Neuberger Berman Group2026-Q1
The single most consequential decision in Neuberger Berman's 2026-Q1 filing was a cut, not a bet: Microsoft, the firm's largest position, was trimmed from 4.23% to 3.21% of the entire book.
TL;DR: Neuberger Berman spent 2026-Q1 actively shrinking its biggest holdings — MSFT was trimmed hardest, alongside a cluster of other mega-cap technology and financial names — while spreading capital across more positions, including the S&P 500 tracker IVV and a string of semiconductor, industrial and healthcare adds. Holdings rose from 2104 to 2157, concentration (HHI) fell from 0.008736 to 0.007783, and turnover climbed from 0.185829 to 0.238858 — a quarter of deliberate rebalancing rather than a single new thesis.
By the Numbers
| Ticker | Action | Value Change |
|---|---|---|
| MSFT | Trim | -$1.47B |
| IVV | Add | +$283.0M |
| TER | Add | +$239.2M |
| GOOGL | Add | -$226.2M — shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth; NOT a sell |
| XOM | Trim | +$237.1M — shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth; NOT a buy |
The action column is the manager's decision; the value change is the quarter's outcome. Where the two disagree — as with GOOGL and XOM — the share-count move is the truth of what the firm did.
The headline of the filing is a retreat from the top. Microsoft entered the period as Neuberger Berman's largest holding, worth $5.68B, and left it with the heaviest trim in the book — a -$1.47B repositioning — its portfolio weight sliding from 4.23% to 3.21%. No other single line in the filing moves as much weight as that one trim.
And the MSFT cut was not isolated. AAPL was trimmed from 3.28% to 3.07%; JPM from 1.97% to 1.76%; GOOG from 2.05% to 1.87%; ORCL, AVGO, LLY, MA and BRK-B were all pared as well. The cumulative effect is visible in the sector and concentration lines: Information Technology's share of the book fell from 0.2787 to 0.2625, and the portfolio's HHI dropped from 0.008736 to 0.007783. This was a systematic thinning at the top.
Against that cascade of trims, the clearest single purchase was the index itself: IVV was lifted from 0.91% to 1.14% of the portfolio, a +$283.0M addition.
The buying clustered lower down the book. TER jumped from 0.03% to 0.22%; EW from 0.02% to 0.14%; ITW from 0.01% to 0.12%. The firm also added to NFLX, MSI, ADI, NEE, AMD, COST, JNJ, DOW and CSX — a spread of names across technology, healthcare, energy and industrials that, together with the index purchase, broadened the book beneath the trims.
The dollar-value movements, however, do not always line up with the trade ticket. XOM is the clearest case: shares were trimmed (real selling), but the dollar value rose by +$237.1M because the stock price gained more than the trimmed shares were worth — not a buy. GOOGL is the mirror image: shares were added (real buying), but the dollar value fell by -$226.2M because the stock price dropped more than the added shares were worth — not a sell. AMZN and META follow the same buy-but-value-fell pattern; TRGP, ASML, LNG and WMB follow the opposite trim-but-value-rose pattern. With turnover jumping from 0.185829 to 0.238858, prices moved as much as positions this quarter.
The end-state of the quarter is a more dispersed fund. Holdings increased from 2104 to 2157. The coefficient of variation across positions fell from 4.170038 to 3.974224, and the momentum tilt eased from 0.040008 to 0.036369. Alongside those shifts, the firm sold out entirely of AZNN while opening a fresh AZN position worth $518.7M — a clean swap of one position for another.
The story of Neuberger Berman's 2026-Q1 is not a new conviction; it is a smaller one. The largest bet was deliberately cut, and the book widened beneath it — more positions, lower concentration, and a turnover ratio that says the managers were anything but passive this quarter.