Invesco Q1 2026 13F: NFLX +823%, BDX +299%, .89B AUM

Invesco Ltd. grew its reported 13F top-500 book to $544.89B in Q1 2026, up 2.8% from $529.87B the prior quarter. The headline AUM number understates what actually changed inside the portfolio: a quintupling of Netflix shares, a tripling of Becton Dickinson, and meaningful trims to Oracle, Salesforce, and Lumentum.

The Q1 portfolio looks structurally unchanged at the top end — the mega-cap technology core remains the spine of the book. But on a position-by-position read, the active sleeves inside Invesco's reporting umbrella made distinct, high-conviction sub-sector calls under the surface. This is the read you cannot get from looking at the top-10 lineup alone.

The top-line snapshot

Per the canonical filing brief, Invesco's full reported 13F is $653.29B; the top-500 holdings analyzed here total $544.89B, with the remaining $108B distributed across a long tail of smaller positions. Top-five concentration sits at 15.4% and top-ten at 22.3% — a moderately diversified core relative to other mega-AUM managers in the same tier. WhaleScore is 65.25.

The top-10 lineup follows the familiar mega-cap technology spine: NVDA at $24.90B (4.57%) remains Invesco's largest reported position, followed by AAPL at $18.50B, MSFT at $15.66B, GOOGL at $13.18B, and AMZN at $11.90B. None of those is news. What matters is the share-count delta on each.

Sub-surface rotation: the technology core

The top-10 positions held roughly flat by share count, with three exceptions. MSFT was trimmed 7%, AVGO was cut 15%, and META was reduced 9%. These are not exits — the dollar values remain enormous — but they represent active reductions into a quarter where the same names ran higher. On the other side, TSLA shares were increased 14%, WMT by 60%, and the small GOOG (Alphabet C) line by 7%.

The MSFT/AVGO/META trims are technology-sector profit-taking; the WMT add is a defensive consumer-staples build. Put together, the read is a partial rotation out of the AI mega-cap names into mid-multiple defensives, but executed at the margin rather than as an outright sector switch.

The conviction adds — and where they came from

The Q1 share-count deltas in non-top-10 positions are where the real conviction shows up. The five biggest share-count increases:

Ticker	Share Change	From	To	Q1 Value
NFLX	+823%	4.64M	42.86M	$4,120.7M
NOW	+381%	1.31M	6.30M	$659.0M
BDX	+299%	2.55M	10.17M	$1,599.7M
ELV	+85%	2.60M	4.82M	$1,410.3M
HPQ	+85%	11.56M	21.40M	$411.0M

The Netflix line is the marquee move. Going from 4.6M to 42.9M shares in a single quarter is not a trim-and-reload — it is a structural new position at the platform level, executed across multiple sub-funds Invesco aggregates into its 13F. The dollar weight, $4.12B, would have ranked outside the top 10 but inside the top 20 of the firm's overall reported book.

The ServiceNow (+381%, $659M) and Becton Dickinson (+299%, $1.6B) additions follow a similar size-up-from-existing-position pattern. ELV (Elevance Health, formerly Anthem) at +85% and HPQ at +85% are smaller absolute adds. Healthcare and managed-care names show up across two of the top five — a deliberate sector tilt that is not visible in the top-10 lineup at all.

The conviction trims — and where they went

The biggest share-count decreases tell the inverse story:

Ticker	Share Change	From	To	Q1 Value
CRM	-49%	7.16M	3.65M	$680.5M
LITE	-47%	2.24M	1.19M	$833.0M
BSX	-47%	16.96M	9.05M	$568.0M
ORCL	-46%	10.30M	5.61M	$825.7M
FIX	-43%	1.06M	0.61M	$836.5M

Salesforce (-49%) and Oracle (-46%) are both software-platform names that ran into 2026 Q1 on the same AI-narrative tailwind that lifted MSFT and AVGO. The decision to take down both by roughly half — rather than rotate one into the other — points to a thematic underweight in enterprise software platforms, not a single-name view. Lumentum (-47%) and Boston Scientific (-47%) are smaller specialty positions where the share-count cut was substantial enough to be a near-exit on each.

