CIK: 0000873630
Total reported value
$191.6B
Reporting period: 2026-03-31 · Number of holdings: 8884
HSBC HOLDINGS PLC disclosed 8884 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $191.6B and a quarterly turnover rate of 22.4%.
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Hsbc Holdings PLC's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 57 equally-sized positions, well below its 8884 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 6.38), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 70% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add TSM
+89.5% $1.7B
Trim AMZN
-14.8% -$1.7B
Add MU
+75.9% $1.3B
Trim IVV
-90.7% -$1.2B
Trim MSFT
+19.1% -$1.1B
Add UNH
+66.4% $686.1M
HSBC is hunting Alpha through concentrated momentum in semiconductors, slashing passive index exposure (IVV reduced from 0.66% to 0.06%) and rotating capital into TSM and MU. This is not a defensive repositioning but an aggressive bet that AI-driven earnings will continue to power tech outperformance, even as they trim some underperforming mega-caps like AMZN and AAPL.
The macro cyclical bet is that the AI capex super-cycle will sustain earnings momentum across the tech supply chain, justifying elevated multiples in an environment of slowing liquidity. HSBC is implicitly assuming that the Fed's rate cuts will be delayed rather than accelerated, and that the market's dispersion will reward stock-specific bets over beta. The opposing thesis cautions that this is a classic late-cycle momentum trap: if the growth narrative shifts or sticky inflation forces higher rates, the high-duration tech holdings will suffer multiple compression, and the synchronous sell-off in correlated momentum names will overwhelm the portfolio's thin liquidity layers.
The portfolio's extreme momentum tilt (94.83) and low position-sizing discipline (36.19) create a reflexivity risk: as the AI trade becomes a consensus factor bet, any negative catalyst will trigger a cascading unwind across thousands of small positions, many of which are only liquid in a rising market. This is a crowded trade in the highest momentum quintile, where the exits are narrow when sentiment turns.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 8884 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.80% | -0.18% | +2.16% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 5.65% | -0.42% | +19.05% | |
| 3 | AAPL | Apple INC | Stock-Tech | 5.14% | -0.35% | -1.97% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.51% | +0.35% | +18.41% | |
| 5 | META | Meta Platforms Inc-class A | Stock-Comm Services | 3.16% | -0.12% | +9.23% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.96% | -0.79% | -14.80% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.61% | +0.30% | +23.64% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.15% | -0.06% | +3.85% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 2.09% | -0.33% | +2.50% | |
| 10 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.68% | +0.89% | +89.51% | |
| 11 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.36% | +0.39% | +66.35% | |
| 12 | MU | Micron Technology INC | Stock-Tech | 1.29% | +0.67% | +75.91% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.13% | +0.13% | -5.91% | |
| 14 | V | Visa Inc-class A Shares | Stock-Financials | 1.08% | -0.27% | -9.15% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.06% | -0.22% | -10.75% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.92% | -0.22% | -7.50% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.84% | -0.09% | -6.85% | |
| 18 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.81% | — | +9.38% | |
| 19 | XOM | Exxon Mobil CORP | Stock-Energy | 0.78% | +0.22% | -4.23% | |
| 20 | CSCO | Cisco Systems INC | Stock-Tech | 0.70% | -0.10% | -15.19% | |
| 21 | AMD | Advanced Micro Devices | Stock-Tech | 0.63% | — | -1.97% | |
| 22 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.58% | — | -3.89% | |
