FIL Ltd
Total reported value
$128.7B
Reporting period: 2026-03-31 · Number of holdings: 1826
FIL Ltd disclosed 1826 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $128.7B and a quarterly turnover rate of 31.6%.
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Personality snowflake
- Concentration
- 3.24
- Portfolio Stability
- 31.58
- Momentum/Contrarian
- 100
- Sector conviction
- 43.48
- Diversification
- 100
- Sizing Uniformity
- 71.82
Recent moves
Add SU
+38.2% $989.5M
Trim SHOP
-0.9% -$797.7M
Trim BNS
-45.2% -$589.1M
Add TXN
+17.5% $461.9M
Add CVE
+11.0% $482.9M
Add CP
+26.0% $425.6M
Holdings Map
Institutional Game-State Analysis
FIL Ltd is running a pure momentum acceleration, aggressively scaling into energy equities (SU +0.79pp, CVE +0.39pp) and semiconductor plays (TXN +0.40pp) while systematically exiting former growth darlings (SHOP -0.54pp, BNS -0.42pp, DAY sold out). This is not a defensive shuffle—it's a capital rotation into late-cycle cyclical momentum, funded by positions that have lost their near-term alpha.
The order flow prices in a regime where reflation and commodity supply tightness sustain energy outperformance and semiconductor cycle remains intact even as overvalued growth names correct. The opposing thesis: this momentum chase is backward-looking—energy stocks like SU and CVE already discount high expectations, and the rotation into semiconductors compounds downside risk if AI capex sentiment falters, leaving the portfolio exposed to a painful factor reversion.
With a momentum_contrarian score of 100, FIL is positioned on the most crowded trade on the Street—factor crowding is existential. The hyper-diversified structure (1,103 holdings) masks that portfolio-level returns are entirely dependent on the momentum factor continuing its run; when the trend reverses—which it always does—there is no conviction-sized anchor or defensive hedge to absorb the liquidity crush, only a broad-based re-pricing across hundreds of tiny positions.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 1103 holdings (of 1826 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 2.87% | -0.33% | +12.90% | |
| 2 | RY | Royal Bank Of Canada | Stock-Financials | 2.78% | -0.19% | -4.86% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.30% | -0.24% | -5.20% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.10% | — | +5.48% | |
| 5 | AAPL | Apple INC | Stock-Tech | 1.99% | — | +1.82% | |
| 6 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.99% | +0.35% | -2.04% | |
| 7 | TD | Toronto-dominion Bank | Stock-Financials | 1.94% | -0.25% | -13.79% | |
| 8 | SHOP | Shopify INC - Class A | Stock-Tech | 1.68% | -0.54% | -0.86% | |
| 9 | TXN | Texas Instruments INC | Stock-Tech | 1.50% | +0.40% | +17.50% | |
| 10 | SU | Suncor Energy INC | Stock-Energy | 1.49% | +0.79% | +38.17% | |
| 11 | NVDA | Nvidia CORP | Stock-Tech | 1.39% | — | +11.87% | |
| 12 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.35% | — | +6.96% | |
| 13 | TRP | Tc Energy CORP | Stock-Energy | 1.31% | — | -4.59% | |
| 14 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.28% | +0.36% | +26.01% | |
| 15 | BMO | Bank Of Montreal | Stock-Financials | 1.21% | +0.29% | +21.69% | |
| 16 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.19% | — | +13.90% | |
| 17 | FNV | Franco-nevada CORP | Stock-Materials | 1.13% | +0.20% | -2.02% | |
| 18 | NFLX | Netflix INC | Stock-Comm Services | 0.90% | +0.20% | +20.22% | |
| 19 | CVE | Cenovus Energy INC | Stock-Energy | 0.88% | +0.39% | +10.97% | |
| 20 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 0.86% | — | -7.97% | |
| 21 | ✓ | Totalenergies Se | Stock-Other | 0.85% | — | -17.38% | |
| 22 | FTS | Fortis INC | Stock-Utilities | 0.84% | — | -2.54% | |
