Massachusetts Financial Services Co /Ma/
Reported US equity positions for Q1 2026 — $297.5B across 3,991 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $11.6B | 3.9% | 65,275,558 |
| MSFT Microsoft Corporation | $10.7B | 3.6% | 25,473,981 |
| AAPL Apple Inc. | $7.8B | 2.6% | 30,317,142 |
| GOOGL Alphabet Inc. | $7.0B | 2.3% | 23,413,232 |
| AMZN Amazon.com, Inc. | $6.6B | 2.2% | 25,952,500 |
| JPM JP Morgan Chase & Co. | $4.3B | 1.5% | 14,662,099 |
| AVGO Broadcom Inc. | $3.4B | 1.1% | 8,980,922 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $3.4B | 1.1% | 9,677,855 |
| JNJ Johnson & Johnson | $3.3B | 1.1% | 13,434,302 |
| CI The Cigna Group | $3.1B | 1.0% | 11,595,182 |
| XOM ExxonMobil Holdings Corporation | $3.0B | 1.0% | 17,922,157 |
| G54950103 Linde PLC | $3.0B | 1.0% | 4,757,686 |
| MA Mastercard Incorporated | $2.8B | 0.9% | 5,521,696 |
| FNV Franco-Nevada Corporation | $2.8B | 0.9% | 11,093,148 |
| RTX RTX Corporation | $2.8B | 0.9% | 14,147,863 |
| G0403H108 Aon PLC | $2.8B | 0.9% | 8,358,097 |
| COP ConocoPhillips | $2.7B | 0.9% | 20,267,161 |
| G5960L103 Medtronic PLC | $2.7B | 0.9% | 21,437,599 |
| H42097107 Ubs Group Ag | $2.6B | 0.9% | 65,542,061 |
| G96629103 Willis Towers Watson PLC LTD | $2.6B | 0.9% | 5,867,533 |
| META Meta Platforms, Inc. | $2.6B | 0.9% | 4,407,235 |
| MCK McKesson Corporation | $2.5B | 0.8% | 2,900,233 |
| G1151C101 Accenture PLC Ireland | $2.5B | 0.8% | 9,828,861 |
| HONGBP Honeywell Intl INC | $2.5B | 0.8% | 8,707,049 |
| AEM Agnico Eagle Mines Limited | $2.5B | 0.8% | 11,867,001 |
| NDAQ Nasdaq, Inc. | $2.5B | 0.8% | 29,060,439 |
| KLAC KLA Corporation | $2.4B | 0.8% | 1,641,635 |
| PGR The Progressive Corporation | $2.4B | 0.8% | 12,099,655 |
| V Visa Inc. | $2.3B | 0.8% | 4,165,473 |
| SCHW The Charles Schwab Corporation | $2.3B | 0.8% | 14,521,887 |
| TMO Thermo Fisher Scientific Inc | $2.3B | 0.8% | 3,013,109 |
| BDX Becton, Dickinson and Company | $2.2B | 0.7% | 9,101,454 |
| H1467J104 Chubb LTD Switz | $2.1B | 0.7% | 6,514,984 |
| WAT Waters Corporation | $2.1B | 0.7% | 4,630,118 |
| ADI Analog Devices, Inc. | $2.0B | 0.7% | 6,216,638 |
| GD General Dynamics Corporation | $2.0B | 0.7% | 5,702,629 |
| MS Morgan Stanley | $1.9B | 0.6% | 11,749,856 |
| PCG Pacific Gas & Electric Co. | $1.9B | 0.6% | 109,393,836 |
| DUK Duke Energy Corporation (Holding Company) | $1.9B | 0.6% | 14,391,296 |
| PLD Prologis, Inc. | $1.9B | 0.6% | 14,063,332 |
| APH Amphenol Corporation | $1.8B | 0.6% | 13,964,627 |
| HWM Howmet Aerospace Inc. | $1.8B | 0.6% | 7,624,700 |
| UNP Union Pacific Corporation | $1.7B | 0.6% | 7,029,932 |
| BA The Boeing Company | $1.7B | 0.6% | 8,733,419 |
| G29183103 Eaton Corp PLC | $1.7B | 0.6% | 4,688,364 |
| D Dominion Energy, Inc. | $1.6B | 0.6% | 26,621,442 |
| PFE Pfizer, Inc. | $1.6B | 0.5% | 56,911,830 |
| ABT Abbott Laboratories | $1.6B | 0.5% | 15,499,870 |
| TRU TransUnion | $1.6B | 0.5% | 13,146,925 |
| PNC The PNC Financial Services Group, Inc. | $1.6B | 0.5% | 7,528,295 |
| AXP American Express Company | $1.6B | 0.5% | 5,067,655 |
