WELLS FARGO & COMPANY/MN

Wells Fargo's 13F portfolio totaled $530.3B in Q1 2026, down from $549.1B, and its composition tells a different story than most mega-managers: this is an index-and-advisory book where ETFs are the largest sector at $104.2B. The single biggest move of the quarter was an $11.0B reduction in the SPDR S&P 500 ETF, paired with trims of Microsoft (-$3.9B), Nvidia (-$2.7B), and Alphabet (-$1.5B). Against that, the firm built into Chevron (+$1.3B) and broad international exposure via iShares EAFE and Emerging Markets ETFs, and opened new stakes in Invesco QQQ, Phillips 66, Exxon Mobil, Procter & Gamble, and Home Depot. Apple (2.96%) remains its top individual holding.