Mercer Global Advisors INC /Adv
Reported US equity positions for Q1 2026 — $67.6B across 3,217 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| AGG iShares Core U.S. Aggregate Bond ETF | $3.9B | 5.8% | 39,348,759 |
| BSV Vanguard Short-Term Bond ETF | $3.6B | 5.3% | 45,430,446 |
| VOO Vanguard S&P 500 ETF | $3.1B | 4.7% | 5,258,941 |
| DFAC Dimensional U.S. Core Equity 2 ETF | $2.7B | 4.0% | 70,292,321 |
| VEA Vanguard FTSE Developed Markets ETF | $2.3B | 3.4% | 35,738,763 |
| DFUV Dimensional US Marketwide Value ETF | $2.1B | 3.0% | 42,337,032 |
| MTUM iShares MSCI USA Momentum Factor ETF | $2.0B | 3.0% | 8,388,874 |
| DUHP Dimensional US High Profitability ETF | $1.8B | 2.7% | 48,730,938 |
| BNDX Vanguard Total International Bond ETF | $1.7B | 2.6% | 36,281,536 |
| AAPL Apple Inc. | $1.7B | 2.5% | 6,666,360 |
| DFIC Dimensional International Core Equity 2 ETF | $1.4B | 2.0% | 38,461,411 |
| NVDA NVIDIA Corporation | $1.2B | 1.8% | 7,173,521 |
| DFIV Dimensional International Value ETF | $1.2B | 1.7% | 22,261,639 |
| IMTM iShares MSCI Intl Momentum Factor ETF | $1.2B | 1.7% | 24,007,785 |
| DIHP Dimensional International High Profitability ETF | $1.0B | 1.5% | 32,330,961 |
| MUB iShares National Muni Bond ETF | $993.3M | 1.5% | 9,357,674 |
| SUB iShares Short-Term National Muni Bond ETF | $979.4M | 1.4% | 9,196,615 |
| AVSC Avantis U.S Small Cap Equity ETF | $925.4M | 1.4% | 14,853,773 |
| VWO Vanguard FTSE Emerging Markets ETF | $896.9M | 1.3% | 16,593,473 |
| VB Vanguard Morningstar Small-Cap ETF | $871.9M | 1.3% | 3,328,890 |
| AVEM Avantis Emerging Markets Equity ETF | $796.9M | 1.2% | 9,889,366 |
| MSFT Microsoft Corporation | $745.1M | 1.1% | 2,018,956 |
| VTI Vanguard Morningstar Total Stock Market ETF | $664.0M | 1.0% | 2,070,334 |
| VTEB Vanguard Tax-Exempt Bond ETF | $540.4M | 0.8% | 10,832,376 |
| IVV iShares Core S&P 500 ETF | $504.7M | 0.7% | 772,663 |
| AMZN Amazon.com, Inc. | $461.0M | 0.7% | 2,218,763 |
| GOOGL Alphabet Inc. | $443.4M | 0.7% | 1,541,986 |
| IEFA iShares Core MSCI EAFE ETF | $419.9M | 0.6% | 4,638,138 |
| GOOG Alphabet Inc. - Class C Capital Stock | $404.3M | 0.6% | 1,411,064 |
| VYM Vanguard High Dividend Yield ETF | $400.9M | 0.6% | 2,706,655 |
| AVGO Broadcom Inc. | $363.6M | 0.5% | 1,182,352 |
| DFCA Dimensional California Municipal Bond ETF | $350.3M | 0.5% | 7,027,020 |
| SPY State Street SPDR S&P 500 ETF Trust | $324.2M | 0.5% | 505,779 |
| IWB iShares Russell 1000 ETF | $279.8M | 0.4% | 784,742 |
| VXF Vanguard Extended Market ETF | $276.0M | 0.4% | 1,340,917 |
| META Meta Platforms, Inc. | $271.1M | 0.4% | 475,030 |
| BRK.B Berkshire Hathaway Inc. | $270.3M | 0.4% | 564,071 |
| XOM ExxonMobil Holdings Corporation | $267.1M | 0.4% | 1,574,584 |
| SCHX Schwab U.S. Large-Cap ETF | $254.6M | 0.4% | 9,928,543 |
| JPM JP Morgan Chase & Co. | $245.9M | 0.4% | 837,325 |
| DFUS Dimensional U.S. Equity Market ETF | $240.7M | 0.4% | 3,394,161 |
| WMT Walmart Inc. | $233.3M | 0.3% | 1,876,855 |
| QUAL iShares MSCI USA Quality Factor ETF | $222.8M | 0.3% | 1,161,409 |
| JNJ Johnson & Johnson | $222.7M | 0.3% | 911,019 |
| SCHF Schwab International Equity ETF | $220.3M | 0.3% | 8,901,238 |
| TSLA Tesla, Inc. | $217.1M | 0.3% | 587,117 |
| QQQ Invesco QQQ Trust, Series 1 | $200.1M | 0.3% | 347,140 |
| EAGG iShares ESG Aware U.S. Aggregate Bond ETF | $182.0M | 0.3% | 3,828,027 |
| IWF iShares Russell 1000 Growth Fund | $174.0M | 0.3% | 408,111 |
| IEMG iShares Core MSCI Emerging Markets ETF | $168.6M | 0.2% | 2,417,521 |
| VLUE iShares MSCI USA Value Factor ETF | $168.1M | 0.2% | 1,182,249 |
