2026-Q1 WELLINGTON MANAGEMENT GROUP LLP 13F Filing: Wellington adds $4.63B AZN as it rotates out of tech

Wellington Management's Q1 2026 13F reveals a deliberate rotation out of mega-cap tech into energy, defense, and select healthcare names, capped by a significant new position in AstraZeneca. The firm trimmed its largest technology holdings, reduced sector concentration, and increased turnover, with the portfolio's HHI dropping from 0.011 to 0.0097 and turnover rising to 0.297.

• AZN: New buy — $4.63B (0.86%% of the portfolio).
• AAPL: Trim — -$4.51B to $16.50B; weight from 3.68%% to 3.08%%.
• GOOGL: Trim — -$4.24B to $13.69B; weight from 3.14%% to 2.56%%.
• MSFT: Add — shares increased, but -$4.13B to $19.52B because the stock price dropped more than the added shares were worth (filing note: not a sell).
• NVDA: Trim — -$2.90B to $23.35B; weight from 4.60%% to 4.36%%.
• UNH: Trim — -$2.45B to $2.73B; weight from 0.91%% to 0.51%%.
• AMZN: Trim — -$2.29B to $13.00B; weight from 2.68%% to 2.43%%.
• JPM: Trim — -$2.22B to $1.13B; weight from 0.59%% to 0.21%%.
• AZNN: Sold out — completely exited a position previously valued at $2.10B.
• LLY: Add — shares increased, but -$2.00B to $12.35B due to price decline (filing note: not a sell).
• AVGO: Add — shares increased, but -$1.02B to $15.38B due to price decline (filing note: not a sell).
• MRK: Trim — shares reduced, but +$1.04B to $10.14B due to price appreciation (filing note: not a buy).
• FANG: Add — +$1.99B to $2.47B; weight from 0.09%% to 0.46%%.
• BLK: Add — +$1.95B to $3.51B; weight from 0.27%% to 0.65%%.
• NOC: Add — +$1.79B to $3.39B; weight from 0.28%% to 0.63%%.
• KLAC: Add — +$1.59B to $2.12B; weight from 0.09%% to 0.40%%.
• XOM: Add — +$1.30B to $3.82B; weight from 0.44%% to 0.71%%.
• SPOT: Add — +$1.09B to $1.61B; weight from 0.09%% to 0.30%%.

The simultaneous trimming of AAPL, GOOGL, NVDA, AMZN, and JPM while building positions in energy (XOM), defense (NOC), and financials (BLK, FANG) shows a deliberate shift from high-valuation growth to cyclical and value-oriented sectors. Wellington is casting a clear vote against the momentum-driven tech trade and positioning for a more inflation-resilient portfolio.

The four holdings with counter-directional price moves — MSFT, LLY, AVGO, and MRK — are a highlight of this filing. In each case, the active decision (buy or sell) moved opposite to the dollar value change, purely because of extreme stock price swings during the quarter. Wellington added to MSFT, LLY, and AVGO despite their stocks falling, and trimmed MRK despite its stock rising. This is the signature of disciplined rebalancing and fundamental conviction, not a reaction to price momentum.

• Key takeaways:
• Wellington executed a significant rotation: slashing mega-cap tech exposures (AAPL, GOOGL, NVDA, AMZN) while adding to energy (XOM), defense (NOC), financials (BLK, FANG), and initiating a large new position in AstraZeneca (AZN).
• The portfolio's diverging trade/price signals on MSFT, LLY, AVGO, and MRK underscore that active stock selection, not passive drift, drove the quarter's changes.
• The reduction in HHI from 0.011 to 0.0097 and increased turnover to 0.297 reflect a deliberate diversification effort after a period of high concentration in technology.