--- title: "Legal & General Q1 2026 13F: $432B Book, NVDA at 7.2%" type: research slug: legal-general-group-plc-2026q1 canonical_url: https://13finsight.com/research/legal-general-group-plc-2026q1 published_at: 2026-05-13T08:40:50.389Z updated_at: 2026-05-13T08:40:54.483Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 854 locale: en source: 13F Insight --- # Legal & General Q1 2026 13F: $432B Book, NVDA at 7.2% > UK insurer Legal & General Group's first-quarter 2026 13F-HR shows a $432.4 billion US equity book that runs an unusually concentrated mega-cap tech overlay for an insurance balance sheet. NVDA tops the list at 7.23% of reported value; AAPL sits at 6.73%. 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 2026Q1The top ten names of the L&G 13F file in 2026Q1, ranked by reported value:NVDA — $29.51B (7.23%) — 169.23M sharesAAPL — $27.44B (6.73%) — 108.13M sharesMSFT — $18.61B (4.56%) — 50.26M sharesAMZN — $11.57B (2.84%) — 57.19M sharesGOOGL — $10.86B (2.66%) — 69.96M sharesAVGO — $9.96B (2.44%) — 59.77M sharesGOOG — $8.85B (2.17%) — 55.57M sharesMETA — $8.18B (2.00%) — 14.05M sharesTSLA — $7.51B (1.84%) — 28.25M sharesJPM — $5.54B (1.36%) — 21.93M sharesEvery 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 betThe 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 trajectoryThe 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 show13F-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 filersThe 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 hereQ2 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. ## FAQ ### How big is Legal & General's US equity book? Legal & General Group's 2026Q1 13F-HR reports $432.4 billion in US equity value across the canonical filing complex — down 4.0% from $424.9B at the end of 2025Q4. The drawdown reflects mark-to-market drift on its mega-cap tech holdings rather than active share rotation. ### What are Legal & General's largest US equity positions? NVIDIA tops the book at 7.23% of reported value ($29.5B / 169.23M shares), followed by Apple at 6.73% ($27.4B / 108.1M shares) and Microsoft at 4.56% ($18.6B / 50.3M shares). The top three names alone account for 18.5% of the entire reported book. ### Why is L&G so concentrated in US tech? The concentration mirrors the cap-weighted S&P 500 index, which itself runs a 36% top-ten weighting. Legal & General's asset management arm (LGIM) operates a large index-fund business; the 13F is essentially a cap-weighted overlay of US large caps rather than a discretionary high-conviction portfolio. ### How much did Legal & General trade in Q1 2026? Very little at the share-count level. Every top-ten position is held roughly flat versus 2025Q4. The 4% AUM decline reflects mark-to-market changes — primarily the spring NVDA pullback — not active rotation. That is the characteristic shape of an index-tracking insurer book. --- Source: 13F Insight — https://13finsight.com/research/legal-general-group-plc-2026q1 Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-13T08:40:54.483Z