2026-Q2 Invesco Ltd. 13F Filing: Invesco expands to 3812 holdings, MU quintuples to $41.9B

Invesco Ltd.'s 2026-Q2 filing reveals a seismic shift in portfolio construction: the fund exploded from 101 holdings to 3812, a diversification move that reshaped its sector exposure with Information Technology still dominating at 46.01% weight. The top holding changes show a massive accumulation of semiconductor and AI-related names, with MU nearly quintupling in value to become a top-tier position.

• MU was added, growing by +$33.94B, increasing portfolio weight from 2.15% to 3.32%.
• NVDA was added, growing by +$33.73B, with weight dropping from 8.69% to 5.22% despite the dollar increase.
• AAPL was added, growing by +$26.06B, with weight falling from 7.64% to 4.30%.
• AMD was added, growing by +$23.93B, moving weight from 1.88% to 2.44%.
• GOOGL was added, growing by +$19.89B, with weight shifting from 3.43% to 2.58%.
• INTC was added, growing by +$17.42B, with weight rising from 1.25% to 1.74%.
• AMZN was added, growing by +$17.28B, with weight decreasing from 4.59% to 2.71%.
• LRCX was added, growing by +$17.07B, with weight moving from 1.51% to 1.79%.
• MSFT was added, growing by +$16.50B, with weight dropping from 5.64% to 2.96%.
• AVGO was added, growing by +$14.98B, with weight falling from 3.01% to 2.07%.
• AMAT was added, growing by +$14.74B, with weight shifting from 1.54% to 1.62%.
• SNDK was a new buy, establishing a position worth $12.76B at 1.01% weight.
• GOOG was added, growing by a notable change, with weight dropping from 0.00% to 0.00%.
• CSCO was added, growing by +$9.80B, with weight decreasing from 1.74% to 1.28%.
• KLAC was added, growing by +$9.48B, with weight nearly unchanged from 1.09% to 1.07%.
• TSLA was added, growing by +$9.22B, with weight falling from 3.81% to 1.85%.
• META was added, growing by +$8.79B, with weight dropping from 3.46% to 1.71%.
• TXN was added, growing by +$7.56B, with weight easing from 1.00% to 0.89%.
• WDC was added, growing by +$7.31B, with weight rising from 0.52% to 0.73%.
• MRVL was added, growing by +$7.21B, with weight increasing from 0.49% to 0.71%.
• PANW was added, growing by +$6.01B, with weight shifting from 0.74% to 0.69%.
• STX was added, growing by +$5.49B, with weight moving from 0.48% to 0.58%.
• LLY was a new buy, establishing a position worth $4.43B at 0.35% weight.
• CRWD was added, growing by +$4.34B, with weight edging from 0.56% to 0.51%.
• ARM was added, growing by +$4.10B, with weight jumping from 0.12% to 0.36%.
• JPM was a new buy, establishing a position worth $4.09B at 0.32% weight.
• WMT was added, growing by +$4.07B, with weight dropping from 3.44% to 1.33%.
• JNJ was a new buy, establishing a position worth $2.57B at 0.20% weight.
• ASML was added, growing by +$3.81B, with weight shifting from 0.66% to 0.49%.
• COST was added, growing by +$3.80B, with weight falling from 2.50% to 1.04%.

The pattern is unmistakable: this is a broad-based accumulation of semiconductor capital equipment, memory, and AI compute names—MU, AMD, LRCX, AMAT, SNDK, WDC, STX, MRVL, ARM—executed simultaneously. The turnover ratio of 110.75% and the jump from 101 to 3812 holdings signal a wholesale portfolio reconstruction, not a tactical tweak. Invesco is placing a leveraged bet on the entire silicon supply chain at once.

The dollar increases are dramatic, but weight percentages tell a subtler story: NVDA, AAPL, MSFT, AMZN, and TSLA all saw value rise while their portfolio weight fell, meaning the fund's denominator expanded faster than these positions. This is indexing sprawl—adding hundreds of names dilutes the mega-cap concentration, yet the absolute dollar commitment to AI leaders still grew. The standouts where weight also rose—MU, INTC, WDC, MRVL—are where the true conviction is.

• Key Takeaways:
  • MU is the defining trade of this quarter, with value growing by +$33.94B and weight rising from 2.15% to 3.32%—the clearest signal of conviction in memory/storage.
  • The fund restructured from a 101-stock concentrated book to a 3812-stock broad portfolio with Information Technology still at 46.01%, diversifying while doubling down on semis.
  • New buys in SNDK, LLY, JPM, and JNJ extend the bet beyond tech into health care and financials, a pragmatic hedge against pure mega-cap risk.