PROVIDENT TRUST CO

Provident Trust Co's $4.78B Q1 2026 13F is not a portfolio that rotated — it is a portfolio that was de-risked. Every position that moved in the quarter was reduced: Alphabet (both classes) was cut by 13.3% in shares and $210M in value, Accenture fell 13.2%, Visa dropped 14.0%, American Express 14.9%, and Charles Schwab 15.3%. There were no increases, no new positions, and no outright sales; the manager simply reduced gross exposure across the board. The $1.2B AUM decline from $5.98B to $4.78B is almost entirely explained by these trims. The whaleScore of 74.75 remains high because the absolute positions are still large, but the signal here is a systematic risk-off, not new conviction.