&PARTNERS
Long book
$20.23B
Q1 2026
Positions
2395
Top-10 weight
22%
concentration
Last quarter
+11.5%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filings&PARTNERS is a mechanically diversified allocator, running a $20.23B US long book across 2395 positions.
The portfolio is broadly diversified across 2395 positions (top 10 only 22%). Turnover is modest: positions are typically held for years. Current anchor positions: APPLE INC, ISHARES CORE S&P 500 ETF, ISHARES CORE S&P MIDCAP ETF, MICROSOFT CORP, NVIDIA CORP.
Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.2%
Q2 2024
+7.0%
Q3 2024
-0.4%
Q4 2024
-1.3%
Q1 2025
+7.6%
Q2 2025
+6.4%
Q3 2025
+2.2%
Q4 2025
-1.4%
Q1 2026
+11.5%
Sector allocation
Technology 34%
Financials 13%
Consumer discretionary 11%
Industrials 11%
Healthcare 9%
Utilities 5%
Energy 5%
Services media 4%
Long book by quarter
What does &PARTNERS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 2.8M | $706.0M | 3.5% | +4.9% |
| MSFT MICROSOFT CORP | Technology | 1.4M | $523.0M | 2.6% | +6.5% |
| NVDA NVIDIA CORP | Technology | 2.6M | $460.2M | 2.3% | +6.7% |
| AVGO BROADCOM INC | Technology | 883.6K | $273.5M | 1.4% | +2.6% |
| JPM JPMORGAN CHASE & CO | Financials | 936.6K | $265.3M | 1.3% | +2.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.3M | $261.8M | 1.3% | +10.6% |
| GOOGL ALPHABET INC-CL A | Technology | 908.5K | $260.7M | 1.3% | +6.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 760.7K | $186.0M | 0.9% | -0.4% |
| WMT WALMART INC | Consumer discretionary | 1.4M | $169.3M | 0.8% | +0.8% |
| META META PLATFORMS INC-CLASS A | Technology | 280.9K | $160.7M | 0.8% | +8.5% |
| LLY ELI LILLY & CO | Healthcare | 171.7K | $157.9M | 0.8% | +6.9% |
| XOM EXXON MOBIL CORP | Energy | 715.0K | $121.3M | 0.6% | -0.5% |
| V VISA INC-CLASS A SHARES | Services media | 401.1K | $121.1M | 0.6% | +7.9% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 117.5K | $116.6M | 0.6% | +4.0% |
| GOOG ALPHABET INC-CL C | Technology | 382.7K | $109.7M | 0.5% | -0.6% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 216.4K | $109.0M | 0.5% | +4.4% |
| CVX CHEVRON CORP | Energy | 523.1K | $108.1M | 0.5% | +0.5% |
| PG PROCTER & GAMBLE CO/THE | Other | 686.8K | $99.1M | 0.5% | +31.1% |
| AMGN AMGEN INC | Healthcare | 280.0K | $98.6M | 0.5% | +0.2% |
| MCD MCDONALD'S CORP | Consumer discretionary | 310.5K | $96.5M | 0.5% | +3.1% |
| GS GOLDMAN SACHS GROUP INC | Financials | 108.5K | $92.8M | 0.5% | +2.1% |
| TSLA TESLA INC | Industrials | 245.3K | $91.3M | 0.5% | +11.6% |
| HD HOME DEPOT INC | Consumer discretionary | 263.2K | $86.6M | 0.4% | +8.4% |
| ABBV ABBVIE INC | Healthcare | 396.9K | $86.3M | 0.4% | +3.8% |
| CSCO CISCO SYSTEMS INC | Technology | 1.1M | $85.5M | 0.4% | +2.5% |
| BLK BLACKROCK INC | Financials | 83.9K | $80.7M | 0.4% | +1.3% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.7M | $79.0M | 0.4% | +11.7% |
| NEE NEXTERA ENERGY INC | Utilities | 848.0K | $78.7M | 0.4% | +1.9% |
| CAT CATERPILLAR INC | Industrials | 108.2K | $76.7M | 0.4% | +8.9% |
| PNC PNC FINANCIAL SERVICES GROUP | Financials | 354.2K | $73.7M | 0.4% | +11.2% |
| MU MICRON TECHNOLOGY INC | Technology | 193.3K | $72.8M | 0.4% | +7.6% |
| PEP PEPSICO INC | Consumer staples | 450.7K | $70.0M | 0.3% | +3.0% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 464.7K | $68.0M | 0.3% | +2.1% |
| LOW LOWE'S COS INC | Consumer discretionary | 279.2K | $65.5M | 0.3% | -4.3% |
| AFL AFLAC INC | Financials | 590.6K | $64.8M | 0.3% | +0.9% |
| ADI ANALOG DEVICES INC | Technology | 200.6K | $63.8M | 0.3% | -5.6% |
| GD GENERAL DYNAMICS CORP | Industrials | 184.7K | $63.4M | 0.3% | +1.3% |
| CEG CONSTELLATION ENERGY | Utilities | 225.6K | $63.0M | 0.3% | +15.6% |
| TJX TJX COMPANIES INC | Consumer discretionary | 390.3K | $62.3M | 0.3% | +11.8% |
| EOG EOG RESOURCES INC | Energy | 426.8K | $61.7M | 0.3% | +14.0% |
| MRK MERCK & CO. INC. | Healthcare | 506.6K | $61.0M | 0.3% | +0.5% |
| CB CHUBB LTD | Financials | 185.2K | $60.3M | 0.3% | -1.7% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 246.7K | $59.8M | 0.3% | +13.7% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 292.6K | $59.5M | 0.3% | +2.9% |
| ABT ABBOTT LABORATORIES | Healthcare | 576.1K | $59.1M | 0.3% | -1.0% |
| ETN EATON CORP PLC | Industrials | 164.8K | $58.9M | 0.3% | +12.1% |
| AMAT APPLIED MATERIALS INC | Technology | 169.3K | $57.9M | 0.3% | +8.5% |
| GILD GILEAD SCIENCES INC | Healthcare | 384.3K | $53.6M | 0.3% | +8.9% |
| WMB WILLIAMS COS INC | Utilities | 691.8K | $50.4M | 0.2% | +12.0% |
| RTX RTX CORP | Industrials | 257.6K | $49.7M | 0.2% | +4.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 2395 | $20.23B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 2282 | $19.11B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2120 | $15.61B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 1992 | $13.03B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 1753 | $9.41B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 1641 | $8.34B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 1390 | $5.18B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 914 | $2.28B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 11, 2024 | 491 | $725.8M | canonical | SEC ↗ |
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