PM
Primecap Management Co/ca/ — 13F Portfolio Changes & Top Buys (Q2 2026)
Primecap Management Co/ca/CIK: 0000763212
Diversified strategyMomentum followerSector-focused
Total reported value
$169.1B
Reporting period: 2026-06-30 · Number of holdings: 324
PRIMECAP MANAGEMENT CO/CA/ disclosed 324 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $169.1B and a quarterly turnover rate of 35.5%.
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Personality snowflake
- Concentration
- 13.46
- Portfolio Stability
- 35.51
- Momentum
- 100
- Sector conviction
- 78.96
- Diversification
- 100
- Sizing Uniformity
- 68.48
Primecap Management Co/ca/'s disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 30 equally-sized positions, well below its 324 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 3.15), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
-12.1% $14.8B
Add INTC
-0.7% $7.2B
Trim AMGN
-23.9% -$675.5M
Add FLEX
-8.0% $2.1B
Add KLAC
+742.5% $2.6B
Trim FDX
-1.8% -$403.2M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
PRIMECAP's quarter shows a wide, low-turnover book — 324 holdings, HHI around 0.034, turnover of 35.5%, and a near-flat momentum tilt (+0.25pp) — with its active changes concentrated in semiconductors. The fund cut share counts in MU and INTC, yet both positions' weights expanded sharply (5.82% to 13.12%, and 2.63% to 6.21%), indicating price appreciation far outran the selling; smaller adds went to KLAC and the airlines UAL and AAL, while LLY, GOOGL and FLEX saw modest share-count reductions. Because the filing discloses no percentage change in shares, the true size of each trim cannot be quantified — only its direction.
Macro & Fundamentals
These flows appear consistent with a market phase in which memory and compute semiconductors re-rated sharply — MU's weight nearly doubling despite net selling points to price, not buying, as the driver. Within tech, the mix shifted toward equipment (KLAC add) versus devices (MU/INTC trims), which may indicate rotation along the semiconductor value chain, though that reading is an inference from just eight line items; the book remains anchored in Information Technology (44.2%) and Health Care (20.0%). The small airline adds would fit a travel-demand theme, but the weights involved are too minor to confirm.
Blind Spots / Risks
The standout vulnerability is single-name concentration hiding inside a hyper-diversified wrapper: MU alone now sits at 13.12% of the fund and, together with INTC, approaches 19.3% — so a memory-cycle reversal would dominate fund-level P&L regardless of the other 320-plus positions. Since this quarter's weight gains were price-driven rather than bought, the fund carries nearly undiminished downside beta to any giveback in the group.
Sourced and summarized by AI directly from this institution's SEC EDGAR filings, limited to historical activity. Not investment guidance — verify against the primary filing below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 324 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | Stock-Tech | 13.12% | +7.30% | -12.15% | |
| 2 | LLY | Eli Lilly & Co | Stock-Healthcare | 6.51% | -0.17% | -0.55% | |
| 3 | INTC | Intel CORP | Stock-Tech | 6.21% | +3.58% | -0.67% | |
