Marshall Wace, LLP
Reported US equity positions for Q1 2026 — $93.4B across 5,753 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| IVV iShares Core S&P 500 ETF | $17.2B | 18.4% | 26,281,933 |
| SPYM State Street SPDR Portfolio S&P 500 ETF | $3.8B | 4.1% | 49,650,246 |
| NVDA NVIDIA Corporation | $2.4B | 2.6% | 13,663,339 |
| AAPL Apple Inc. | $2.1B | 2.3% | 8,383,099 |
| AMZN Amazon.com, Inc. | $1.8B | 2.0% | 8,852,795 |
| MSFT Microsoft Corporation | $1.2B | 1.3% | 3,370,398 |
| GOOGL Alphabet Inc. | $910.4M | 1.0% | 3,166,083 |
| CVX Chevron Corporation | $863.7M | 0.9% | 4,174,661 |
| TSLA Tesla, Inc. | $776.1M | 0.8% | 2,087,669 |
| AMD Advanced Micro Devices, Inc. | $771.4M | 0.8% | 3,791,986 |
| HLT Hilton Worldwide Holdings Inc. | $767.1M | 0.8% | 2,522,775 |
| AVGO Broadcom Inc. | $762.4M | 0.8% | 2,463,350 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $757.1M | 0.8% | 2,240,157 |
| MS Morgan Stanley | $690.7M | 0.7% | 4,197,269 |
| JNJ Johnson & Johnson | $581.2M | 0.6% | 2,377,822 |
| GOOG Alphabet Inc. - Class C Capital Stock | $564.0M | 0.6% | 1,966,279 |
| META Meta Platforms, Inc. | $553.8M | 0.6% | 968,068 |
| CRCL Circle Internet | $553.4M | 0.6% | 5,800,350 |
| MELI MercadoLibre, Inc. | $543.9M | 0.6% | 314,594 |
| LLY Eli Lilly and Company | $529.9M | 0.6% | 576,174 |
| TMUS T-Mobile US, Inc. | $497.7M | 0.5% | 2,369,508 |
| PFE Pfizer, Inc. | $451.6M | 0.5% | 16,082,788 |
| PLTR Palantir Technologies Inc. | $432.6M | 0.5% | 2,957,372 |
| KO The Coca-Cola Company | $425.4M | 0.5% | 5,594,039 |
| ABNB Airbnb, Inc. | $383.1M | 0.4% | 3,033,731 |
| AMAT Applied Materials, Inc. | $382.2M | 0.4% | 1,118,292 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $381.6M | 0.4% | 1,410,334 |
| ROST Ross Stores, Inc. | $366.7M | 0.4% | 1,692,826 |
| ALNY Alnylam Pharmaceuticals, Inc. | $363.7M | 0.4% | 1,099,318 |
| SNDK Sandisk Corp | $358.7M | 0.4% | 564,586 |
| MAR Marriott International | $338.3M | 0.4% | 1,034,272 |
| RDDT Reddit, Inc. Class A | $335.9M | 0.4% | 2,494,274 |
| MRK Merck & Company, Inc. Common Stock (new) | $334.2M | 0.4% | 2,778,301 |
| NFLX Netflix, Inc. | $322.2M | 0.3% | 3,350,598 |
| GILD Gilead Sciences, Inc. | $322.0M | 0.3% | 2,310,515 |
| INTC Intel Corporation | $320.2M | 0.3% | 7,255,124 |
| CASY Caseys General Stores, Inc. | $313.2M | 0.3% | 430,350 |
| MRVL Marvell Technology, Inc. | $306.6M | 0.3% | 3,095,315 |
| FIVE Five Below, Inc. | $304.8M | 0.3% | 1,333,917 |
| SLB SLB Limited | $304.6M | 0.3% | 5,927,507 |
| MU Micron Technology, Inc. | $304.5M | 0.3% | 901,436 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $301.5M | 0.3% | 2,541,886 |
| G1151C101 Accenture PLC-A | $299.6M | 0.3% | 1,510,920 |
| ADI Analog Devices, Inc. | $298.7M | 0.3% | 938,814 |
| APH Amphenol Corporation | $295.3M | 0.3% | 2,337,310 |
| N07059210 Asml Holding-Ny | $291.3M | 0.3% | 220,573 |
| COF Capital One Financial Corporation | $283.2M | 0.3% | 1,552,481 |
| DG Dollar General Corporation | $264.6M | 0.3% | 2,228,370 |
| WMT Walmart Inc. | $263.2M | 0.3% | 2,117,656 |
| COST Costco Wholesale Corporation | $262.8M | 0.3% | 263,741 |
| WDC Western Digital Corporation | $251.9M | 0.3% | 931,323 |
