§ 13F · FUND PROFILE
Wells Fargo & Company.
Wells Fargo & Company is a major universal bank that manages a diversified equity portfolio focused on large-cap technology stocks and broad market ETFs, with significant positions in Microsoft and Apple. The bank's investment approach reflects its role as both a wealth management provider and institutional investor, maintaining exposure across thousands of positions while concentrating in liquid, high-quality securities.
AUM · $526.0B (13F)Positions · 17814Turnover · 34% · Q1Filed · May 11, 2026
CONCENTRATION
10%
Top 10 holdings
NEW BUYS
+336
+$519M deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-1pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q1 2026
FILED MAY 11, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | AAPL | APPLE INC | 31.80M | $8.1B | 1.5% | ±0% |
| 2 | MSFT | MICROSOFT CORP | 19.08M | $7.1B | 1.3% | ±0% |
| 3 | IVV | ISHARES TR | 10.36M | $6.8B | 1.3% | +4% |
| 4 | NVDA | NVIDIA CORPORATION | 31.07M | $5.4B | 1.0% | −15% |
| 5 | GOOGL | ALPHABET INC | 18.32M | $5.3B | 1.0% | −8% |
| 6 | ITOT | ISHARES TR | 36.14M | $5.1B | 1.0% | +3% |
| 7 | AVGO | BROADCOM INC | 15.00M | $4.6B | 0.9% | +8% |
| 8 | IEFA | ISHARES TR | 49.40M | $4.5B | 0.8% | +8% |
| 9 | JPM | JPMORGAN CHASE & CO | 13.89M | $4.1B | 0.8% | ±0% |
| 10 | AGG | ISHARES TR | 39.99M | $4.0B | 0.7% | +5% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other28.7% (+2pp)
Technology8.4% (−1pp)
Semiconductors5.9% (±0)
Retail4.4% (±0)
Media4.2% (±0)
Financial Services3.8% (±0)
§ 03 · THE WELLS SIGNAL
AC read
Wells Fargo & Company's 13F filing reveals the operational mechanics of a major bank's equity portfolio management rather than traditional asset management strategy. With an astronomical $526 trillion in reported assets under management spread across 17,814 positions, the filing likely captures the bank's extensive client custody operations, market-making activities, and various fiduciary roles rather than proprietary investment decisions. The extremely low concentration ratio of 0.003 and the fact that no positions were exited during the quarter while 516 new positions were added suggests this portfolio functions more as a reflection of client holdings and trading facilitation than active portfolio management.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q1 2026
Busy quarter
+336 buys · −0 exits · 5766 changed
Q4 2025
Busy quarter
+316 buys · −0 exits · 5757 changed
Q3 2025
Busy quarter
+6649 buys · −0 exits · 0 changed
Q1 2025
Busy quarter
+6570 buys · −0 exits · 0 changed