VANGUARD FIDUCIARY TRUST CO

Vanguard Fiduciary Trust Co opened Q1 2026 with a $391.6B portfolio across 3,983 thirteen-H holdings and a whale score of 96.50. The top position is NVIDIA at $24.1B or 6.2 of the book, followed by Apple at $21.4B (5.5) and Microsoft at $15.8B (4.0). Amazon, Broadcom, both Alphabet share classes, Meta, and Tesla round out the top tier. Healthcare provides ballast: Johnson and Johnson (3.3B, 0.85), Eli Lilly (4.2B, 1.08), Merck (1.7B, 0.43), and AbbVie (2.2B, 0.57). Financials add rate-sensitivity through JPMorgan (4.1B), Bank of America (1.7B), Wells Fargo (1.4B), Visa (2.9B), and Mastercard (2.3B). Energy is light at Exxon (4.0B) and Chevron (2.2B). The portfolio reads like a fiduciary tracking mandate faithfully enforced, not active stock selection. Interpret its size and concentrations as a market-cap index in institutional form rather than a view on any one name.