Geode Capital Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The sheer scale of the portfolio—exceeding $1.6 trillion—suggests an institution that is not merely a participant in the market but a fundamental pillar of its liquidity and structure. With a total of 4,500 holdings, Geode’s investment style is characterized by an extraordinary level of diversification. This "broad-tent" approach is indicative of a strategy that seeks to capture the beta of the entire market while simultaneously making nuanced, high-value adjustments to its core positions. A portfolio containing 4,500 stocks is designed to smooth out idiosyncratic risks, ensuring that no single company’s failure can significantly derail the overall performance. However, despite this diversification, the institution maintains a clear and potent focus on the mega-cap leaders that drive the modern economy.

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

A 31.48% weight in Technology is a powerful signal. It suggests that Geode views technology not as a cyclical trade, but as the permanent foundation of modern economic growth. This allocation likely reflects a deep-seated belief in the "AI Supercycle," where software, semiconductors, and cloud computing are the primary drivers of productivity and corporate earnings. By maintaining such a high weight, Geode is positioning itself to capture the lion's share of value created by the ongoing digital transformation of every global industry.

Interestingly, the allocation to defensive sectors like Healthcare (9.78%) and Consumer Staples (4.98%) is relatively modest compared to the growth-oriented sectors. This suggests that Geode is currently in an "offensive" mode. While it maintains a presence in healthcare—likely as a hedge against volatility and a bet on long-term demographic trends—the primary focus remains on sectors that offer higher capital appreciation potential. The 9.56% in Communication Services further reinforces this, as this sector is now dominated by high-growth digital advertising and social media giants rather than traditional telecom utilities.

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

The slight decrease in portfolio weight (from 6.75% to 6.50%) despite the 2.13% increase in shares suggests that the broader portfolio grew at a faster rate than NVIDIA’s stock price during this specific snapshot period, or that Geode is practicing disciplined rebalancing. However, the active addition of over 12 million shares indicates that the institution remains bullish on NVIDIA’s fundamental breakout. They are likely betting on the successful rollout of the Blackwell architecture and the continued insatiable demand from "hyperscalers" like Microsoft and Google. For Geode, NVIDIA is not just a stock; it is a foundational asset that provides exposure to the very core of global technological innovation.

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

For Apple, the $2.68 billion addition is a massive vote of confidence in the company's ability to monetize its massive user base through new AI-driven services. For NVIDIA, the $2.18 billion addition suggests that Geode views any price volatility as a buying opportunity, focusing on the long-term structural shift toward GPU-based computing. For Microsoft, the $2.17 billion addition highlights the institution's belief in the "stickiness" of enterprise cloud and software. Together, these moves suggest that Geode is concentrating its offensive power in the companies with the strongest balance sheets and the most defensible competitive moats.

The logic behind this 17.80% surge is likely a bet on the "onshoring" of semiconductor manufacturing and the increasing complexity of chip production. As the world moves toward 3nm and 2nm process nodes, the equipment provided by AMAT becomes more indispensable and command higher margins. By aggressively increasing its stake in AMAT, Geode is moving up the supply chain, betting that the manufacturers will have to spend heavily on new equipment regardless of which chip designer wins the ultimate AI race. This is a sophisticated way to play the semiconductor theme with a focus on industrial necessity and valuation trough mining.

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

Packaging companies often face challenges from rising raw material costs and shifting consumer preferences toward sustainability, which can require expensive capital expenditures. By exiting Amcor, Geode is likely signaling that it sees better risk-adjusted returns in other sectors. This is a "Strategic Retreat" from a low-growth, capital-intensive industry in favor of the high-margin digital assets discussed in Section IV. Given that Geode had held this position since 2019, this exit marks the end of a long-term thesis, possibly due to the company reaching a valuation ceiling or a perceived decline in its competitive moat.

The pattern of these exits provides a clear warning: Geode is wary of "stagnant growth" and "structural vulnerability." The exits from materials, regional banks, and specific biotech names suggest that the institution is avoiding areas where margins are under pressure or where the path to future growth is clouded by regulatory or competitive uncertainty. For investors, the signal is clear: in a high-interest-rate, AI-driven world, the "middle ground" of the market is a dangerous place to be. Geode is choosing to stand with the giants or exit entirely.

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

For retail investors, the reference value here is the importance of "quality and scale." Geode is not chasing speculative "penny stocks" or unproven startups. Instead, it is using its $1.6 trillion to buy more of the most successful companies in history. This suggests that in the current macro environment, the "moat" provided by massive scale, deep pockets, and technological leadership is more valuable than ever. However, investors must also recognize that Geode’s scale allows it to be the "market," whereas individual investors have the flexibility to be more surgical.

The most critical risk is the time delay . This analysis is based on the position snapshot as of March 31, 2026. According to regulatory requirements, the 13F report has a 45-day delay in disclosure. This means that by the time this report is being read in mid-May 2026, Geode Capital Management may have already made significant new adjustments based on the latest inflation data, corporate earnings reports, or geopolitical events. The data represents a "rear-view mirror" look at the portfolio, not a real-time GPS.

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.