CIK: 0001722329
Total reported value
$40.7B
Reporting period: 2026-03-31 · Number of holdings: 64
Newport Trust Company, LLC disclosed 64 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $40.7B and a quarterly turnover rate of 11.1%.
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Newport Trust Company, LLC's disclosed holdings carry a Herfindahl concentration index of 0.073 — mathematically equivalent to about 14 equally-sized positions, well below its 64 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 1.94), 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.
Add T
-2.2% $646.0M
Trim BA
-2.8% -$696.7M
Add HON
-3.1% $317.7M
Add GEV
-4.0% $308.2M
Trim PSN
+0.7% -$361.4M
Trim GE
-1.6% -$278.3M
Newport Trust is amplifying a high-conviction bet on an industrial and telecom-led expansion, using tactical trims to lock gains in BA and GE while adding to laggards like PSN and F to maintain factor exposure. This is not a capital rotation—it's a conviction anchor with pinch-point rebalancing.
They are pricing a secular industrial renaissance—infrastructure, defense, and telecom infrastructure—while implicitly shorting a recession call. The opposing thesis is that the industrial cycle peaks, margins compress from labor and input costs, and AT&T’s leverage becomes a liability in a tightening cycle.
The 53.7% weight in Industrials is a leverage trade on economic momentum, but it creates a reflexivity trap: if that thesis cracks, liquidity will vanish in the smallest industrial names while the whole portfolio collapses into correlated sell-offs. The low turnover means they sit through the drawdown.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BA | Boeing Co/the | Stock-Industrials | 14.01% | -1.31% | -2.78% | |
| 2 | T | At&t INC | Stock-Comm Services | 12.77% | +1.87% | -2.17% | |
| 3 | GD | General Dynamics CORP | Stock-Industrials | 11.44% | +0.38% | -1.13% | |
| 4 | HON | Honeywell International INC | Stock-Industrials | 7.14% | +0.94% | -3.10% | |
| 5 | PSN | Parsons CORP | Stock-Tech | 6.67% | -0.69% | +0.69% | |
| 6 | GE | General Electric | Stock-Industrials | 6.65% | -0.50% | -1.56% | |
| 7 | DDS | Dillards Inc-cl A | Stock-Other | 6.34% | -0.22% | -0.24% | |
| 8 | F | Ford Motor Co | Stock-Consumer Disc | 3.95% | -0.36% | +1.42% | |
| 9 | GEV | GE Vernova INC | Stock-Industrials | 3.44% | +0.82% | -4.01% | |
| 10 | SRE | Sempra | Stock-Utilities | 2.68% | +0.20% | -4.16% | |
| 11 | DIS | Walt Disney Co/the | Stock-Comm Services | 2.54% | -0.41% | -0.95% | |
| 12 | MMM | 3m Co | Stock-Industrials | 1.99% | -0.23% | -3.26% | |
| 13 | WWD | Woodward INC | Stock-Industrials | 1.76% | +0.31% | +0.25% | |
| 14 | ETR | Entergy CORP | Stock-Utilities | 1.44% | +0.27% | -1.93% | |
| 15 | EMR | Emerson Electric Co | Stock-Industrials | 1.40% | -0.02% | -2.76% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.34% | +0.12% | -2.11% | |
| 17 | DAL | Delta Air Lines INC | Stock-Industrials | 1.28% | -0.08% | -4.26% | |
| 18 | COF | Capital One Financial CORP | Stock-Financials | 1.19% | -0.25% | +6.60% | |
| 19 | SPGI | S&p Global INC | Stock-Financials | 1.08% | -0.20% | +1.00% | |
| 20 | DRI | Darden Restaurants INC | Stock-Consumer Disc | 0.86% | +0.05% | -2.77% | |
| 21 | HIG | Hartford Insurance Group INC | Stock-Financials | 0.80% | -0.01% | -1.71% | |
| 22 | UAL | United Airlines Holdings INC | Stock-Industrials | 0.73% | -0.14% | -1.43% | |
| 23 | XEL | Xcel Energy INC | Stock-Utilities | 0.71% | +0.05% | -1.57% | |
