Alkeon Q1 2026: SPY and QQQ Swallow the Book

TL;DR: ALKEON CAPITAL MANAGEMENT LLC's 2026Q1 13F shows a $59.50B active growth book rebuilt around ETF beta first, then semiconductor and mega-cap internet exposure. The biggest tell is not a single stock: SPY at $13.66B and QQQ at $13.55B sit ahead of TSM, NVDA, AMZN, GOOGL and META, making the portfolio read like a liquidity-managed growth barbell rather than a simple top-ten tech list.

Alkeon's Form 13F-HR for report date 2026-03-31, filed 2026-05-14 under accession 0000919574-26-003172, lists 188 holdings and a WhaleScore of 77.75. The New York manager is best understood as an active growth-equity platform: Alkeon's own materials describe more than two decades investing in transformative companies, while public profiles describe long/short growth equity and innovation strategies rather than index replication.

For readers tracking the live entity page, the current filing history is available on Alkeon Capital Management's filer profile. The key question this quarter is how much of the reported book moved into broad growth exposure before the single-name stack begins.

The Q1 read: ETF beta before stock picking

The top of Alkeon's Q1 book is unusually explicit. SPY is the largest reported line at $13.66B, 22.95% of the portfolio, followed almost immediately by QQQ at $13.55B, 22.77%. Both are marked as NEW position in the canonical brief, which makes the headline shift a portfolio-construction story before it is a stock-selection story.

That ETF layer does not make Alkeon passive. It shows an active manager choosing where to carry market exposure while preserving room for targeted growth bets. Behind the two ETFs, the first single-name position is TSM at $3.29B, 5.52%, followed by NVDA at $1.86B, 3.12%, and AMZN at $1.67B, 2.80%. The sequence matters: broad market and Nasdaq exposure came first, then the AI supply chain and platform names.

Concentration is high, but the tail still matters

The concentration chart shows why the filing should not be read as a scattered 90-position book. SPY and QQQ dominate the visible top holdings, TSM adds the first single-name semiconductor weight, and the Other bucket remains $25.49B at 42.84%. In other words, the book is concentrated enough to express a macro growth view, but not so narrow that the ETF lines are the only story.

The next layer reinforces the same point. GOOGL appears at $1.45B, 2.44%, META at $1.23B, 2.06%, KLAC at $1.15B, 1.93%, and LRCX at $1.11B, 1.86%. Those are not defensive placeholders. They sit in the same growth, AI infrastructure, semiconductor-capex and internet-advertising complex that investors associate with Alkeon's longer-running strategy.

AUM recovered from the 2025 trough, then cooled

The historical line is just as important as the top-holdings table. Alkeon reported $34.36B in 2025Q3, then $63.13B in 2025Q4, and $59.50B in 2026Q1. The latest quarter's QoQ change is -5.7%, but the current number remains far above the displayed trough and close to the upper part of the recent range.

That pattern argues against reading Q1 as a broad retreat. The sharper story is composition: a large, recently elevated reported 13F value stayed in place while the largest disclosed lines shifted toward liquid ETF exposure and a focused set of growth stocks. For an active growth manager, that can be a way to keep participation in the market while deciding which individual winners deserve heavier security-level risk.

What the single-name stack says about Alkeon's growth map

TSM, NVDA, KLAC and LRCX give the filing an unmistakable semiconductor spine. TSM at $3.29B is the largest individual company line in the top group, while NVDA, KLAC and LRCX add direct exposure to AI compute and wafer-fab equipment. Alkeon's current public book therefore pairs broad Nasdaq participation with specific bets on the infrastructure behind that participation.

The internet and software-facing sleeve is smaller but still visible. AMZN, GOOGL and META all appear in the top ten, and AAPL follows at $936.3M, 1.57%. The result is not a pure semiconductor portfolio; it is a growth book where ETFs, AI infrastructure and dominant platforms all share the same quarter's risk budget.

Investor takeaway

The strongest signal in Alkeon's Q1 2026 filing is the shape of exposure. A casual scan would stop at the familiar tickers. The deeper read is that an active technology-focused manager carried $59.50B of reported 13F value with two ETF positions at the top, then layered TSM, NVDA, AMZN, GOOGL, META, KLAC and LRCX behind them. That is a deliberate mix of liquid beta and targeted growth exposure, not an index-fund mandate.

Track the next filing against three markers: whether SPY and QQQ remain the largest lines, whether TSM and NVDA keep their rank near the top, and whether the Other bucket expands or contracts from 42.84%. Those three datapoints will say more about Alkeon's risk posture than a simple list of buys and sells.

FAQ

What did Alkeon Capital buy in Q1 2026?

Alkeon's canonical Q1 2026 brief marks SPY, QQQ, TSM, NVDA, AMZN, GOOGL, META, KLAC, LRCX and AAPL as NEW position among its top holdings.

How large was Alkeon Capital's 13F portfolio in 2026Q1?

ALKEON CAPITAL MANAGEMENT LLC reported $59.50B of 13F value for 2026Q1, with 188 holdings and a WhaleScore of 77.75.

What were Alkeon Capital's largest holdings in Q1 2026?

SPY was the largest disclosed line at $13.66B and 22.95%, followed by QQQ at $13.55B and 22.77%, then TSM at $3.29B and 5.52%.

Is Alkeon Capital a passive index fund?

No. Alkeon Capital is an active growth-equity manager. Its Q1 2026 use of SPY and QQQ reflects portfolio exposure choices, not a passive index mandate.