2026-Q2 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 13F Filing: Schwab trims NVDA and MU as tech weight climbs

Every quarter, investment advisers overseeing more than $100 million in U.S.-listed equities must disclose their long stock positions to the SEC on Form 13F. This walkthrough uses Charles Schwab Investment Management's 2026-Q2 report — a snapshot of positions held as of June 30, 2026 — to show you how to read one.

1. Know what a 13F actually discloses. A 13F is a quarterly photograph, not a running diary: it lists every long position in U.S.-listed stocks the manager held on the final day of the quarter, filed up to 45 days later. Short positions, bonds, cash, and foreign-listed shares stay off the form, so it captures only part of an institution's assets. Applied to this filing: Charles Schwab Investment Management, the adviser behind Schwab's fund lineup, reported 3439 separate holdings as of June 30, 2026, down from 3455 the prior quarter, with a turnover ratio of 0.198694 versus 0.181402 the quarter before.

2. Tell a genuinely new position apart from an enlarged old one. A true debut arrives with an empty prior-quarter value, flagged as a new buy. Search this filing's biggest movers and you will find none: every ticker on the largest-changes list already sat in the portfolio the quarter before. What the quarter actually shows is fast scaling of small existing stakes. Marvell Technology (MRVL) grew from $308.5M to $1.56B, lifting its weight from 0.05% to 0.21%; Palo Alto Networks (PANW) went from $953.6M to $2.18B; and Schwab's own large-cap growth ETF, SCHG, expanded from $1.27B to $4.13B.

3. Read adds, trims, and exits as three different decisions. An add means shares were purchased; a trim means some shares were sold while the core position remained; a sold-out means the stake was liquidated in full. Among the adds, AMD gained +$4.56B in value, its weight moving from 0.37% to 0.93%, and Alphabet was built up through both listings — GOOGL rose by +$2.88B and GOOG by +$9.8M. On the trim side, Exxon Mobil (XOM) fell by -$1.27B, sliding from 0.89% to 0.60%. The clearest case sits with Honeywell (HON): the entire $912.6M stake was sold out, wiping the name from the book.

4. Catch the lines where the dollar move contradicts the action. A 13F compares two snapshots taken three months apart, so a position's value moves with both the share count and the stock price — and price usually dominates. Twelve of the largest trims in this filing posted higher dollar values. Take Micron (MU): the shares were trimmed — real selling — yet the position's value climbed by +$5.68B to $8.04B, because the stock price gained more than the trimmed shares were worth; this is not a buy. The identical mechanics run through NVIDIA (+$4.02B), Apple (+$3.36B), Intel (INTC), Sandisk (SNDK), UnitedHealth (UNH), Broadcom (AVGO), Amazon (AMZN), Lam Research (LRCX), Texas Instruments (TXN), Cisco (CSCO), and Caterpillar (CAT). The reverse case shows up twice: Chevron (CVX) — shares were added, real buying — yet the value fell by -$1.22B to $6.25B, because the stock price dropped more than the added shares were worth; this is not a sell. Accenture (ACN) tells the same story, shedding -$1.18B in value despite the added shares. Working rule: the action tag records what the manager did; the dollar change blends that decision with the market's move.

5. Learn what an unchanged line would mean — then notice this filing has none. When a holding carries the unchanged tag, its share count did not move at all; any shift in its reported value or weight comes entirely from the stock's price drifting over the quarter, not from any decision by the manager. Here, not one of the top changes holds that tag — all thirty of the largest moves were active trades. Combined with turnover rising from 0.181402 to 0.198694, this was a busier rebalancing quarter than the last.

6. Step back and read the whole pattern. Information technology's share of the portfolio expanded from 0.2722 to 0.3101, far ahead of every other sector, while energy slipped from 0.0678 to 0.053 and financials from 0.1174 to 0.1081; health care edged up from 0.1123 to 0.1141. Concentration barely moved (HHI 0.008746 to 0.008502), and the momentum tilt narrowed from 0.038237 to 0.02495 percentage points. Taken together, the quarter shows a predominantly index-driven manager harvesting gains across its surging semiconductor and mega-cap tech names — the MU, NVDA, and AAPL trims — while adding to decliners such as CVX and ACN and building out mid-sized tech positions in MRVL, PANW, and AMAT. Selling appreciated leaders and buying laggards in size is the signature of rebalancing back toward target weights, and that is the shape this filing takes.

This Quarter at a Glance