Sanders Capital, LLC
Reported US equity positions for Q1 2026 — $83.9B across 44 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $9.5B | 11.3% | 28,060,092 |
| GOOG Alphabet Inc. - Class C Capital Stock | $8.2B | 9.8% | 28,733,083 |
| AMZN Amazon.com, Inc. | $6.2B | 7.4% | 29,818,675 |
| META Meta Platforms, Inc. | $6.0B | 7.2% | 10,564,799 |
| G7997R103 Seagate Technology Hldngs Pl | $5.1B | 6.0% | 12,897,201 |
| MSFT Microsoft Corporation | $4.6B | 5.5% | 12,393,692 |
| HCA HCA Healthcare, Inc. | $4.2B | 5.1% | 8,957,145 |
| AAPL Apple Inc. | $2.8B | 3.3% | 10,869,641 |
| CI The Cigna Group | $2.7B | 3.3% | 10,290,382 |
| G1151C101 Accenture PLC Ireland | $2.2B | 2.6% | 11,197,806 |
| BAC Bank of America Corporation | $2.2B | 2.6% | 45,167,159 |
| AMAT Applied Materials, Inc. | $2.1B | 2.5% | 6,175,172 |
| DAL Delta Air Lines, Inc. | $2.0B | 2.3% | 29,467,155 |
| SPY State Street SPDR S&P 500 ETF Trust | $1.9B | 2.3% | 2,923,008 |
| RTX RTX Corporation | $1.8B | 2.2% | 9,407,278 |
| CRM Salesforce, Inc. | $1.8B | 2.1% | 9,532,303 |
| ELV Elevance Health, Inc. | $1.7B | 2.1% | 5,894,303 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $1.6B | 1.9% | 5,964,685 |
| V Visa Inc. | $1.5B | 1.8% | 4,861,653 |
| UAL United Airlines Holdings, Inc. | $1.4B | 1.7% | 15,204,551 |
| G0593M107 Astrazeneca PLC | $1.4B | 1.7% | 7,065,628 |
| NOC Northrop Grumman Corporation | $1.3B | 1.5% | 1,867,227 |
| NVDA NVIDIA Corporation | $1.2B | 1.5% | 7,125,506 |
| GD General Dynamics Corporation | $1.2B | 1.5% | 3,617,244 |
| CME CME Group Inc. | $1.2B | 1.5% | 4,161,190 |
| MA Mastercard Incorporated | $1.2B | 1.4% | 2,360,429 |
| JPM JP Morgan Chase & Co. | $1.1B | 1.4% | 3,896,565 |
| ULTA Ulta Beauty, Inc. | $997.4M | 1.2% | 1,908,139 |
| PG The Procter & Gamble Company | $975.2M | 1.2% | 6,751,488 |
| PDD PDD Holdings Inc. | $826.8M | 1.0% | 8,091,801 |
| VEU Vanguard FTSE All World Ex US ETF | $749.5M | 0.9% | 9,979,709 |
| LMT Lockheed Martin Corporation | $689.6M | 0.8% | 1,141,023 |
| TCOM Trip.com Group Limited | $529.8M | 0.6% | 10,640,774 |
| PEP PepsiCo, Inc. | $275.4M | 0.3% | 1,773,582 |
| HSBC HSBC Holdings, plc. | $231.6M | 0.3% | 2,807,030 |
| ABT Abbott Laboratories | $115.1M | 0.1% | 1,121,205 |
| ABBV AbbVie Inc. | $112.4M | 0.1% | 516,593 |
| TFC Truist Financial Corporation | $93.7M | 0.1% | 2,037,822 |
| BKNG Booking Holdings Inc. | $50.4M | 0.1% | 299,473 |
| SHG Shinhan Financial Group Co Ltd American Depositary Shares | $9.4M | 0.0% | 153,626 |
| UL Unilever PLC American Preferred | $5.2M | 0.0% | 91,535 |
| ING ING Group, N.V. | $3.0M | 0.0% | 115,885 |
| NWG NatWest Group plc American Preferred | $2.8M | 0.0% | 185,064 |
| SYF Synchrony Financial | $1.3M | 0.0% | 18,867 |
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 |
|---|---|---|---|---|
| G0593M107 Astrazeneca PLC | New | $1.4B | — | — |
| NVDA NVIDIA Corporation | New | $1.2B | — | — |
| AZNN Astrazeneca PLC | Exit | — | $1.3B | -100% |
| FISV Fiserv, Inc. | Exit | — | $154.0M | -100% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $9.5B | $9.7B | -12% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $8.2B | $10.0B | -10% |
| AMZN Amazon.com, Inc. | Add | $6.2B | $3.4B | +100% |
| META Meta Platforms, Inc. | Add | $6.0B | $6.6B | +5% |
| G7997R103 Seagate Technology Hldngs Pl | Trim | $5.1B | $4.7B | -25% |
| MSFT Microsoft Corporation | Add | $4.6B | $5.9B | +2% |
| HCA HCA Healthcare, Inc. | Trim | $4.2B | $4.9B | -14% |
| CI The Cigna Group | Add | $2.7B | $2.1B | +32% |
| G1151C101 Accenture PLC Ireland | Add | $2.2B | $2.9B | +2% |
| AMAT Applied Materials, Inc. | Trim | $2.1B | $2.3B | -30% |
| SPY State Street SPDR S&P 500 ETF Trust | Add | $1.9B | $1.4B | +43% |
| CRM Salesforce, Inc. | Add | $1.8B | $2.3B | +11% |
| ELV Elevance Health, Inc. | Add | $1.7B | $2.0B | +2% |
| V Visa Inc. | Add | $1.5B | $1.2B | +47% |
| NOC Northrop Grumman Corporation | Trim | $1.3B | $1.1B | -2% |
| GD General Dynamics Corporation | Trim | $1.2B | $1.2B | -2% |
| MA Mastercard Incorporated | Add | $1.2B | $884.1M | +52% |
| JPM JP Morgan Chase & Co. | Trim | $1.1B | $1.4B | -10% |
| ULTA Ulta Beauty, Inc. | Add | $997.4M | $764.6M | +51% |
| VEU Vanguard FTSE All World Ex US ETF | Add | $749.5M | $475.4M | +54% |
| TCOM Trip.com Group Limited | Add | $529.8M | $711.2M | +8% |
| PEP PepsiCo, Inc. | Trim | $275.4M | $609.3M | -58% |
| HSBC HSBC Holdings, plc. | Trim | $231.6M | $227.2M | -3% |
| ABT Abbott Laboratories | Trim | $115.1M | $144.3M | -3% |
| ABBV AbbVie Inc. | Trim | $112.4M | $121.6M | -3% |
| TFC Truist Financial Corporation | Trim | $93.7M | $103.5M | -3% |
| SHG Shinhan Financial Group Co Ltd American Depositary Shares | Trim | $9.4M | $8.4M | -2% |
| UL Unilever PLC American Preferred | Trim | $5.2M | $6.4M | -7% |
| ING ING Group, N.V. | Trim | $3.0M | $3.6M | -10% |
| NWG NatWest Group plc American Preferred | Trim | $2.8M | $3.6M | -10% |
| SYF Synchrony Financial | Trim | $1.3M | $1.7M | -5% |
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.