Jones Financial Companies L2026-Q1
Jones Financial rotated aggressively into value-oriented SPYM while slashing growth-focused VUG, signaling a dramatic shift in market regime expectations.
TL;DR: Jones Financial doubled down on value via SPYM, shed growth through VUG, and added mega-cap tech names selectively. The filing also reveals an IVV anomaly where added shares resulted in a dollar-value decline due to price depreciation.
| Ticker | Action | Value Change |
|---|---|---|
| SPYM | add | ++$3.64B |
| VUG | trim | -$2.64B |
| AAPL | add | ++$1.32B |
| IVV | add | -$512.7M (shares added but price drop caused value decline) |
| AGG | trim | -$813.7M |
Jones Financial's 13F filing for the first quarter of 2026 tells a story of a decisive rotation. The firm more than doubled its stake in SPYM, a value-focused ETF, while slashing its largest holding, the growth-oriented VUG. The portfolio's turnover ratio surged from 0.132 to 0.304, confirming a period of active rebalancing.
SPYM grew by +$3.64B, lifting its portfolio weight from 2.82%% to 3.97%%. Meanwhile, VUG was cut by -$2.64B, dropping from 11.71%% to 7.96%%. This value tilt aligns with sector shifts: Information Technology fell from 30.75% to 27.33%, while Financials rose from 12.81% to 15.34%.
The IVV anomaly—shares added yet value fell—underscores the quarter's volatile price action, where buying did not guarantee a positive return.
Not all growth was abandoned; the firm added to mega-cap tech names like AAPL, NVDA, and MSFT. AAPL’s position jumped by +$1.32B, NVDA by +$1.17B. Yet these were paired with trims in broad ETFs like IWB and VTV, suggesting a selective rather than wholesale embrace of large caps.
A peculiar case is IVV. Though the fund added shares (action: add), the dollar value fell by -$512.7M. The filing notes that shares were added, but the stock price dropped more than the additional shares were worth—a clear price-driven anomaly rather than a sale.
In sum, Jones Financial executed a bold rebalancing that favors value over growth and adds to select tech names while cutting broad exposure. The IVV anomaly serves as a reminder that in turbulent markets, even active buyers can see their positions decline.