| 24 | ELV | Elevance Health INC | Stock-Healthcare | 0.71% | -0.13% | -1.97% | |
| 25 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.70% | -0.15% | -2.74% | |
| 26 | NI | Nisource INC | Stock-Utilities | 0.64% | +0.07% | -1.82% | |
| 27 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 0.49% | -0.03% | -3.80% | |
| 28 | HUM | Humana INC | Stock-Healthcare | 0.45% | -0.15% | +6.19% | |
| 29 | STT | State Street CORP | Stock-Financials | 0.44% | -0.01% | -2.00% | |
| 30 | BMO | Bank Of Montreal | Stock-Financials | 0.43% | +0.02% | -1.36% | |
| 31 | HBAN | Huntington Bancshares INC | Stock-Financials | 0.40% | -0.03% | -0.74% | |
| 32 | LTM | Latam Airlines Group Sa-adr | Stock-Other | 0.39% | -0.12% | -18.43% | |
| 33 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 0.36% | — | -2.99% | |
| 34 | WHR | Whirlpool CORP | Stock-Consumer Disc | 0.34% | -0.07% | +7.97% | |
| 35 | M | Macy's INC | Stock-Consumer Disc | 0.31% | -0.06% | -0.81% | |
| 36 | MCO | Moody's CORP | Stock-Financials | 0.29% | -0.05% | -1.73% | |
| 37 | BBY | Best Buy Co INC | Stock-Consumer Disc | 0.18% | — | +1.58% | |
| 38 | PM | Philip Morris International | Stock-Consumer Staples | 0.14% | -0.01% | -11.56% | |
| 39 | WAT | Waters CORP | Stock-Healthcare | 0.13% | -0.03% | +4.78% | |
| 40 | ED | Consolidated Edison INC | Stock-Utilities | 0.13% | +0.01% | -1.89% | |
| 41 | KHC | Kraft Heinz Co/the | Stock-Consumer Staples | 0.13% | -0.01% | -2.67% | |
| 42 | PNC | Pnc Financial Services Group | Stock-Financials | 0.12% | +0.12% | NEW | |
| 43 | PNW | Pinnacle West Capital | Stock-Utilities | 0.11% | +0.01% | -2.52% | |
| 44 | VVV | Valvoline INC | Stock-Consumer Disc | 0.11% | +0.01% | -3.90% | |
| 45 | BDC | Belden INC | Stock-Tech | 0.10% | — | -0.01% | |
| 46 | SNY | Sanofi-adr | Stock-Healthcare | 0.09% | — | -4.43% | |
| 47 | OZK | Bank Ozk | Stock-Financials | 0.07% | — | -2.24% | |
| 48 | BOH | Bank Of Hawaii CORP | Stock-Other | 0.06% | — | -0.24% | |
| 49 | ASH | Ashland INC | Stock-Materials | 0.06% | -0.01% | -8.66% | |
| 50 | GT | Goodyear Tire & Rubber Co | Stock-Consumer Disc | 0.06% | -0.01% | -3.92% |
Performance for Q3 2026
-0.6%
Performance Last 4 Quarters
+0.3%
Based on 65% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 64 | $40.7B | 11 | |
| 2025-12-31 | 64 | $41.8B | 8 | |
| 2025-09-30 | 63 | $43.9B | 16 | |
| 2025-06-30 | 64 | $41.7B | 0 | |
| 2025-03-31 | 64 | $39.0B | 100 | |
| 2024-12-31 | 64 | $41.3B | 0 | |
| 2024-09-30 | 62 | $41.2B | 0 | |
| 2024-06-30 | 60 | $39.8B | 0 | |
| 2024-03-31 | 55 | $36.8B | 0 | |
| 2023-12-31 | 57 | $37.5B | 0 | |
| 2023-09-30 | 57 | $32.5B | 0 | |
| 2023-06-30 | 52 | $34.3B | 0 | |
| 2023-03-31 | 53 | $36.1B | 0 | |
| 2022-12-31 | 53 | $36.0B | 0 | |
| 2022-09-30 | 52 | $29.6B | 0 | |
| 2022-06-30 | 51 | $30.9B | 0 | |
| 2022-03-31 | 51 | $35.7B | 0 | |
| 2021-12-31 | 52 | $37.1B | 0 | |
| 2021-09-30 | 55 | $36.8B | 0 | |
| 2021-06-30 | 57 | $39.5B | 100 | |
| 2021-03-31 | 56 | $40.2B | 11 | |
| 2020-12-31 | 55 | $36.3B | 24 | |
| 2020-09-30 | 49 | $28.7B | 16 | |
| 2020-06-30 | 47 | $27.4B | 16 | |
| 2020-03-31 | 48 | $24.3B | 43 | |
| 2019-12-31 | 49 | $37.3B | 10 | |
| 2019-09-30 | 47 | $37.6B | 7 | |
| 2019-06-30 | 46 | $37.0B | 14 | |
| 2019-03-31 | 45 | $33.4B | 11 | |
| 2018-12-31 | 43 | $30.7B | 17 | |
| 2018-09-30 | 46 | $36.0B | 9 | |
| 2018-06-30 | 47 | $34.4B | 7 | |
| 2018-03-31 | 48 | $35.5B | 10 | |
| 2017-12-31 | 47 | $35.9B | 0 |
