CI
Capital International Investors — Quarterly 13F Portfolio Report
Capital International InvestorsDiversified strategyQuality / disciplined sizing
Total reported value
$426.5B
Reporting period: 2026-03-31 · Number of holdings: 438
Capital International Investors disclosed 438 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $426.5B and a quarterly turnover rate of 54.9%.
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Personality snowflake
- Concentration
- 6.32
- Portfolio Stability
- 54.88
- Momentum/Contrarian
- 41.72
- Sector conviction
- 45.14
- Diversification
- 100
- Sizing Uniformity
- 75.63
Recent moves
Trim AVGO
-40.8% -$23.1B
Trim MSFT
-32.8% -$19.2B
Trim GOOG
-45.6% -$13.3B
Add NVDA
-5.9% -$2.3B
Trim AAPL
-49.5% -$10.3B
Trim GE
-54.1% -$7.5B
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Capital International Investors is actively rotating capital out of its dominant mega-cap tech winners — AVGO, MSFT, GOOG, AAPL, AMZN, META all trimmed — and recycling proceeds into a new healthcare anchor, AstraZeneca. This is not a defensive crouch; it's a deliberate unsentimental harvest of alpha from an extended cycle, pivoting toward a more regime-resilient positioning.
Macro & Fundamentals
By paring the very names that powered the market's liquidity wave (tech mega-caps) and initiating a position in a stable, dollar-earning pharma giant, this portfolio is pricing in a regime shift from growth-at-any-price to a premium on earnings stability and currency resilience. The opposing thesis: the AI capex cycle is still mid-innings and a defensive rotation now merely front-runs a recovery that hasn't broken.
Blind Spots / Risks
The concerted sell-down across six of the largest tech positions creates a distinct concave payoff profile — if tech reaccelerates on a soft landing, this portfolio has locked in underperformance. But the more structural vulnerability is the 100% diversification score: 438 holdings mean conviction is spread atom-thin, so sector rotation signals become noise; the true active bet (the AZN new buy) risks being drowned in a sea of mechanistic trimming.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AVGO | Broadcom INC | Stock-Tech | 6.09% | -1.61% | -40.76% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.76% | -1.43% | -32.79% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 3.99% | +0.96% | -5.87% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.08% | -1.06% | -45.60% | |
| 5 | PM | Philip Morris International | Stock-Consumer Staples | 2.82% | +0.27% | -28.23% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.38% | -0.28% | -30.85% | |
| 7 | AAPL | Apple INC | Stock-Tech | 2.16% | -0.90% | -49.46% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.14% | -0.38% | -36.86% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.72% | -0.01% | -27.62% | |
| 10 | V | Visa Inc-class A Shares | Stock-Financials | 1.68% | — | +10.19% | |
| 11 | WELL | Welltower INC | Stock-Real Estate | 1.66% | +0.28% | -24.49% | |
| 12 | RCL | Royal Caribbean Cruises Ltd. | Stock-Consumer Disc | 1.62% | +0.04% | -30.73% | |
| 13 | AZN | AstraZeneca PLC | Stock-Healthcare | 1.58% | +1.58% | NEW | |
| 14 | TDG | Transdigm Group INC | Stock-Industrials | 1.49% | +0.13% | -16.04% | |
