Corient Private Wealth 13F Portfolio

The biggest dollar adds are remarkably coherent: Corient is building a long-duration growth and cash-flow engine around health care, platforms, and U.S. consumption rather than adding more pure AI torque.

• Broadcom (AVGO) explodes to a 1.71% position, with shares up 206.4% and an estimated +$893.6M added. That is a clear statement that they prefer Broadcom’s tollbooth-like, infrastructure-centric AI exposure over chasing more volatile GPU names.
• Amazon (AMZN) gets a 54.0% share boost and about +$537.8M more capital, a bet that cloud plus U.S. consumption will keep compounding as a core profit engine rather than a cyclical trade.
• Meta Platforms (META) is transformed from a token stake into a real position, with shares up 721.8% and roughly +$497.8M added. Corient seems comfortable underwriting Meta’s capex-heavy AI and engagement strategy even at only modest gains versus their average cost.
• The health care build is aggressive and diversified: AbbVie (ABBV) surges 787.7% in shares (+$494.5M), Johnson & Johnson (JNJ) is up 127.3% (+$376.8M), and Eli Lilly (LLY) climbs 84.3% (+$349.4M). That trio gives them pipelines, cash dividends, and GLP‑1 exposure in one move.
• Thermo Fisher (TMO) and Stryker (SYK) — up 1845.4% and 59.2% in shares respectively — show they don’t just want drug headlines; they want the picks-and-shovels of life sciences and procedures.
• On the macro beta side, a 535.2% jump in QQQ and continued adds to IJH, IJR, and BND indicate they’re expressing growth, mid/small-cap, and duration views primarily through liquid ETFs.

Layer in sizable but more measured increases in JPMorgan, Morgan Stanley, Costco, and Procter & Gamble, and the pattern is clear: Corient is paying for dominant franchises where pricing power and balance sheet quality matter more than the next quarter’s narrative.

On the sell side, Corient isn’t abandoning technology; it’s writing itself a dividend from prior AI wins. The trims are surgical, taken from the richest winners and the broadest, most tech-heavy beta vehicles.

• Alphabet’s GOOGL line sees a -13.6% share cut and roughly -$232.3M out, even as GOOG is increased. That looks like tax and structure optimization rather than a fundamental change of heart, but it does free capital from a very fully valued name.
• Nvidia (NVDA) and Microsoft (MSFT) both get cut modestly (shares down -6.6% and -3.4%, est. -$143.3M and -$71.6M). With gains versus cost at 261.4% for NVDA and 33.0% for MSFT, these look like disciplined profit-takes from crowded AI winners.
• Within semis, Micron (MU) and AMD are both nudged lower in share count despite gigantic mark‑ups over cost, signaling that Corient sees better risk/reward in Broadcom and ASML than in memory and CPU/accelerator beta.
• VUG and VOO — broad growth and S&P 500 trackers — both see meaningful dollar trims, as does SPY. The manager is effectively swapping generic large-cap growth exposure into more targeted single-name bets and a heavier QQQ sleeve.
• Outside tech, cuts in Deere (DE) and Linde (LIN) suggest a relative de‑emphasis of capex- and commodity-sensitive industrial/chemical exposure versus health care and consumer names.

The picture is of a portfolio that wants to remain exposed to AI and U.S. growth, but on its own terms: less broad-factor beta, less reliance on the most sentiment-sensitive winners, and more capital in durable oligopolies and cash cows.

At the sector level, Corient is still a growth and tech-heavy allocator, but the edges are clearly being sanded down. Technology slips from 37.04% of the book to 35.23%, while health care, consumer discretionary, financials, and industrials all gain share.

• Health care jumps from 3.63% to 6.47% on the back of the massive adds to AbbVie, Johnson & Johnson, Lilly, Stryker, and Merck. That’s not a tactical trade; it’s the skeleton of a defensive-income and innovation pillar.
• Consumer discretionary climbs from 6.44% to 8.20%, but the emphasis is telling: Amazon, Costco, Home Depot, TJX, and Procter & Gamble are all brand and distribution moats, not cyclical fliers.
• Financials, at 3.45% (up from 2.71%), are concentrated in JPMorgan and Morgan Stanley. The big step‑ups there look like a bet on structurally higher net interest margins and capital markets activity.
• Industrials edge up from 3.47% to 4.19%, driven by Caterpillar, Tesla, and the huge Thermo Fisher add, while Deere is pared back. That’s a quiet shift from ag-heavy exposure toward infrastructure, automation, and scientific equipment.
• “Unclassified” — mainly the ETF chassis — drops from 40.65% to 36.62%. They are still running a large index core, but there’s a clear move toward more security-level expression of views.

Energy, basic materials, and telecom stay small and are slightly reduced at the margin, underscoring the priority: secular compounders over traditional cyclicals or commodity beta.

Put together, this quarter suggests Corient wants to own the next decade of earnings growth, not the next 12 months of AI headlines. They’re de‑risking the frothiest parts of the tech book, yet they’re not retreating from growth; they’re swapping into infrastructure-like AI exposure, global platforms, and health care cash machines.

On one side of the barbell sit Broadcom, ASML, QQQ, and the still-large stakes in Apple, Microsoft, Alphabet, Nvidia, and Amazon — sufficient to participate if AI and cloud continue to compound faster than GDP. On the other side now sits a much more muscular health care complex, plus consumer and financial oligopolies that tend to grind higher through a variety of macro regimes.

Layered over that is a very intentional ETF architecture: S&P 500, total market, international developed and EM, mid- and small‑cap, and core bond exposure. Those vehicles let them dial overall beta and duration up or down while they re‑sculpt the active sleeves into a higher-quality mix.

The forward message is clear: expect Corient to keep harvesting gains from the most extended AI winners and broad growth funds, and to reallocate toward durable, cash-generative franchises in health care, payments, and platforms. If the AI trade cools or volatility picks up, this book looks built to keep compounding rather than merely surviving.