| 4 | KLAC | Kla CORP | Stock-Tech | 3.66% | +0.83% | +742.48% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.14% | -0.25% | -0.85% | |
| 6 | FLEX | Flex Ltd. | Stock-Tech | 2.24% | +0.93% | -7.98% | |
| 7 | AZN | AstraZeneca PLC | Stock-Healthcare | 2.03% | -0.80% | -0.65% | |
| 8 | NVDA | Nvidia CORP | Stock-Tech | 2.02% | -0.34% | -0.63% | |
| 9 | BIIB | Biogen Inc | Stock-Healthcare | 1.94% | -0.19% | +2.69% | |
| 10 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.69% | -0.30% | -1.20% | |
| 11 | MSFT | Microsoft CORP | Stock-Tech | 1.58% | -0.54% | -1.70% | |
| 12 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.52% | -0.27% | -0.37% | |
| 13 | FDX | Fedex CORP | Stock-Industrials | 1.51% | -0.82% | -1.76% | |
| 14 | TXN | Texas Instruments Inc | Stock-Tech | 1.50% | +0.02% | -11.81% | |
| 15 | LUV | Southwest Airlines Co | Stock-Industrials | 1.48% | +0.09% | +3.67% | |
| 16 | AMGN | Amgen Inc | Stock-Healthcare | 1.45% | -1.01% | -23.86% | |
| 17 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.37% | -0.36% | +7.16% | |
| 18 | UAL | United Airlines Holdings Inc | Stock-Industrials | 1.32% | +0.18% | +4.51% | |
| 19 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.28% | -0.34% | +55.31% | |
| 20 | ROST | Ross Stores Inc | Stock-Consumer Disc | 1.15% | -0.41% | -0.71% | |
| 21 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.13% | -0.16% | -5.63% | |
| 22 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.06% | -0.79% | -0.59% | |
| 23 | DAL | Delta Air Lines Inc | Stock-Industrials | 0.97% | +0.05% | -0.16% | |
| 24 | V | Visa Inc-class A Shares | Stock-Financials | 0.87% | -0.10% | +5.13% | |
| 25 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.85% | -0.34% | -0.25% | |
| 26 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.85% | -0.36% | -1.18% | |
| 27 | ONC | Beone Medicines Ltd-adr | Stock-Other | 0.84% | -0.32% | +0.66% | |
| 28 | RJF | Raymond James Financial Inc | Stock-Financials | 0.83% | -0.24% | -1.12% | |
| 29 | NTAP | Netapp Inc | Stock-Tech | 0.83% | +0.10% | -0.45% | |
| 30 | GSK | Gsk Plc-spon Adr | Stock-Healthcare | 0.78% | -0.32% | -0.09% | |
| 31 | AAL | American Airlines Group Inc | Stock-Industrials | 0.76% | +0.35% | +44.38% | |
| 32 | BIDU | Baidu Inc - Spon Adr | Stock-Comm Services | 0.74% | -0.23% | -0.42% | |
| 33 | ADI | Analog Devices Inc | Stock-Tech | 0.73% | -0.06% | -0.25% | |
| 34 | JBL | Jabil Inc | Stock-Tech | 0.72% | +0.03% | -3.48% | |
| 35 | COP | Conocophillips | Stock-Energy | 0.71% | -0.49% | +0.08% | |
| 36 | SONY | Sony Group CORP - Sp Adr | Stock-Tech | 0.71% | -0.24% | +1.83% | |
| 37 | ELAN | Elanco Animal Health Inc | Stock-Healthcare | 0.66% | -0.20% | -0.86% | |
| 38 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.65% | -0.14% | -0.61% | |
| 39 | ADBE | Adobe Inc | Stock-Tech | 0.63% | -0.28% | +10.49% | |
| 40 | NTRS | Northern Trust CORP | Stock-Financials | 0.63% | -0.09% | -6.85% | |
| 41 | GLW | Corning Inc | Stock-Tech | 0.62% | +0.18% | -0.07% | |
| 42 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.61% | -0.30% | -12.89% | |
| 43 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 0.59% | -0.18% | -0.01% | |
| 44 | CAT | Caterpillar Inc | Stock-Industrials | 0.55% | +0.06% | -0.06% | |
