CIK: 0001040197
Total reported value
$17.7B
Reporting period: 2026-03-31 · Number of holdings: 5019
MAI Capital Management disclosed 5019 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.7B and a quarterly turnover rate of 11.3%.
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MAI Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 84 equally-sized positions, well below its 5019 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 7.49), 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 42% 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.
Trim MSFT
+8.9% -$81.9M
Trim IVV
-0.1% -$55.5M
Add BINC
+37306.7% $69.6M
Trim UNH
-68.4% -$47.8M
Add BRK-B
+41.2% $45.7M
Add SDY
+25.3% $34.6M
MAI Capital Management is executing a low-turnover capital rotation: trimming its S&P 500 index core (IVV) to fund additions to a total market ETF (VTI), a new bond ETF (BINC), a dividend aristocrat ETF (SDY), and further accumulation in mega-cap stalwarts (MSFT, AAPL, BRK/B). This is not an alpha hunt—it's a strategic drift from passive cap-weight indexing toward a more diversified, yield-aware core that still leans on momentum-friendly large caps.
The portfolio flows price in a regime where the equity risk premium compresses and concentration risk in cap-weighted indices is unrewarded. By layering bonds and dividend payers, MAI is betting total return will increasingly depend on yield rather than price appreciation. The opposing thesis: AI-driven productivity and margin expansion sustain multiple expansion and momentum, making this cautious rotation an expensive hedge.
MAI's 4,809 holdings, while achieving maximal diversification scores, mask a structural flaw: the active buys concentrate factor exposure in a narrow set of mega-cap momentum names, while the vast tail of tiny positions adds tracking error without conviction. This creates a 'fragmented momentum' vulnerability—simultaneously overweight index heavyweights through active adds and underweight the index itself via IVV trimming—leaving the portfolio exposed to a synchronous reversal in both market beta and the momentum factor.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 5019 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 6.38% | -0.44% | -0.05% | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 3.68% | — | +5.31% | |
| 3 | AAPL | Apple INC | Stock-Tech | 3.57% | +0.14% | +13.42% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 2.31% | -0.52% | +8.88% | |
| 5 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 2.09% | +0.03% | +0.97% | |
| 6 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.67% | +0.07% | +3.79% | |
| 7 | NVDA | Nvidia CORP | Stock-Tech | 1.65% | +0.01% | +9.94% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.43% | — | +7.70% | |
| 9 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 1.38% | — | -3.05% | |
| 10 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.34% | -0.17% | -1.51% | |
| 11 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.33% | -0.11% | +0.36% | |
| 12 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 1.23% | +0.04% | +3.70% | |
| 13 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 1.20% | — | -0.98% | |
| 14 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 1.18% | -0.08% | -2.08% | |
| 15 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 1.15% | +0.04% | +5.70% | |
| 16 | AVGO | Broadcom INC | Stock-Tech | 1.07% | -0.15% | -0.21% | |
| 17 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.05% | -0.11% | +1.08% | |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.01% | +0.25% | +41.16% | |
| 19 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.95% | -0.12% | -0.02% | |
| 20 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.93% | +0.15% | +27.68% | |
| 21 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.93% | +0.06% | +4.25% | |
| 22 | MDY | State Street Spdr S&p Midcap | ETF-Other | 0.92% | — | -0.43% | |
| 23 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.83% | +0.13% | +21.40% | |
| 24 | SDY | Ss Spdr S&p Dividend ETF | ETF-Other | 0.82% | +0.19% | +25.33% | |
| 25 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.78% | -0.08% | +1.57% | |
| 26 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.76% | — | -12.19% | |
| 27 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 0.75% | — | -3.14% | |
| 28 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.71% | — | +2.76% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.71% | — | +0.31% | |
