Capital Research Global Investors 13F Portfolio

Look at the biggest adds and you see a clear pattern: more exposure to platforms that monetize AI, real-world experiences, and stable cash flows. This is not a spray-and-pray quarter; it’s a set of deliberate size-ups in already‑proven franchises.

• Meta Platforms: shares are up 28.2%, adding about $4.91B, a massive statement that the fund wants more exposure to Meta’s ad engine and AI‑driven engagement, even with only a 30.3% gain vs cost so far.
• Nvidia: despite huge embedded gains (up 101.1% vs average buy), they still increased the stake by 5.0% or roughly $1.94B, showing they view current AI infrastructure demand as durable, not a blow‑off top.
• Alphabet (GOOGL line): an 8.7% add worth about $1.78B leans into search, cloud and YouTube as second‑derivative AI beneficiaries, not just index‑weight comfort.
• Royal Caribbean: a 21.2% increase (about $1.91B) signals confidence that global leisure and cruise pricing power outlast near‑term macro worries.
• Altria and Philip Morris: Altria’s stake jumps 128.4% (about $2.37B) and Philip Morris rises 5.6% (about $0.80B), reallocating into high‑yield, relatively predictable tobacco cash flows at modest gains vs cost.
• Dominion Energy and other defensives: Dominion is up 50.8% (about $1.70B), while utilities overall rise, giving the portfolio more ballast against rate and growth volatility.
• Oracle, Uber and other scaled platforms: Oracle (+23.7%, about $1.11B) and Uber (+12.3%, about $1.03B) are being built out as infrastructure and marketplace plays where AI and scale can widen moats despite mixed mark‑to‑cost profiles.

The funding list reads like a who’s who of trades that already worked. They’re not abandoning themes so much as trimming the fattest profits and the more cyclical edges of those themes.

• Applied Materials and Seagate: AMAT was cut 24.8% (about -$5.28B) and Seagate 24.6% (about -$1.36B) despite triple‑digit gains, a classic move from capital equipment and storage into higher‑up‑the‑stack AI beneficiaries.
• Eli Lilly, UnitedHealth, Abbott, Vertex, AbbVie: health care weight drops from 14.54% to 13.33% as they take sizeable profits in Lilly (-15.3%, about -$4.51B) and UnitedHealth (-38.4%, about -$2.73B), and meaningfully reduce Abbott (-25.8%, about -$1.17B) and Vertex. They’re freeing up capital from crowded GLP‑1 and managed‑care winners.
• Apple and GE Aerospace: Apple is down 7.2% (about -$1.34B) and GE down 10.9% (about -$1.41B), both with large embedded gains, suggesting simple risk trimming rather than a call against their franchises.
• Canadian Natural Resources and Exxon Mobil: energy shrinks as CNQ is slashed 29.4% (about -$1.91B) and Exxon nudged lower, implying less appetite for upstream beta at this stage of the cycle.
• Mastercard, Morgan Stanley and other financials: selective trims in Mastercard (-16.3%, about -$1.16B) and Morgan Stanley (-10.9%, about -$0.46B) fund increases in banks and insurers perceived as more levered to the current rate and credit regime.

Viewed together, the sells are mostly profit‑taking and factor tuning, not thesis reversals.

On a bar chart, sector weights look deceptively static, but the internal rotation is meaningful. Technology rounds to flat (49.59% to 49.52%), yet they are clearly sliding capital from tools and components into software, platforms and networking.

Health care is the main donor sector, dropping from 14.54% to 13.33% as capital shifts toward Consumer Discretionary, which climbs from 11.77% to 12.63%. That’s effectively a move from GLP‑1 and managed‑care optimism into travel, streaming and premium retail via Royal Caribbean, Starbucks, Home Depot and Netflix.

Energy steps down from 2.13% to 1.76%, while Utilities jump from 1.25% to 1.57% and Basic Materials edge higher. That mix — more Dominion and Linde, less Canadian Natural — swaps commodity sensitivity for regulated and industrial infrastructure exposure.

Finance nudges up from 5.48% to 5.61% as the fund favors banks and property‑casualty (JPMorgan, Wells Fargo, Progressive) over capital‑markets heavyweights. Real estate‑classified platforms like Uber, Mastercard and MercadoLibre rise slightly, reinforcing the theme of scaled transaction networks tied to real‑economy activity rather than hard assets.

Put together, this quarter says they want to own the cash‑flow stack of the AI economy, not just the silicon at the bottom of it. Nvidia and Broadcom remain core, but new capital flows to Meta, Alphabet and Oracle show a preference for businesses where AI turns directly into ad dollars, cloud spend and software contracts.

At the same time, they’re building a barbell: high‑growth platforms on one side, durable yield and defensives on the other. The tobacco and utility adds, plus incremental exposure to banks and property‑casualty insurers, are a quiet wager that income and balance‑sheet strength will be re‑rated if rate cuts are slower or choppier than the market hoped.

The discretionary adds in Royal Caribbean, Starbucks, Home Depot, Netflix and Carvana echo confidence that the consumer cycle still has room to run, especially at the higher‑income and experiential end. If they’re wrong, the beefed‑up utilities, staples and insurers provide some cushion.

For observers, the tell is that sector weights barely change while underlying names move a lot. That’s the hallmark of a manager trying to refine factor and idiosyncratic risk — pressing AI‑and‑data platforms, trimming crowded winners and cyclical commodities — rather than calling a broad top in equities or in technology itself.