Alliancebernstein L.P.2026-Q2
AllianceBernstein's 2026-Q2 13F filing shows portfolio turnover nearly doubling to 0.30234 from 0.158881, driven by aggressive adds in KLAC and BKNG alongside sharp trims of MSFT and AMZN. The firm held 3,317 positions with Information Technology at 33.94% of the portfolio.
No new positions (new_buy) or full exits (sold_out) appeared among this quarter's top holding changes — all active trades were adds to or trims of existing holdings.
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| — | — | — | — |
All active trades this quarter were adds to or trims of existing positions; the fund initiated no brand-new tickers and fully exited none among its largest moves.
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| KLAC | Add | +$10.49B | +3.48pts |
| BKNG | Add | +$7.35B | +2.44pts |
| MSFT | Trim | -$5.75B | -1.80pts |
| AMZN | Trim | -$4.29B | -1.33pts |
| NVDA | Trim | -$1.59B | -0.40pts |
| META | Trim | -$1.56B | -0.46pts |
| GOOG | Trim | +$340,643 | +0.00pts |
| AVGO | Trim | -$1.48B | -0.43pts |
| AAPL | Add | -$680.8M | -0.15pts — shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth, NOT a sell |
| VUG | Add | +$1.14B | +0.38pts |
| V | Trim | -$1.05B | -0.30pts |
| LLY | Trim | -$838.9M | -0.24pts |
| RTX | Add | +$738.2M | +0.25pts |
| ABT | Trim | -$669.1M | -0.22pts |
| MU | Add | +$637.5M | +0.21pts |
| APP | Trim | -$629.0M | -0.20pts |
| TT | Add | +$619.9M | +0.20pts |
| XOM | Add | +$608.7M | +0.21pts |
| CELH | Trim | -$608.7M | -0.19pts |
| ETN | Add | +$593.6M | +0.21pts |
| PWR | Add | +$593.0M | +0.20pts |
| VGIT | Add | +$589.2M | +0.20pts |
| RDDT | Trim | -$558.6M | -0.17pts |
| AMD | Add | +$544.7M | +0.18pts |
| VEEV | Trim | -$536.8M | -0.16pts |
| QCOM | Trim | -$535.5M | -0.17pts |
| VGSH | Add | +$515.5M | +0.17pts |
| SYK | Trim | -$508.5M | -0.15pts |
| PGR | Trim | -$495.3M | -0.15pts |
| SHOP | Trim | -$491.8M | -0.15pts |
The rotation concentrated capital into semiconductor equipment (KLAC) and travel platforms (BKNG) while reducing exposure to the largest mega-cap tech names. AAPL's negative value delta contradicts its "Add" label because the share price decline outweighed the share count increase.
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding Count | 3,317 | 3,228 |
| Turnover Ratio | 0.30234 | 0.158881 |
| HHI (Concentration) | 0.012854 | 0.014772 |
| Mapped Value Ratio | 84.76% | 87.33% |
| Momentum Tilt (pts) | 0.015005 | 0.019398 |
| Coefficient of Variation | 6.453543 | 6.833568 |
| Information Technology | 33.94% | 33.11% |
| Health Care | 11.76% | 13.40% |
| Consumer Discretionary | 11.66% | 10.27% |
| Communication Services | 10.85% | 11.91% |
| Financials | 10.05% | 12.04% |
| Industrials | 9.57% | 8.47% |
| Consumer Staples | 4.36% | 4.31% |
| Energy | 2.67% | 1.83% |
| Materials | 1.96% | 1.75% |
| Real Estate | 1.60% | 1.59% |
| Utilities | 1.59% | 1.31% |
Bottom Line: AllianceBernstein executed a high-conviction rotation in Q2 2026, nearly doubling turnover to 0.30234 as it pivoted from mature mega-cap tech into semiconductor capital equipment and consumer-travel platforms. The portfolio grew more diversified at the position level (HHI fell to 0.012854) even as IT sector weight ticked up to 33.94%, reflecting KLAC's outsized add. Health Care and Financials saw the largest sector-level declines, shedding 1.64 and 1.99 percentage points respectively. The simultaneous buildup in short-duration Treasuries (VGIT, VGSH) alongside equity adds signals a barbell posture: offensive equity rotation paired with defensive duration.