| IDV iShares International Select Dividend ETF | $164.9M | 0.2% | 3,874,687 |
| IJR iShares Core S&P Small-Cap ETF | $164.8M | 0.2% | 1,325,549 |
| LLY Eli Lilly and Company | $161.0M | 0.2% | 175,063 |
| EFA iShares MSCI EAFE ETF | $158.6M | 0.2% | 1,632,778 |
| NFLX Netflix, Inc. | $155.3M | 0.2% | 1,614,850 |
| COST Costco Wholesale Corporation | $150.2M | 0.2% | 150,708 |
| IVLU iShares MSCI Intl Value Factor ETF | $138.3M | 0.2% | 3,485,787 |
| ESGD iShares ESG Aware MSCI EAFE ETF | $137.0M | 0.2% | 1,432,910 |
| LRCX Lam Research Corporation | $136.2M | 0.2% | 637,244 |
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 |
|---|---|---|---|---|
| AGG iShares Core U.S. Aggregate Bond ETF | Add | $3.9B | $3.6B | +9% |
| BSV Vanguard Short-Term Bond ETF | Add | $3.6B | $3.3B | +10% |
| VOO Vanguard S&P 500 ETF | Trim | $3.1B | $3.1B | -2% |
| DFAC Dimensional U.S. Core Equity 2 ETF | Add | $2.7B | $2.5B | +9% |
| VEA Vanguard FTSE Developed Markets ETF | Add | $2.3B | $2.2B | +3% |
| DFUV Dimensional US Marketwide Value ETF | Add | $2.1B | $1.9B | +6% |
| MTUM iShares MSCI USA Momentum Factor ETF | Add | $2.0B | $2.0B | +7% |
| DUHP Dimensional US High Profitability ETF | Add | $1.8B | $1.7B | +9% |
| BNDX Vanguard Total International Bond ETF | Add | $1.7B | $1.7B | +4% |
| DFIC Dimensional International Core Equity 2 ETF | Add | $1.4B | $1.3B | +4% |
| NVDA NVIDIA Corporation | Add | $1.2B | $1.1B | +20% |
| DFIV Dimensional International Value ETF | Add | $1.2B | $1.1B | +3% |
| IMTM iShares MSCI Intl Momentum Factor ETF | Add | $1.2B | $1.1B | +5% |
| DIHP Dimensional International High Profitability ETF | Add | $1.0B | $955.5M | +7% |
| MUB iShares National Muni Bond ETF | Add | $993.3M | $915.7M | +9% |
| SUB iShares Short-Term National Muni Bond ETF | Add | $979.4M | $905.8M | +8% |
| AVSC Avantis U.S Small Cap Equity ETF | Add | $925.4M | $849.3M | +3% |
| VWO Vanguard FTSE Emerging Markets ETF | Add | $896.9M | $851.1M | +5% |
| VB Vanguard Morningstar Small-Cap ETF | Add | $871.9M | $824.2M | +4% |
| AVEM Avantis Emerging Markets Equity ETF | Add | $796.9M | $741.5M | +3% |
| MSFT Microsoft Corporation | Add | $745.1M | $953.7M | +2% |
| VTEB Vanguard Tax-Exempt Bond ETF | Add | $540.4M | $514.4M | +6% |
| IVV iShares Core S&P 500 ETF | Add | $504.7M | $489.2M | +8% |
| AMZN Amazon.com, Inc. | Add | $461.0M | $493.4M | +5% |
| IEFA iShares Core MSCI EAFE ETF | Add | $419.9M | $356.2M | +16% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $404.3M | $388.2M | +16% |
| VYM Vanguard High Dividend Yield ETF | Trim | $400.9M | $373.1M | -2% |
| AVGO Broadcom Inc. | Add | $363.6M | $385.0M | +6% |
| DFCA Dimensional California Municipal Bond ETF | Add | $350.3M | $307.4M | +14% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $324.2M | $364.5M | -6% |
| VXF Vanguard Extended Market ETF | Add | $276.0M | $253.4M | +11% |
| META Meta Platforms, Inc. | Add | $271.1M | $298.8M | +3% |
| BRK.B Berkshire Hathaway Inc. | Add | $270.3M | $275.6M | +3% |
| XOM ExxonMobil Holdings Corporation | Add | $267.1M | $182.3M | +5% |
| SCHX Schwab U.S. Large-Cap ETF | Trim | $254.6M | $283.0M | -4% |
| JPM JP Morgan Chase & Co. | Add | $245.9M | $250.8M | +10% |
| DFUS Dimensional U.S. Equity Market ETF | Add | $240.7M | $209.6M | +20% |
| WMT Walmart Inc. | Add | $233.3M | $201.9M | +4% |
| QUAL iShares MSCI USA Quality Factor ETF | Trim | $222.8M | $221.1M | -15% |
| JNJ Johnson & Johnson | Add | $222.7M | $167.3M | +7% |
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.