2026-Q2 Capital Research Global Investors 13F Filing: Capital Research boosts NVDA by +$6.90B in Q2

Capital Research Global Investors used the second quarter of 2026 to concentrate, not to diversify. The filing for the period ended 2026-06-30 shows the holding count down to 426 from 459, turnover easing to 0.255263 from 0.320861, and the Information Technology sleeve expanding to 0.3302 of the book from 0.2912. This is a shop doubling down on large-cap tech and AI infrastructure, and paying for it primarily with energy and healthcare.

The buying side: AI infrastructure plus a defensive-yield kicker

• NVDA — added. Weight moved from 5.22% to 5.66% as the position value grew by +$6.90B, keeping the anchor holding at $40.56B.
• GOOGL — added. Weight up from 2.57% to 3.12%, a gain of +$5.80B.
• GOOG — added as well; the second Alphabet line climbed from 1.79% to 2.11% (+$3.60B).
• META — added, from 2.74% to 3.11%, with position value up +$4.64B.
• AMZN — added, from 3.83% to 4.01%, value up +$4.08B.
• GLW — added, weight up from 0.46% to 0.88% (+$3.34B) — the sharpest relative build of any add in the file.
• CSCO — added, from 0.77% to 1.10% (+$2.93B).
• APH — added, from 0.52% to 0.73% (+$1.83B).
• TSM — added, from 0.52% to 0.70% (+$1.63B).
• KLAC — added, from 0.22% to 0.41% (+$1.50B).
• RCL — added, from 1.21% to 1.52% (+$3.10B).
• MO — added, from 0.26% to 0.59% (+$2.53B) — the defensive-yield kicker.
• D — added, from 0.47% to 0.70% (+$2.02B).
• 84615Q103 — new buy. A position built from zero, now $1.78B and a 0.25% weight.

The selling side: semis skimmed, energy and med-tech gutted

• AVGO — trimmed. Shares were trimmed (real selling), but the dollar value rose by +$6.83B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight still moved up from 5.57% to 5.96%.
• AMAT — trimmed. Same pattern: real selling, but the dollar value rose by +$5.95B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight 1.56% to 2.23%.
• INTC — trimmed. Real selling, yet the dollar value rose by +$6.89B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight 0.53% to 1.44%.
• MU — trimmed. Real selling, yet the dollar value rose by +$3.01B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight 0.22% to 0.62%.
• STX — trimmed. Real selling, yet the dollar value rose by +$1.93B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight 0.35% to 0.58%.
• LLY — trimmed. Real selling, yet the dollar value rose by +$2.38B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight essentially held, 3.51% to 3.49%.
• GE — trimmed. Real selling, yet the dollar value rose by +$1.71B because the stock price gained more than the trimmed shares were worth — NOT a buy. Weight 1.53% to 1.61%.
• NFLX — added. The reverse divergence: shares were added (real buying), but the dollar value fell by -$1.64B because the stock price dropped more than the added shares were worth — NOT a sell. Weight slid from 1.01% to 0.68%.
• CNQ — trimmed. Value fell by -$3.43B, weight down from 1.24% to 0.64%.
• HAL — trimmed hard. Value fell by -$1.90B, weight down from 0.34% to 0.04%.
• MDT — trimmed. Value fell by -$2.60B, weight down from 0.56% to 0.14%.
• NEE — trimmed. Value fell by -$1.55B, weight down from 0.51% to 0.25%.
• GEHC — trimmed to a near-exit. Value fell by -$1.48B, weight down from 0.23% to 0.00%.

Read the semiconductor lines together and the strategy is unambiguous. Capital Research trimmed share counts in AVGO, AMAT, INTC, MU and STX, yet every one of those lines shows a higher dollar value and a higher weight, because the stock price gained more than the trimmed shares were worth. That is profit-taking in share terms, not a bearish exit: the firm banked shares into strength while letting the positions it kept compound. Against that, it actively added NVDA, TSM, KLAC, APH, GLW and CSCO. The house is rotating inside the AI complex — concentrating capital into the names it wants as core holdings and skimming share count off the rest.

The second inference is in what funded the tech build. Energy was cut hard — CNQ and HAL trimmed, with the sector weight down to 0.0308 from 0.0491 — and healthcare was gutted: MDT, GEHC and ABT trimmed, sector weight down to 0.1061 from 0.1235, with even LLY taking a trim. Against that, the fund added MO, D, SBUX and PM as defensive-yield ballast, alongside RCL. The portfolio mechanics confirm the intent: holding count down to 426 from 459, turnover down to 0.255263 from 0.320861, and HHI up to 0.019832 from 0.018433. Fewer names, bigger positions, higher concentration — this book is being narrowed on purpose, with energy and med-tech proceeds recycled into AI infrastructure.

One line deserves its own callout: NFLX. It is the only position in the file where the fund added shares and the dollar value still fell — the price decline outpaced the added shares, dragging the weight from 1.01% to 0.68% even as the buy went through. Buying into a falling tape is a decision, not drift. Note too that the momentum tilt eased to 0.234821 from 0.33421 even as the IT weight climbed to 0.3302 — these adds skew toward platform compounders and connectivity rather than high-beta momentum chases.

Key Takeaways

• Concentration into tech is the trade: Information Technology rose to 0.3302 of the book from 0.2912, backed by active adds to NVDA, GOOGL, GOOG, META, AMZN, GLW, CSCO, APH, TSM and KLAC.
• Rising dollar values on trimmed lines (AVGO, AMAT, INTC, MU, STX, LLY, GE) are price effects, not buying — share counts fell in every one of those names.
• The book narrowed deliberately: 426 holdings from 459, turnover down to 0.255263 from 0.320861, HHI up to 0.019832, funded by energy cuts (CNQ, HAL; sector weight 0.0308 from 0.0491) and healthcare cuts (MDT, GEHC, ABT; sector weight 0.1061 from 0.1235).