% | SEC ↗ |
| Q1 2018 | May 2, 2018 | $12.49B−12% | SEC ↗ |
| Q4 2017 | Feb 6, 2018 | $14.14B−3% | SEC ↗ |
| Q3 2017 | Nov 2, 2017 | $14.60B−6% | SEC ↗ |
| Q2 2017 | Jul 28, 2017 | $15.47B−3% | SEC ↗ |
| Q1 2017 | May 2, 2017 | $15.91B+2% | SEC ↗ |
| Q4 2016 | Feb 1, 2017 | $15.59B−7% | SEC ↗ |
| Q3 2016 | Jan 10, 2017 (amended) | $16.75B+0% | SEC ↗ |
| Q2 2016 | Jul 25, 2016 | $16.73B+6% | SEC ↗ |
| Q1 2016 | May 12, 2016 | $15.83B | SEC ↗ |