| C Citigroup, Inc. | $1.5B | 0.5% | 13,354,702 |
| SO The Southern Company | $1.5B | 0.5% | 15,595,800 |
| N6596X109 Nxp Semiconductors N V | $1.5B | 0.5% | 7,574,965 |
| CVX Chevron Corporation | $1.5B | 0.5% | 7,109,419 |
| A Agilent Technologies, Inc. | $1.5B | 0.5% | 12,624,090 |
| G25508105 Crh PLC | $1.5B | 0.5% | 13,507,797 |
| XEL Xcel Energy Inc. | $1.4B | 0.5% | 18,078,640 |
| TD The Toronto Dominion Bank | $1.4B | 0.5% | 14,219,093 |
| PM Philip Morris International Inc | $1.4B | 0.5% | 8,631,772 |
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 |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Trim | $11.6B | $12.5B | -3% |
| MSFT Microsoft Corporation | Trim | $10.7B | $13.1B | -6% |
| AAPL Apple Inc. | Add | $7.8B | $7.3B | +13% |
| GOOGL Alphabet Inc. | Trim | $7.0B | $7.9B | -7% |
| AMZN Amazon.com, Inc. | Trim | $6.6B | $6.6B | -9% |
| JPM JP Morgan Chase & Co. | Trim | $4.3B | $5.0B | -6% |
| AVGO Broadcom Inc. | Add | $3.4B | $2.8B | +11% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $3.4B | $3.1B | -5% |
| JNJ Johnson & Johnson | Trim | $3.3B | $3.4B | -18% |
| CI The Cigna Group | Trim | $3.1B | $3.2B | -2% |
| XOM ExxonMobil Holdings Corporation | Trim | $3.0B | $2.3B | -7% |
| G54950103 Linde PLC | Trim | $3.0B | $2.2B | -7% |
| MA Mastercard Incorporated | Trim | $2.8B | $3.4B | -6% |
| FNV Franco-Nevada Corporation | Trim | $2.8B | $2.4B | -5% |
| G0403H108 Aon PLC | Trim | $2.8B | $3.0B | -2% |
| COP ConocoPhillips | Trim | $2.7B | $2.1B | -9% |
| G5960L103 Medtronic PLC | Add | $2.7B | $2.0B | +2% |
| H42097107 Ubs Group Ag | Trim | $2.6B | $3.2B | -4% |
| G96629103 Willis Towers Watson PLC LTD | Trim | $2.6B | $2.0B | -2% |
| META Meta Platforms, Inc. | Trim | $2.6B | $3.2B | -9% |
| MCK McKesson Corporation | Trim | $2.5B | $2.8B | -16% |
| G1151C101 Accenture PLC Ireland | Trim | $2.5B | $2.9B | -8% |
| HONGBP Honeywell Intl INC | Add | $2.5B | $1.3B | +27% |
| AEM Agnico Eagle Mines Limited | Add | $2.5B | $2.0B | +2% |
| NDAQ Nasdaq, Inc. | Add | $2.5B | $2.7B | +5% |
| KLAC KLA Corporation | Trim | $2.4B | $2.1B | -6% |
| PGR The Progressive Corporation | Trim | $2.4B | $2.9B | -5% |
| V Visa Inc. | Trim | $2.3B | $1.6B | -8% |
| SCHW The Charles Schwab Corporation | Trim | $2.3B | $1.5B | -6% |
| TMO Thermo Fisher Scientific Inc | Trim | $2.3B | $1.8B | -2% |
| BDX Becton, Dickinson and Company | Trim | $2.2B | $1.8B | -4% |
| H1467J104 Chubb LTD Switz | Trim | $2.1B | $2.1B | -5% |
| WAT Waters Corporation | Add | $2.1B | $996.9M | +76% |
| ADI Analog Devices, Inc. | Trim | $2.0B | $2.1B | -21% |
| GD General Dynamics Corporation | Trim | $2.0B | $2.1B | -9% |
| MS Morgan Stanley | Trim | $1.9B | $2.2B | -6% |
| PCG Pacific Gas & Electric Co. | Trim | $1.9B | $1.9B | -5% |
| DUK Duke Energy Corporation (Holding Company) | Trim | $1.9B | $1.9B | -10% |
| PLD Prologis, Inc. | Trim | $1.9B | $1.9B | -6% |
| APH Amphenol Corporation | Trim | $1.8B | $2.2B | -12% |
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.