| 15 | SHOP | Shopify INC - Class A | Stock-Tech | 1.39% | — | +30.56% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.32% | -0.34% | -38.02% | |
| 17 | GE | General Electric | Stock-Industrials | 1.28% | -0.74% | -54.11% | |
| 18 | MA | Mastercard INC - A | Stock-Financials | 1.25% | -0.36% | -40.54% | |
| 19 | TTE | Totalenergies Se | Stock-Other | 1.14% | +0.60% | -0.33% | |
| 20 | NOC | Northrop Grumman CORP | Stock-Industrials | 1.13% | +0.10% | -38.17% | |
| 21 | RTX | Rtx CORP | Stock-Industrials | 1.08% | -0.20% | -46.28% | |
| 22 | APH | Amphenol Corp-cl A | Stock-Tech | 1.05% | — | +49.21% | |
| 23 | COP | Conocophillips | Stock-Energy | 0.96% | — | -35.66% | |
| 24 | KLAC | Kla CORP | Stock-Tech | 0.94% | -0.10% | -49.95% | |
| 25 | MSTR | Strategy INC | Stock-Tech | 0.92% | — | +52.52% | |
| 26 | TFC | Truist Financial CORP | Stock-Financials | 0.91% | +0.07% | -22.01% | |
| 27 | ABT | Abbott Laboratories | Stock-Healthcare | 0.90% | -0.34% | -40.70% | |
| 28 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.89% | -0.33% | -55.93% | |
| 29 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.87% | -0.47% | -52.66% | |
| 30 | KKR | Kkr & Co INC | Stock-Financials | 0.76% | +0.02% | -5.48% | |
| 31 | CEG | Constellation Energy | Stock-Utilities | 0.76% | -0.17% | -30.95% | |
| 32 | ABBV | Abbvie INC | Stock-Healthcare | 0.73% | — | +23.32% | |
| 33 | MU | Micron Technology INC | Stock-Tech | 0.71% | -0.28% | -59.51% | |
| 34 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.70% | — | +0.72% | |
| 35 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 0.68% | — | -13.84% | |
| 36 | APD | Air Products & Chemicals INC | Stock-Materials | 0.68% | — | -22.33% | |
| 37 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.68% | -0.05% | -42.47% | |
| 38 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 0.67% | — | -24.19% | |
| 39 | PAYX | Paychex INC | Stock-Tech | 0.65% | — | -1.05% | |
| 40 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.64% | +0.55% | +329.37% | |
| 41 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 0.64% | — | -16.27% | |
| 42 | XOM | Exxon Mobil CORP | Stock-Energy | 0.63% | — | -33.54% | |
| 43 | LIN | Linde plc | Stock-Materials | 0.63% | — | -28.50% | |
| 44 | DHR | Danaher CORP | Stock-Healthcare | 0.62% | -0.03% | -23.19% | |
| 45 | YUM | Yum! Brands INC | Stock-Consumer Disc | 0.61% | — | -13.36% | |
| 46 | B | Barrick Mining CORP | Stock-Materials | 0.61% | — | -23.14% | |
| 47 | AMGN | Amgen INC | Stock-Healthcare | 0.59% | -0.34% | -60.84% | |
| 48 | CAT | Caterpillar INC | Stock-Industrials | 0.57% | — | +61.73% | |
| 49 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.57% | -0.40% | -51.75% | |
| 50 | CRM | Salesforce INC | Stock-Tech | 0.55% | -0.39% | -44.44% |
1–50 of 438
Portfolio Performance
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+19.2%
Based on 73% of reported portfolio value with available pricing
- Stdev
- +13.8%
- Beta
- +1.02
- Alpha
- -0.4%
- Max Drawdown
- -9.3%
- Annualized Perf
- +18.9%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.74
- Stutzer
- +0.39
- Treynor
- +0.18
- Sterling
- +1.08
- Calmar
- +2.03
- Information Ratio
- -0.03
- Tracking Error
- +3.8%
- Stdev Down
- +6.7%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +35.8%
- Worst 12 Months
- +6.1%
- Efficiency Ratio
- +0.56
- Sharpe
- +1.33
- Stdev Sectors
- +7.4%
- Skewness
