Invesco S&P International Developed Quality ETF (IDHQ) Holdings
IDHQ holdings summary
as of Oct 25, 2026- Holdings
- 182 positions listed
- Top 10 weight
- 33.1% of net assets
- Effective holdings
- 55 equal-weight equivalent
- Largest holding
- ROP 5.37% Roche Holding AG
- Annual turnover
- 0.0% of the portfolio traded
Top 1033.1%
Top 2556.7%
Top 5075.1%
Top 10091.2%
All IDHQ holdings
182 holdings
| # | Name | ||||||
|---|---|---|---|---|---|---|---|
| 1 | ROP | Roche Holding AG | Healthcare | 5.37% | $63.8M | — | — |
| 2 | NOVN | Novartis AG | Healthcare | 4.66% | $55.3M | — | — |
| 3 | ASML | ASML Holding N.V. | Technology | 4.51% | $53.6M | — | — |
| 4 | NESN | Nestle S.A. | Consumer Defensive | 3.68% | $43.7M | — | — |
| 5 | SAP | SAP SE | Technology | 3.12% | $37.1M | — | — |
| 6 | 6098 | Recruit Holdings Co Ltd | Communication Services | 2.62% | $31.0M | — | — |
| 7 | 6857 | Advantest Corp. | Technology | 2.33% | $27.7M | — | — |
| 8 | ALV | Allianz SE VNA O.N. | Financial Services | 2.32% | $27.6M | — | — |
| 9 | RR | Rolls-Royce Holdings PLC | Industrials | 2.26% | $26.9M | — | — |
| 10 | 6758 | Sony Corp | Technology | 2.24% | $26.6M | — | — |
| 11 | ULVR | Unilever PLC | Consumer Defensive | 2.22% | $26.3M | — | — |
| 12 | TTE | TotalEnergies SE | Energy | 2.10% | $25.0M | $201.39B | 11.4 |
| 13 | ABBN | ABB Ltd | Industrials | 2.02% | $24.0M | — | — |
| 14 | 0QIU | Novo Nordisk A/S Class B | Other | 1.88% | $22.3M | — | — |
| 15 | SAF | Safran SA | Industrials | 1.87% | $22.2M | — | — |
| 16 | ZURN | Zurich Insurance Group AG | Financial Services | 1.56% | $18.5M | — | — |
| 17 | 8035 | Tokyo Electron Limited | Technology | 1.55% | $18.4M | — | — |
| 18 | ENR | Siemens Energy AG | Industrials | 1.54% | $18.3M | — | — |
| 19 | AEM | Agnico Eagle Mines Limited | Basic Materials | 1.41% | $16.7M | — | — |
| 20 | 8766 | Tokio Marine Holdings Inc. | Financial Services | 1.33% | $15.7M | — | — |
| 21 | OR | LOréal S.A. | Consumer Defensive | 1.30% | $15.4M | — | — |
| 22 | MC | LVMH Moët Hennessy - Louis Vuitton | Consumer Cyclical | 1.28% | $15.2M | — | — |
| 23 | GSK | GSK plc | Healthcare | 1.19% | $14.2M | — | — |
| 24 | REL | Relx PLC | Industrials | 1.14% | $13.6M | — | — |
| 25 | 0388 | Hong Kong Exchange and Clearing Ltd | Financial Services | 1.12% | $13.3M | — | — |
| 26 | ABX | Barrick Gold Corp | Basic Materials | 1.09% | $13.0M | — | — |
| 27 | MUV2 | Münchener Rück AG | Financial Services | 1.07% | $12.6M | — | — |
| 28 | INVE-B | Investor AB ser. B | Financial Services | 0.99% | $11.8M | — | — |
| 29 | BA | BAE Systems plc | Industrials | 0.99% | $11.8M | — | — |
| 30 | ITX | Industria de Diseno Textil SA | Consumer Cyclical | 0.97% | $11.5M | — | — |
| 31 | WES | Wesfarmers Ltd | Consumer Cyclical | 0.86% | $10.2M | — | — |
| 32 | ARGX | Argen-X | Healthcare | 0.84% | $10.0M | — | — |
| 33 | 7741 | Hoya Cor | Healthcare | 0.82% | $9.7M | — | — |
