2026-Q1 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 13F Filing: Massachusetts Financial Services nearly exits TTE in aggressive Q1 reshuffle

Massachusetts Financial Services turned over more than a fifth of its portfolio this quarter, making aggressive trims in its largest tech holdings while shoveling new money into select industrials and health care names. The fund’s turnover jumped to 0.22—from 0.18 in Q4—and its holding count expanded from 916 to 946, reflecting a deliberate shake-up rather than passive drift.

• TTE was nearly bled dry: the position fell from $2.64B to just $35.2M, a trim of -$2.61B that pushed its weight from 0.85%% to a microscopic 0.01%%.
• MSFT suffered a reduction of -$2.42B (from 4.22%% to 3.59%%) as the fund reduced its mega-cap exposure.
• HON bucked the selling: it added +$1.19B to become 0.85%% of assets.
• QGEN was completely vaporized, the $1.09B position sold out entirely.
• WAT more than doubled in value, posting an +$1.06B gain to reach 0.69%%.
• LIN, V, XOM, SCHW, WTW, COP, APD, TMO, FNV, and BDX all share a curious signature: the fund trimmed each one (real share sales), yet their dollar values all increased during the quarter. For example, LIN grew by +$841.7M despite active selling—price appreciation more than offset the reduction in share count.
• APTV was nearly unwound, with value plunging from $726.5M to $66.4M.
• NEE and MDT were both boosted, adding +$706.4M and +$645.7M respectively.

The systematic trimming across mega-cap tech and energy, even as the underlying stocks continued to rally, tells us the manager is actively shrinking position sizes rather than souring on the sectors. This is portfolio construction discipline, not a thematic call.

• AVGO was increased by +$627.8M, pushing its weight to 1.15%%, even as NVDA and GOOGL were trimmed.
• AAPL received a moderate boost of +$535.9M, staying relevant as the only big-tech name that saw net buying.
• On the sell side, CDNS was cut from $1.50B to $838.7M, and JPM was trimmed by -$667.0M.

The fund’s sector allocation tells a similar story: Information Technology’s weight fell from 23.6% to 22.44%, while Industrials climbed from 12.8% to 14.02%, and Financials dropped from 20.27% to 19.14%. This isn’t a broad risk-off—it’s a selective redeployment toward cyclical value.

Key Takeaways:

• The fund’s turnover rose to 0.22 and its holding count grew by 30, confirming an activist rebalancing.
• TTE was the most extreme trim, reduced to near-zero, while LIN, V, and seven others were cut but grew in value due to price moves.
• New or increased positions in AAPL, AVGO, HON, WAT, and MDT signal a deliberate tilt toward higher-quality industrials and health care.