Vanguard Fiduciary Trust2026-Q2
Vanguard Fiduciary Trust Co's 13F for the quarter ended June 30, 2026 shows a fund rotating aggressively into semiconductors and memory chips while trimming — but not abandoning — its largest mega-cap tech positions.
Quick Stats
| Ticker | Action | Value Change |
|---|---|---|
| MU | Add | +$5.34B |
| AMD | Add | +$3.55B |
| NVDA | Trim | +$3.50B — shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth |
| XOM | Trim | -$808.0M |
| HON | Sold Out | a notable change |
Micron (MU) grew by +$5.34B, climbing from $2.14B to $7.48B as its portfolio weight jumped from 0.55% to 1.65% — the largest dollar increase among the top changes in this filing. The fund bought across the entire memory-and-storage complex, not just one name: SNDK grew from $526.6M to $1.93B, WDC from $516.2M to $1.26B, and STX from $470.5M to $1.19B. All four were active adds, meaning share counts rose rather than price appreciation doing the work. A four-for-four sweep of one hardware niche is the clearest thematic signature in the filing.
The sector's share of the portfolio climbed from 31.02% to 35.47% during the quarter, and active buying drove a large part of that move. AMD grew by +$3.55B, rising from $1.89B to $5.44B as its weight went from 0.48% to 1.20%. Intel (INTC) grew from $1.14B to $3.62B (weight 0.29% to 0.80%), Applied Materials (AMAT) from $1.54B to $3.30B, KLA (KLAC) from $1.11B to $2.26B, and Texas Instruments (TXN) from $1.00B to $1.56B. Every one of those lines is an add, so the sector's expanding footprint reflects deliberate accumulation stacked on top of chip-price strength.
Both Alphabet share classes grew through active adds. The GOOGL position grew by +$2.49B, from $9.55B to $12.04B, lifting its weight from 2.44% to 2.65%. The GOOG line grew by +$4.1M, from $3.6M to $7.7M, with weight rising from 0.00% to 0.00%. Because both were adds, share counts themselves increased — accumulated ownership rather than price drift — and each class now carries a heavier weight than any position the fund opened new this quarter.
Nvidia (NVDA) was actively trimmed — real selling — yet its dollar value grew by +$3.50B, ending the quarter at $27.61B versus $24.11B before. Per the filing's own annotation, 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 weight line confirms it: NVDA's portfolio weight slipped from 6.16% to 6.08% even as the dollar figure climbed. Apple (AAPL) shows the identical pattern, growing by +$2.79B to $24.15B while its weight eased from 5.46% to 5.32%. The same dynamic — shares trimmed, dollar value lifted by price gains — runs through Broadcom (AVGO), Amazon (AMZN), Eli Lilly (LLY), Marvell (MRVL), Cisco (CSCO), Palo Alto Networks (PANW), Lam Research (LRCX), and UnitedHealth (UNH) in this filing.
Honeywell (HON) was sold out completely, erasing a position worth $808.0M — a loss of a notable change — and removing its 0.21% weighting altogether. Exxon Mobil (XOM) took a genuine haircut: the trim coincided with value falling by -$808.0M, from $3.99B to $3.18B, dropping its weight from 1.02% to 0.70% and helping pull the Energy sector's share from 5.15% to 3.91%. Netflix (NFLX) was the other clear-cut reduction, falling by -$615.4M to $1.73B as its weight slid from 0.60% to 0.38%. These three stand apart because the selling and the declining dollar values point the same direction, unlike the price-masked trims elsewhere in the filing.
RTX arrived as a new buy worth $1.43B, debuting at 0.32% of the portfolio. Quanta Services (PWR) entered as a new buy valued at $620.8M, a 0.14% weight. The third entry is filed only under CUSIP 84615Q103, a new position worth $647.9M at 0.14% of assets. None of the three ranks near the top of the book by weight, but together they mark the fund seeding positions beyond its existing mega-cap core.
This filing reads as rotation within technology rather than away from it: the fund concentrated its adds in memory, semiconductors, and chip equipment while trimming — not exiting — its largest mega-cap positions, and Information Technology's weight still expanded from 31.02% to 35.47%. The headline dollar increases on trimmed names like NVDA and AAPL are price effects rather than buying, so anyone screening 13F value changes should check the action column before treating growth in a position's dollar size as conviction. With 4,076 holdings and a turnover ratio of 0.219024, this remains a broad, index-like book in which the top-line moves represent marginal tilts rather than wholesale bets.