Wilmington Savings Fund Society, FSB

Wilmington Savings Fund Society runs a $4.19B 13F spanning 2,009 line items — the kind of book that reads like a pooled institutional repository rather than a single manager's conviction list. The Q1 2026 filing shows a distinct factor rotation: the biggest absolute reductions landed on large-cap growth and quality exposure, while a cluster of small-cap and value ETFs absorbed the proceeds.

Microsoft lost $36M of value (-26%), Apple $18M (-8.4%), and iShares' QUAL quality-factor ETF shed $19M (-24.8%). Against that outflow, iShares' IWD (value) and IWR (mid-cap value) each grew by more than $6M, and IWM (small-cap) appeared as a $25M new position. The book additionally re-established NVDA ($20M) and QQQ ($30M) — a signal that broad-tech beta remains wanted, but the manager preferred accessing it through the Nasdaq-100 wrapper rather than through name-specific concentration.