Bank Of America2026-Q2
BANK OF AMERICA CORP /DE/ filed its 2026-Q2 13F, showing a portfolio that added aggressively to tech names while trimming a few high-flyers.
| Ticker | Action | Value Change |
|---|---|---|
| MU | add | +$9.03B |
| NVDA | add | +$5.75B |
| AAPL | add | +$6.35B |
| XOM | trim | -$3.01B |
| NFLX | trim | -$2.90B |
The bank made MU its single biggest active add of the quarter, boosting the position to $11.74B from $2.72B, a gain of +$9.03B. This pushed MU's portfolio weight from 0.20% to 0.76%, making it one of the largest single-stock bets in the fund. The move aligns with a broader tilt toward semiconductors, as the fund also added to AMD, AMAT, and INTC.
All three were actively trimmed — real share selling — yet their dollar values all rose. For QQQ, the note says "shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth -- NOT a buy," with the position growing to $12.47B despite fewer shares. The same logic applies to DELL (now $4.68B) and SMH (now $6.27B). This is price appreciation masking a reduction in exposure, not an increased bet.
VTV was an active add in share count, with the position rising to $29.30B from $25.84B, yet its portfolio weight stayed flat at 1.89%. This is because the value gain roughly matched the overall portfolio's growth, so the relative weight didn't budge. It's a deliberate top-up that kept pace with the fund's expansion rather than a concentrated bet.
HON was sold to zero, with the position going from $2.06B down to nothing, removing its 0.15% weight from the portfolio. This was a clean exit — no shares remain. The sale frees up capital that appears to have been redirected into the semiconductor and tech adds seen elsewhere in the filing.
NVDA is actually an "add" — share count increased — with value rising to $39.09B and weight ticking up to 2.52%. The unchanged aspect is relative: NVDA's weight shift was modest compared to MU's leap, suggesting the bank topped up rather than repositioned aggressively. It remains the largest single holding by value in this portfolio.
Bank of America's 2026-Q2 filing shows a decisive rotation toward semiconductors and large-cap tech, funded partly by trimming energy (XOM) and streaming (NFLX) exposure. The fund's turnover ratio rose from 0.158828 to 0.208204, indicating more active churn. For other investors, the key takeaway is the distinction between price-driven value changes and actual share decisions — a lesson visible in the QQQ, DELL, and SMH trims where value rose despite selling.