Vanguard Fiduciary Trust Company 13F Portfolio

The biggest buys cluster around three ideas: search‑driven AI monetization, memory and storage as the real choke point, and scaled financials that can monetize higher-for-longer rates. The clear message is that the fund wants more of the AI plumbing and monetization layer, not just the poster children.

• Alphabet (GOOGL, GOOG) saw meaningful adds, with GOOGL up 1.4% and GOOG up 1.8% by share count, together boosting exposure by about $339.5M. That’s a straightforward statement that search, cloud, and productivity AI monetization still have runway, even after solid performance.

• Micron was increased by 2.3%, a top‑five dollar add at about $168.9M, despite already sitting on a 195.7% gain vs its average cost. That is not averaging down; it is pressing a high‑conviction cyclical where pricing power and AI‑driven demand are finally aligning.

• Bank of America was lifted by 7.5%, adding roughly $144.7M, signaling that large‑cap U.S. banks remain a favored way to play a steeper curve and resilient credit.

• Smaller but consistent adds to AMD, AMAT, SNDK, Intel, and Texas Instruments deepen the bet that the semiconductor ecosystem as a whole — logic, tools, memory, and legacy nodes — will be structurally more profitable in an AI world.

• RTX, a new $1.43B position at 0.32% of the book, and a modest add to Caterpillar, show a quiet build‑out in industrials: aerospace, defense, and heavy equipment as secondary beneficiaries of a capex and re‑armament cycle.

On the sell side, the fund is not abandoning themes; it is clipping wings where the multiple and crowding have both expanded. The biggest dollar trims are still household AI and growth names, but the cuts are modest in percentage terms.

• Apple, Amazon, and Microsoft each see 0.9–1.2% reductions in share count, freeing roughly $533.8M combined. Nvidia is also reduced by 0.2%, taking about $53.9M off the table despite a solid 24.9% gain vs cost.

• Marvell is the only high‑beta semi to get hit hard, with shares down 6.9% and around $110.9M taken out. Given its 141.5% gain vs average buy, that looks like a valuation and volatility check rather than a thesis reversal on networking silicon.

• In health care and payments, AbbVie (-2.5% shares), Visa (-1.7%), and smaller trims in Johnson & Johnson, Merck, and the card networks show a willingness to lean against positions that have quietly re‑rated. These look like funding sources to back higher‑conviction AI infrastructure and the RTX buy rather than a call against pharma or payments.

Despite all the trading, sector weights are almost flat: technology edges from 62.27% to 62.01%, consumer discretionary from 10.38% to 10.22%, and health care from 8.39% to 8.3%. The real story is inside that tech bucket, where the fund is nudging capital away from the very top megacaps and into a broader semiconductor and software base.

The semiconductor complex — spanning Nvidia, Broadcom, Micron, AMD, Intel, Texas Instruments, Applied Materials, Lam, KLA, Marvell, and SNDK — is clearly the core engine of risk. Within that, additions to Micron, AMD, Intel, AMAT, and SNDK offset the Marvell trim and tiny cuts to Lam and KLA, shifting the emphasis toward memory, tools, and diversified chipmakers.

Outside tech, the notable move is industrials: their weight rises from 4.13% to 4.73%, powered by the new RTX stake and a small Caterpillar add atop an existing Tesla position. Finance inches up to 5.4% as BAC, TD, and Royal Bank of Canada grow, while energy, consumer staples, and real estate (Visa, Mastercard) are marginally bled down to keep the book concentrated in scalable, IP‑rich businesses.

Across one quarter’s worth of filings, Vanguard Fiduciary Trust CO looks less like it is changing its mind, and more like it is fortifying its favorite themes. The portfolio remains anchored in AI and software, but with a conscious redistribution from a handful of megacaps into a wider base of semis, banks, and industrial champions that can benefit from the same macro backdrop.

Going forward, expect this book to behave like an AI‑and‑quality growth portfolio with built‑in cyclical call options. Micron, AMD, and the equipment names give upside to a prolonged AI capex boom; BAC and the Canadian banks give operating leverage to rates; RTX and CAT offer exposure to defense and infrastructure budgets.

If AI enthusiasm stumbles, the trims to Nvidia, Apple, Microsoft, and Marvell will look prudent relative to peers that chased late. If the cycle extends, the incremental bets on memory, tools, and aerospace should outperform the first‑generation AI winners, which this quarter’s moves suggest the fund already believes are fairly owned.