2026-Q1 Invesco Ltd. 13F Filing: Invesco's -$6.22B trim of Microsoft leads a broad tech rotation

Invesco's 2026-Q1 filing captures a decisive rotation out of mega-cap tech, with the firm trimming its largest holdings and building positions in more defensive sectors. The fund's turnover ratio of 0.215679 and concentration score of 0.00575 reflect a portfolio in motion, actively shifting away from the market's most crowded trades.

• MSFT was trimmed, with its market value declining by -$6.22B and portfolio weight falling from 3.35% to 2.40%.
• WMT was added to, with its weight more than doubling from 0.43% to 0.83%.
• AZN was initiated as a new buy, entering the portfolio at a 0.30% weight.
• MU was increased, with its weight rising from 0.43% to 0.62%.
• APP was significantly reduced, with its weight dropping from 0.50% to 0.25%.
• NVDA was trimmed, with weight declining from 4.10% to 3.81%.

This is a textbook defensive rotation. Invesco is trimming exactly the names that drove the last bull cycle—MSFT, NVDA, META—and redeploying into stocks that have lagged, like WMT, JNJ, and XOM. The message is clear: the fund is preparing for a regime shift, not just making tactical adjustments.

The concentration of adds in semiconductor equipment is particularly telling. By adding to MU, LRCX, and AMAT while trimming broader tech plays like CRM and ADBE, Invesco is placing a targeted bet on the capital-investment cycle that underpins AI buildout. This is a bet on the picks and shovels, not the end product.

• Invesco executed a systematic reduction in mega-cap tech exposure, trimming every major holding from MSFT to TSLA.
• The fund rotated capital into value-oriented sectors, including semiconductor equipment, energy, and healthcare, with notable adds in WMT, MU, and XOM.
• New positions in AZN and AMCR, combined with adds in JNJ and BDX, underscore a defensive healthcare stance within the portfolio.