Alliancebernstein L.P.2026-Q1
AllianceBernstein's portfolio turnover ratio dropped sharply from 0.209 to 0.159 in Q1, while its momentum tilt more than doubled from 0.008 to 0.019. The firm also established a new position in AZN valued at $1.02B and expanded its EMOP holding by +$1.18B.
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| AZN | New Buy | $1.02B | 0.33% |
No full exits this quarter. The new AZN stake entered the portfolio.
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| MSFT | Trim | -$2.07B | -0.53pts |
| EMOP | Add | +$1.18B | +0.38pts |
| GE | Add | +$1.12B | +0.36pts |
| OTIS | Trim | -$992.4M | -0.31pts |
| INTU | Trim | -$986.7M | -0.31pts |
| NOW | Trim | -$893.4M | -0.27pts |
| ABT | Trim | -$583.1M | -0.17pts |
| AAPL | Add | +$542.3M | +0.27pts |
| TSM | Trim | -$526.5M | -0.15pts |
| NVDA | Trim | -$482.3M | -0.01pts |
| BRK-B | Add | +$449.7M | +0.16pts |
| CMG | Trim | -$412.5M | -0.13pts |
| RDDT | Add | +$404.2M | +0.13pts |
| CPRT | Trim | -$389.4M | -0.12pts |
| VRSK | Add | +$382.7M | +0.13pts |
| CBOE | Trim | -$377.8M | -0.11pts |
| SHOP | Add | +$364.4M | +0.13pts |
| QCOM | Trim | -$341.2M | -0.10pts |
| TSCO | Trim | -$337.8M | -0.11pts |
| XOM | Add | +$330.1M | +0.11pts |
| CDNS | Add | +$326.9M | +0.12pts |
| TOST | Add | +$314.0M | +0.11pts |
| GOOG | Trim | -$313.6M | +0.00pts |
| LRGC | Add | +$313.4M | +0.10pts |
| ITT | Add | +$309.4M | +0.11pts |
| GS | Trim | -$299.0M | -0.09pts |
| AMZN | Trim | -$297.4M | +0.00pts |
| ABBV | Trim | -$295.5M | -0.08pts |
| DXCM | Add | +$285.4M | +0.10pts |
| USB | Add | +$285.3M | +0.09pts |
| MRK | Add | +$280.9M | +0.10pts |
| VRTX | Trim | -$265.5M | -0.07pts |
| FWD | Add | +$263.9M | +0.09pts |
| AMAT | Trim | -$245.7M | -0.07pts |
| WMT | Trim | -$230.5M | -0.06pts |
| ADP | Trim | -$227.2M | -0.07pts |
| BKNG | Trim | -$221.5M | -0.07pts |
| STE | Trim | -$214.0M | -0.07pts |
| CARR | Add | +$213.0M | +0.06pts |
| RACE | Trim | -$211.6M | -0.06pts |
| LLY | Trim | -$207.8M | -0.03pts |
| KLAC | Add | +$202.9M | +0.06pts |
| TJX | Add | +$202.3M | +0.08pts |
| CRM | Trim | -$201.9M | -0.06pts |
| MCK | Trim | -$201.8M | -0.04pts |
| CSCO | Add | +$201.5M | +0.07pts |
| MCD | Add | +$196.1M | +0.06pts |
| AGG | Trim | -$193.5M | -0.06pts |
The largest active increase came in EMOP, while the deepest cut targeted MSFT. The portfolio added 21 positions and trimmed 27.
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding Count | 3228 | 3235 |
| Turnover Ratio | 0.158881 | 0.209121 |
| HHI (Concentration) | 0.014772 | 0.015063 |
| Momentum Tilt (pts) | 0.019398 | 0.008230 |
| Coefficient of Variation | 6.833568 | 6.909659 |
| Mapped Value Ratio | 0.873258 | 0.875552 |
| Sector – Information Technology | 0.3311 | 0.3387 |
| Sector – Health Care | 0.1340 | 0.1339 |
| Sector – Financials | 0.1204 | 0.1196 |
| Sector – Communication Services | 0.1191 | 0.1161 |
| Sector – Consumer Discretionary | 0.1027 | 0.1077 |
The portfolio shifted its sector weights modestly, increasing Financials and Communication Services while reducing Information Technology and Consumer Discretionary.
Bottom Line: AllianceBernstein's Q1 filing reveals a clear strategic pivot: lower turnover and a higher momentum tilt point to a shift toward a more growth-oriented, patient approach. The firm aggressively added to momentum names like EMOP and GE, while trimming mega-cap tech such as MSFT and NVDA. The new AZN position and increases in industrials like CARR and ITT further signal a rotation into under-owned growth sectors. Overall, the portfolio’s sector allocation remains tech-heavy but is gradually diversifying.