Newport Trust Company, LLC's most significant position changes for 2026-03-31: New buy: Pnc Financial Services Group (PNC); New buy: Helmerich & Payne (HP); Sold out: Bath & Body Works INC (BBWI); Sold out: Victoria's Secret & Co (VSXY); Trim: At&t INC (T) — shares -2.17%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | T | At&t INC | +1.9% | -2.17% | Trim |
| 2 | HON | Honeywell International INC | +0.9% | -3.10% | Trim |
| 3 | GEV | GE Vernova INC | +0.8% | -4.01% | Trim |
| 4 | GD | General Dynamics CORP | +0.4% | -1.13% | Trim |
| 5 | WWD | Woodward INC | +0.3% | +0.25% | Add |
| 6 | ETR | Entergy CORP | +0.3% | -1.93% | Trim |
| 7 | SRE | Sempra | +0.2% | -4.16% | Trim |
| 8 | JNJ | Johnson & Johnson | +0.1% | -2.11% | Trim |
| 9 | NI | Nisource INC | +0.1% | -1.82% | Trim |
| 10 | XEL | Xcel Energy INC | +0.1% | -1.57% | Trim |
| 11 | DRI | Darden Restaurants INC | +0.1% | -2.77% | Trim |
| 12 | BMO | Bank Of Montreal | 0% | -1.36% | Trim |
| 13 | ED | Consolidated Edison INC | 0% | -1.89% | Trim |
| 14 | VVV | Valvoline INC | 0% | -3.90% | Trim |
| 15 | PNW | Pinnacle West Capital | 0% | -2.52% | Trim |
| 16 | FTS | Fortis INC | 0% | +622.02% | Add |
| 17 | Q | Qnity Electronics INC | 0% | -15.33% | Trim |
| 18 | RAMP | Liveramp Holdings INC | — | -3.75% | Trim |
| 19 | HIG | Hartford Insurance Group INC | 0% | -1.71% | Trim |
| 20 | GT | Goodyear Tire & Rubber Co | 0% | -3.92% | Trim |
| 21 | STT | State Street CORP | 0% | -2.00% | Trim |
| 22 | KHC | Kraft Heinz Co/the | 0% | -2.67% | Trim |
| 23 | PM | Philip Morris International | 0% | -11.56% | Trim |
| 24 | ASH | Ashland INC | 0% | -8.66% | Trim |
| 25 | EMR | Emerson Electric Co | 0% | -2.76% | Trim |
| 26 | HBAN | Huntington Bancshares INC | 0% | -0.74% | Trim |
| 27 | WBD | Warner Bros Discovery INC | 0% | -3.80% | Trim |
| 28 | WAT | Waters CORP | 0% | +4.78% | Add |
| 29 | MCO | Moody's CORP | -0.1% | -1.73% | Trim |
| 30 | M | Macy's INC | -0.1% | -0.81% | Trim |
| 31 | WHR | Whirlpool CORP | -0.1% | +7.97% | Add |
| 32 | DAL | Delta Air Lines INC | -0.1% | -4.26% | Trim |
| 33 | LTM | Latam Airlines Group Sa-adr | -0.1% | -18.43% | Trim |
| 34 | ELV | Elevance Health INC | -0.1% | -1.97% | Trim |
| 35 | UAL | United Airlines Holdings INC | -0.1% | -1.43% | Trim |
| 36 | HUM | Humana INC | -0.2% | +6.19% | Add |
| 37 | NKE | Nike INC -cl B | -0.2% | -2.74% | Trim |
| 38 | SPGI | S&p Global INC | -0.2% | +1.00% | Add |
| 39 | DDS | Dillards Inc-cl A | -0.2% | -0.24% | Trim |
| 40 | MMM | 3m Co | -0.2% | -3.26% | Trim |
| 41 | COF | Capital One Financial CORP | -0.3% | +6.60% | Add |
| 42 | F | Ford Motor Co | -0.4% | +1.42% | Add |
| 43 | DIS | Walt Disney Co/the | -0.4% | -0.95% | Trim |
| 44 | GE | General Electric | -0.5% | -1.56% | Trim |
| 45 | PSN | Parsons CORP | -0.7% | +0.69% | Add |
| 46 | BA | Boeing Co/the | -1.3% | -2.78% | Trim |
| 47 | PNC | Pnc Financial Services Group | — | NEW | New buy |
| 48 | HP | Helmerich & Payne | — | NEW | New buy |
| 49 | BBWI | Bath & Body Works INC | — | EXIT | Sold out |
| 50 | VSXY | Victoria's Secret & Co | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-01 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 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 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-09 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-04 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-02 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-04 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-27 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
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