Legal & General Q1 2026 13F: $432B Book, NVDA at 7.2%

Legal & General Group Plc filed its first-quarter 2026 13F-HR earlier this month. The headline number is the size — $432.4 billion in reported US equity value across the canonical filing complex, down 4.0% from $424.9B at the end of 2025Q4. The more interesting line is the concentration. For a UK life-insurer-and-asset-manager balance sheet, the top of the book runs much closer to a US growth ETF than to a typical European institutional allocation: NVDA at 7.23% of reported value ($29.5B), AAPL at 6.73% ($27.4B), MSFT at 4.56%. The top three names alone account for 18.5% of the entire reported book.

This is the second-largest single-stock 13F concentration we have seen from a non-US institution above $300B AUM in 2026Q1. It also sits above the 2025Q4 NVDA weighting at the parent level, which was inside 7%. The mix is consistent with how Legal & General's index-and-quant complex (LGIM, the asset management subsidiary) builds its US tracker books — proportional to S&P 500 / MSCI USA index weights — but the absolute concentration matters because of who holds it: a regulated UK insurer, not a hedge fund free to rotate quickly.

Top of the book in 2026Q1

The top ten names of the L&G 13F file in 2026Q1, ranked by reported value:

• NVDA — $29.51B (7.23%) — 169.23M shares
• AAPL — $27.44B (6.73%) — 108.13M shares
• MSFT — $18.61B (4.56%) — 50.26M shares
• AMZN — $11.57B (2.84%) — 57.19M shares
• GOOGL — $10.86B (2.66%) — 69.96M shares
• AVGO — $9.96B (2.44%) — 59.77M shares
• GOOG — $8.85B (2.17%) — 55.57M shares
• META — $8.18B (2.00%) — 14.05M shares
• TSLA — $7.51B (1.84%) — 28.25M shares
• JPM — $5.54B (1.36%) — 21.93M shares

Every one of those positions is held roughly flat versus 2025Q4 share counts. The 4.0% AUM decline at the parent level reflects mark-to-market drift — primarily the spring NVDA pullback from its January peak — rather than active share-count rotation. That is the characteristic shape of an index-tracking insurer book: hold the cap-weighted basket, let beta do the work, rebalance only at the margins.

Concentration math: top ten as a single bet

The top ten names together hold roughly $138 billion — about 33.7% of the entire $408B aggregated holdings value ($24.4B sits outside our top-500 cut and inside the long tail of 13F positions). For comparison, the S&P 500's top-ten weighting was approximately 36% as of March 2026, and the Nasdaq-100's top-ten was over 50%. L&G is running just under the S&P 500 cap-weighted top-ten — which means the book is best understood not as an active manager's high-conviction portfolio but as a near-cap-weighted overlay with very modest tilts.

The AUM trajectory

The 2026Q1 $432.4B AUM print sits inside an eight-quarter range that has been bracketed by the 2024Q3 high ($479.8B) and the 2024Q4 mark-to-market low ($377.9B). The current quarter's 4% drawdown is consistent with the modest spring NVDA-and-mega-cap pullback rather than any structural reallocation. AUM has compounded at roughly 5% per annum across the eight-quarter window — close to what a passive S&P 500 sleeve would have delivered net of any subscription/redemption flows from LGIM clients.

What this 13F file does not show

13F-HR captures US equity long positions of $100M+ and excludes (a) non-US-listed equities held by the same group, (b) sovereign and corporate bonds (the actual bulk of L&G's General Account in the UK), (c) derivative-only exposure not tied to physical share positions, and (d) options other than as required. For a pure-play US insurer-asset-manager filer, these exclusions would not move the read materially; for a globally diversified UK life and pensions group, the US 13F is one slice of a much larger book. The 2026Q1 $432B is the slice that matters most for any US-listed equity holder reading down the share register.

How the file compares to other UK / European institutional filers

The L&G concentration is unusual but not unique within European institutional filings. Norges Bank (Norway's sovereign wealth manager) reports a US 13F book closer to $935B with materially less single-stock concentration — sovereign wealth mandates explicitly cap concentration limits. UBS Group AG at $666B reports broader diversification across financials. L&G sits closer to a pure-US-cap-weighted index sleeve than either, which reflects the LGIM subsidiary's index-fund business rather than a bank's discretionary book.

What to watch from here

• Q2 2026 13F-HR (deadline August 14, 2026) — the first quarter to show whether the spring NVDA drawdown triggered any active share-count adjustments versus the index-following baseline. A flat share count alongside a continued mark-to-market drift would confirm the cap-weighted-overlay read.
• NVDA earnings (next print: late August) — given the 7.23% concentration, NVDA earnings reactions disproportionately move the parent AUM line. A 10% NVDA move alone would account for a roughly 0.7% swing in total reported book value.
• LGIM index fund net flows — the L&G filing is downstream of LGIM's UK-domiciled index funds. Any material change in client subscriptions or redemptions (reported in L&G's interim and annual results) will reset the share counts on the next quarter's 13F.

For the full filer file with all 500 reported positions and downstream signals, see Legal & General Group's filer page. Source filing: SEC EDGAR 13F-HR index for Legal & General Group Plc (CIK 0000764068). For comparison reads, see the research hub and the insights aggregate feed.