Geode Capital Management2026-Q2
GEODE CAPITAL MANAGEMENT's 2026-Q2 filing shows a pronounced semiconductor load-up: MU became the standout addition, ballooning from 0.57% to 1.70% of the portfolio, while overall holdings shrank to 4447.
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| HON | Sold Out | -- | 0.00 (was 0.23) |
| 84615Q103 | New Buy | $2.31B | 0.12% |
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| MU | Add | +$22.64B | +1.13 |
| NVDA | Add | +$16.39B | -0.05 |
| AMD | Trim | +$14.85B | +0.72 (shares trimmed, value rose on price gains – NOT a buy) |
| AAPL | Add | +$13.87B | -0.08 |
| INTC | Add | +$10.54B | +0.52 |
| GOOGL | Trim | +$9.93B | +0.14 (shares trimmed, value rose on price gains – NOT a buy) |
| AVGO | Add | +$8.58B | +0.15 |
| GOOG | Add | +$17.3M | +0.17 |
| AMAT | Add | +$8.40B | +0.38 |
| LRCX | Trim | +$7.42B | +0.33 (shares trimmed, value rose on price gains – NOT a buy) |
| AMZN | Trim | +$6.99B | -0.06 (shares trimmed, value rose on price gains – NOT a buy) |
| LLY | Add | +$5.77B | +0.14 |
| KLAC | Add | +$5.59B | +0.25 |
| SNDK | Trim | +$5.48B | +0.26 (shares trimmed, value rose on price gains – NOT a buy) |
| MRVL | Add | +$5.03B | +0.25 |
| CAT | Add | +$4.03B | +0.15 |
| CSCO | Trim | +$3.93B | +0.14 (shares trimmed, value rose on price gains – NOT a buy) |
| TSLA | Add | +$3.69B | -0.03 |
| PANW | Add | +$3.58B | +0.17 |
| STX | Add | +$2.98B | +0.14 |
| UNH | Trim | +$2.87B | +0.10 (shares trimmed, value rose on price gains – NOT a buy) |
| WDC | Trim | +$2.80B | +0.13 (shares trimmed, value rose on price gains – NOT a buy) |
| XOM | Add | -$2.73B | -0.29 (shares added, value fell on price drop – NOT a sell) |
| TXN | Add | +$2.58B | +0.10 |
| CRWD | Add | +$2.29B | +0.11 |
| GE | Trim | +$2.08B | +0.04 (shares trimmed, value rose on price gains – NOT a buy) |
| NFLX | Add | -$2.07B | -0.20 (shares added, value fell on price drop – NOT a sell) |
| DELL | Trim | +$2.04B | +0.10 (shares trimmed, value rose on price gains – NOT a buy) |
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| Holding Count | 4447 | 4513 |
| Turnover Ratio | 0.214489 | 0.139652 |
| HHI | 0.014333 | 0.014522 |
| Information Technology Weight | 0.3702 | 0.3187 |
| Energy Weight | 0.0339 | 0.0431 |
| Momentum Tilt (pts) | 0.020946 | 0.027272 |
| Coefficient of Variation | 7.921688 | 8.034512 |
Turnover jumped from 0.139652 to 0.214489, indicating active rebalancing. The tech sector weight surged to 37% of the portfolio, while energy exposure dropped sharply.
GEODE's quarter was defined by a massive semiconductor bet, led by MU, whose portfolio weight tripled to 1.7%. The fund added to NVDA, AVGO, INTC, and AMAT, while trimming AMD and LRCX—though price gains masked the selling in those trims. The exit of HON and the new CUSIP 84615Q103 suggest a rotation out of industrials and into a new instrument. With turnover up 50% and tech now dominating, the fund is clearly leaning into the AI supply chain.