Wellington Management Group 13F Portfolio

The biggest incremental bet is on the health-care plumbing that sits between drug makers and patients. Cardinal Health jumps to 0.61% of the book after a +247.5% share increase and a roughly $2.51B capital add, while CVS is up +49.8% in shares with about $1.16B more capital behind it.

On the AI side, they are rotating within semis rather than out of them. NVDA is trimmed, but Micron and AMD are pushed higher — MU shares up +28.7% (about $1.30B in new capital) and AMD up +33.9% (about $1.37B added) — a clear vote for memory and CPU/GPU share gain as the next leg of AI demand.

They also leaned into Alphabet’s non-voting GOOG line, boosting it +24.9% with roughly $1.21B more, while leaving GOOGL as a modest trim. That’s a governance/arbitrage expression, not a change of mind on the franchise. Below the headlines, GE Aerospace (+97.3% shares, ~$1.25B), Corning (+50.9%, ~$1.14B) and the oddly still-listed SanDisk (+71.2%, ~$1.01B) show a serious push into the physical bandwidth and components side of the digital economy.

The funding list starts with LLY, META, NVDA, MSFT, AMZN and AAPL — the very stocks that powered Wellington’s 3-year annualized 28.16% run. Lilly alone sees an -18.1% share cut and roughly -$2.91B reduction, despite the position still sitting over 300% above cost.

Meta is slashed by -38.2% with about -$2.51B pulled, while NVDA sheds -8.8% of its shares (around -$2.36B) and MSFT -9.7% (roughly -$1.92B). AMZN and AAPL are trimmed more gently but still free roughly $1.75B and $1.62B respectively.

Outside of mega-cap growth, Wells Fargo is the most telling signal in financials: shares down -40.1%, with about -$2.18B taken off the table. That, plus cuts to NDAQ, BAC and a small trim in Marsh & McLennan, says they are dialing back balance-sheet and market-structure risk to fund fee-heavy BLK (shares up +23.3%) and overseas bank UBS (+19.3%).

At the top-down level, tech’s weight barely budged, from 50.84% to 50.11%. What changed is who inside tech carries that risk: capital is migrating from mega-cap AI platforms into memory, analog, components, and aerospace — MU, AMD, KLAC, APH, GE and SNDK all see higher share counts.

Health care is the clearest gainer, up to 18.67% from 17.81%. The move is not just into big pharma (MRK, JNJ, AZN, UNH, ELV all increased), but into the distribution/payor axis via CAH and CVS — a full ecosystem bet from molecule to patient and reimbursement.

Industrials expand from 4.03% to 4.66%, helped by TSLA, GLW, DHR and NOC, signaling a tilt toward physical enablers of digital demand. Consumer staples climb from 1.59% to 2.08% through KO and CVS, while energy edges up via FANG. Meanwhile, finance drifts down from 7.0% to 6.48%, and consumer discretionary from 7.39% to 6.71%, consistent with taking cyclicality and rate sensitivity down a notch.

Taken together, the book suggests Wellington is not abandoning AI at all; it is extending the theme into the less glamorous profit pools that will monetize AI-driven demand over the next decade. Memory, interconnects, glass, energy and aerospace all stand to benefit from higher compute intensity, regardless of which model wins.

The simultaneous build-out of a health-care ecosystem — drug innovators held, distributors and PBM-linked retailers added, payors and device makers nudged up — looks like a structural bet on aging populations and pricing power, not a trade. These are the stocks you want if nominal health spending grows faster than GDP.

On the risk side, pulling back from money-center banks and shaving high-beta consumer discretionary (AMZN, HD, DIS) points to some caution around the macro and the rate path, even as they keep overall equity beta high. If the past 3 years’ 110.48% cumulative gain are any guide, this quarter is less a change of heart and more a disciplined roll-down from crowded winners into the next layer of durable cash-flow compounding.