PRIMECAP MANAGEMENT CO/CA/

PRIMECAP Management, the famously low-turnover growth manager, ran $127.0B in just 320 positions — extraordinary concentration for its size. The book is a barbell of healthcare and semiconductors: Eli Lilly (6.7%) and Micron (5.8%) top the list, followed by Alphabet, AstraZeneca, KLA, Intel, Amgen and NVIDIA. Q1 activity was dominated by trimming winners — Eli Lilly (-$1.5B), Microsoft (-$0.8B) and Tesla (-$0.6B) were the largest reductions — while the firm leaned contrarian by adding to Intel (+$534M) and opening new stakes in Caterpillar, IDEX and a new AstraZeneca line. Assets eased from $132.1B to $127.0B.