MIZUHO SECURITIES USA LLC

Mizuho Securities USA's $4.24B Q1 2026 filing is one of the most aggressive rotations in the current 13F cycle — the manager reduced its megacap tech core by roughly $1.5B in aggregate value, cutting NVIDIA (-$57M shares), Apple (-$75M), Microsoft (-$100M), Amazon (-$42M), Alphabet ($27M from GOOG, $34M from GOOGL), Meta (-$27M), Tesla (-$25M), and Broadcom (-$50M) in near-uniform 16-17% share reductions across the board. That is not a rebalance — it is a structural rotation away from the crowded AI-and-megacap trade, executed with a precision that suggests a deliberate macro view rather than noise. The offset was not simply a cash move: Mizuho opened 10 new positions including Applied Materials ($16.4M) and Lam Research ($16.1M) in semiconductor equipment — a doubling down on the AI supply chain at the manufacturing layer — alongside Transocean (RIG) convertible bonds ($21.2M), On Semiconductor (ON) convertibles ($18.9M), and a cluster of SPACs and acquisition vehicles (Silverbox IV, GigCapital7, Globa Terra, Launch One, Agriculture & Natural Solutions) totaling roughly $97M. The sector footprint remains Technology-heavy at $904M (21.3%), but the composition shifted from software-and-platform megacaps to semiconductor, equipment, and structured-credit names. The prior quarter's $5.87B total value was already compressed from an even higher Q3 2025 peak, and this quarter's AUM dropped further to $4.24B — the combination of reduced public-equity exposure and new SPAC/converts additions suggests Mizuho is either repositioning for a risk-off environment or redeploying megacap gains into higher-upside, less-liquid alternative structures.