Edgewood Q1 2026: A Growth Book More Than Halved

Edgewood Management, a concentrated large-cap growth firm, reported a $15.50B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001062993-26-002623, filed 2026-05-14) — and the headline is the trajectory. Edgewood's reported value has fallen for several consecutive quarters, more than halving from roughly $37B in mid-2024 to $15.50B now, including a 26.2% drop this quarter alone. A decline of that magnitude, while the firm holds a recognizable book of quality growth names, points to substantial outflows.

The portfolio remains a concentrated growth book: Netflix (NFLX) leads at 8.68%, followed by Dutch chip-equipment leader ASML at 8.04%, Nvidia (NVDA) at 7.89%, Broadcom (AVGO) at 6.94%, and Visa (V) at 5.72%. But beneath the familiar names, Edgewood trimmed heavily — cutting ASML 37%, Visa 20%, Nvidia 19%, and Synopsys (SNPS) 16%.

Against those reductions, it added: Netflix up 16%, Axon (AXON) up 36%, and a new position in Intuitive Surgical (ISRG).

A concentrated growth book under redemption pressure

Edgewood runs about 87 positions with the top five at roughly 37% of the book — a focused growth portfolio. After the leaders come Synopsys, Axon, MSCI, Shopify (SHOP), and the new Intuitive Surgical stake.

The mix is classic quality-growth: software, semiconductors and chip equipment, payments, and a medical-technology name. These are not distressed holdings — which is what makes the steep value decline notable. When a book of healthy growth companies shrinks this much, the most likely explanation is investors withdrawing capital, forcing the manager to sell across positions.

Trimming the core, rotating at the edges

The broad trims to ASML, Nvidia, Visa, and Synopsys are consistent with raising cash to meet redemptions. At the same time, the additions to Netflix and Axon and the new Intuitive Surgical position show Edgewood still actively reshaping — leaning into select growth names even as the overall book contracts.

The two-year halving of the reported value is the dominant feature of this filing. For readers, it is a reminder that a 13F's value reflects both performance and flows — and here, the flows appear to dominate.

What it means for 13F readers

Edgewood is a case study in reading AUM decline. The holdings are quality growth names, but the steep, sustained drop in reported value signals outflows rather than a change in strategy. The Netflix and Axon adds and the new Intuitive Surgical position are where the manager is still expressing conviction. Track the firm's quarter-over-quarter holdings on the Edgewood Management filer page.

FAQ

What is Edgewood Management?

Edgewood Management is a concentrated large-cap growth firm. It reported a $15.50B U.S. equity 13F book for the quarter ended March 31, 2026, across about 87 positions.

Why has Edgewood's 13F value fallen so much?

The reported value has more than halved from roughly $37B in mid-2024 to $15.50B, including a 26.2% drop this quarter. Because the holdings are healthy growth names, the decline most likely reflects substantial investor outflows.

What are Edgewood's largest holdings?

Its five largest positions are Netflix (8.68%), ASML (8.04%), Nvidia (7.89%), Broadcom (6.94%), and Visa (5.72%) — a concentrated quality-growth book.

What did Edgewood buy and sell in Q1 2026?

It trimmed ASML (-37%), Visa (-20%), Nvidia (-19%), and Synopsys (-16%), while adding to Netflix (+16%) and Axon (+36%) and opening a new Intuitive Surgical position.