2026-Q1 CITIGROUP INC 13F Filing: SPY trimmed by -$4.81B in Citigroup's Q1 filing

A 13F filing gives a quarterly snapshot of the largest U.S. stock holdings of institutional investment managers. By reading it, you can see exactly which positions a firm like Citigroup actively changed and infer its tactical bets for the coming quarter.

1. What a 13F filing actually discloses. This filing covers Citigroup's U.S. equity portfolio as of March 31, 2026. It held 5,130 positions and had a turnover ratio of 0.305, meaning about 30.5% of the portfolio was traded during the quarter. The largest sector weight is Information Technology at 37.34%, followed by Consumer Discretionary at 12.7% and Financials at 11.8%.

2. How to spot a genuinely new position. A "new_buy" flag means the security was not held the previous quarter. Citigroup initiated a new position in AZN (AstraZeneca) worth $756.6M, representing 0.32% of the portfolio. There is no prior quarter value, confirming it is a fresh buy.

3. How to read a trim vs. a full exit. A "trim" means the manager reduced shares but still holds a meaningful position. SPY was trimmed, its value falling by -$4.81B, yet the fund still owns $2.56 billion. A "sold_out" means the position was liquidated entirely, like AZNN (a different AstraZeneca share class), which had no remaining value. Note that the action label is the only reliable source – even if the dollar value moves opposite, as with XLE: despite being trimmed, its value rose by +$337.1M because the stock price rallied sharply. The fund sold shares but the remaining holding appreciated.

4. How price movement can mask the true trade direction. Citigroup's position in CVNA provides a clear counter-example: the fund added shares (real buying), yet the dollar value fell by -$604.2M because the stock price dropped more than the added shares were worth. This is explicitly noted: "shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth -- NOT a sell". Ignoring the action flag and only watching dollar change would lead to a wrong conclusion.

5. What the overall pattern reveals about portfolio strategy this quarter. The fund rotated capital out of large-cap equity ETFs (SPY) and out of high-beta names like TSLA, and redirected it into a mix of mega-cap tech (NVDA, AAPL), small-cap value (IWM), financials (BAC, JPM, KRE), and energy (XOM, HAL, USO). Overall, the fund raised its allocation to Information Technology by 1 percentage point (from 36.33% to 37.34%) and to Financials by 0.7 points (11.08% to 11.8%), while trimming Consumer Discretionary (from 15.97% to 12.7%) partly due to the TSLA trim.

This Quarter at a Glance

Note: CVNA and XLE illustrate that the dollar value change does not always match the trading action—always check the action label.