| 34 | RKT | Reckitt Benckiser Group PLC | Consumer Defensive | 0.81% | $9.7M | — | — |
| 35 | RHM | Rheinmetall AG | Industrials | 0.78% | $9.2M | — | — |
| 36 | DB1 | Deutsche Börse AG | Financial Services | 0.74% | $8.8M | — | — |
| 37 | RACE | Ferrari NV | Consumer Cyclical | 0.74% | $8.8M | — | — |
| 38 | LONN | Lonza Group AG | Healthcare | 0.68% | $8.0M | — | — |
| 39 | SREN | Swiss Re AG | Financial Services | 0.67% | $8.0M | — | — |
| 40 | PRX | Prosus N.V. | Consumer Cyclical | 0.64% | $7.6M | — | — |
| 41 | 6702 | Fujitsu Ltd. | Technology | 0.64% | $7.6M | — | — |
| 42 | CLS | Celestica Inc. | Technology | 0.63% | $7.4M | — | — |
| 43 | K | Kinross Gold Corp | Basic Materials | 0.62% | $7.3M | — | — |
| 44 | RMS | Hermes International SCA | Consumer Cyclical | 0.62% | $7.3M | — | — |
| 45 | ATCO-A | Atlas Copco AB Series A | Industrials | 0.59% | $7.0M | — | — |
| 46 | 5803 | Fujikura Ltd. | Industrials | 0.56% | $6.7M | — | — |
| 47 | ADYEN | Adyen NV | Technology | 0.55% | $6.5M | — | — |
| 48 | GALD | Galderma Group N | Healthcare | 0.55% | $6.5M | — | — |
| 49 | SAND | Sandvik AB | Industrials | 0.50% | $6.0M | — | — |
| 50 | KNEBV | KONE Oyj | Industrials | 0.50% | $6.0M | — | — |
| 51 | GIVN | Givaudan SA | Basic Materials | 0.47% | $5.6M | — | — |
| 52 | ASSA-B | ASSA ABLOY AB (publ) | Industrials | 0.47% | $5.6M | — | — |
| 53 | AMS | Amadeus IT Group S.A. | Technology | 0.45% | $5.3M | — | — |
| 54 | UCB | UCB SA | Healthcare | 0.45% | $5.3M | — | — |
| 55 | PRU | Prudential plc | Financial Services | 0.45% | $5.3M | — | — |
| 56 | EQNR | Equinor ASA | Energy | 0.44% | $5.2M | — | — |
| 57 | 8725 | MS&AD Insurance Group Holdings | Financial Services | 0.44% | $5.2M | — | — |
| 58 | ASM | ASM International NV | Technology | 0.43% | $5.2M | — | — |
| 59 | SIKA | Sika AG | Basic Materials | 0.42% | $4.9M | — | — |
| 60 | PGHN | Partners Group Holding AG | Financial Services | 0.41% | $4.9M | — | — |
| 61 | III | 3I Group PLC | Financial Services | 0.41% | $4.9M | — | — |
| 62 | 4503 | Astellas Pharma Inc. | Healthcare | 0.41% | $4.8M | — | — |
| 63 | ERIC-B | Telefonaktiebolaget LM Ericsson (publ) | Technology | 0.39% | $4.7M | — | — |
| 64 | IFC | Intact Financial Corporation | Financial Services | 0.39% | $4.6M | — | — |
| 65 | IMB | Imperial Brands PLC | Consumer Defensive | 0.39% | $4.6M | — | — |
| 66 | GEBN | Geberit AG | Industrials | 0.38% | $4.5M | — | — |
| 67 | NXT | Next PLC | Consumer Cyclical | 0.37% | $4.4M | — | — |
| 68 | ALL | Aristocrat Leisure Ltd | Consumer Cyclical | 0.37% | $4.4M | — | — |
| 69 | 7936 | Asics Corp | Consumer Cyclical | 0.36% | $4.3M | — | — |
| 70 | HEXA-B | Hexagon AB (publ) | Technology | 0.36% | $4.3M | — | — |
| 71 | VWS | Vestas Wind Systems A/S | Industrials | 0.35% | $4.2M | — | — |
| 72 | SAMPO | Sampo Oyj A | Financial Services | 0.35% | $4.2M | — | — |
| 73 | QBE | QBE Insurance Group Limited | Financial Services | 0.34% | $4.0M | — | — |
