2026-Q1 FMR LLC 13F Filing: FMR trims MSFT by -$26.77B while adding to NVDA

Every quarter, institutional money managers with over $100 million in equities must file Form 13F with the SEC, revealing their U.S.-listed stock holdings. This walkthrough uses FMR LLC’s filing for the quarter ended March 31, 2026, to show you exactly how to parse the decisions behind the numbers.

1. What a 13F filing actually discloses
   A 13F filing lists all equity positions above a certain threshold as of the last day of the quarter, along with their market values and portfolio weights. FMR LLC reported 5,411 holdings across sectors. Information Technology dominated at 42.09% of the portfolio, followed by Communication Services at 17.64%. The turnover ratio of 0.212896 signals that about 21% of the portfolio by value was traded during the quarter.

2. How to spot a genuinely new position vs. an existing one
   The action field on each holding change is the source of truth. new_buy means the fund started the position from scratch—there was no ownership in the prior quarter. In this filing, AZN is a new buy, arriving with a current value of $5.80B and a portfolio weight of 0.31%%. This is FMR’s first reported stake in AZN for the period.

3. How to read a trim vs. a full exit
   A trim reduces an existing position; a sold_out eliminates it entirely. For example, MSFT was trimmed, with its value falling by -$26.77B and its weight sliding from 4.96%% to 3.71%%. In contrast, AZNN was sold out, completely liquidating the previous $2.01B stake.

4. What an add tells you when value drops
   An add means the fund increased its share count, but the dollar value can still fall if the stock price declined. Consider NVDA: FMR added to the position, yet its current value of $173.33B is lower than the previous $181.10B. The portfolio weight actually decreased from 9.23%% to 9.13%% because the price drop outpaced the additional shares. This reinforces that add reflects share count changes, not dollar commitment.

5. What the overall pattern of moves suggests about portfolio strategy
   The quarter’s largest trims hit MSFT, META, and TSLA, while FMR added to NVDA, GOOGL, and AAPL. Energy stocks gained through adds in XOM and CVX. A new healthcare position in AZN replaced the sold-out AZNN. With a turnover ratio of 0.212896 and Information Technology still at 42.09% despite selective tech cuts, the strategy appears to be rebalancing within the tech sector while expanding energy exposure.

This Quarter at a Glance