Managers / Q3 2025
Gunma Bank,Ltd.
CIK 0001549449 · 194,MOTOSOJAMACHI, MAEBASHI, GUNMA, M0, 371-8611 · 827-254-3737
Summary
Gunma Bank,Ltd. reported $319M in U.S.-listed holdings across 31 positions for Q3 2025.
The portfolio is heavily concentrated: IEF alone accounts for 46.8% of reported value.
Compared with Q2 2025, the fund opened 5 new positions and exited 4.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 100.0% · $319M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VCSHVANGUARD SCOTTSDALE FDS | NEW | +85.0K | 85.0K | +$7M | $7M |
| VPUVANGUARD WORLD FD | NEW | +22.9K | 22.9K | +$4M | $4M |
| IDVISHARES TR | NEW | +102.2K | 102.2K | +$4M | $4M |
| VYMIVANGUARD WHITEHALL FDS | NEW | +30.0K | 30.0K | +$3M | $3M |
| XLVSELECT SECTOR SPDR TR | NEW | +697 | 697 | +$97,000 | $97,000 |
| IVVISHARES TR | SOLD OUT | −21.0K | 0 | −$13M | $0 |
| SPYSPDR S&P 500 ETF TR | SOLD OUT | −19.9K | 0 | −$12M | $0 |
| EWAISHARES INC | SOLD OUT | −260.0K | 0 | −$7M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | IEFISHARES TR | 7-10 YR TRSY BD · 1 3 YR TREAS BD · 3 7 YR TREAS BD · SHORT TREAS BD · ISHS 5-10YR INVT · ISHS 1-5YR INVS · SELECT DIVID ETF · CORE HIGH DV ETF · INTL SEL DIV ETF · MSCI USA VALUE · S&P 500 VAL ETF · CORE DIV GRWTH | 46.80% | $149M | 1.77M |
| 2 | VGITVANGUARD SCOTTSDALE FDS | INTER TERM TREAS · INT-TERM CORP · SHRT TRM CORP BD | 14.45% | $46M | 666.0K |
| 3 | SPIBSPDR SERIES TRUST | PORTFOLIO INTRMD · S&P DIVID ETF · PRTFLO S&P500 VL · PRTFLO S&P500 HI | 11.62% | $37M | 750.9K |
| 4 | SCHISCHWAB STRATEGIC TR | 5 10YR CORP BD · US DIVIDEND EQ · US LCAP VA ETF | 9.87% | $32M | 1.25M |
| 5 | XLPSELECT SECTOR SPDR TR | SBI CONS STPLS · SBI INT-UTILS · SBI HEALTHCARE | 5.65% | $18M | 221.3K |
| 6 | VTVVANGUARD INDEX FDShistory → | VALUE ETF | 3.09% | $10M | 53.0K |
| 7 | NOBLPROSHARES TRhistory → | S&P 500 DV ARIST | 2.79% | $9M | 86.4K |
| 8 | SPHDINVESCO EXCH TRADED FD TR IIhistory → | S&P500 HDL VOL | 2.24% | $7M | 145.0K |
| 9 | VYMVANGUARD WHITEHALL FDS | HIGH DIV YLD · INTL HIGH ETF | 2.12% | $7M | 60.1K |
| 10 | VPUVANGUARD WORLD FDhistory → | UTILITIES ETF | 1.36% | $4M | 22.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2025 | $319M | 31 | Nov 6, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $306M | 30 | Jul 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $310M | 33 | May 8, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $303M | 33 | Jan 29, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $243M | 32 | Nov 7, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $120M | 22 | Jul 24, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $190M | 25 | Apr 24, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $103M | 21 | Jan 23, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $137M | 27 | Oct 26, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $148M | 25 | Jul 25, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $227M | 40 | Apr 20, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $201M | 45 | Jan 24, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $164M | 44 | Nov 10, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $236M | 48 | Jul 20, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $42M | 8 | Apr 22, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $114M | 43 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $180M | 42 | Nov 10, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $151M | 45 | Aug 5, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $175M | 36 | May 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $110M | 16 | Feb 12, 2021 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2020 | $126M | 17 | Oct 28, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $97M | 13 | Jul 22, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $125M | 12 | May 12, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $105M | 9 | Feb 5, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $105M | 9 | Nov 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $101M | 9 | Aug 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $99M | 9 | May 10, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $87M | 9 | Feb 7, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.