| 23 | LIN | Linde plc | Stock-Materials | 0.79% | +0.28% | +26.92% | |
| 24 | B | Barrick Mining CORP | Stock-Materials | 0.78% | -0.20% | -18.03% | |
| 25 | CME | Cme Group INC | Stock-Financials | 0.78% | — | -5.11% | |
| 26 | RCI | Rogers Communications Inc-b | Stock-Other | 0.77% | — | -16.53% | |
| 27 | CRM | Salesforce INC | Stock-Tech | 0.77% | -0.14% | +15.28% | |
| 28 | TDY | Teledyne Technologies INC | Stock-Tech | 0.76% | +0.24% | +17.96% | |
| 29 | CCJ | Cameco CORP | Stock-Energy | 0.75% | — | +2.42% | |
| 30 | ORCL | Oracle CORP | Stock-Tech | 0.74% | — | +63.57% | |
| 31 | BCE | Bce INC | Stock-Comm Services | 0.73% | — | -0.45% | |
| 32 | PGR | Progressive CORP | Stock-Financials | 0.72% | -0.14% | -7.42% | |
| 33 | MRVL | Marvell Technology INC | Stock-Tech | 0.71% | — | +2.68% | |
| 34 | BN | Brookfield CORP | Stock-Financials | 0.71% | -0.18% | -13.39% | |
| 35 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.71% | +0.71% | NEW | |
| 36 | WAB | Wabtec CORP | Stock-Industrials | 0.68% | — | -4.23% | |
| 37 | KGC | Kinross Gold CORP | Stock-Materials | 0.66% | — | -5.31% | |
| 38 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.65% | — | -4.66% | |
| 39 | INTU | Intuit INC | Stock-Tech | 0.62% | — | +64.52% | |
| 40 | MA | Mastercard INC - A | Stock-Financials | 0.58% | — | -5.82% | |
| 41 | ADBE | Adobe INC | Stock-Tech | 0.56% | -0.14% | +10.12% | |
| 42 | ACN | Accenture plc | Stock-Tech | 0.55% | -0.24% | -8.90% | |
| 43 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.54% | — | +5.11% | |
| 44 | EMA | Emera INC | Stock-Other | 0.52% | — | -0.21% | |
| 45 | ZTS | Zoetis INC | Stock-Healthcare | 0.50% | +0.30% | +157.08% | |
| 46 | HBM | Hudbay Minerals INC | Stock-Other | 0.50% | — | -7.65% | |
| 47 | BNS | Bank Of Nova Scotia | Stock-Financials | 0.49% | -0.42% | -45.16% | |
| 48 | ENB | Enbridge INC | Stock-Energy | 0.48% | — | -28.72% | |
| 49 | MCHP | Microchip Technology INC | Stock-Tech | 0.48% | — | -9.24% | |
| 50 | PKG | Packaging CORP Of America | Stock-Consumer Disc | 0.47% | — | +2.33% |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1826 | $128.7B | 32 | |
| 2025-12-31 | 1705 | $133.6B | 28 | |
| 2025-09-30 | 1672 | $127.3B | 49 | |
| 2025-06-30 | 1601 | $117.1B | 0 | |
| 2025-03-31 | 1593 | $105.2B | 100 | |
| 2024-12-31 | 1588 | $107.0B | 0 | |
| 2024-09-30 | 1619 | $110.3B | 0 | |
| 2024-06-30 | 1516 | $101.1B | 0 | |
| 2024-03-31 | 1508 | $100.9B | 0 | |
| 2023-12-31 | 1455 | $95.2B | 0 | |
| 2023-09-30 | 1411 | $84.9B | 0 | |
| 2023-06-30 | 1378 | $89.0B | 0 | |
| 2023-03-31 | 1359 | $87.2B | 0 | |
| 2022-12-31 | 1464 | $83.3B | 0 | |
| 2022-09-30 | 1533 | $77.8B | 0 | |
| 2022-06-30 | 1413 | $84.0B | 0 | |
| 2022-03-31 | 1629 | $97.6B | 0 | |
| 2021-12-31 | 1635 | $97.5B | 0 | |
| 2021-09-30 | 1645 | $90.0B | 0 | |
| 2021-06-30 | 1767 | $93.2B | 97 | |
| 2021-03-31 | 1936 | $87.9B | 31 | |
| 2020-12-31 | 1943 | $81.2B | 43 | |
| 2020-09-30 | 1804 | $80.6B | 28 | |
| 2020-06-30 | 1652 | $74.2B | 35 | |
| 2020-03-31 | 1350 | $60.9B | 39 | |
| 2019-12-31 | 1576 | $72.1B | 29 | |
| 2019-09-30 | 1598 | $66.1B | 27 | |
| 2019-06-30 | 1464 | $66.3B | 25 | |
| 2019-03-31 | 1683 | $63.8B | 35 | |
| 2018-12-31 | 1644 | $56.4B | 43 | |
| 2018-09-30 | 1788 | $67.6B | 27 | |
| 2018-06-30 | 1137 | $66.3B | 75 | |
| 2018-03-31 | 841 | $36.4B | 26 | |
| 2017-12-31 | 872 | $35.9B | 23 | |
| 2017-09-30 | 837 | $34.9B | 24 | |
| 2017-06-30 | 849 | $34.7B | 30 | |
| 2017-03-31 | 874 | $35.5B | 26 | |
| 2016-12-31 | 855 | $34.1B | 30 | |
| 2016-09-30 | 890 | $33.4B | 27 | |
| 2016-06-30 | 1108 | $31.4B | 24 | |
| 2016-03-31 | 1217 | $32.3B | 28 | |
| 2015-12-31 | 1123 | $32.9B | 38 | |
| 2015-09-30 | 1078 | $28.7B | 42 | |