| 74 | 6920 | Lasertec Corp | Technology | 0.33% | $3.9M | — | — |
| 75 | L | Loblaw Companies Limited | Consumer Defensive | 0.32% | $3.8M | — | — |
| 76 | BAM | Brookfield Asset Management Inc. | Financial Services | 0.32% | $3.8M | $72.39B | 26.0 |
| 77 | UMG | Universal Music Group N.V. | Communication Services | 0.31% | $3.7M | — | — |
| 78 | WRT1V | Wartsila Oyj Abp | Industrials | 0.29% | $3.5M | — | — |
| 79 | HO | Thales S.A. | Industrials | 0.29% | $3.4M | — | — |
| 80 | Z74 | Singapore Telecommunications Limited | Communication Services | 0.28% | $3.3M | — | — |
| 81 | 0669 | Techtronic Industries Co Ltd | Industrials | 0.28% | $3.3M | — | — |
| 82 | 7832 | BANDAI NAMCO Holdings Inc. | Consumer Cyclical | 0.27% | $3.2M | — | — |
| 83 | ADM | Admiral Group PLC | Financial Services | 0.27% | $3.2M | — | — |
| 84 | ESLT | Elbit Systems Ltd | Industrials | 0.26% | $3.1M | — | — |
| 85 | HNR1 | Hannover Rück SE | Financial Services | 0.25% | $3.0M | — | — |
| 86 | ASND | Ascendis Pharma A/S | Healthcare | 0.24% | $2.9M | $14.82B | 17.3 |
| 87 | EPI-A | Epiroc AB (publ) | Industrials | 0.24% | $2.8M | — | — |
| 88 | IMO | Imperial Oil Ltd | Energy | 0.23% | $2.8M | — | — |
| 89 | FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 0.23% | $2.8M | — | — |
| 90 | EVN | Evolution Mining Ltd | Basic Materials | 0.23% | $2.7M | — | — |
| 91 | SGE | Sage Group PLC | Technology | 0.23% | $2.7M | — | — |
| 92 | BXB | Brambles Ltd | Industrials | 0.22% | $2.6M | — | — |
| 93 | RYA | Ryanair Holdings plc | Industrials | 0.22% | $2.6M | — | — |
| 94 | S68 | SINGAPORE EXCHANGE LIMITED | Financial Services | 0.22% | $2.6M | — | — |
| 95 | IAG | International Consolidated Airlines Group S.A | Industrials | 0.21% | $2.5M | — | — |
| 96 | 207940 | Samsung Biologics Co Ltd | Healthcare | 0.21% | $2.5M | — | — |
| 97 | KOG | Kongsberg Gruppen ASA | Industrials | 0.21% | $2.5M | — | — |
| 98 | 8697 | Japan Exchange Group Inc | Financial Services | 0.21% | $2.5M | — | — |
| 99 | FBK | FinecoBank Banca Fineco SpA | Financial Services | 0.21% | $2.5M | — | — |
| 100 | CPU | Computershare Ltd | Financial Services | 0.21% | $2.5M | — | — |
| 101 | PHOE1 | The Phoenix Holdings Ltd. | Other | 0.20% | $2.4M | — | — |
| 102 | ATRL | AtkinsRealis Group Inc | Industrials | 0.20% | $2.4M | — | — |
| 103 | 7013 | IHI Corp. | Industrials | 0.20% | $2.4M | — | — |
| 104 | ESSITY-B | Essity AB (publ) | Consumer Defensive | 0.20% | $2.4M | — | — |
| 105 | SCHP | Schindler Ps | Industrials | 0.19% | $2.3M | — | — |
| 106 | AGI | Alamos Gold Inc | Basic Materials | 0.19% | $2.2M | — | — |
| 107 | LUG | Lundin Gold Inc | Basic Materials | 0.18% | $2.2M | — | — |
| 108 | EVO | Evolution AB (publ) | Consumer Cyclical | 0.18% | $2.2M | — | — |
| 109 | 6383 | Daifuku Co Ltd | Industrials | 0.18% | $2.1M | — | — |
| 110 | ORNBV | Orion Oyj B | Healthcare | 0.17% | $2.1M | — | — |
| 111 | ELE | Endesa SA | Utilities | 0.17% | $2.0M | — | — |
