# Gunma Bank,Ltd.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1549449. Source: https://holderbook.com/funds/1549449-gunma-bank-ltd/

- Reported value: $319.4M
- Positions: 31
- Weight of the ten largest: 60.0%
- Filed: 2025-11-06

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $28.0M | 290,000 | 8.8% | 6 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $23.7M | 395,000 | 7.4% | 6 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $22.0M | 265,000 | 6.9% | 6 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $21.5M | 180,000 | 6.7% | 6 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $20.4M | 185,000 | 6.4% | 6 |
| SCHWAB STRATEGIC TR | [SCHI](https://holderbook.com/stocks/SCHI/) | $16.8M | 730,000 | 5.3% | 6 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $16.2M | 299,554 | 5.1% | 6 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $15.6M | 186,000 | 4.9% | 6 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $13.6M | 257,000 | 4.3% | 5 |
| SPDR SERIES TRUST | [SPIB](https://holderbook.com/stocks/SPIB/) | $13.6M | 400,000 | 4.2% | 6 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $11.3M | 144,535 | 3.5% | 5 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $9.9M | 53,000 | 3.1% | 14 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $9.1M | 65,300 | 2.9% | 5 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $9.0M | 163,200 | 2.8% | 7 |
| PROSHARES TR | [NOBL](https://holderbook.com/stocks/NOBL/) | $8.9M | 86,425 | 2.8% | 7 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $8.9M | 325,000 | 2.8% | 7 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $8.1M | 57,075 | 2.5% | 14 |
| ISHARES TR | [HDV](https://holderbook.com/stocks/HDV/) | $8.0M | 65,000 | 2.5% | 5 |
| INVESCO EXCH TRADED FD TR II | [SPHD](https://holderbook.com/stocks/SPHD/) | $7.2M | 145,000 | 2.2% | 14 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $6.8M | 85,000 | 2.1% | 1 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $6.6M | 76,100 | 2.1% | 4 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $5.8M | 199,694 | 1.8% | 7 |
| SPDR SERIES TRUST | [SPYD](https://holderbook.com/stocks/SPYD/) | $5.4M | 122,394 | 1.7% | 14 |
| VANGUARD WORLD FD | [VPU](https://holderbook.com/stocks/VPU/) | $4.3M | 22,946 | 1.4% | 1 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $4.2M | 30,051 | 1.3% | 5 |
| ISHARES TR | [IDV](https://holderbook.com/stocks/IDV/) | $3.7M | 102,215 | 1.2% | 1 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $3.0M | 24,200 | 0.9% | 5 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $2.9M | 14,000 | 0.9% | 5 |
| VANGUARD WHITEHALL FDS | [VYMI](https://holderbook.com/stocks/VYMI/) | $2.5M | 30,000 | 0.8% | 1 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $2.0M | 29,778 | 0.6% | 5 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $97.0K | 697 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +2.8% | +7.8% | -5.0% | 100% |
| Q2 2025 | +1.6% | +10.5% | -8.8% | 100% |
| Q1 2025 | +2.9% | -4.6% | +7.5% | 100% |
| Q4 2024 | -4.4% | +2.1% | -6.6% | 100% |
| Q3 2024 | +6.9% | +5.4% | +1.5% | 100% |
| Q2 2024 | -1.6% | +4.0% | -5.6% | 100% |
| Q1 2024 | +5.2% | +10.0% | -4.8% | 100% |
| Q4 2023 | +10.6% | +11.2% | -0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $319.4M | 31 |
| Q2 2025 | $306.3M | 30 |
| Q1 2025 | $310.5M | 33 |
| Q4 2024 | $302.8M | 33 |
| Q3 2024 | $242.9M | 32 |
| Q2 2024 | $120.0M | 22 |
| Q1 2024 | $189.9M | 25 |
| Q4 2023 | $103.3M | 21 |
| Q3 2023 | $137.2M | 27 |
| Q2 2023 | $147.6M | 25 |
| Q1 2023 | $227.3M | 40 |
| Q4 2022 | $201.5M | 45 |