BlackRock, Inc.

BlackRock’s Q1 2026 13F shows the world’s largest asset manager quietly pruning its mega-cap tech overlays while adding meaningful energy and defense exposure. Portfolio value dipped roughly 3.3% quarter over quarter to $5.72 trillion across 50,651 holdings. The quarter’s message: AI names are still central, but the risk/reward at current valuations warranted selective trimming — MSFT shed ~$71.6 billion in value despite a sub-2% share reduction, NVDA and AAPL each gave back roughly $26 billion and $24 billion respectively. Offsets came via a $17 billion XOM build, new 13F stakes in Intel (INTC) at ~$19.8 billion and RTX at ~$21 billion, and a complete exit from Salesforce (CRM). Technology still commands ~$1.27 trillion — 22% of the book — but the composition is shifting toward energy and industrials.