| 112 | CHKP | Check Point Software Technologies Ltd. | Technology | 0.17% | $2.0M | $14.08B | 14.1 |
| 113 | KNIN | Kuehne & Nagel | Industrials | 0.16% | $1.9M | — | — |
| 114 | SOL | Washington H Soul Pattinson & Company Ltd | Financial Services | 0.16% | $1.8M | — | — |
| 115 | 267260 | Hyundai Electric & Energy Systems Co Ltd | Industrials | 0.15% | $1.8M | — | — |
| 116 | S63 | SINGAPORE TECH ENGINEERING LTD | Industrials | 0.15% | $1.8M | — | — |
| 117 | DPLM | Diploma PLC | Industrials | 0.15% | $1.8M | — | — |
| 118 | CCH | Coca Cola HBC AG | Consumer Defensive | 0.15% | $1.8M | — | — |
| 119 | WISE | Wise plc | Technology | 0.15% | $1.7M | — | — |
| 120 | 8136 | Sanrio Co Ltd | Consumer Cyclical | 0.14% | $1.6M | — | — |
| 121 | TEL2-B | Tele2 AB (publ) | Communication Services | 0.14% | $1.6M | — | — |
| 122 | TW10 | TENARIS S.A. DL 1 | Energy | 0.13% | $1.6M | — | — |
| 123 | ITRK | Intertek Group PLC | Industrials | 0.13% | $1.5M | — | — |
| 124 | 6532 | BayCurrent Consulting Inc | Industrials | 0.13% | $1.5M | — | — |
| 125 | MPL | Medibank Private Ltd | Financial Services | 0.13% | $1.5M | — | — |
| 126 | 9843 | Nitori Holdings Co Ltd | Consumer Cyclical | 0.12% | $1.5M | — | — |
| 127 | FRES | Fresnillo PLC | Basic Materials | 0.12% | $1.4M | — | — |
| 128 | IDDTF | Industrivarden AB ser. C | Financial Services | 0.12% | $1.4M | — | — |
| 129 | 010140 | Samsung Heavy Industries | Industrials | 0.11% | $1.3M | — | — |
| 130 | 4704 | Trend Micro Inc. | Technology | 0.11% | $1.3M | — | — |
| 131 | TEL | Telenor ASA | Communication Services | 0.11% | $1.3M | — | — |
| 132 | EMSN | EMS-CHEMIE HOLDING AG | Basic Materials | 0.11% | $1.3M | — | — |
| 133 | PME | Pro Medicus Ltd | Healthcare | 0.11% | $1.3M | — | — |
| 134 | SKF-B | AB SKF (publ) | Industrials | 0.11% | $1.3M | — | — |
| 135 | TLX | Talanx AG | Financial Services | 0.11% | $1.3M | — | — |
| 136 | GALP | Galp Energia SGPS S.A. | Energy | 0.11% | $1.3M | — | — |
| 137 | NICE | Nice Ltd | Technology | 0.11% | $1.3M | — | — |
| 138 | HM-B | H & M Hennes & Mauritz AB (publ) | Consumer Cyclical | 0.11% | $1.3M | — | — |
| 139 | 042700 | Hanmi Semicon | Technology | 0.10% | $1.2M | — | — |
| 140 | GJF | Gjensidige Forsikring ASA | Financial Services | 0.10% | $1.2M | — | — |
| 141 | TREL-B | Trelleborg AB (publ) | Industrials | 0.10% | $1.2M | — | — |
| 142 | FUTU | Futu Holdings Limited | Financial Services | 0.10% | $1.2M | $14.79B | 10.5 |
| 143 | ADDT-B | Addtech AB (publ.) | Industrials | 0.10% | $1.2M | — | — |
| 144 | SECU-B | Securitas AB | Industrials | 0.10% | $1.2M | — | — |
| 145 | TNE | Technology One Ltd | Technology | 0.10% | $1.1M | — | — |
| 146 | 3659 | Nexon Co Ltd | Communication Services | 0.10% | $1.1M | — | — |
| 147 | FRO | Frontline Ltd. | Energy | 0.09% | $1.1M | $11.69B | 7.9 |
| 148 | REA | REA Group Ltd | Communication Services | 0.09% | $1.0M | — | — |
| 149 | 4021 | Nissan Chemical Industries Ltd. | Basic Materials | 0.09% | $1.0M | — | — |
