Fidelity International (FIL) Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of Fidelity International this quarter reveals an institution that is both deeply rooted in "conviction-based" investing and highly agile in its tactical rebalancing. With a total of 1,096 holdings , the portfolio might appear diversified at first glance. However, a deeper analysis of the concentration levels suggests a "barbell" strategy. While the institution maintains a broad tail of over a thousand positions to capture market-wide beta and niche opportunities, its core performance is driven by a concentrated group of high-conviction bets. This high number of stocks indicates a commitment to risk smoothing and a multi-manager approach where different internal funds contribute to the aggregate 13F filing. Yet, the presence of multi-billion dollar positions in the top tier of the portfolio underscores a "smart money" logic that prioritizes fundamental excellence in large-cap leaders.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The Technology sector remains the undisputed anchor of the portfolio at 24.79% . This allocation reflects a long-term macro judgment that technological innovation remains the primary driver of corporate earnings growth. In the context of 2026, this likely points toward a continued focus on the "AI-Industrial Complex," where software giants and semiconductor leaders are capturing the lion's share of enterprise spending. By dedicating nearly a quarter of its capital to tech, Fidelity is signaling that it views the sector not as a cyclical play, but as a structural necessity.

One of the most striking aspects of the current allocation is the high weighting in Materials (10.94%) and Energy (8.39%) . Combined, these "old economy" sectors represent nearly 20% of the portfolio. This is a powerful signal of a "re-commoditization" theme. Fidelity appears to be betting on a world where physical constraints—ranging from the minerals needed for the energy transition to the oil and gas required for immediate power needs—drive significant value. The 8.39% in Energy, in particular, suggests a move away from pure ESG-driven exclusion toward a pragmatic "all-of-the-above" energy strategy, recognizing the massive cash flows being generated by traditional energy producers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Interestingly, despite the 12.90% increase in shares, the portfolio weight actually decreased slightly from 3.2% to 2.87%. This indicates that while Fidelity was aggressively buying, the overall growth of the total portfolio value or the relative performance of other assets slightly outpaced Microsoft’s price appreciation during this specific window. This is a classic example of active position adjustment where the institution is "buying the dip" or reinforcing its stake in a market leader to maintain its dominant influence in the portfolio. Microsoft represents the "safe haven" of the tech world—a company with massive cash flows, a wide moat, and a clear path to future growth.

However, the most dramatic moves occurred in the bottom half of the top 10. Texas Instruments (TXN) saw a massive 17.50% increase in shares, moving its weight up to 1.50%. This suggests a bullish bet on the recovery of the analog semiconductor market and industrial automation. Even more striking is the 38.17% increase in Suncor Energy (SU) , which saw its portfolio weight jump from 0.7% to 1.49%. This is a clear "conviction shift" toward the energy sector, likely driven by Suncor’s strong cash flow generation and the institution's desire for inflation-protected assets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

This move qualifies as a growth acceleration bet . AstraZeneca has been a leader in oncology, rare diseases, and respiratory medicine. By deploying nearly a billion dollars into AZN, Fidelity is signaling a strong belief in the company’s R&D pipeline and its ability to deliver market-beating growth in the healthcare sector. In a market where many are focused purely on tech, this move shows FIL’s willingness to find "growth at a reasonable price" (GARP) in the pharmaceutical space. It is a strategic diversification move that adds a high-quality, non-cyclical growth engine to the portfolio.

Fidelity’s 38.17% increase in its SU position suggests a belief that the energy cycle has significant longevity. By increasing the weight of Suncor to 1.49% of the total portfolio, FIL is positioning itself to capture both the commodity price upside and the company-specific "turnaround" story. This is a high-conviction move into a "real asset" that provides a natural hedge against geopolitical instability and inflation. It reflects a shift from purely digital growth to a more balanced "digital + physical" strategy.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The reductions in TD ($398.8M) and RY ($182.9M) are best qualified as profit-taking and risk management . As these are two of the largest positions in the portfolio, trimming them by 13.79% and 4.86% respectively does not signal a bearish outlook on the companies themselves. Rather, it is a way to manage "single-stock risk" and ensure that the portfolio does not become overly concentrated in the Canadian financial sector. Given the massive size of these holdings, even a small percentage reduction yields hundreds of millions of dollars in cash.

The heavy reduction in BNS and the exits from mid-cap SaaS (Dayforce) and Telecom (Frontier) serve as a warning. Fidelity seems to be signaling that "average" companies in competitive or capital-intensive industries will struggle in the current macro environment. They are clearly favoring scale and moat over "hope and recovery." For retail investors, the signal is clear: in an environment of high capital costs, the "big get bigger," and the "middle" gets squeezed.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The pivot from The Bank of Nova Scotia to AstraZeneca and Suncor Energy illustrates a shift from "stagnant value" to "dynamic value and growth." Fidelity is betting that in a world of persistent inflation and rapid technological change, the winners will be those who control the "essential" aspects of life: the software we use (Microsoft), the energy we consume (Suncor), the medicines we need (AstraZeneca), and the infrastructure that moves our goods (Canadian Pacific).

For the individual investor, the reference value here is the importance of selectivity . Fidelity is signaling that the era of "a rising tide lifts all boats" may be over. By liquidating broad ETFs and focusing on specific names like Oracle and Zoetis, they are telling the market that "where" you invest is now more important than "if" you are invested. However, it is crucial to note that FIL’s massive scale allows it to take these concentrated bets while still maintaining a 1,000-stock tail for risk management—a luxury most retail investors do not have.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.