Mirae Asset Global Etfs Holdings 13F Portfolio

The biggest dollar adds are unambiguous: they want more exposure to defense, second-tier semis/AI infrastructure, and the metals that will feed both digital and physical build-outs.

• Northrop Grumman: A bold move, upping the stake by 70.4% and adding about $248.3M. With only a 1.4% gain vs their average buy price, they are clearly buying into volatility, not performance-chasing; this is a conviction call that defense budgets and strategic programs will keep compounding.

• Coeur Mining: Shares up 37.2%, adding roughly $175.4M, on a position already sitting about 60.9% above cost. That is doubling down on their precious-metals complex as a levered, higher-beta extension of the existing Wheaton and Pan American allocations.

• Palantir: A 14.1% share add worth about $122.4M signals belief that software intelligence remains under-monetized. With the stake up roughly 66.0% vs cost, they’re betting Palantir is transitioning from story stock to cash-flow asset in the AI stack.

• Marvell, TSMC: In semis, adds of 17.6% in Marvell ($87.8M) and 14.4% in TSMC ($60.6M) say they prefer AI plumbing and capacity expansion over crowded GPU trade extensions.

• COPX and Hudbay: The roughly $97.7M add to the Global X copper ETF and $51.7M into Hudbay deepen a clear copper thesis. Copper sits at the intersection of AI datacenters, electrification, and grid build-out — the kind of non-fad bottleneck this manager likes to buy early and hold.

On the funding side, the pattern is consistent: trim liquid, highly profitable winners where the multiple is rich and the gain banked, and recycle into less fully priced themes.

• Nvidia, Micron, Apple, Microsoft, Alphabet, Amazon: All saw modest share cuts, generally low- to mid-single-digit percent reductions, yet remain among the portfolio’s largest holdings. With gains ranging from about 38.1% on Amazon to 607.9% on Micron versus cost, these look like disciplined risk management rather than a change of mind on AI or big tech.

• RSSL (Global X fund): This is the single biggest trim by dollars at about -$181.3M and an -11.1% share cut. Given the still-hefty 1.74% portfolio weight and roughly 48.4% gain vs cost, they’re freeing up capital from a broad thematic ETF to allocate into more targeted exposures like COPX and specific miners.

• Wheaton Precious Metals and Freeport-McMoRan: Both were nudged lower (Wheaton by -6.4%, Freeport by -6.7%), even as the metals basket overall grew. That indicates a preference for higher-operating-leverage or more idiosyncratic names like Coeur, Hudbay, and Southern Copper over these more established bellwethers.

• Lockheed Martin vs Northrop: Lockheed was trimmed by -8.5% (about -$62.3M) while Northrop was aggressively increased. This looks like a relative-value switch inside defense, not a sector call.

Despite the high-profile trims, technology remains the largest sleeve at 41.13%, only modestly down from 42.13%. The nuance is that capital is sliding from mega-cap platform software and GPU headline names toward enabling semis and AI-software names like Marvell, TSMC, and Palantir.

Industrials are where the real build is happening. The sector’s weight climbed to 23.91%, underpinned by adds to Northrop, railroads (CSX, Union Pacific, Norfolk Southern), industrial machinery and automation (Eaton, Rockwell, Parker-Hannifin), and infrastructure contractors like Quanta. This basket ties directly into themes of re-shoring, grid modernization, and logistics resilience.

Basic Materials, now 15.14%, is increasingly a curated bet on uranium and copper plus precious metals optionality. Cameco and NexGen anchor uranium; Hudbay, Freeport, Southern Copper, and the COPX ETF cover copper; Coeur, Pan American Silver, and Wheaton provide gold/silver torque.

Utilities and energy (largely midstream gas via Energy Transfer, MPLX, Enterprise Products, and Sempra) hold a combined mid-single-digit share but play an important role: they provide steady yield and inflation-linked cash flows to offset the higher volatility of metals and cyclicals.

Viewed as a whole, this quarter’s moves sketch a manager preparing for an environment where AI remains critical, but returns disperse toward enablers, infrastructure, and resources rather than only the top of the tech food chain. They are locking in part of their mega-cap tech windfall and re-deploying into names tied to capex, defense, and commodity scarcity.

The heavier bets on defense primes, rails, and industrial machinery say they expect a long runway of public and private investment: rearmament, onshoring, energy transition, and grid upgrades. The intensified focus on uranium and copper suggests they see physical bottlenecks becoming as important to performance as software moats.

On the risk side, this leaves the book more cyclical and more sensitive to real-economy and policy shocks, but less dependent on sustaining extreme valuations in a handful of tech giants. The continued adds to Palantir and second-tier semis preserve upside to AI, while the diversified metals and midstream complex offer inflation and downside ballast.

If the next phase of the market is about who supplies the tools, power, and materials behind AI, defense, and infrastructure — not just who sells cloud seats — Mirae Asset’s Q2 positioning is already skating to where that puck might be heading.