| 30 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.71% | -0.08% | -0.55% | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.64% | -0.12% | -0.49% | |
| 32 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 0.62% | — | +6.79% | |
| 33 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 0.62% | — | +1.61% | |
| 34 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.61% | -0.11% | +0.39% | |
| 35 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.60% | +0.07% | +0.65% | |
| 36 | RTX | Rtx CORP | Stock-Industrials | 0.59% | — | -3.63% | |
| 37 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.59% | +0.07% | +21.10% | |
| 38 | XOM | Exxon Mobil CORP | Stock-Energy | 0.54% | +0.15% | +0.62% | |
| 39 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.51% | — | +9.54% | |
| 40 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.51% | -0.07% | +5.10% | |
| 41 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.51% | — | +2.77% | |
| 42 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.49% | +0.04% | -0.20% | |
| 43 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.48% | — | -2.40% | |
| 44 | CSCO | Cisco Systems INC | Stock-Tech | 0.45% | — | -0.87% | |
| 45 | WMT | Walmart INC | Stock-Consumer Staples | 0.44% | +0.04% | +0.36% | |
| 46 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.44% | — | -0.29% | |
| 47 | HD | Home Depot INC | Stock-Consumer Disc | 0.43% | -0.05% | -5.70% | |
| 48 | IJK | Ishares S&p Mid-cap 400 Grow | ETF-Other | 0.41% | — | -0.12% | |
| 49 | PULS | Pgim Ultra Short Bond ETF | ETF-Other | 0.41% | — | -2.63% | |
| 50 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 0.40% | +0.05% | +2.60% |
Performance for Q3 2026
+2.8%
Performance Last 4 Quarters
+19.6%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 5019 | $17.7B | 11 | |
| 2025-12-31 | 4360 | $17.4B | 12 | |
| 2025-09-30 | 3808 | $16.1B | 24 | |
| 2025-06-30 | 3960 | $14.5B | 0 | |
| 2025-03-31 | 3441 | $13.3B | 100 | |
| 2024-12-31 | 3496 | $13.5B | 0 | |
| 2024-09-30 | 1188 | $10.5B | 0 | |
| 2024-06-30 | 1337 | $10.2B | 0 | |
| 2024-03-31 | 1303 | $9.7B | 0 | |
| 2023-12-31 | 1176 | $7.6B | 0 | |
| 2023-09-30 | 1124 | $6.7B | 0 | |
| 2023-06-30 | 1123 | $6.8B | 0 | |
| 2023-03-31 | 1121 | $6.3B | 0 | |
| 2022-12-31 | 1078 | $6.0B | 0 | |
| 2022-09-30 | 1004 | $5.3B | 0 | |
| 2022-06-30 | 966 | $5.2B | 0 | |
| 2022-03-31 | 988 | $5.9B | 0 | |
| 2021-12-31 | 989 | $6.2B | 0 | |
| 2021-09-30 | 869 | $5.2B | 0 | |
| 2021-06-30 | 841 | $5.0B | 94 | |
| 2021-03-31 | 776 | $4.5B | 16 | |
| 2020-12-31 | 718 | $4.0B | 27 | |
| 2020-09-30 | 631 | $3.5B | 15 | |
| 2020-06-30 | 587 | $3.2B | 33 | |
| 2020-03-31 | 573 | $2.5B | 27 | |
| 2019-12-31 | 624 | $3.1B | 34 | |
| 2019-09-30 | 562 | $2.2B | 11 | |
| 2019-06-30 | 561 | $2.2B | 19 | |
| 2019-03-31 | 489 | $2.0B | 17 | |
| 2018-12-31 | 456 | $1.7B | 26 | |
| 2018-09-30 | 490 | $2.0B | 10 | |
| 2018-06-30 | 492 | $1.9B | 15 | |
| 2018-03-31 | 471 | $1.8B | 12 | |
| 2017-12-31 | 481 | $1.8B | 12 | |
| 2017-09-30 | 449 | $1.6B | 12 | |
| 2017-06-30 | 461 | $1.6B | 12 | |
| 2017-03-31 | 460 | $1.5B | 15 | |
| 2016-12-31 | 445 | $1.4B | 15 | |
| 2016-09-30 | 449 | $1.3B | 10 | |
| 2016-06-30 | 426 | $1.3B | 17 | |
| 2016-03-31 | 432 | $1.3B | 16 | |
| 2015-12-31 | 413 | $1.3B | 24 | |
| 2015-09-30 | 433 | $1.3B | 28 | |
| 2015-06-30 | 485 | $1.5B | 14 | |
| 2015-03-31 | 492 | $1.5B | 32 | |
| 2014-12-31 | 469 | $1.4B | 73 | |
| 2014-09-30 | 399 | $1.0B | 0 | |
| 2014-06-30 | 399 | $1.0B | 29 | |
| 2014-03-31 | 403 | $993.3M | 24 | |
| 2013-12-31 | 391 | $943.2M | 39 | |
| 2013-09-30 | 361 | $769.6M | 17 | |
| 2013-06-30 | 317 | $767.2M | 0 |
MAI Capital Management's most significant position changes for 2026-03-31: Add: Microsoft CORP (MSFT) — shares +8.88%; Trim: Ishares Core S&p 500 ETF (IVV) — shares -0.05%; Add: Ishares Flex I A Etf-usd INC (BINC) — shares +37306.73%; Trim: Unitedhealth Group INC (UNH) — shares -68.36%; Add: Berkshire Hathaway Inc-cl B (BRK-B) — shares +41.16%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BINC | Ishares Flex I A Etf-usd INC | +0.4% | +37306.73% | Add |
| 2 | BRK-B | Berkshire Hathaway Inc-cl B | +0.3% | +41.16% | Add |
| 3 | SDY | Ss Spdr S&p Dividend ETF | +0.2% | +25.33% | Add |
| 4 | VTI | Vanguard Total Stock Mkt ETF | +0.2% | +27.68% | Add |
| 5 | XOM | Exxon Mobil CORP | +0.2% | +0.62% | Add |
| 6 | AAPL | Apple INC | +0.1% | +13.42% | Add |