| 150 | 7747 | Asahi Intecc Co Ltd | Healthcare | 0.09% | $1.0M | — | — |
| 151 | 3099 | Isetan Mitsukoshi Holdings Ltd. | Consumer Cyclical | 0.09% | $1.0M | — | — |
| 152 | BMED | Banca Mediolanum SpA | Financial Services | 0.08% | $923,298.44 | — | — |
| 153 | 1878 | Daito Trust Construction | Real Estate | 0.07% | $887,695.68 | — | — |
| 154 | 4768 | Otsuka Corp | Technology | 0.07% | $871,081.05 | — | — |
| 155 | 3626 | TIS Inc | Technology | 0.07% | $860,400.22 | — | — |
| 156 | ELAL | El Al Israel Airlines Ltd | Industrials | 0.07% | $833,104.77 | — | — |
| 157 | JBH | JB Hi-Fi Ltd | Consumer Cyclical | 0.07% | $829,544.49 | — | — |
| 158 | PLUS | Plus500 Ltd | Financial Services | 0.07% | $828,357.73 | — | — |
| 159 | 0IAX | Dassault Aviation SA | Industrials | 0.07% | $823,610.69 | — | — |
| 160 | HAFN | Hafnia Limited | Industrials | 0.07% | $814,116.62 | $5.36B | 7.8 |
| 161 | MTRX | Matrix | Technology | 0.07% | $771,393.30 | — | — |
| 162 | 8060 | Canon Marketing Japan Inc | Industrials | 0.06% | $739,350.81 | — | — |
| 163 | 064350 | Hyundai Rotem Co | Industrials | 0.06% | $739,350.81 | — | — |
| 164 | WALWIL | Wallenius Wilhelmsen ASA | Industrials | 0.06% | $734,603.77 | — | — |
| 165 | MMHD | Menora Miv Hld | Financial Services | 0.06% | $689,506.94 | — | — |
| 166 | 3064 | MonotaRO | Consumer Cyclical | 0.06% | $659,837.96 | — | — |
| 167 | 1942 | Kandenko Co Ltd | Industrials | 0.06% | $656,277.69 | — | — |
| 168 | 4732 | USS Co Ltd | Consumer Cyclical | 0.05% | $650,343.89 | — | — |
| 169 | 0293 | Cathay Pacific Airways Limited | Industrials | 0.05% | $646,783.61 | — | — |
| 170 | 2371 | KakakuCom Inc | Communication Services | 0.05% | $634,916.02 | — | — |
| 171 | 4716 | Oracle Corp Japan | Technology | 0.05% | $634,916.02 | — | — |
| 172 | 3092 | ZOZO Inc | Consumer Cyclical | 0.05% | $632,542.51 | — | — |
| 173 | 3769 | GMO Payment Gateway Inc | Technology | 0.05% | $632,542.51 | — | — |
| 174 | 3038 | Kobe Bussan Co Ltd | Consumer Defensive | 0.05% | $630,168.99 | — | — |
| 175 | STR | Strabag SE | Industrials | 0.05% | $614,741.12 | — | — |
| 176 | 1929 | Chow Tai Fook Jewellery Group Ltd | Consumer Cyclical | 0.05% | $577,951.60 | — | — |
| 177 | PROTCT | Protector Forsikring ASA | Financial Services | 0.05% | $549,469.38 | — | — |
| 178 | AXFO | Axfood AB | Consumer Defensive | 0.05% | $543,535.59 | — | — |
| 179 | 4751 | CyberAgent Inc | Communication Services | 0.04% | $515,053.37 | — | — |
| 180 | MTDS | Meitav Dash Investments Ltd | Financials | 0.04% | $496,065.23 | — | — |
| 181 | ETOR | eToro Group Ltd. | Financial Services | 0.03% | $370,268.78 | $1.94B | 9.0 |
| 182 | AGPXX | Invesco Short-Term Investments Trust Government & Agency Portfolio Institutional | Other | 0.03% | $313,304.36 | — | — |
Weights as a percentage of net assets. Value held = weight × net assets ($1.19B). Market cap and P/E from each company's latest fundamentals (U.S.-listed stocks).