Aggregating up: technology was trimmed at the top (MSFT, AVGO, META) and the middle (CRM, ORCL, LITE). Healthcare and managed-care were the beneficiaries (BDX, ELV, plus a partial offset from BSX exit). Streaming (NFLX) and infrastructure (NOW) were the other major adds. The portfolio's net technology weight is down meaningfully QoQ even though the headline top-10 remains tech-heavy.

AUM history: the multi-year context

Invesco's 13F reported value has expanded from $315.82B in 2024Q1 to $544.89B in 2026Q1 on a top-500 basis, with the broader reported book at $653.29B. The QoQ cadence over that period:

The growth has been mostly continuous, with one drawdown in 2024Q4 (-2.1%) and a sharper one in 2025Q1 (-3.5%). Every subsequent quarter has been positive, with the largest single-quarter increase being +13.0% in 2024Q3. Holdings count has stayed in a tight 23,000-25,000 band through the entire window, which means the AUM expansion is mostly mark-to-market and net-new-capital rather than a structural change in coverage breadth.

Put another way: Invesco has not been adding new lines or cutting old ones at the portfolio level. The book has been growing through asset appreciation and net inflow at roughly the asset-management complex' organic rate, while the active sleeves inside the umbrella have been rotating sector tilts at the margin without changing the position count materially.

How this compares to peer rotation patterns

Within the active-manager peer set, Invesco's Q1 2026 read is in the middle of the rotation distribution. Wellington Management and Capital International Investors have shown comparable tech trim/healthcare add patterns in recent quarters; the explicit "Netflix as a new platform position" call is the differentiator on Invesco's filing. Wells Fargo and JPMorgan Chase asset management sleeves have been less active in single-name resizing.

For investors who track multi-fund consensus, the Q1 Invesco filing is the second large mutual-fund complex in two quarters to make a material Netflix add — the first being a similar (smaller) move by Capital Group's growth sleeves in Q4 2025. Two large active managers buying the same name back-to-back is the kind of cluster signal that the platform's insights feed would flag.

What the filing does not tell you

Three caveats matter. First, Invesco's reported 13F aggregates many sub-fund managers under one umbrella — the firm is not making a single coherent portfolio call; it is the algebraic sum of dozens of strategies. The NFLX add could be one fund building a thesis while another is unrelated. Second, ETF-related positions inside the Invesco PowerShares passive-index sleeve are filtered into the same 13F — those are not conviction signals (the platform's classification system separates them out elsewhere, but the raw 13F does not). Third, the Q1 deadline closes mid-May 2026, so this filing represents positions as of March 31, 2026 — five to six weeks of subsequent activity is not yet visible.

Watch list for Q2 2026

Three anchors matter on the next filing cycle. First, whether the Netflix position is held or trimmed — a build of that size is rare; a same-quarter reversal would suggest internal disagreement across the sub-funds. Second, whether the CRM/ORCL trims continue or reverse — a continued draw-down would confirm the sector underweight read; a partial reload would indicate Q1 was profit-taking rather than view-change. Third, whether the healthcare/managed-care adds (BDX, ELV) are scaled further. The Q2 2026 13F deadline closes mid-August 2026.

How to use this filing

For ongoing tracking of Invesco's full holdings history, the filer page surfaces quarter-over-quarter deltas across the full 23,000+ position book. The insights feed picks up cluster-trade alerts when multiple active managers move in the same direction within a quarter, and the learn library covers methodological details on reading multi-fund umbrella filings.

Bottom line

Invesco's Q1 2026 13F looks like a quiet quarter from the top — $544.89B in a 2.8% QoQ uptick, no top-10 reshuffle. Under the surface, the firm's active sleeves quintupled the Netflix line, tripled Becton Dickinson, halved Salesforce and Oracle, and tilted partway out of mega-cap technology into healthcare and managed care. The cluster read worth carrying forward is the Netflix add — the second major active-manager build in two quarters and the kind of conviction signal that does not show up in any S&P 500 weighting comparison.