Northern Trust 13F Portfolio

The biggest adds table reads like a checklist of under-owned AI enablers rather than market darlings. That’s the clearest tell for where conviction is actually increasing.

• Micron (1.45%, up +3.9% in shares) is the standout add by dollars, with an estimated +$472.0M increase. That’s a direct bet that high-bandwidth memory and DRAM will be the next profit pool as AI models scale, not just GPUs.
• Broadcom and AMD both saw incremental adds, with Broadcom up +1.2% in shares and roughly +$214.1M more capital, and AMD up +1.6% with about +$152.4M. Together, that’s a push toward networking, accelerators, and custom silicon as hyperscalers seek alternatives and complements to NVIDIA.
• Alphabet (GOOGL line) was also meaningfully increased, adding about +$190.6M, reinforcing the idea that AI value will accrue to scaled cloud platforms and ad engines, not only chip vendors.
• Smaller but telling bumps in Applied Materials, Palo Alto Networks, and SanDisk deepen this narrative: more tooling for fabs, more cybersecurity for a cloud-first world, and more storage to handle AI-driven data intensity.

None of these moves are huge in percentage terms, but at this asset base they are real money. The pattern is consistent: nudge capital toward businesses where AI capex and data proliferation drive multi-year unit demand, rather than simply paying ever-higher multiples for the core platform names.

On the other side of the ledger, the biggest trims look less like a loss of faith and more like disciplined risk management. The positions being pared are precisely those that have already delivered enormous gains and now function as liquidity sources.

• Apple, Microsoft, and NVIDIA top the trim list by dollars, each cut by less than -1.3% in share count but freeing up between roughly $340M and $428M apiece. With gains versus cost in the +368% to +1,012% range, the fund is clearly monetizing success without abandoning the core franchise exposure.
• Intel and Taiwan Semi were cut harder on a percentage basis (Intel down -4.6%, TSM down -5.0%), suggesting a relative preference for the higher-growth memory and diversified semi complex over more mature or geopolitically exposed capacity names.
• Outside tech, the fund is gently lightening up on Exxon and Chevron (both around -4% to -5% in share count), as well as on JPMorgan, AbbVie, and Cisco. These look like funding trades out of cyclical or income-heavy exposures into structurally faster-growing technology lines.

Index sleeves — SPY, VTI, VWO, and GUNR — are also fractionally smaller. That signals a willingness to sacrifice broad beta and commodity-linked diversification when the manager sees better risk-reward in targeted infrastructure plays tied to the same macro themes.

The sector bar chart confirms what the position moves already imply: this is a book running structurally high technology exposure, and inching it higher at the margin. Technology now stands at 59.31%, up from an estimated 59.07%, with the incremental dollars flowing primarily to semiconductors and related equipment.

Health care, consumer staples, and classic value ballast are drifting down. Health care slips from 6.88% to 6.82%, with modest trims in Eli Lilly, Johnson & Johnson, Merck, AbbVie, and UnitedHealth — all still core, but slightly less central to the story than last quarter.

Energy drops from 2.08% to 2.00% as both Exxon and Chevron are reduced, and financials ease from 3.84% to 3.79% through cuts in JPMorgan, Bank of America, and Goldman. Even consumer staples via Coca-Cola and quasi-defensives like Procter & Gamble see small reductions.

Offsetting that, industrials tick up (4.51% from 4.48%) helped by a small add to Tesla and continued conviction in Caterpillar and Illinois Tool Works. The unclassified bucket — which houses broad ETFs, Berkshire, and international sleeves — is effectively flat, with tiny net outflows, reinforcing that the main rotation is within equities: out of lower-beta sectors and into higher-operating-leverage tech infrastructure.

Taken together, the quarter’s tweaks show a manager that believes the AI and digital infrastructure super-cycle has years left — but that the leadership within that theme is evolving. The decision to fund Micron, Broadcom, AMD, and Applied Materials by trimming NVIDIA, Apple, and Microsoft says they expect the profit baton to move toward memory, bandwidth, and the tools that expand capacity.

The mild but broad-based reductions in energy, banks, and health care imply less reliance on classic late-cycle defensives or inflation hedges. Instead, the portfolio is being wired to benefit most from an environment where capex in data centers, semis, and cloud platforms remains robust, even if headline indices churn.

Importantly, this is not a high-beta swing; top-10 concentration is a moderate 28.3%, and the core platform names still anchor the book. But within that framework, capital is quietly concentrating in the parts of the stack where incremental dollars of hyperscaler and AI spend are most likely to land.

Going forward, watch three signals: whether Micron and other memory names continue to gain share of the tech sleeve; whether the fund keeps trimming broad ETFs to fund single-name conviction; and whether the slow bleed from energy and financials continues. If those trends persist into coming quarters, Northern Trust’s 13F will look less like a generic large-cap benchmark hug and more like a deliberately geared play on the infrastructure phase of the AI buildout.