2026-Q1 GEODE CAPITAL MANAGEMENT, LLC 13F Filing: Geode Capital buys MSFT on the -$18.45B rout

Geode Capital Management's 13F filing for the first quarter of 2026 reveals a firm actively buying into the broad market selloff, adding to its largest positions even as their market values plummeted.

Why did Geode Capital keep buying MSFT even as its value evaporated?

Geode Capital added to its MSFT stake despite the position losing -$18.45B in market value, bringing its weight down from 5.43% to 4.33%. The drop was driven entirely by the stock's price decline. The firm's decision to allocate capital to MSFT during the rout reveals a strong confidence in the company's long-term earnings power, betting against the quarter's general skepticism toward mega-cap tech.

The only trimmed positions in Geode's top changes both gained value. What does this reveal about the firm's process?

XOM and MRK were the only two names Geode reduced share count on in the top holding changes. Both stocks advanced during the quarter, with XOM's value swelling from $11.49B to $16.13B. Rather than selling on a thesis break, the trimming feels like mechanical rebalancing—locking in some gain to prevent any single stock from taking up too much weight in the portfolio.

What was the single highest conviction "add" in terms of portfolio weight growth?

AMAT and SNDK stand out as the highest-conviction adds by weight growth. AMAT jumped from 0.29% to 0.47%, a massive increase for a multi-billion dollar position. SNDK gained +0.12pts in portfolio weight. These bets underscore a larger theme: Geode firmly believes in the capital spending cycle for AI and memory chips.

Despite Geode adding to several mega-cap tech stocks, how concentrated is the overall portfolio?

Despite significant adds to MSFT, NVDA, and AAPL, Geode's overall portfolio remains remarkably diversified. The fund holds 4513 positions, and its HHI concentration score is just 0.0145. Information Technology represents the largest sector weight at 31.87%, but no single holding dominates the book.

What does this mean for other investors?

Geode Capital's Q1 filing shows a firm that treated a sharp market drawdown as a buying opportunity, particularly in mega-cap tech and semiconductor equipment. The sheer scale of the buys—capped by the -$18.45B swing in its MSFT position alone—signals that large institutional allocators saw the quarter's dip as a chance to build long-term positions, not a reason to run for the exits.