| 7 | RSP | Invesco S&p 500 Equal Weight | +0.1% | +21.40% | Add |
| 8 | SJM | Jm Smucker Co/the | +0.1% | +160.21% | Add |
| 9 | CVX | Chevron CORP | +0.1% | +1.70% | Add |
| 10 | VEA | Vanguard Ftse Developed ETF | +0.1% | +3.79% | Add |
| 11 | COST | Costco Wholesale CORP | +0.1% | +0.65% | Add |
| 12 | VOO | Vanguard S&p 500 ETF | +0.1% | +21.10% | Add |
| 13 | WMB | Williams Cos INC | +0.1% | +298.40% | Add |
| 14 | IEMG | Ishares Core Msci Emerging | +0.1% | +4.25% | Add |
| 15 | AMAT | Applied Materials INC | +0.1% | +13.84% | Add |
| 16 | UPS | United Parcel Service-cl B | +0.1% | +60.64% | Add |
| 17 | VZ | Verizon Communications INC | +0.1% | -0.90% | Trim |
| 18 | SCHD | Schwab US Dvd Equity ETF | +0.1% | +2.60% | Add |
| 19 | CAT | Caterpillar INC | +0.1% | +2.65% | Add |
| 20 | VWO | Vanguard Ftse Emerging Marke | 0% | +5.70% | Add |
| 21 | IEFA | Ishares Core Msci Eafe ETF | 0% | +3.70% | Add |
| 22 | TSM | Taiwan Semiconductor-sp Adr | 0% | -0.20% | Trim |
| 23 | WMT | Walmart INC | 0% | +0.36% | Add |
| 24 | AVDE | Avantis International Equity | 0% | +105.52% | Add |
| 25 | IJH | Ishares Core S&p Midcap ETF | 0% | +0.97% | Add |
| 26 | NVDA | Nvidia CORP | 0% | +9.94% | Add |
| 27 | HD | Home Depot INC | -0.1% | -5.70% | Trim |
| 28 | SCHG | Schwab US Large-cap Growth | -0.1% | -6.09% | Trim |
| 29 | ADBE | Adobe INC | -0.1% | -33.64% | Trim |
| 30 | ACIO | Aptus Collared Invest Opp | -0.1% | -38.40% | Trim |
| 31 | ACN | Accenture plc | -0.1% | -5.35% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.1% | +5.10% | Add |
| 33 | ELV | Elevance Health INC | -0.1% | -79.73% | Trim |
| 34 | IVW | Ishares S&p 500 Growth ETF | -0.1% | -0.55% | Trim |
| 35 | JPM | Jpmorgan Chase & Co | -0.1% | +1.57% | Add |
| 36 | VIG | Vanguard Dividend Apprec ETF | -0.1% | -2.08% | Trim |
| 37 | ABT | Abbott Laboratories | -0.1% | -14.15% | Trim |
| 38 | META | Meta Platforms Inc-class A | -0.1% | +0.39% | Add |
| 39 | GOOG | Alphabet Inc-cl C | -0.1% | +1.08% | Add |
| 40 | QQQ | Invesco Qqq Trust Series 1 | -0.1% | +0.36% | Add |
| 41 | V | Visa Inc-class A Shares | -0.1% | -0.49% | Trim |
| 42 | IWF | Ishares Russell 1000 Growth | -0.1% | -0.02% | Trim |
| 43 | QCOM | Qualcomm INC | -0.1% | -9.95% | Trim |
| 44 | BKNG | Booking Holdings INC | -0.2% | -20.09% | Trim |
| 45 | AVGO | Broadcom INC | -0.2% | -0.21% | Trim |
| 46 | ORCL | Oracle CORP | -0.2% | -19.24% | Trim |
| 47 | GOOGL | Alphabet Inc-cl A | -0.2% | -1.51% | Trim |
| 48 | UNH | Unitedhealth Group INC | -0.3% | -68.36% | Trim |
| 49 | IVV | Ishares Core S&p 500 ETF | -0.4% | -0.05% | Trim |
| 50 | MSFT | Microsoft CORP | -0.5% | +8.88% | Add |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-02 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-19 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 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 | 2021-07-19 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-27 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-16 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-03 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-29 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-30 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-12 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-16 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-17 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-30 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-12 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-07 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-31 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-18 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-14 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-08 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-27 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-28 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-09 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-30 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-20 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-16 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-10-16 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-28 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-28 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-06 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-28 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-01 | 13F-HR | View on EDGAR |
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