BARCLAYS PLC

Barclays' 13F book held roughly flat at $416.3B in Q1 2026 (from $416.7B), but the activity beneath the surface was anything but quiet. The single largest move was a $40.3B reduction in the SPDR S&P 500 ETF, paired against a $18.7B build in Microsoft — the kind of gross repositioning that marks a dealer/trading book rather than a buy-and-hold manager. Top holdings tilt heavily to index and regional ETFs: iShares Emerging Markets (10.19%), Microsoft (8.07%), SPDR S&P 500 (7.88%), Nvidia (4.11%), and Invesco QQQ (4.00%). New positions opened in EEM, RSP, Walmart, Caterpillar, and Exxon Mobil.