Dimensional Fund Advisors Lp2026-Q2
Turnover at Dimensional Fund Advisors leapt to 0.216595 from 0.15215 last quarter — and its largest single addition, +$2.50B into NVDA, shows exactly where the extra trading was aimed.
TL;DR: In its 2026-Q2 13F, Dimensional Fund Advisors traded at a markedly hotter clip — turnover of 0.216595 versus 0.15215 — while Information Technology's share of the portfolio climbed to 0.2603 from 0.2224. The firm added to NVDA, AAPL, AMZN and a cluster of semiconductor names, funded by trims across energy (XOM, CVX) and a complete exit from HON. The catch: MU, AMD and many others are recorded as sales, yet their dollar values rose because share-price gains outran the value of the trimmed shares — these are not buys.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| MU | Trim | +$5.46B — shares genuinely sold, but price gains exceeded the value of the trimmed shares (not a buy) |
| NVDA | Add | +$2.50B |
| INTC | Add | +$1.71B |
| XOM | Trim | -$1.00B — value fell along with the share count |
| HON | Sold Out | Entire position exited |
On paper, Dimensional is the quietest kind of giant: a rules-based manager overseeing 3221 distinct positions (3215 last quarter), each one installed by formula rather than conviction. This quarter the formula ran hot. Turnover reached 0.216595, up from 0.15215, and when a systematic shop lifts its trading intensity that far, the interesting question is where the signals pointed. The sector math answers plainly: Information Technology's weight climbed to 0.2603 of the book from 0.2224, cementing its rank as the largest allocation by a wide margin.
The buying list was direct. NVDA grew by +$2.50B, its weight easing up from 3.42% to 3.44%; AAPL added +$2.36B; AMZN added +$1.89B. Around those cores, Dimensional stocked the picks-and-shovels tier of the chip trade: INTC grew by +$1.71B, KLAC added +$1.06B, ASML added +$816.1M, with TXN, STX and AVGO (+$1.01B) joining the queue. Health care took fresh capital too, via LLY at +$1.22B. Nowhere on the add side does an energy or staples name appear — this rotation had a single destination.
Dimensional sold Micron shares all quarter long — and still watched the stake swell from $2.35B to $7.81B, because the stock's price gained more than the trimmed shares were worth.
That paradox is the filing's strangest fingerprint. MU carries a trim flag — real selling — yet its value jumped from $2.35B to $7.81B and its weight from 0.49% to 1.42%. The filing's own annotation settles it: the share count fell while the dollar value rose because price gains exceeded the value of everything sold — NOT a buy, whatever the dollar column looks like. The same print repeats across the tape: AMD (+$1.24B), LRCX (+$1.23B), GOOGL, GOOG, CAT, AMAT, WDC, CSCO, SNDK, UNH and MRVL are all trims whose valuations climbed anyway. Judge the direction of travel by the action column, never the dollar column.
The exits were equally deliberate. XOM fell by -$1.00B, its weight sliding from 1.00% to 0.69%, and CVX fell by -$584.2M — unlike the Micron family, these were shrinks no price tape could disguise, dragging Energy's share of the book from 0.082 down to 0.0636. HON vanished altogether, erasing a $765.4M stake that had occupied 0.16% of assets. Financials eased to 0.1533 from 0.1586 even as JPM grew by +$777.8M. And the only named newcomer among the top changes arrived as a new buy: AZN, opened at $551.0M for a 0.10% weight.
For all the motion, the machine kept its skeleton. Holdings numbered 3221 versus 3215, the concentration score (HHI) barely budged at 0.004818 from 0.004681, and the momentum tilt eased to 0.030554 percentage points from 0.034377. MSFT captures the discipline: the firm did add, growing the stake by +$564.8M, yet its weight still slipped from 2.25% to 2.07% — the buy kept pace with the market while faster-growing positions redrew the pie. This was rebalancing at industrial scale, not a concentrated swing at one thesis.
Strip away the annotations and the 2026-Q2 file reads as one clean swap: energy's footprint shrank while the semiconductor stack absorbed the difference, and Honeywell left the roster entirely. At a turnover ratio of 0.216595, Dimensional's engine ran unusually hot this quarter — and the book it hands to July is measurably heavier in chips than the one it started with.