| 45 | MRVL | Marvell Technology Inc | Stock-Tech | 0.49% | +0.26% | -7.29% | |
| 46 | BMRN | Biomarin Pharmaceutical Inc | Stock-Healthcare | 0.48% | -0.15% | -0.03% | |
| 47 | NXT | Nextpower Inc-cl A | Stock-Tech | 0.47% | -0.17% | -1.07% | |
| 48 | ORCL | Oracle CORP | Stock-Tech | 0.47% | -0.19% | -5.07% | |
| 49 | HPE | Hewlett Packard Enterprise | Stock-Tech | 0.46% | +0.14% | -0.51% | |
| 50 | AMAT | Applied Materials Inc | Stock-Tech | 0.45% | +0.13% | -11.17% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
-0.7%
Performance Last 4 Quarters
+48%
- Stdev
- +18.3%
- Beta
- +1.21
- Alpha
- -0.1%
- Max Drawdown
- -9.1%
- Annualized Perf
- +24.9%
- Batting Avg vs S&P
- +55.6%
- Sortino
- +2.69
- Stutzer
- +0.39
- Treynor
- +0.2
- Sterling
- +1.44
- Calmar
- +2.75
- Information Ratio
- +0.41
- Tracking Error
- +9.9%
- Stdev Down
- +8.9%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +65.1%
- Worst 12 Months
- +0.7%
- Efficiency Ratio
- +0.59
- Sharpe
- +1.31
- Stdev Sectors
- +12.5%
- Skewness
- +0.3
- Kurtosis
- +0.42
- Upside Potential
- +4.36
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 324 | $169.1B | 36 | ||
| 2026 Q1 | 320 | $127.0B | 20 | ||
| 2025 Q4 | 319 | $132.1B | 18 | ||
| 2025 Q3 | 327 | $130.6B | 31 | ||
| 2025 Q2 | 333 | $126.2B | 0 | ||
| 2025 Q1 | 335 | $121.0B | 100 | ||
| 2024 Q4 | 329 | $129.1B | 0 | ||
| 2024 Q3 | 336 | $136.0B | 0 | ||
| 2024 Q2 | 332 | $138.1B | 0 | ||
| 2024 Q1 | 335 | $134.1B | 0 | ||
| 2023 Q4 | 334 | $126.3B | 0 | ||
| 2023 Q3 | 331 | $118.5B | 0 | ||
| 2023 Q2 | 328 | $119.7B | 0 | ||
| 2023 Q1 | 331 | $114.7B | 0 | ||
| 2022 Q4 | 334 | $109.2B | 0 | ||
| 2022 Q3 | 335 | $103.3B | 0 | ||
| 2022 Q2 | 341 | $111.9B | 0 | ||
| 2022 Q1 | 339 | $132.6B | 0 | ||
| 2021 Q4 | 342 | $144.5B | 0 | ||
| 2021 Q3 | 337 | $141.7B | 0 | ||
| 2021 Q2 | 333 | $148.8B | 100 | ||
| 2021 Q1 | 327 | $143.4B | 14 | ||
| 2020 Q4 | 319 | $134.5B | 26 | ||
| 2020 Q3 | 311 | $121.2B | 14 | ||
| 2020 Q2 | 306 | $116.5B | 18 | ||
| 2020 Q1 | 296 | $102.0B | 35 | ||
| 2019 Q4 | 293 | $137.9B | 13 | ||
| 2019 Q3 | 293 | $125.0B | 15 | ||
| 2019 Q2 | 300 | $135.2B | 11 | ||
| 2019 Q1 | 292 | $135.9B | 14 | ||
| 2018 Q4 | 292 | $123.4B | 21 | ||
| 2018 Q3 | 295 | $148.1B | 14 | ||
| 2018 Q2 | 293 | $134.9B | 12 | ||
| 2018 Q1 | 286 | $133.3B | 13 | ||
| 2017 Q4 | 286 | $130.3B | 11 | ||
| 2017 Q3 | 279 | $120.8B | 11 | ||
| 2017 Q2 | 286 | $116.4B | 13 | ||
| 2017 Q1 | 282 | $110.2B | 12 | ||
| 2016 Q4 | 276 | $101.6B | 14 | ||
| 2016 Q3 | 273 | $100.2B | 14 | ||
| 2016 Q2 | 272 | $93.9B | 12 | ||
| 2016 Q1 | 270 | $96.4B | 12 | ||
| 2015 Q4 | 271 | $97.8B | 15 | ||
| 2015 Q3 | 275 | $90.1B | 24 | ||
| 2015 Q2 | 261 | $101.7B | 11 | ||
| 2015 Q1 | 258 | $102.4B | 15 | ||
| 2014 Q4 | 260 | $98.7B | 14 | ||
| 2014 Q3 | 259 | $93.5B | 10 | ||
| 2014 Q2 | 255 | $91.3B | 11 | ||
| 2014 Q1 | 252 | $88.4B | 27 | ||
| 2013 Q4 | 257 | $83.2B | 13 | ||
| 2013 Q3 | 255 | $76.0B | 11 | ||
| 2013 Q2 | 251 | $69.9B | — |
Holding changes this quarter
Primecap Management Co/ca/'s most significant position changes for 2026-06-30: New buy: ; New buy: ; New buy: Carnival CORP LTD F; Sold out: Carnival CORP LTD (CCL1EUR); Sold out: Honeywell International Inc (HON).
