The (GAMR ) hit the reset button this March. With 22 constituent adjustments, the rebalance goes beyond just routine maintenance. It’s a tactical recalibration designed to capture a shifting global landscape and lean back into core gaming fundamentals.
One of the most notable moves in the rebalance is the swapping out the U.S.-listed shares of (NTES) in favor of the Hong Kong-listed line of (9999) at a 2.5% weight. The shift points to a broader preference for primary or local listings, particularly for international companies where liquidity and price discovery may more closely tie to home markets.
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Joining the fray is a new position in (9626), also at 2.5%. The inclusion expands the fund’s exposure to digital entertainment platforms with strong ties to gaming and streaming ecosystems.
While AI has stolen the headlines lately, we’re seeing a significant rotation back into the architects of the gaming world.
(EA) saw a 2.16% bump, bringing it to a 5.0% total weight, while the engine-builder (U) climbed 1.32% to reach a 2.5% stake. These aren’t random tweaks. Rather, they suggest a renewed conviction in the companies providing the tools and the titles that define the industry.
Mobile and monetization platforms are also getting their due. (APP) and (SE) were both moved up to 5.0% allocations, signaling that the “anywhere, anytime” gaming model remains a primary growth engine for the portfolio.
The rebalance also includes notable trims across several top-performing holdings, a move consistent with maintaining position limits and locking in gains.
(NVDA) was reduced by 1.89% to a capped weight of 10.0%, while (META) was cut by 1.60% to the same level. Elsewhere, (RBLX) was trimmed by 1.20% to 2.5%. (AMD) and (TCEHY) were also reduced modestly to align with portfolio caps.
These adjustments reflect a normalization phase following outsized gains in AI-driven and platform-centric names, particularly Nvidia and Meta, which have significantly outperformed over the past year.
The rebalance removed Nexon from the index, eliminating its prior 2.26% weight.
The index also dropped U.S.-listed shares of NetEase, as part of the previously noted listing transition.
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