- +0.21
- Kurtosis
- +0.08
- Upside Potential
- +4.39
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 438 | $426.5B | 55 | |
| 2025-12-31 | 454 | $638.0B | 18 | |
| 2025-09-30 | 448 | $619.4B | 34 | |
| 2025-06-30 | 443 | $580.6B | 0 | |
| 2025-03-31 | 441 | $508.5B | 100 | |
| 2024-12-31 | 453 | $532.3B | 0 | |
| 2024-09-30 | 438 | $521.0B | 0 | |
| 2024-06-30 | 439 | $485.7B | 0 | |
| 2024-03-31 | 432 | $493.9B | 0 | |
| 2023-12-31 | 438 | $446.1B | 0 | |
| 2023-09-30 | 434 | $394.1B | 0 | |
| 2023-06-30 | 434 | $414.4B | 0 | |
| 2023-03-31 | 437 | $388.7B | 0 | |
| 2022-12-31 | 426 | $372.5B | 0 | |
| 2022-09-30 | 433 | $342.8B | 0 | |
| 2022-06-30 | 437 | $367.6B | 0 | |
| 2022-03-31 | 454 | $438.6B | 0 | |
| 2021-12-31 | 460 | $473.0B | 0 | |
| 2021-09-30 | 457 | $437.4B | 0 | |
| 2021-06-30 | 448 | $437.9B | 95 | |
| 2021-03-31 | 439 | $395.2B | 19 | |
| 2020-12-31 | 439 | $366.4B | 22 | |
| 2020-09-30 | 435 | $323.5B | 20 | |
| 2020-06-30 | 413 | $305.2B | 28 | |
| 2020-03-31 | 400 | $244.5B | 35 | |
| 2019-12-31 | 392 | $294.4B | 21 | |
| 2019-09-30 | 402 | $261.9B | 18 | |
| 2019-06-30 | 388 | $250.6B | 22 | |
| 2019-03-31 | 385 | $232.8B | 28 | |
| 2018-12-31 | 377 | $200.6B | 21 | |
| 2018-09-30 | 379 | $218.4B | 93 | |
| 2018-06-30 | 225 | $88.5B | 15 | |
| 2018-03-31 | 228 | $86.5B | 21 | |
| 2017-12-31 | 231 | $88.5B | 20 | |
| 2017-09-30 | 241 | $83.5B | 29 | |
| 2017-06-30 | 246 | $74.9B | 13 | |
| 2017-03-31 | 247 | $73.6B | 19 | |
| 2016-12-31 | 242 | $69.3B | 29 | |
| 2016-09-30 | 252 | $69.0B | 13 | |
| 2016-06-30 | 258 | $68.2B | 20 | |
| 2016-03-31 | 257 | $65.2B | 22 | |
| 2015-12-31 | 266 | $64.8B | 26 | |
| 2015-09-30 | 267 | $55.1B | 96 | |
| 2015-06-30 | 258 | $58.8B | 0 | |
| 2015-03-31 | 253 | $55.0B | 21 | |
| 2014-12-31 | 245 | $48.7B | 27 | |
| 2014-09-30 | 239 | $41.1B | 16 | |
| 2014-06-30 | 225 | $38.7B | 17 | |
| 2014-03-31 | 218 | $37.2B | 27 | |
| 2013-12-31 | 203 | $32.2B | 40 | |
| 2013-09-30 | 198 | $23.4B | 17 | |
| 2013-06-30 | 196 | $22.0B | 0 |
Holding changes this quarter
Capital International Investors's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); New buy: Cloudflare INC - Class A (NET); Sold out: Hershey Co/the (HSY); New buy: Hca Healthcare INC (HCA); Trim: Broadcom INC (AVGO) — shares -40.76%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1% | -5.87% | Trim |
| 2 | TTE | Totalenergies Se | +0.6% | -0.33% | Trim |
| 3 | COST | Costco Wholesale CORP | +0.6% | +329.37% | Add |
| 4 | TMO | Thermo Fisher Scientific INC | +0.4% | +322.62% | Add |
| 5 | WELL | Welltower INC | +0.3% | -24.49% | Trim |
| 6 | PM | Philip Morris International | +0.3% | -28.23% | Trim |
| 7 | TDG | Transdigm Group INC | +0.1% | -16.04% | Trim |
| 8 | NOC | Northrop Grumman CORP | +0.1% | -38.17% | Trim |
| 9 | TFC | Truist Financial CORP | +0.1% | -22.01% | Trim |
| 10 | RCL | Royal Caribbean Cruises Ltd. | 0% | -30.73% | Trim |
| 11 | KKR | Kkr & Co INC | 0% | -5.48% | Trim |
| 12 | GOOGL | Alphabet Inc-cl A | 0% | -27.62% | Trim |
| 13 | DHR | Danaher CORP | 0% | -23.19% | Trim |
| 14 | MDLZ | Mondelez International Inc-a | -0.1% | -42.47% | Trim |
| 15 | KLAC | Kla CORP | -0.1% | -49.95% | Trim |
| 16 | PGR | Progressive CORP | -0.1% | -40.88% | Trim |
| 17 | CNP | Centerpoint Energy INC | -0.2% | -58.06% | Trim |