| BDX Becton, Dickinson and Company | $249.6M | 0.3% | 1,587,797 |
| GLW Corning Incorporated | $249.5M | 0.3% | 1,835,155 |
| KVUE Kenvue Inc. | $243.9M | 0.3% | 14,148,561 |
| DOW Dow Inc. | $238.7M | 0.3% | 5,732,237 |
| CME CME Group Inc. | $237.5M | 0.3% | 804,218 |
| TMO Thermo Fisher Scientific Inc | $234.6M | 0.3% | 477,250 |
| TPR Tapestry, Inc. | $231.0M | 0.2% | 1,637,125 |
| MO Altria Group, Inc. | $230.2M | 0.2% | 3,488,283 |
| BKR Baker Hughes Company | $228.3M | 0.2% | 3,738,807 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| IVV iShares Core S&P 500 ETF | Trim | $17.2B | $22.2B | -19% |
| NVDA NVIDIA Corporation | Trim | $2.4B | $2.7B | -5% |
| AAPL Apple Inc. | Add | $2.1B | $1.8B | +26% |
| AMZN Amazon.com, Inc. | Trim | $1.8B | $2.8B | -26% |
| MSFT Microsoft Corporation | Trim | $1.2B | $1.8B | -10% |
| GOOGL Alphabet Inc. | Trim | $910.4M | $1.1B | -8% |
| CVX Chevron Corporation | Add | $863.7M | $196.1M | +225% |
| TSLA Tesla, Inc. | Add | $776.1M | $857.6M | +9% |
| AMD Advanced Micro Devices, Inc. | Trim | $771.4M | $1.0B | -20% |
| HLT Hilton Worldwide Holdings Inc. | Add | $767.1M | $558.9M | +30% |
| AVGO Broadcom Inc. | Trim | $762.4M | $1.2B | -26% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Add | $757.1M | $518.8M | +31% |
| MS Morgan Stanley | Add | $690.7M | $307.8M | +142% |
| JNJ Johnson & Johnson | Trim | $581.2M | $759.1M | -35% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $564.0M | $852.4M | -28% |
| META Meta Platforms, Inc. | Trim | $553.8M | $1.0B | -37% |
| CRCL Circle Internet | Trim | $553.4M | $791.3M | -42% |
| LLY Eli Lilly and Company | Trim | $529.9M | $1.3B | -52% |
| TMUS T-Mobile US, Inc. | Add | $497.7M | $147.3M | +227% |
| PFE Pfizer, Inc. | Add | $451.6M | $315.3M | +27% |
| PLTR Palantir Technologies Inc. | Add | $432.6M | $399.7M | +32% |
| KO The Coca-Cola Company | Trim | $425.4M | $743.9M | -47% |
| AMAT Applied Materials, Inc. | Add | $382.2M | $276.6M | +4% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Trim | $381.6M | $562.6M | -17% |
| ROST Ross Stores, Inc. | Add | $366.7M | $224.3M | +36% |
| ALNY Alnylam Pharmaceuticals, Inc. | Add | $363.7M | $218.7M | +100% |
| SNDK Sandisk Corp | Trim | $358.7M | $238.3M | -44% |
| RDDT Reddit, Inc. Class A | Add | $335.9M | $273.7M | +110% |
| MRK Merck & Company, Inc. Common Stock (new) | Trim | $334.2M | $417.8M | -30% |
| NFLX Netflix, Inc. | Add | $322.2M | $105.7M | +197% |
| INTC Intel Corporation | Trim | $320.2M | $448.9M | -40% |
| MRVL Marvell Technology, Inc. | Add | $306.6M | $121.5M | +116% |
| FIVE Five Below, Inc. | Trim | $304.8M | $336.3M | -25% |
| MU Micron Technology, Inc. | Add | $304.5M | $206.2M | +25% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $301.5M | $305.8M | +34% |
| COF Capital One Financial Corporation | Add | $283.2M | $303.7M | +24% |
| DG Dollar General Corporation | Add | $264.6M | $223.8M | +32% |
| WMT Walmart Inc. | Trim | $263.2M | $990.3M | -76% |
| COST Costco Wholesale Corporation | Trim | $262.8M | $441.5M | -48% |
| BDX Becton, Dickinson and Company | Add | $249.6M | $282.7M | +9% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.