Newport Trust Company, LLC

Newport Trust Company runs an unusually concentrated $40.73 billion portfolio — just 64 positions at the end of Q1 2026. Boeing (BA) alone is 14.0% of assets, followed by AT&T (T) at 12.8%, General Dynamics (GD) at 11.4% and Honeywell (HON) at 7.1%, giving the book a pronounced aerospace-defense-industrial character; Parsons (PSN, 6.7%) and General Electric (GE, 6.7%) deepen that tilt. Quarterly activity was concentrated on the sell side — 39 positions reduced against 9 increases — with the largest dollar trims in Boeing (-$697M), General Electric (-$278M) and Honeywell. The only new position was a small PNC stake, against a single exit.