# SAVA PENZISKO DRUSHTVO A.D. SKOPJE

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2094371. Source: https://holderbook.com/funds/2094371-sava-penzisko-drushtvo-a-d-skopje/

- Reported value: $374.6M
- Positions: 27
- Weight of the ten largest: 66.2%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $42.8M | 296,349 | 11.4% | 4 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $36.0M | 177,500 | 9.6% | 4 |
| SPDR SERIES TRUST | [KOMP](https://holderbook.com/stocks/KOMP/) | $35.3M | 458,174 | 9.4% | 4 |
| ISHARES TR | [ICLN](https://holderbook.com/stocks/ICLN/) | $26.2M | 341,872 | 7.0% | 4 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $23.6M | 36,830 | 6.3% | 4 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $20.6M | 229,770 | 5.5% | 1 |
| ISHARES TR | [IXN](https://holderbook.com/stocks/IXN/) | $20.4M | 176,230 | 5.4% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $16.4M | 103,514 | 4.4% | 4 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $13.4M | 178,205 | 3.6% | 2 |
| FIDELITY COVINGTON TRUST | [FNCL](https://holderbook.com/stocks/FNCL/) | $13.1M | 55,086 | 3.5% | 4 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $11.9M | 165,825 | 3.2% | 4 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $10.9M | 101,950 | 2.9% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $10.6M | 28,451 | 2.8% | 4 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $10.3M | 504,936 | 2.8% | 4 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $10.3M | 51,575 | 2.8% | 4 |
| ISHARES TR | [IHI](https://holderbook.com/stocks/IHI/) | $9.1M | 198,379 | 2.4% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $9.0M | 182,281 | 2.4% | 4 |
| AMPLIFY ETF TR | [IPAY](https://holderbook.com/stocks/IPAY/) | $7.5M | 25,850 | 2.0% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $7.0M | 19,713 | 1.9% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.0M | 19,733 | 1.9% | 4 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $6.0M | 25,136 | 1.6% | 3 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $5.1M | 66,850 | 1.4% | 4 |
| ISHARES INC | [URTH](https://holderbook.com/stocks/URTH/) | $5.0M | 110,226 | 1.3% | 4 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $4.9M | 62,396 | 1.3% | 2 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $4.8M | 111,360 | 1.3% | 4 |
| FIRST TR EXCHANGE TRADED FD | [CIBR](https://holderbook.com/stocks/CIBR/) | $3.6M | 16,029 | 1.0% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VPL](https://holderbook.com/stocks/VPL/) | $3.5M | 16,029 | 0.9% | 4 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +16.7% | +14.8% | +1.9% | 100% |
| Q1 2026 | -4.2% | -4.6% | +0.5% | 100% |
| Q4 2025 | +3.3% | +2.4% | +0.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $374.6M | 27 |
| Q1 2026 | $327.5M | 26 |
| Q4 2025 | $309.6M | 25 |
| Q3 2025 | $304.9M | 24 |