| 23 | WMT | Walmart INC | Stock-Consumer Staples | 0.56% | — | -21.92% | |
| 24 | HD | Home Depot INC | Stock-Consumer Disc | 0.55% | — | -5.53% | |
| 25 | NFLX | Netflix INC | Stock-Comm Services | 0.55% | — | -8.30% | |
| 26 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.49% | — | -4.97% | |
| 27 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.49% | — | +35.50% | |
| 28 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.47% | — | +27.44% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.44% | — | -5.86% | |
| 30 | LITE | Lumentum Holdings INC | Stock-Tech | 0.42% | +0.31% | +96.70% | |
| 31 | AMAT | Applied Materials INC | Stock-Tech | 0.42% | — | -9.16% | |
| 32 | BAC | Bank Of America CORP | Stock-Financials | 0.42% | — | -4.41% | |
| 33 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.42% | — | -14.57% | |
| 34 | CVX | Chevron CORP | Stock-Energy | 0.41% | — | -8.90% | |
| 35 | MA | Mastercard INC - A | Stock-Financials | 0.41% | — | -1.50% | |
| 36 | ORCL | Oracle CORP | Stock-Tech | 0.39% | -0.35% | -30.05% | |
| 37 | LRCX | Lam Research CORP | Stock-Tech | 0.38% | — | -5.02% | |
| 38 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.36% | +0.12% | +51.83% | |
| 39 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.36% | — | -0.71% | |
| 40 | WFC | Wells Fargo & Co | Stock-Financials | 0.34% | -0.08% | -7.49% | |
| 41 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.34% | — | -8.97% | |
| 42 | CAT | Caterpillar INC | Stock-Industrials | 0.34% | — | -11.92% | |
| 43 | C | Citigroup INC | Stock-Financials | 0.33% | — | -11.85% | |
| 44 | WELL | Welltower INC | Stock-Real Estate | 0.33% | — | +11.77% | |
| 45 | IBM | Intl Business Machines CORP | Stock-Tech | 0.33% | -0.07% | -2.54% | |
| 46 | QCOM | Qualcomm INC | Stock-Tech | 0.32% | -0.12% | -4.31% | |
| 47 | SNDK | Sandisk CORP | Stock-Tech | 0.32% | +0.30% | +451.59% | |
| 48 | MS | Morgan Stanley | Stock-Financials | 0.32% | — | -9.66% | |
| 49 | CRM | Salesforce INC | Stock-Tech | 0.31% | -0.10% | +3.96% | |
| 50 | GS | Goldman Sachs Group INC | Stock-Financials | 0.31% | — | -16.37% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+22.9%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 8884 | $191.6B | 22 | |
| 2025-12-31 | 12298 | $196.2B | 23 | |
| 2025-09-30 | 8037 | $181.2B | 27 | |
| 2025-06-30 | 9561 | $166.5B | 0 | |
| 2025-03-31 | 9962 | $161.8B | 100 | |
| 2024-12-31 | 10021 | $171.9B | 0 | |
| 2024-09-30 | 10001 | $171.8B | 0 | |
| 2024-06-30 | 9626 | $163.6B | 0 | |
| 2024-03-31 | 9552 | $147.7B | 0 | |
| 2023-12-31 | 7941 | $114.7B | 0 | |
| 2023-09-30 | 7520 | $96.1B | 0 | |
| 2023-06-30 | 7423 | $98.2B | 0 | |
| 2023-03-31 | 7531 | $83.5B | 0 | |
| 2022-12-31 | 8159 | $87.0B | 0 | |
| 2022-09-30 | 7298 | $61.3B | 0 | |
| 2022-06-30 | 8322 | $71.6B | 0 | |
| 2022-03-31 | 8593 | $82.3B | 0 | |
| 2021-12-31 | 8371 | $108.3B | 0 | |
| 2021-09-30 | 7957 | $99.3B | 0 | |
| 2021-06-30 | 8088 | $93.8B | 95 | |
| 2021-03-31 | 7277 | $85.0B | 34 | |
| 2020-12-31 | 7573 | $75.0B | 36 | |
| 2020-09-30 | 7051 | $62.7B | 26 | |
| 2020-06-30 | 5227 | $52.7B | 31 | |
| 2020-03-31 | 7016 | $43.1B | 35 | |
| 2019-12-31 | 7576 | $57.6B | 25 | |
| 2019-09-30 | 7795 | $53.6B | 24 | |
| 2019-06-30 | 7352 | $52.7B | 29 | |
| 2019-03-31 | 7439 | $54.8B | 31 | |
| 2018-12-31 | 7243 | $54.1B | 35 | |
| 2018-09-30 | 7151 | $62.2B | 29 | |
| 2018-06-30 | 7228 | $56.2B | 38 | |
| 2018-03-31 | 7342 | $67.2B | 26 | |
| 2017-12-31 | 7119 | $69.1B | 19 | |
| 2017-09-30 | 6708 | $62.4B | 25 | |
| 2017-06-30 | 6496 | $54.4B | 27 | |
| 2017-03-31 | 6375 | $47.8B | 28 | |
| 2016-12-31 | 7467 | $42.9B | 23 | |
| 2016-09-30 | 6007 | $40.2B | 23 | |
| 2016-06-30 | 6156 | $36.4B | 26 | |
| 2016-03-31 | 6528 | $35.5B | 32 | |
| 2015-12-31 | 6709 | $41.5B | 32 | |
| 2015-09-30 | 6657 | $39.7B | 38 | |
| 2015-06-30 | 6618 | $49.0B | 31 | |
| 2015-03-31 | 6593 | $52.1B | 30 | |
| 2014-12-31 | 5768 | $48.2B | 28 | |
| 2014-09-30 | 5784 | $47.8B | 19 | |
