WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST

Wellcome Trust's Q1 2026 13F is an $8.09B, 21-position ultra-high-quality anchor portfolio, down from $9.32B in Q4 2025 (-$1.22B, -13.1%) on a sterling-denominated base -- a translation-driven decline, not a rotation. The portfolio held 18 positions unchanged, increased 1 (Mastercard +12.6% shares), added 2 (Edwards Lifesciences $384M, Medline $6.5M), and sold 2 (old Edwards class, Adobe $263M). The book's identity is defined by a six-name quality-and-infrastructure core: Visa (8.96%), Apple (8.78%), Amazon (8.49%), Microsoft (6.86%), Linde (6.86%), and Alphabet's two share classes (combined 12.8%). The financial-services sleeve also includes Mastercard (4.14%) and Berkshire Hathaway (6.21%). Healthcare is the second-largest sector at 13.6% (J&J 4.83%, Abbott 3.96%, Edwards 4.75%). Technology at 29.9% is the largest bucket -- dominated by Visa-sized growth names (DoorDash 5.57%, Cisco 5.75%, Servicenow 2.91%) plus Amazon and Microsoft. The defining pattern of the Q1 2026 delta is: the Trust executed essentially zero rotation -- 18 of 21 positions were held flat, the Mastercard increase was modest, and the two new opens (Edwards Lifesciences $384M and Medline $6.5M) replaced the two sales (Old Edwards class, Adobe $263M). The AUM decline reflects foreign-exchange headwinds on a sterling-denominated portfolio plus technology valuation drawdown (DoorDash -34% value, Microsoft -23%, Servicenow -32%, Accenture -26%, Nike -17%, Klarna -55% all on unchanged share counts). The 76.00 whaleScore on $8.09B reflects AUM. The post-Q1 book is the highest-quality passive anchor in the 13F universe, and its defining characteristic in Q1 2026 was: no rotation, just currency-and-market markdown on a portfolio that is effectively buy-and-hold-quality.