2026-Q1 Capital International Investors 13F Filing: Fund trims mega-cap tech, adds AZN and NET.

This 13F filing from Capital International Investors offers a window into the firm's US equity portfolio as of March 31, 2026, reflecting a period of significant repositioning. In this walkthrough, we break down the key signals hidden in the data so you can read any 13F with confidence.

1. What a 13F actually discloses — and how much capital is at stake.
   A 13F filing lists equity positions above certain thresholds, giving a quarterly snapshot of institutional holdings. Capital International Investors' Q1 2026 filing shows 438 holdings and a turnover ratio of 0.54878 — meaning over half the portfolio was turned over during the quarter. For context, its top holding, AVGO, alone was worth $25.99B at quarter end.

2. How to spot a genuinely new position vs. an existing one.
   The 'new_buy' action signals a stock that did not appear in the prior filing. This quarter, the fund opened positions in AZN, NET, and HCA. Their current values: $6.72B, $2.25B, $1.44B. No prior values exist because these are freshly initiated stakes.

3. How to read a trim vs. a full exit.
   A 'trim' reduces shares held; 'sold_out' eliminates the position entirely. Compare AVGO (trimmed from $49.10B to $25.99B) with HSY (sold out, wiping out $1.66B).
   Not all trims shrink dollar value: TTE's shares were reduced, yet its value rose from $3.44B to $4.84B. The filing explicitly notes: "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." This reminds us that price action can overshadow volume.

4. What an addition tells you.
   An 'add' means the fund increased its stake. COST and TMO were both added this quarter. COST went from $552.2M to $2.74B, and TMO from $533.2M to $1.91B. These signal deliberate conviction.

5. What the overall pattern reveals about strategy this quarter.
   The filing paints a picture of aggressive rotation. Tech giants AVGO, MSFT, and NVDA were all deeply trimmed — AVGO fell by -$23.11B, MSFT by -$19.17B, and NVDA by -$2.32B. Simultaneously, the fund initiated sizable positions in AZN, NET, and HCA. Sector weights shifted accordingly: Information Technology fell from 31.27% to 29.08%, while Health Care climbed from 8.76% to 10.45%. The turnover ratio more than doubled from 0.1849 to 0.5488, underscoring a dramatic overhaul.

This Quarter at a Glance