Winslow Capital Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The current state of the institution can be characterized as one of strategic evolution and aggressive rebalancing. While the total portfolio value remains robust, the internal dynamics of the holdings suggest a manager who is actively pruning legacy winners to fund the next generation of growth leaders. The average position size is roughly $427 million, but the distribution is heavily weighted toward the top of the roster, with the largest holding alone accounting for over 11% of the total assets. This "barbell" structure—where a few massive core holdings provide the foundation while a larger number of mid-sized positions offer diversified growth potential—is a hallmark of Winslow’s current operational state.

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 most striking feature of Winslow’s allocation is the extreme concentration in its top three sectors. Technology, Communication Services, and Industrials collectively account for approximately 75.85% of the total portfolio. This level of focus indicates a manager who is making a definitive macro call: the future of economic value creation remains rooted in the intersection of advanced computing, digital connectivity, and the physical infrastructure required to support these systems. By allocating nearly half of the entire portfolio to the Technology sector, Winslow is signaling that it views tech not as a cyclical trade, but as the primary engine of the modern economy.

The combined 26.55% allocation to Communication Services and Consumer Discretionary highlights Winslow’s focus on the platforms that dominate human interaction and commerce. The Communication Services weight is largely driven by massive stakes in search and social media platforms, which have successfully integrated AI to enhance advertising yields. Meanwhile, the Consumer Discretionary allocation, though significant at 11.01%, has seen some of its most famous names trimmed. This suggests a more cautious view of the global consumer's discretionary spending power in 2026, leading the firm to favor platforms with high switching costs and essential digital services over pure-play retail or gig-economy delivery services.

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

NVIDIA remains the crown jewel of Winslow’s portfolio, occupying the number one spot with an 11.32% weight. Despite a minor reduction in the number of shares held (a decrease of 1.57%), the total weight of the position actually increased from 10.61% to 11.32%. This phenomenon indicates that the stock's price appreciation during the quarter significantly outpaced the firm’s slight profit-taking. This is a classic "conviction holding." Winslow is likely using the minor reduction as a risk management tool to prevent the position from becoming an overwhelming percentage of the portfolio, but the fundamental thesis—that NVIDIA is the indispensable provider of the "shovels" for the AI gold rush—remains fully intact. The firm’s willingness to let a single stock occupy over 11% of its capital speaks volumes about its confidence in NVIDIA’s competitive moat and the longevity of the current semiconductor cycle.

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

The most significant addition by dollar amount this quarter was into ASML, the Dutch semiconductor equipment giant. While the percentage change is astronomically high due to a tiny previous position, the estimated $462.9 million investment represents a major strategic shift. ASML is the sole provider of Extreme Ultraviolet (EUV) lithography machines, which are required to manufacture the world’s most advanced chips. By making ASML a nearly 2% position in the portfolio, Winslow is moving "upstream" in the semiconductor value chain. The logic is clear: if you believe in the growth of NVIDIA and Broadcom, you must believe in the company that provides the tools to build their chips. This is a "growth acceleration bet" on the physical limits of Moore’s Law and the essential nature of ASML’s technology.

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 most significant reduction by dollar amount was the $683.5 million trim of Microsoft. Reducing a core position by nearly 30% is a bold move for a growth manager. This should be qualified as a "Major Strategic Contraction." The logic likely stems from a combination of valuation concerns and a desire to diversify. Microsoft has been a primary beneficiary of the AI narrative, but with its market cap reaching historic levels, Winslow may feel that the "easy money" has been made. By pulling over $680 million out of Microsoft, the firm has freed up the capital necessary to fund its massive new bets in ASML and GE. This is not a lack of faith in Microsoft’s future, but rather a tactical decision to reallocate capital to areas with higher potential for alpha.

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 the past several years, the dominant investment logic has been "Software is eating the world." Winslow’s latest moves suggest a pivot. By aggressively trimming Microsoft and Amazon while building massive positions in ASML, Broadcom, and GE, the firm is betting that the next phase of economic value will be captured by the companies that build the physical infrastructure of the future. This is a shift from "Soft AI" (LLMs and applications) to "Hard AI" (lithography, advanced connectivity, and power infrastructure).

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.