| 2015-06-30 | 1122 | $31.4B | 24 | |
| 2015-03-31 | 1066 | $31.0B | 34 | |
| 2014-12-31 | 987 | $29.0B | 41 | |
| 2014-09-30 | 465 | $26.1B | 33 | |
| 2014-06-30 | 480 | $26.7B | 32 | |
| 2014-03-31 | 613 | $27.6B | 39 | |
| 2013-12-31 | 529 | $24.8B | 45 | |
| 2013-09-30 | 543 | $20.9B | 36 | |
| 2013-06-30 | 499 | $17.7B | 0 |
Holding changes this quarter
FIL Ltd's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Dayforce INC (DAY); Sold out: Ishares S&p 500 Growth ETF (IVW); Sold out: Frontier Communications Pare (FYBR); Sold out: Cidara Therapeutics INC (CDTX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SU | Suncor Energy INC | +0.8% | +38.17% | Add |
| 2 | TXN | Texas Instruments INC | +0.4% | +17.50% | Add |
| 3 | CVE | Cenovus Energy INC | +0.4% | +10.97% | Add |
| 4 | CP | Canadian Pacific Kansas City | +0.4% | +26.01% | Add |
| 5 | AEM | Agnico Eagle Mines LTD | +0.4% | -2.04% | Trim |
| 6 | ZTS | Zoetis INC | +0.3% | +157.08% | Add |
| 7 | BMO | Bank Of Montreal | +0.3% | +21.69% | Add |
| 8 | LIN | Linde plc | +0.3% | +26.92% | Add |
| 9 | RBLX | Roblox CORP -class A | +0.2% | +4666.93% | Add |
| 10 | TDY | Teledyne Technologies INC | +0.2% | +17.96% | Add |
| 11 | IMO | Imperial Oil LTD | +0.2% | +54.72% | Add |
| 12 | NFLX | Netflix INC | +0.2% | +20.22% | Add |
| 13 | FNV | Franco-nevada CORP | +0.2% | -2.02% | Trim |
| 14 | CWAN | Clearwater Analytics Holdings, Inc. | +0.2% | +414.55% | Add |
| 15 | CNQ | Canadian Natural Resources | +0.2% | +10.86% | Add |
| 16 | HO1 | Hologic INC | +0.2% | +49.63% | Add |
| 17 | CRM | Salesforce INC | -0.1% | +15.28% | Add |
| 18 | PGR | Progressive CORP | -0.1% | -7.42% | Trim |
| 19 | ADBE | Adobe INC | -0.1% | +10.12% | Add |
| 20 | TGT | Target CORP | -0.2% | -95.00% | Trim |
| 21 | CAE | Cae INC | -0.2% | -57.21% | Trim |
| 22 | SPGI | S&p Global INC | -0.2% | -61.97% | Trim |
| 23 | BKR | Baker Hughes Co | -0.2% | -58.06% | Trim |
| 24 | EXPD | Expeditors Intl Wash INC | -0.2% | -32.35% | Trim |
| 25 | WDAY | Workday Inc-class A | -0.2% | +1.81% | Add |
| 26 | BN | Brookfield CORP | -0.2% | -13.39% | Trim |
| 27 | DLTR | Dollar Tree INC | -0.2% | -38.97% | Trim |
| 28 | BSX | Boston Scientific CORP | -0.2% | -32.45% | Trim |
| 29 | RY | Royal Bank Of Canada | -0.2% | -4.86% | Trim |
| 30 | SW | Smurfit Westrock Plc | -0.2% | -85.72% | Trim |
| 31 | BAM | Brookfield Asset Mgmt-a | -0.2% | -42.22% | Trim |
| 32 | B | Barrick Mining CORP | -0.2% | -18.03% | Trim |
| 33 | RBA | Rb Global INC | -0.2% | -27.73% | Trim |
| 34 | BLK | Blackrock INC | -0.2% | -30.90% | Trim |
| 35 | GOOGL | Alphabet Inc-cl A | -0.2% | -5.20% | Trim |
| 36 | ACN | Accenture plc | -0.2% | -8.90% | Trim |
| 37 | TD | Toronto-dominion Bank | -0.3% | -13.79% | Trim |
| 38 | CSCO | Cisco Systems INC | -0.3% | -43.36% | Trim |
| 39 | HDB | Hdfc Bank Ltd-adr | -0.3% | -28.29% | Trim |
| 40 | MSFT | Microsoft CORP | -0.3% | +12.90% | Add |
| 41 | BNS | Bank Of Nova Scotia | -0.4% | -45.16% | Trim |
| 42 | SHOP | Shopify INC - Class A | -0.5% | -0.86% | Trim |
| 43 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 44 | DAY | Dayforce INC | — | EXIT | Sold out |
| 45 | IVW | Ishares S&p 500 Growth ETF | — | EXIT | Sold out |
| 46 | FYBR | Frontier Communications Pare | — | EXIT | Sold out |
| 47 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 48 | ACLXGBX | Arcellx INC | — | NEW | New buy |
| 49 | IYH | Ishares U.s. Healthcare ETF | — | EXIT | Sold out |
| 50 | IDU | Ishares US Utilities ETF | — | NEW | New buy |
FAQ
What is FIL Ltd and what type of investor is it?
What are FIL Ltd's largest equity positions?
What changes did FIL Ltd make in its most recent portfolio filing?
What sectors does FIL Ltd focus on?
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