Dimensional Fund Advisors

Dimensional Fund Advisors' latest 13F filing reveals a massive portfolio maintaining its characteristic systematic approach across 13,721 positions with $431.9 trillion in assets under management. The fund's extremely low Herfindahl-Hirschman Index of 0.004 underscores its commitment to diversification, with the top 10 holdings representing just 15.3% of the portfolio. What's particularly striking is the concentration in mega-cap technology names, with multiple positions in NVIDIA totaling over $43 trillion across different share classes, alongside substantial Apple and Microsoft holdings that together dominate the top positions.

The quarterly activity shows remarkable dynamism with 92% turnover and 197 new positions added while maintaining zero exits, suggesting a strategy of continuous portfolio optimization rather than wholesale position changes. This high turnover rate appears inconsistent with traditional quality/compounder strategies but aligns with Dimensional's systematic rebalancing approach based on factor exposures. The sector allocation reveals heavy weighting toward Technology (10.2%), Banking (8.0%), and Semiconductors (8.0%), followed by Financial Services (6.3%) and Energy (5.9%), indicating the fund's tilt toward sectors that currently meet its factor criteria.

The apparent duplication in top holdings likely reflects different share classes or reporting methodologies, but the overall picture shows Dimensional maintaining its research-driven systematic approach while adapting to current market conditions. The fund's ability to hold thousands of positions while still generating meaningful exposure to quality growth names like NVIDIA demonstrates how modern factor-based strategies can blend broad diversification with concentrated bets on companies meeting specific fundamental criteria.

Analysis generated Apr 5, 2026