2026-Q1 AMERIPRISE FINANCIAL INC 13F Filing: Ameriprise slashes NVDA by -$1.50B in Q1 2026

Ameriprise Financial Inc. filed its 13F for the first quarter of 2026, revealing a significant rotation out of mega-cap tech and into energy and other sectors.

Why did Ameriprise aggressively reduce its positions in NVDA and MSFT, its two largest stakeholders by value?

Ameriprise trimmed NVDA by -$1.50B, reducing its portfolio weight from 3.97% to 3.72%. MSFT was cut by -$4.38B, bringing its weight down to 2.66% from 3.59%. These reductions, along with other tech trims, lowered the Information Technology weighting from 32.7% to 31.0%. The fund's turnover ratio climbed to 0.215 from 0.150, reflecting an active quarter.

What made EOG and COP the standout buys in the energy sector?

Ameriprise added to EOG by +$906.8M, raising its weight from 0.14% to 0.36%, and to COP by +$745.2M, lifting its weight from 0.29% to 0.47%. Both are now among the larger holdings in the expanding Energy allocation, which grew from 3.56% to 5.09%. This move aligns with a broader tilt toward value and cyclical stocks.

How can the opposite movements in action and dollar value for positions like META, AAPL, and CVX be reconciled?

For META, shares were added (real buying), but the dollar value fell by -$625.9M because the stock price dropped more than the added shares were worth—'NOT a sell'. The same dynamic applies to AAPL (-$590.0M), AVGO (-$432.9M), and LLY (-$354.2M). Conversely, CVX was trimmed (real selling), yet its value rose by +$810.8M as the price gain outweighed the share reduction—'NOT a buy'. These notes prevent misinterpreting price-driven changes as active trading decisions.

What does the new buy in AZN and the exit from AZNN tell us about Ameriprise's healthcare positioning?

Ameriprise initiated a 0.26% position in AZN worth $1.13B, while fully selling out of AZNN, which had previously been valued at $965.7M (0.22% weight). The swap reflects a preference for one share class over the other within AstraZeneca. The broader Health Care sector weight nudged up from 9.66% to 10.13%.

What does this mean for other investors?

Ameriprise's Q1 activity shows a deliberate strategy: trim expensive tech names, accumulate energy and cyclical positions, and refine healthcare exposure. The detailed explanations of price-driven value moves serve as a reminder that reported dollar changes do not always reflect the manager's active intent—the underlying action is the true signal.