| 2014-06-30 | 5775 | $46.2B | 24 | |
| 2014-03-31 | 5851 | $41.8B | 27 | |
| 2013-12-31 | 5501 | $38.4B | 21 | |
| 2013-09-30 | 5290 | $36.6B | 100 | |
| 2013-06-30 | 5071 | $33.0B | 0 |
Hsbc Holdings PLC's most significant position changes for 2026-03-31: New buy: Ishares Global Energy ETF (IXC); Add: Taiwan Semiconductor-sp Adr (TSM) — shares +89.51%; Trim: Amazon.com INC (AMZN) — shares -14.80%; Add: Micron Technology INC (MU) — shares +75.91%; Trim: Ishares Core S&p 500 ETF (IVV) — shares -90.74%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | +0.9% | +89.51% | Add |
| 2 | MU | Micron Technology INC | +0.7% | +75.91% | Add |
| 3 | UNH | Unitedhealth Group INC | +0.4% | +66.35% | Add |
| 4 | GOOGL | Alphabet Inc-cl A | +0.4% | +18.41% | Add |
| 5 | LITE | Lumentum Holdings INC | +0.3% | +96.70% | Add |
| 6 | FLUT | Flutter Entertainment plc | +0.3% | +33988.68% | Add |
| 7 | SNDK | Sandisk CORP | +0.3% | +451.59% | Add |
| 8 | AVGO | Broadcom INC | +0.3% | +23.64% | Add |
| 9 | XOM | Exxon Mobil CORP | +0.2% | -4.23% | Trim |
| 10 | LIN | Linde plc | +0.2% | +162.11% | Add |
| 11 | WIX | Wix.com Ltd. | +0.2% | +11894.00% | Add |
| 12 | JNJ | Johnson & Johnson | +0.1% | -5.91% | Trim |
| 13 | WDC | Western Digital CORP | +0.1% | +19.55% | Add |
| 14 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | +51.83% | Add |
| 15 | JNJ | Johnson & Johnson | +0.1% | +702.47% | Add |
| 16 | ETN | Eaton Corporation plc | +0.1% | +222.15% | Add |
| 17 | ACN | Accenture plc | +0.1% | +141.26% | Add |
| 18 | TT | Trane Technologies plc | +0.1% | +215.93% | Add |
| 19 | TEL | TE Connectivity plc | +0.1% | +385.01% | Add |
| 20 | GOOG | Alphabet Inc-cl C | -0.1% | +3.85% | Add |
| 21 | IBM | Intl Business Machines CORP | -0.1% | -2.54% | Trim |
| 22 | WFC | Wells Fargo & Co | -0.1% | -7.49% | Trim |
| 23 | EWY | Ishares Msci South Korea ETF | -0.1% | -92.69% | Trim |
| 24 | NOW | Servicenow INC | -0.1% | +2.39% | Add |
| 25 | PDD | Pdd Holdings INC | -0.1% | -21.29% | Trim |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -6.85% | Trim |
| 27 | XLE | Ss Energy Select Sector | -0.1% | -77.08% | Trim |
| 28 | CSCO | Cisco Systems INC | -0.1% | -15.19% | Trim |
| 29 | CRM | Salesforce INC | -0.1% | +3.96% | Add |
| 30 | AXP | American Express Co | -0.1% | -12.04% | Trim |
| 31 | CI | THE Cigna Group | -0.1% | -50.50% | Trim |
| 32 | CMCSA | Comcast Corp-class A | -0.1% | -44.12% | Trim |
| 33 | META | Meta Platforms Inc-class A | -0.1% | +9.23% | Add |
| 34 | QCOM | Qualcomm INC | -0.1% | -4.31% | Trim |
| 35 | GLD | Spdr Gold Shares | -0.1% | -68.39% | Trim |
| 36 | INTU | Intuit INC | -0.1% | -15.43% | Trim |
| 37 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -0.1% | -91.95% | Trim |
| 38 | NVDA | Nvidia CORP | -0.2% | +2.16% | Add |
| 39 | IYR | Ishares US Real Estate ETF | -0.2% | -99.95% | Trim |
| 40 | EEM | Ishares Msci Emerging Market | -0.2% | -52.02% | Trim |
| 41 | LLY | Eli Lilly & Co | -0.2% | -7.50% | Trim |
| 42 | JPM | Jpmorgan Chase & Co | -0.2% | -10.75% | Trim |
| 43 | V | Visa Inc-class A Shares | -0.3% | -9.15% | Trim |
| 44 | TSLA | Tesla INC | -0.3% | +2.50% | Add |
| 45 | AAPL | Apple INC | -0.4% | -1.97% | Trim |
| 46 | ORCL | Oracle CORP | -0.4% | -30.05% | Trim |
| 47 | MSFT | Microsoft CORP | -0.4% | +19.05% | Add |
| 48 | IVV | Ishares Core S&p 500 ETF | -0.6% | -90.74% | Trim |
| 49 | AMZN | Amazon.com INC | -0.8% | -14.80% | Trim |
| 50 | IXC | Ishares Global Energy ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-30 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-03-20 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-03-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-25 | Amendment | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-18 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-12-23 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-10-10 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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