2026-Q1 Legal & General Group Plc 13F Filing: AZN new buy at $5.01B in Q1 2026

Legal & General Group's 2026-Q1 13F filing reveals a clear rotation away from mega-cap technology leaders into defensives and healthcare. The fund trimmed its largest positions while establishing a major new stake in AstraZeneca, and increased turnover to 0.158136 from 0.107958, confirming active repositioning.

• MSFT was trimmed, losing -1.18pts of portfolio weight.
• AAPL was trimmed, shedding -0.31pts.
• NVDA was trimmed, falling -0.26pts.
• AZN was established as a new buy at 1.16% weight, with a market value of $5.01B.
• TSLA was added, but the dollar value fell by -$1.57B because the stock price dropped more than the shares purchased — real buying, but price-driven.
• XOM was trimmed, but the dollar value rose by +$904.2M because the stock price gained more than the shares sold — real selling, but price-driven.
• JNJ was added, increasing its weight by +0.23pts.
• AMAT was added, with weight up +0.15pts.

The trimming of MSFT, AAPL, and NVDA alongside adds in AMAT and JNJ indicates a manager betting on a rotation from the largest market-cap names into mid-cap tech and healthcare. The momentum tilt dropped from 0.039224 to 0.020658, a deliberate reduction in factor exposure.

The AZN new buy is the most significant active decision. A position this size in one quarter signals strong conviction in biopharma. Meanwhile, the price-mismatch cases on TSLA and XOM highlight that dollar-value changes can mislead—share count adjustments are the true measure of intent.

Key Takeaways:

• MSFT and AAPL posted the largest weight declines, at -1.18pts and -0.31pts respectively.
• AZN was initiated as a top active bet at 1.16% weight, worth $5.01B.
• The fund's turnover ratio rose from 0.107958 to 0.158136, indicating heightened trading activity.