| 18 | CEG | Constellation Energy | -0.2% | -30.95% | Trim |
| 19 | TMUS | T-mobile US INC | -0.2% | -59.37% | Trim |
| 20 | TJX | Tjx Companies INC | -0.2% | -66.29% | Trim |
| 21 | UAL | United Airlines Holdings INC | -0.2% | -64.62% | Trim |
| 22 | FLUT | Flutter Entertainment plc | -0.2% | -55.80% | Trim |
| 23 | RTX | Rtx CORP | -0.2% | -46.28% | Trim |
| 24 | DB | Deutsche Bank Aktiengesellschaft | -0.3% | -64.59% | Trim |
| 25 | META | Meta Platforms Inc-class A | -0.3% | -30.85% | Trim |
| 26 | MU | Micron Technology INC | -0.3% | -59.51% | Trim |
| 27 | SRE | Sempra | -0.3% | -63.78% | Trim |
| 28 | MS | Morgan Stanley | -0.3% | -65.16% | Trim |
| 29 | PNC | Pnc Financial Services Group | -0.3% | -86.94% | Trim |
| 30 | TSM | Taiwan Semiconductor-sp Adr | -0.3% | -55.93% | Trim |
| 31 | NFLX | Netflix INC | -0.3% | -89.24% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.3% | -38.02% | Trim |
| 33 | ABT | Abbott Laboratories | -0.3% | -40.70% | Trim |
| 34 | AMGN | Amgen INC | -0.3% | -60.84% | Trim |
| 35 | MA | Mastercard INC - A | -0.4% | -40.54% | Trim |
| 36 | AMZN | Amazon.com INC | -0.4% | -36.86% | Trim |
| 37 | CRM | Salesforce INC | -0.4% | -44.44% | Trim |
| 38 | UNH | Unitedhealth Group INC | -0.4% | -51.75% | Trim |
| 39 | IR | Ingersoll-rand INC | -0.4% | -74.75% | Trim |
| 40 | JPM | Jpmorgan Chase & Co | -0.5% | -52.66% | Trim |
| 41 | ACN | Accenture plc | -0.5% | -76.46% | Trim |
| 42 | GE | General Electric | -0.7% | -54.11% | Trim |
| 43 | AAPL | Apple INC | -0.9% | -49.46% | Trim |
| 44 | GOOG | Alphabet Inc-cl C | -1.1% | -45.60% | Trim |
| 45 | MSFT | Microsoft CORP | -1.4% | -32.79% | Trim |
| 46 | AVGO | Broadcom INC | -1.6% | -40.76% | Trim |
| 47 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 48 | NET | Cloudflare INC - Class A | — | NEW | New buy |
| 49 | HSY | Hershey Co/the | — | EXIT | Sold out |
| 50 | HCA | Hca Healthcare INC | — | NEW | New buy |
FAQ
What is Capital International Investors and what type of investor is it?
Capital International Investors is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $426.5B, spread across 438 disclosed positions.
What are Capital International Investors's largest equity positions?
Based on the latest 13F filing, Capital International Investors's top holdings by market value are:
1. Broadcom INC (AVGO) — $26.0B (6.1%)
2. Microsoft CORP (MSFT) — $20.3B (4.8%)
3. Nvidia CORP (NVDA) — $17.0B (4.0%)
4. Alphabet Inc-cl C (GOOG) — $13.1B (3.1%)
5. Philip Morris International (PM) — $12.0B (2.8%)
What changes did Capital International Investors make in its most recent portfolio filing?
In the latest reported quarter, Capital International Investors made 50 notable position adjustments: 3 new positions were initiated, 2 existing holdings were added to, 44 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: AstraZeneca PLC (AZN); New buy: Cloudflare INC - Class A (NET); Sold out: Hershey Co/the (HSY); New buy: Hca Healthcare INC (HCA); Trim: Broadcom INC (AVGO) — shares -40.76%
What sectors does Capital International Investors focus on?
Capital International Investors is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 29.1%
• Industrials: 13.2%
• Financials: 11.9%
• Health Care: 10.4%
• Consumer Discretionary: 9.3%
• Communication Services: 8.9%
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