2026-Q1 STATE STREET CORP 13F Filing: State Street's +$11.61B energy bet leads Q1 rotation

State Street's most decisive bet this quarter was a +$11.61B increase in Exxon Mobil, turning energy into the portfolio's most actively traded sector.

TL;DR: State Street's Q1 13F reveals an active rotation into energy stocks led by Exxon Mobil and Chevron, even as it trimmed mega-cap tech holdings like Apple and Meta. The moves reshuffled sector weights while portfolio turnover held at 0.149.

State Street Corp used the first quarter to execute a quiet but decisive rotation out of mega-cap technology and into energy stocks. The firm added to positions in Exxon Mobil and Chevron while trimming stakes in Apple, Meta, and Tesla, moves that collectively reshuffled the portfolio's sector exposure. XOM's weight climbed from 0.83% to 1.25%, while AAPL slipped from 5.51% to 5.28%.

Technology stocks still command the largest sector weight at 0.2977, but the active trades reveal a selective approach. State Street increased its Microsoft stake, even though the position's market value declined to $113.53B, and added to NVIDIA despite a similar price slide. In contrast, Apple was trimmed by -$11.35B, and Meta by -$9.32B, reflecting a rotation out of two of the portfolio's largest holdings.

State Street cut its Meta position by -$9.32B, a reduction that stood out among the quarter's trims.

Energy stocks received the clearest endorsement. Exxon Mobil's increase was the biggest single buy, and Chevron grew by +$8.48B, while ConocoPhillips added +$3.00B. The sector's weight rose to 0.0546, but the active decisions revealed a deeper conviction in the space. Meanwhile, financials and healthcare saw trimming across the board, with JPMorgan, Bank of America, and UnitedHealth all reduced.

The filing paints a picture of deliberate recalibration. State Street used the quarter to rotate from growth-heavy names into energy, a move that reweighted its portfolio toward value sectors.