Showing top 200 changes by size (of 333 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +7.3% | -12.15% | Trim |
| 2 | INTC | Intel CORP | +3.6% | -0.67% | Trim |
| 3 | FLEX | Flex Ltd. | +0.9% | -7.98% | Trim |
| 4 | KLAC | Kla CORP | +0.8% | +742.48% | Add |
| 5 | ✓ | +0.4% | NEW | New buy | |
| 6 | AAL | American Airlines Group Inc | +0.4% | +44.38% | Add |
| 7 | MRVL | Marvell Technology Inc | +0.3% | -7.29% | Trim |
| 8 | AMD | Advanced Micro Devices | +0.2% | -0.17% | Trim |
| 9 | UAL | United Airlines Holdings Inc | +0.2% | +4.51% | Add |
| 10 | GLW | Corning Inc | +0.2% | -0.07% | Trim |
| 11 | XMTR | Xometry Inc-a | +0.2% | +2.16% | Add |
| 12 | ILMN | Illumina Inc | +0.2% | +70.01% | Add |
| 13 | HPE | Hewlett Packard Enterprise | +0.1% | -0.51% | Trim |
| 14 | ✓ | +0.1% | NEW | New buy | |
| 15 | AMAT | Applied Materials Inc | +0.1% | -11.17% | Trim |
| 16 | MRSH | Marsh & Mclennan Cos | +0.1% | +198.96% | Add |
| 17 | NTAP | Netapp Inc | +0.1% | -0.45% | Trim |
| 18 | LUV | Southwest Airlines Co | +0.1% | +3.67% | Add |
| 19 | ✓ | Carnival CORP LTD F | +0.1% | NEW | New buy |
| 20 | PANW | Palo Alto Networks Inc | +0.1% | -1.38% | Trim |
| 21 | WDC | Western Digital CORP | +0.1% | -10.53% | Trim |
| 22 | CAT | Caterpillar Inc | +0.1% | -0.06% | Trim |
| 23 | DAL | Delta Air Lines Inc | +0.1% | -0.16% | Trim |
| 24 | DELL | Dell Technologies -c | +0.1% | +1.88% | Add |
| 25 | ASML | ASML Holding N.V. | 0% | -0.42% | Trim |
| 26 | ENTG | Entegris Inc | 0% | -0.55% | Trim |
| 27 | CSCO | Cisco Systems Inc | 0% | -0.01% | Trim |
| 28 | STX | Seagate Technology Holdings plc | 0% | -18.04% | Trim |
| 29 | ✓ | 0% | NEW | New buy | |
| 30 | AXON | Axon Enterprise Inc | 0% | +1015.17% | Add |
| 31 | DVN | Devon Energy CORP | 0% | NEW | New buy |
| 32 | JBL | Jabil Inc | 0% | -3.48% | Trim |
| 33 | FHN | First Horizon CORP | 0% | NEW | New buy |
| 34 | ✓ | 0% | NEW | New buy | |
| 35 | ✓ | 0% | NEW | New buy | |
| 36 | TXN | Texas Instruments Inc | 0% | -11.81% | Trim |
| 37 | FICO | Fair Isaac CORP | 0% | +25.53% | Add |
| 38 | FORM | Formfactor Inc | 0% | -5.51% | Trim |
| 39 | GTLB | Gitlab Inc-cl A | 0% | +5.27% | Add |
| 40 | ACLS | Axcelis Technologies Inc | 0% | -7.32% | Trim |
| 41 | ARM | Arm Holdings Plc-adr | 0% | -0.09% | Trim |
| 42 | ELF | Elf Beauty Inc | 0% | +50.60% | Add |
| 43 | XEL | Xcel Energy Inc | 0% | +640.75% | Add |
| 44 | MDB | Mongodb Inc | 0% | +0.39% | Add |
| 45 | CVS | Cvs Health CORP | 0% | -0.40% | Trim |
| 46 | OKTA | Okta Inc | 0% | -11.41% | Trim |
| 47 | TER | Teradyne Inc | 0% | -11.76% | Trim |
| 48 | BA | Boeing Co/the | 0% | +30.66% | Add |
| 49 | MOG-A | Moog Inc-class A | 0% | -1.13% | Trim |
| 50 | GRAL | Grail Inc | 0% | +18.24% | Add |
1–50 of 200
Filing History
FAQ
What is Primecap Management Co/ca/ and what type of investor is it?
Primecap Management Co/ca/ is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $169.1B, spread across 324 disclosed positions.
What are Primecap Management Co/ca/'s largest equity positions?
Based on the latest 13F filing, Primecap Management Co/ca/'s top holdings by market value are:
1. Micron Technology Inc (MU) — $22.2B (13.1%)
2. Eli Lilly & Co (LLY) — $11.0B (6.5%)
3. Intel CORP (INTC) — $10.5B (6.2%)
4. Kla CORP (KLAC) — $6.2B (3.7%)
5. Alphabet Inc-cl A (GOOGL) — $5.3B (3.1%)
What changes did Primecap Management Co/ca/ make in its most recent portfolio filing?
In the latest reported quarter, Primecap Management Co/ca/ made 191 notable position adjustments: 12 new positions were initiated, 64 existing holdings were added to, 111 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: ; New buy: ; New buy: Carnival CORP LTD F; Sold out: Carnival CORP LTD (CCL1EUR); Sold out: Honeywell International Inc (HON)
What sectors does Primecap Management Co/ca/ focus on?
Primecap Management Co/ca/ is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 44.1%
• Health Care: 20.0%
• Industrials: 11.0%
• Consumer Discretionary: 8.2%
• Financials: 7.0%
• Communication Services: 6.3%
Investment Profile
Primecap Management Co/ca/ returned an annualized 24.9% over the trailing 36 months — underperforming the S&P 500 by 0.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.21 (more volatile than the market) and a 56% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 44.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 36 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$15.1B, now $22.2B), while trimming BABA over the same stretch (-$995.4M, still holding $1.8B).
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Developer Access
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