Capital Group's $542B Active Sleeve: RTX and LLY Lead Q1

Capital Research Global Investors, the active sleeve inside Capital Group, filed its 2025Q4 13F with $541.73 billion in reported value across 434 positions — and the concentration profile is what jumps off the page. The top-10 names account for 38.9% of the entire book, with the top-5 at 26.7% and the top single position at 6.55%. For a half-trillion-dollar active manager, that is a level of conviction discipline that distinguishes Capital Research Global from the multi-strat platforms and benchmark-hugging peers it competes against. With the Q1 2026 13F due by May 15, the question worth asking is whether the Q4 lineup represents a stable thesis or the leading edge of a rotation already in motion.

The headline conviction layer sits on the AI infrastructure and healthcare megacap pillars. MSFT tops the book at $35.46 billion (6.55%), followed by NVDA at $32.00 billion (5.91%) — together those two names alone are 12.46% of the entire $541 billion footprint. Below them, AVGO at $29.89 billion (5.52%) extends the AI-semis thesis a third way, and LLY at $26.40 billion (4.87%) anchors the GLP-1 and metabolic-health concentration that Capital Group has built across its sleeves over the last six quarters. AMZN at 3.84% rounds out the active top-five.

The defense conviction nobody is talking about

Position #8 is the line most casual readers will skim past — a $13.96 billion holding in CUSIP 75513E105. That is RTX Corporation, the post-Raytheon-merger defense and aerospace prime. At 2.58% portfolio weight, it sits above META ($11.80B / 2.18%) and ahead of the AAPL position ($15.08B / 2.78%, position #7). For a manager that operates almost entirely in megacap-tech and biotech sleeves, sizing a defense prime at 2.58% — outside the usual fund-mandate sectors — is a decision rather than a default. Cross-checked against RTX's broader institutional ownership tape, Capital Research Global is among the larger active sponsors of the name, distinct from the passive-index sleeves that dominate the holder list.

The implication for a Q1 2026 13F watcher: this is a position that does not behave like a passive carry. If RTX falls out of the top-10 in the May 15 print, it is a deliberate signal that the active mandate has rotated. If it grows, the defense thesis has been reinforced through the geopolitical news flow of Q1.

What the concentration math reveals

Capital Research Global's concentration profile is unusual for its size class. With 434 positions and a 38.9% top-10 weight, the book is structurally more concentrated than the typical $500B-plus active manager. Comparable peers like FMR (Fidelity) and AllianceBernstein hold thousands of positions with top-10 weights in the 20-25% range. Capital Group's documented investment process — the multi-counselor structure that gives individual portfolio managers conviction-sized capacity — is visible in the reported holdings.

The pie above shows the breakdown. The named top-10 absorbs 38.9% of the book; the unnamed "Other" wedge sits at 61.1% and represents the remaining 424 holdings. Inside that 61.1% slice are the mid-cap conviction names — UBER at 1.71%, plus the next 30-40 lines that range from 0.5% to 1.5%. Investors who track Capital Group's sleeves over time know that names migrate from the 1.0-1.5% band into the top-10 over multiple quarters as the multi-counselor process accumulates conviction. Q1 2026 is where those Q4 mid-tier holdings either step up or roll off.

The AUM trajectory frames the conviction story

The AUM history shows a clean grind from $363.16 billion in Q3 2023 to $541.73 billion in Q4 2025 — a 49.2% increase across nine quarters. The position count expanded from 411 to 434 over the same window, suggesting Capital Research Global has been adding selectively rather than diversifying. Compare that to a multi-strat platform whose position count typically scales roughly proportionally with AUM, and the message is clear: this fund grew by sizing up its existing conviction names, not by adding many new ones. The sequential additions in 2025 — Q1 to Q4 — moved AUM from $459.90 billion to $541.73 billion, a $82 billion build with only 26 net new positions added (430 → 434). That is concentration discipline at work.

What to watch when the Q1 2026 13F lands

Three things to mark for the May 15 print. First, whether LLY stays at 4.87% or compresses — Eli Lilly's GLP-1 thesis has been the cleanest healthcare conviction trade in the active book, and any rotation out signals a broader thematic pivot. Second, whether RTX moves up the table or rolls off — the defense position is the cleanest active call in the portfolio, and its trajectory is the truest tell of whether the multi-counselor pods are leaning into geopolitical exposure. Third, whether AVGO and NVDA compress as a pair — if the AI-semis conviction trims simultaneously, the multi-counselor process has reached consensus that the megacap-AI cycle has matured.

The full position list is updated quarterly through the SEC 13F-HR filing window. For ongoing institutional ownership changes between filings, the active 13D/G feed surfaces every threshold-crossing trade across the names Capital Research Global holds, and the institutional signal feed aggregates rotation patterns across active managers. Readers comparing Capital Research Global to peers can pull consensus-overlap views to see which conviction names are shared with other top active sleeves and which are uniquely Capital Group's.