2026-Q1 FIRST TRUST ADVISORS LP 13F Filing: First Trust slashes INFY and exits FXO/FXU in Q1

First Trust Advisors LP filed its 2026-Q1 13F, revealing an active quarter in which it cut several large tech and sector-fund positions while putting fresh capital into energy, industrials, and biotech.

Quick Stats

Why did First Trust cut INFY so hard?

INFY dropped from $1.04B to $237.6M, and its portfolio weight fell from 0.76% to 0.17%. This was an active trim, not a price-driven drift. It is the largest single-position value decline among the top changes, leaving INFY as a much smaller part of the book.

What is the biggest new bet First Trust placed in Q1?

The largest new buy is FXN, an energy ETF, at $672.4M with a 0.48% weight. First Trust also opened FTXR, an industrials and transportation ETF, at $669.3M and 0.48%. The entries track the quarter’s sector shift: Energy’s share rose from 0.0355 to 0.0556, and Industrials rose from 0.1715 to 0.1922. At the same time, First Trust sold out FXO and FXU completely, removing two sector-ETF anchors from the book.

Why did FBT go from almost nothing to a real position?

FBT jumped from $1.5M to $705.9M, the largest dollar-value increase among the listed changes, and its weight moved from 0.00% to 0.50%. The move was an active add, not a price move. Health Care’s portfolio share also ticked up from 0.0728 to 0.0803, so the biotech ETF add lines up with a broader sector preference.

Why did XOM’s value rise if First Trust sold shares?

XOM was trimmed, yet its value rose from $791.8M to $1.05B. The filing note says: “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.” So the weight increase from 0.58% to 0.75% came from the stock’s rally, not from new buying.

What does the MSFT add tell us when the value fell?

MSFT shows an added share count, but the position value dropped from $1.76B to $1.53B. The filing note reads: “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.” In other words, First Trust bought more shares while the stock itself lost value, so the final mark was lower.

What does this mean for other investors?

The clearest signal is rotation: First Trust cut several large technology and sector-ETF names and put capital into energy, industrials, and biotech. The turnover ratio jumped from 0.250635 to 0.314501, and holding count fell slightly from 2624 to 2602. That is a record of where this manager stood at March 31, 2026, not a playbook for anyone else.