Bank Of America Corp De 13F Portfolio

The biggest incremental dollars this quarter went straight into semis and the cloud platforms that monetize AI workloads. Micron was the single largest add by dollars, up 26.6% in shares and about $2.47B in value, a decisive call that high‑bandwidth memory and storage are the next bottlenecks in the AI stack.

• Micron (MU): A +26.6% share increase, with the position now showing a gain of 348.7% versus average cost, says they see this as early‑cycle, not late. They are willing to add into strength rather than treat Micron as a trading vehicle.
• AMD (AMD): A +19.0% increase (~$1.12B more at current prices) suggests they want exposure to the non‑NVIDIA accelerator story and x86 share gains, not just the obvious AI leader.
• Apple (AAPL) and Alphabet (GOOGL): Both were added meaningfully in dollar terms, reinforcing a view that on‑device AI and cloud AI monetization will accrue to the largest platforms.
• Amazon (AMZN): A +10.7% lift and roughly $2.15B more capital deployed points to renewed conviction in AWS and retail operating leverage as beneficiaries of the same AI capex cycle.
• Broadcom (AVGO) and IVV: Adds to Broadcom and the S&P 500 ETF IVV show a barbell between idiosyncratic chip risk and broad US equity beta, rather than more niche factors.

This is not a blind momentum chase. Many of these names show triple‑digit gains versus the fund’s average buy price, yet they are still being increased, implying a structural, multi‑year AI thesis rather than a short‑term trade.

On the other side, the fund is pulling capital from segments that either dilute the AI bet or carry macro risk they no longer like. The largest trims by dollars are telling: small caps, long Treasuries, and an energy major.

• iShares Russell 2000 (IWM): A -14.5% cut, about $1.81B out at current prices, shows a clear willingness to sacrifice broad small‑cap exposure to fund higher‑conviction growth and semis.
• iShares 20+ Year Treasury (TLT): Down -19.2% (roughly $1.40B), with the position sitting at a loss versus average cost, suggests they are tired of fighting duration and would rather redeploy into equities and shorter credit.
• SPDR S&P 500 (SPY): They trimmed SPY by -4.6% while simultaneously increasing IVV and VOO, implying a tidy reshuffle within S&P 500 wrappers and possibly fee or structural preferences, not a retreat from US large‑cap risk.
• Energy and defensives: Cuts to Exxon Mobil (XOM) and Johnson & Johnson (JNJ) signal cooling enthusiasm for classic defensives and late‑cycle energy, especially relative to the upside they see in tech and financials.
• Factor and tech ETFs: Reductions in SMH, VGT, QQQ, IWF, and some value/size ETFs (IWD, VB) show a steady migration away from one‑click thematic exposure toward hand‑picked single names and broader core indices.

Even Tesla and Costco are modestly trimmed, hinting that high‑multiple stories without a direct AI infrastructure angle are viewed as lower‑priority uses of risk budget this quarter.

Under the sector hood, the numbers confirm what the stock‑level moves already say. Technology climbs from 30.12% to 31.2% of the disclosed book, even as the fund cuts several tech ETFs; the increment is coming from individual semis and platforms, not just market beta.

Unclassified ETFs still dominate more than half the book by label, but functionally they are a mix of broad equity, style, and bond exposures. Within that bucket, the pattern is clear: more core equity (IVV, VOO, VTV, VUG) and less niche factor (IWM, IWD, IWF) and long‑duration rates (TLT, AGG).

Cyclically sensitive, balance‑sheet‑strong names are also gaining share. Financials edge up from 4.24% to 4.39% thanks to additional capital in JPMorgan and Goldman Sachs, while Energy, Industrials, Health Care, and even Telecom (via Cisco) all slip a bit, reinforcing a preference for quality growth over classic defensives and late‑cycle plays.

On the fixed‑income side, there is a quiet duration and quality recalibration: cuts to TLT and AGG, but increased allocations to VCIT, MBB, VCSH, and BNDX. That mix points to a more balanced rate stance, with less reliance on a big rally in long Treasuries and more comfort owning investment‑grade spread and global bonds.

Taken together, this quarter reads like a vote of confidence in the AI build‑out as a multi‑year capital cycle, not a fad. The fund is steadily increasing exposure to the core infrastructure providers (NVIDIA, Broadcom, TSMC, AMD, Micron) and the cloud and device ecosystems (Microsoft, Alphabet, Apple, Amazon, Meta) that will monetize those workloads.

Funding is coming from everywhere that looks either less structurally advantaged or more macro‑dependent: small caps, long‑duration Treasuries, traditional defensives, and broad factor ETFs. They keep broad equity ETFs as the backbone, but the alpha expression is increasingly concentrated in a relatively tight set of large‑cap compounders.

For observers, the message is straightforward. As long as the AI capex cycle and US mega‑cap earnings hold up, this positioning should keep participating strongly in upside while the diversified ETF core and incremental IG credit provide ballast. If the cycle turns, however, the book will live or die on those concentrated AI and platform bets far more than on anything happening in small caps, energy, or long bonds.