Voya Investment Management 13F Portfolio

The biggest adds tell you exactly what Voya wants to own in this phase: durable cash flows levered to secular growth, bought with realized gains from crowded AI winners.

On the defensive-growth side, the step up in UnitedHealth and large pharma is unambiguous:

• UNH: a nearly +298.9% share increase and about $753.5M added pushes it into the top tier, signaling a strong preference for managed-care earnings visibility.
• MRK: a +25.7% add and roughly $170.3M of new capital builds out the big-pharma sleeve alongside Eli Lilly.
• ABBV and the modest LLY add round out a clearly deliberate pharma cluster.

On the cyclical and rate side, Voya is leaning into financials and industrial enablers:

• MS: shares up +197.2%, with about $598.5M added, makes Morgan Stanley a high-conviction way to monetize elevated capital-markets and wealth trends.
• JPM: a +4.8% add (~$57.4M) extends that bet across money-center banks.
• HWM and GE: Howmet’s +50.4% and GE Aerospace’s +61.4% share boosts (about $176.1M and $172.1M added) deepen exposure to aero and industrial demand.

Crucially, they are not abandoning AI; they are rebalancing within it:

• AMD: an +86.7% share increase and about $626.6M of new capital is a clear vote that AI compute spend isn’t slowing, it’s broadening beyond Nvidia.
• GOOG: Class C shares spike +50.0% with roughly $353.1M added, even as the more common GOOGL line is trimmed, consolidating exposure in one line while keeping Alphabet central to the cloud/AI thesis.
• ETN and DDOG: Eaton’s +90.2% add ($213.3M) and Datadog’s +23.8% ($104.4M) show Voya building the “picks-and-shovels” stack around power, infrastructure, and observability rather than chasing only front-page AI names.

The funding side of the ledger is blunt: Voya is clipping wings on its most spectacular AI and megacap winners, not because the thesis broke, but because the risk-reward did.

The heaviest trims are household names:

• AAPL: shares cut -19.4%, freeing about $883.8M; Apple remains a 3.17% position but clearly less central than last quarter.
• MSFT: a -24.2% reduction (~$620.8M out) suggests they see better incremental upside in Alphabet, Datadog and other cloud-levered names.
• NVDA: still the largest single holding at 4.94%, yet shares are down -7.4% with about $456.6M harvested after a +589.1% gain vs cost.

They’re also right-sizing some of the more explosive semiconductor and component bets:

• MU, AVGO, AMAT and ASML: all trimmed between roughly -9.7% and -12.8% (Micron alone freeing about $281.6M) despite enormous gains, rotating from pure chip beta into more diversified AI exposure.
• SNDK and MPWR: sizable cuts (SanDisk at -29.3%, Monolithic Power at -13.5%) indicate less appetite for the frothier ends of the component stack.

Outside of semis, they’re shaving long-held, lower-beta infrastructure:

• GOOGL (Class A), META, CSCO, GLW, PH, CAT: all see single- to low-double-digit percentage trims, classic “use your winners to pay for new ideas” behavior.

The pattern is consistent: recycle from over-earning AI hardware and crowded mega-cap platforms into more balanced exposures in health care, financials, and second-derivative AI beneficiaries.

By sector, the book is still unapologetically growth-heavy, but the edges are clearly being sanded down. Technology drops from 67.47% of the top-50 to 63.72%, yet remains the core of the strategy.

What replaces that marginal tech weight matters:

• Health care climbs from 6.27% to 8.18%, driven by aggressive adds in UNH, MRK and ABBV. This is a late-cycle expression: regulated oligopolies and pharma pipelines to buffer any slowdown in enterprise IT spend.
• Finance jumps from 2.58% to 3.77% on the back of MS and JPM. That’s a deliberate bet that higher-for-longer rates, active capital markets and robust fee pools will support financial earnings.
• Consumer discretionary edges higher from 5.01% to 5.29%, with incremental capital into AMZN and WMT balancing cyclical exposure across e-commerce and defensive retail.

Elsewhere, shifts are more tactical than thematic:

• Industrials are basically flat (8.46% to 8.47%) but the mix changes: adds in HWM and BAPRA (Boeing) offset trims in PH and CAT, nudging exposure toward aero and away from more general heavy machinery.
• Energy (XOM), real financials-like payments (Visa, despite its mislabeled sector), and long-duration fixed income (VGLT) all see modest increases, offering yield and duration hedges.

The throughline: Voya is still structurally aligned with AI, cloud, and digital infrastructure, but the portfolio now has a far more explicit health care and financials counterweight than a year ago.

This quarter’s moves suggest Voya sees the AI trade maturing, not ending. The manager is acting like someone who expects volatility in the headline winners but continued growth in the overall compute, cloud, and infrastructure stack.

The scaling into AMD, Alphabet (GOOG), Datadog, Coherent, Vertiv, Eaton, GE Aerospace and Howmet says they believe the “AI CapEx supercycle” is broadening across chips, tooling, power and connectivity. Owning the stack, rather than just Nvidia, is their way to stay long the theme without running portfolio risk through a single ticker.

At the same time, the dramatic increases in UnitedHealth, Merck, AbbVie and the lift in Coca-Cola, Walmart and Exxon Mobil show a desire for cash-generative anchors. If growth multiples compress or macro data wobbles, that health care and staples sleeve is designed to keep the equity line from bleeding.

Financials are the swing factor. The aggressive add to Morgan Stanley and a solid bump in JPMorgan imply Voya expects a supportive backdrop for fee income, trading and net interest margins, even if rates stay elevated.

Put together, this is a barbelled book: one side is AI, semis and digital infrastructure; the other is health care, financials and quality cyclicals. Future quarters will likely show them nudging the fulcrum based on macro data, but the core bet is clear — AI remains the growth engine, while defensives and financials are there to make the ride survivable.