Popularity of electronics has already peaked, banks have become very popular: Japan equity memo: Portfolio concentration based on hard data and return data for investment trusts and funds

研报英文原文证据摘录

Popularity of electronics has already peaked, banks have become very popular: Japan equity memo: Portfolio concentration based on hard data and return data for investment trusts and funds

Global Markets ResearchJapan equity memo: Portfolio concentration based on hard data and return

data for investment trusts and funds 15 July 2026

EQUITY: JAPAN STRATEGY

Popularity of electronics has already peaked, banks have Research Analysts

become very popular Macro strategy

Tomochika Kitaoka - NSC

Beta of active investment trusts still high, also looking at crowding of tomochika.kitaoka@nomura.com

individual stocks +81 3 6703 1815

Naoya Fuji - NSC

Investment trust sector allocation and market surveys: Has popularity of naoya.fuji@nomura.com

electronics peaked out, have banks become more popular? +81 3 6703 1245

Concerns about overweighting of electrical appliances, the poster child sector for AI and

semiconductors, have been rising since the second half of June (see our 29 June 2026

report Japanequitymemo:Activeinvestmenttrustportfoliosandfundflows-Shiftinto

areasotherthanAIandsemiconductorsalsolooksconceivable). However, various data

suggest that the popularity of electronics has already peaked, and that banks may have

become more popular instead. As of end-June, the weighting of the electric appliances

sector in Japanese equity investment trusts, adjusted for Nikkei 225 tracking funds, was in

line with the benchmark average, suggesting that the focus of concentration has started to

shift from electric appliances to banks (Figure1). Having underperformed recently, banks

may look underweight within Japanese equity investment trusts as a whole, but we think

they are actually overweight considering the impact of Nikkei 225 tracking funds. The