Sava Penzisko Drushtvo A.D. Skopje

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Sava Penzisko Drushtvo A.D. Skopje reported 25 stock positions worth $309.6 million. Its top holding was iShares MSCI World ETF (URTH) at 12.2% of the portfolio, followed by iShares Global Tech ETF (IXN, 10.1%) and Fidelity MSCI Financial Indx (FNCL, 8.6%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 1 and reduced 7. The biggest buy was a new position in First Trust Nasdaq Cybersecu (CIBR) and the biggest sale iShares Cybersecurity & Tech (IHAK, shares −63%).

Most Recent 13F
Q2 2026
Location
SKOPJE, 1U
CIK
0002094371
Portfolio Value
$309.6M (Q4 2025)
SEC Filing
0002094371-26-000002 ↗ filed Feb 12, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q3 2025: $304.9M Q3 2025 Q4 2025: $309.6M $309.6M Q4 2025 Q1 2026: $327.5M Q1 2026 Q2 2026: $374.6M Q2 2026

Holdings 25 stocks · $309.6M
URTH iShares MSCI World ETF 12.15% 202,500 $37.6M No change
IXN iShares Global Tech ETF 10.05% 296,349 $31.1M Reduce -2.9%
FNCL Fidelity MSCI Financial Indx 8.58% 341,872 $26.6M No change
IJH iShares Core S&P Midcap ETF 8.13% 381,324 $25.2M No change
VPL Vanguard Ftse Pacific ETF 5.15% 176,230 $15.9M No change
XLV SS Health Care Select Sector 4.78% 95,574 $14.8M No change
CIBR First Trust Nasdaq Cybersecu 4.50% 194,800 $13.9M New
GDX Vaneck Gold Miners ETF 4.16% 150,075 $12.9M Reduce -16.7%
SOXX iShares Semiconductor ETF 4.08% 41,940 $12.6M Reduce -7.4%
AMZN Amazon.com Inc. 3.26% 43,756 $10.1M No change
KOMP SS SPDR S&P Kensho Ne Comp 3.20% 165,825 $9.9M No change
IHI iShares U.S. Medical Devices 2.91% 145,148 $9.0M No change
XLC SS Comm Select Sector SPDR 2.87% 75,510 $8.9M Add +27.5%
NVDA Nvidia Corp. 2.78% 46,155 $8.6M Reduce -9.8%
ICLN iShares Global Clean Energy 2.68% 504,936 $8.3M No change
MSFT Microsoft Corp. 2.60% 16,659 $8.1M No change
IPAY Amplify Digital Payments ETF 2.58% 153,569 $8.0M No change
GOOG Alphabet Inc. Class C 2.56% 25,293 $7.9M Reduce -22.8%
GOOGL Alphabet Inc. Class A 2.56% 25,273 $7.9M Reduce -29.8%
AAPL Apple Inc. 2.27% 25,850 $7.0M No change
HON Honeywell International Inc. 2.02% 32,058 $6.3M No change
IHAK iShares Cybersecurity & Tech 1.83% 117,569 $5.7M Reduce -63.2%
PYPL PayPal Holdings Inc. 1.64% 86,820 $5.1M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 1.52% 110,226 $4.7M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 1.14% 33,706 $3.5M No change

Portfolio Sells Q3 2025 → Q4 2025
IHAK iShares Cybersecurity & Tech Reduce -63.2% 1.83% −3.65
XLUI SS Utilities SS SPDR PRM Inc. Sold out 0.00% −1.58
GDX Vaneck Gold Miners ETF Reduce -16.7% 4.16% −0.35
NVDA Nvidia Corp. Reduce -9.8% 2.78% −0.35
GOOGL Alphabet Inc. Class A Reduce -29.8% 2.56% −0.32
IXN iShares Global Tech ETF Reduce -2.9% 10.05% −0.28
GOOG Alphabet Inc. Class C Reduce -22.8% 2.56% −0.05
SOXX iShares Semiconductor ETF Reduce -7.4% 4.08% +0.05

Portfolio Buys Q3 2025 → Q4 2025
CIBR First Trust Nasdaq Cybersecu New 4.50% +4.50
XLU St Sr Utl SL SE SPDR ETF-Usd New 1.52% +1.52
XLC SS Comm Select Sector SPDR Add +27.5% 2.87% +0.57

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 27$374.6MAMZN, XLV, KOMP, ICLN, EL
Q1 2026 26$327.5MURTH, IJH, IXN, FNCL, VPL
Q4 2025 25$309.6MURTH, IXN, FNCL, IJH, VPL
Q3 2025 24$304.9MURTH, IXN, FNCL, IJH, IHAK