IDHQ sector breakdown
| Sector | Weight | Holdings | Largest |
|---|---|---|---|
| Industrials | 18.9% | 47 | RR, ABBN, SAF |
| Technology | 18.8% | 25 | ASML, SAP, 6857 |
| Healthcare | 16.0% | 15 | ROP, NOVN, GSK |
| Financial Services | 15.3% | 33 | ALV, ZURN, 8766 |
| Consumer Defensive | 9.2% | 10 | NESN, ULVR, OR |
| Consumer Cyclical | 7.4% | 20 | MC, ITX, WES |
| Basic Materials | 4.9% | 11 | AEM, ABX, K |
| Communication Services | 3.7% | 9 | 6098, UMG, Z74 |
| Energy | 3.1% | 6 | TTE, EQNR, IMO |
| Other | 2.1% | 3 | 0QIU, PHOE1, AGPXX |
| Utilities | 0.2% | 1 | ELE |
| Real Estate | 0.1% | 1 | 1878 |
| Financials | 0.0% | 1 | MTDS |
Sum of the weights of the holdings in each sector.
IDHQ top industries
Drug Manufacturers - General
11.8%
Semiconductor Equipment & Materials
9.3%
Aerospace & Defense
7.0%
Household & Personal Products
4.5%
Specialty Industrial Machinery
4.5%
Insurance - Diversified
4.3%
Gold
3.7%
Packaged Foods
3.7%
Software - Application
3.6%
Oil & Gas Integrated
2.9%
Insurance - Property & Casualty
2.9%
Internet Content & Information
2.8%
Financial Data & Stock Exchanges
2.3%
Asset Management
2.3%
Consumer Electronics
2.2%
IDHQ overlap with other ETFs
| ETF | Fund | Overlap | Shared holdings | Expense ratio |
|---|---|---|---|---|
| VXUS | Vanguard Total International Stock ETF | 15.9% | 177 of 8,035 | 0.05% |
| DIA | SPDR Dow Jones Industrial Average ETF | 1.0% | 1 of 30 | 0.16% |
| QQQ | Invesco QQQ ETF | 0.8% | 2 of 101 | 0.17% |
| VTI | Vanguard Total Stock Market ETF | 0.6% | 17 of 2,941 | 0.03% |
| SPY | SPDR S&P 500 ETF | 0.6% | 7 of 502 | 0.09% |
| IWM | iShares Russell 2000 ETF | 0.6% | 11 of 1,962 | 0.19% |
Overlap = sum over shared holdings of the smaller of the two weights. 100% means identical portfolios.
About the IDHQ portfolio
Invesco S&P International Developed Quality ETF holds 182 positions. The ten largest make up 33.1% of the fund and the top 50 75.1%, so it behaves like a portfolio of about 55 equally weighted positions. The biggest positions are Roche Holding AG (5.37%), Novartis AG (4.66%), ASML Holding N.V. (4.51%), Nestle S.A. (3.68%), SAP SE (3.12%).
By sector, Industrials is 18.9%, Technology is 18.8%, Healthcare is 16.0%. Holdings data is from the fund's latest portfolio as reported by EODHD on October 25, 2026; positions change as the fund rebalances.
Related: IDHQ chart, IDHQ performance, IDHQ dividends, IDHQ overview.
IDHQ holdings FAQ
How many holdings does IDHQ have?
IDHQ holds 182 positions as of October 25, 2026.
What are the top 10 holdings of IDHQ?
The ten largest holdings are Roche Holding AG (5.37%), Novartis AG (4.66%), ASML Holding N.V. (4.51%), Nestle S.A. (3.68%), SAP SE (3.12%), Recruit Holdings Co Ltd (2.62%), Advantest Corp. (2.33%), Allianz SE VNA O.N. (2.32%), Rolls-Royce Holdings PLC (2.26%), Sony Corp (2.24%). Together they are 33.1% of the fund.
What percentage of IDHQ is Roche Holding AG?
Roche Holding AG is the largest holding at 5.37% of net assets, about $63.8M of the fund's $1.19B.
Which sector is the largest in IDHQ?
Industrials is the largest sector at 18.9%, followed by Technology (18.8%) and Healthcare (16.0%), based on the sectors of the individual holdings.
How concentrated is IDHQ?
The top 10 holdings are 33.1% of the fund. By the effective number of holdings (1 divided by the sum of squared weights) IDHQ behaves like a portfolio of about 55 equally weighted positions.