Barclays Plc2026-Q2
Barclays PLC's 2026-Q2 13F, covering positions as of June 30, 2026, records a sweeping rebuild of the bank's US equity book around broad index funds and semiconductor exposure.
Quick Stats
| Ticker | Action | Value Change |
|---|---|---|
| SPY | Add | +$34.93B |
| EEM | Add | +$23.92B |
| MU | Add | +$9.31B |
| NVDA | Trim | -$3.09B |
| AMD | Trim | +$3.20B — shares were genuinely sold, but the stock's price gain outweighed the value trimmed away |
By a wide margin, SPY. The S&P 500 ETF grew by +$34.93B, lifting its weight in the portfolio from 7.88% to 13.01% and making it the fund's largest disclosed holding. EEM was the second-largest commitment, growing by +$23.92B to reach 12.73% of the book, while QQQ added +$13.17B and climbed to 5.72%. IWM and HYG also grew, completing an index-heavy core.
The standout was MU, which grew by +$9.31B and jumped from 0.84% to 2.46% of the portfolio. Semiconductor vehicles SMH and SOXX expanded dramatically from near-negligible bases to end at $7.46B and $2.10B respectively, while equipment and component names LRCX, KLAC, MRVL, TXN, and WDC all received adds. Yet the Information Technology weighting actually slipped to 0.4702 from 0.4768, because the same quarter brought heavy selling inside the sector — most notably NVIDIA. This was a rotation within tech, not a simple enlargement of the tech bet.
These are price effects, not purchases. The filing's own annotation is explicit: 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. AMD is the clearest case: the position was actively reduced, yet its reported value grew by +$3.20B and its weight rose from 0.75% to 1.21%. INTC finished at $3.50B (0.67% of the book) after selling, and GOOGL reached $8.81B in reported value even as its weight fell from 1.92% to 1.69%. AMAT and SNDK tell the same story, ending at $2.64B and $1.04B.
NVIDIA absorbed the largest cut, falling by -$3.09B as its weight slid from 4.11% to 2.70%. META gave up -$1.49B to end at 1.08% of the book, while JPM and BRK-B declined by -$777.3M and -$761.8M respectively. Defensive names fell hardest in proportional terms: WMT closed the quarter at $1.31B, down from $2.82B, PEP shrank to $419.1M, and HON was all but eliminated, finishing at just $213,849. The equal-weight RSP fund was trimmed by -$791.6M as well. By sector, Consumer Staples fell to 0.0257 from 0.0427 and Communication Services to 0.0868 from 0.1252, while Utilities, Materials, Real Estate, and Industrials all gained ground.
Yes, and the metrics say so directly. The HHI concentration score rose from 0.030639 to 0.045302 over the quarter, driven chiefly by the enlarged SPY and EEM positions. Breadth widened at the same time, with the holding count increasing from 4325 to 4651. Turnover cooled from 0.482318 to 0.409459, a slower pace of churn once the new index core was in place.
Taken together, the moves sketch a rotation rather than a blanket bullish or bearish call: fresh capital flowed into broad index funds (SPY, EEM, QQQ) and semiconductor names (MU, SMH, SOXX) while mega-cap tech leadership and consumer staples were scaled back. The rising HHI alongside the swollen SPY and EEM stakes means the portfolio's results will track index-level swings more closely going forward. As always with 13F data, positions date to June 30 and are published weeks later, so treat this as a quarter-old snapshot rather than a live signal.