Amundi2026-Q1
Amundi's 13F filing for the first quarter of 2026 reveals a portfolio undergoing significant change, with a sharp increase in both new positions and overall trading activity. This guide uses the real data from that filing to teach you how to interpret each type of trade disclosure.
What a 13F filing actually discloses. A 13F is a quarterly report of institutional stock and convertible-bond holdings filed with the SEC. It shows the exact dollar value and share count for each qualifying position as of the report date. For Amundi, the portfolio held 2033 positions (up from 1835), and the turnover ratio rose to 0.356384 from 0.293285 – a sign of more frequent rebalancing. The Information Technology sector alone accounted for 0.4163 of the total weight, still the dominant sector.
How to spot a genuinely new position vs. an existing one. The action field is your guide. A new_buy means the position was not held in the prior quarter. Amundi's top new buy is TTE (TotalEnergies), currently valued at $18.87B and making up 5.14%% of the portfolio. In contrast, AAPL is labeled add – it was already owned and the fund purchased additional shares. New buys are the clearest signal of where fresh capital is being deployed.
How to read a trim vs. a full exit. trim means the fund sold some shares but still holds the position; sold_out means the entire position was liquidated. For example, UNH was trimmed from $2.43B to $1.73B, a reduction of -$703.0M. Meanwhile, the Ford convertible bond (F 0 03-15-26) was sold out entirely, with no remaining value. This distinction shows whether the fund is reducing exposure or exiting completely.
The counterintuitive case: action "add" but dollar value fell. Several positions in Amundi's filing show add next to a negative dollar change. This happens when the share count increased but the stock price dropped even more. For instance, the convertible bond "BABA 0.5 06-01-31" (Alibaba) has an action of add, but its value declined from $2.87B to $26,630. The filing's note explains: "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". This is a critical lesson: the action is about share count, not dollar direction.
What the overall pattern of moves suggests about portfolio strategy. Amundi's activity spans multiple themes. The fund initiated a large energy stake via TTE, increased its technology exposure through adds in AAPL, NVDA, and AMAT, while trimming UNH and AMD. The number of holdings grew by nearly 200, and the turnover ratio ticked up, reflecting an active quarter. This combination of heavy buying in new areas and selective trimming suggests a deliberate rebalancing rather than a uniform shift.
| Ticker | Action | Value Change |
|---|---|---|
| TTE | new_buy | a notable change |
| AAPL | add | +$2.43B |
| NVDA | add | +$726.7M |
| UNH | trim | -$703.0M |
| F 0 03-15-26 | sold_out | a notable change |
| BABA 0.5 06-01-31 | add | -$2.87B (shares were added, but dollar value fell because price dropped more than added shares – NOT a sell) |