Man Group Q1 2026: Rotating Within the Megacaps

Man Group, the world's largest publicly listed hedge fund, reported a $55.12B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001637460-26-000002, filed 2026-05-15). The reported value eased about 6% from the prior quarter's $58.83B, but the more useful story is what the firm did inside its megacap-heavy book: a measured rotation, adding to Microsoft (MSFT) and Eli Lilly (LLY) while trimming Amazon (AMZN) and Nvidia (NVDA).

The top of Man Group's U.S. long book looks like the market's leadership: Nvidia is the largest position at 5.25%, followed by Apple (AAPL) at 4.35% and Microsoft at 3.95%. What sets the quarter apart is not the holdings themselves but the direction of the changes — the firm raised Microsoft by 18% and Lilly by 14%, while cutting Amazon by 18% and shaving Nvidia by 5%.

For a quant-and-discretionary giant like Man Group, that pattern reads as a rebalancing within megacaps rather than a wholesale shift — leaning slightly toward software and pharma, away from e-commerce.

A megacap-led book

Man Group's ten largest U.S. positions account for about 24.8% of the disclosed book, with the remaining 75% across a long tail. After Nvidia, Apple, and Microsoft come Alphabet's GOOGL shares at 2.42%, Amazon at 2.31%, Broadcom (AVGO) at 1.81%, and Meta (META) at 1.63%, with Eli Lilly and Tesla (TSLA) rounding out the leaders.

This is a recognizably mainstream large-cap book on its long side — which is exactly what makes the quarterly changes the signal worth reading, since the positions themselves are widely held.

The intra-megacap rotation

The clearest moves were a 18% increase in Microsoft and a 14% increase in Eli Lilly, set against a 18% cut to Amazon and a 5% trim of Nvidia. Adding to a software platform and a pharma leader while reducing e-commerce and lightly trimming the AI-chip bellwether is a rotation toward different flavors of large-cap exposure rather than a risk-off retreat.

It is worth remembering that Man Group blends systematic and discretionary strategies, so the long 13F captures only part of the firm's overall positioning. Read on its own terms, though, the U.S. long book leaned modestly toward Microsoft and Lilly this quarter.

A year of growth, then a dip

Man Group's reported 13F value climbed from around $38B in late 2024 to nearly $59B by the end of 2025 before easing to $55.12B in Q1 2026.

The pullback this quarter blends market movement with the modest trims at the top of the book. The position-level rotation — Microsoft and Lilly up, Amazon and Nvidia down — is the more durable signal. Track the firm's quarter-over-quarter holdings on the Man Group filer page.

FAQ

What is Man Group?

Man Group is the world's largest publicly listed hedge fund, running both systematic and discretionary strategies. It reported a $55.12B U.S. equity 13F book for the quarter ended March 31, 2026.

What did Man Group buy and sell in Q1 2026?

Man Group raised Microsoft by 18% and Eli Lilly by 14% while trimming Amazon by 18% and Nvidia by 5% — a rotation within its megacap holdings.

What is Man Group's largest holding?

Nvidia (NVDA) is the largest U.S. position at 5.25% of the disclosed book, followed by Apple (4.35%) and Microsoft (3.95%).

Does Man Group's 13F show its full positioning?

No. Man Group blends systematic and discretionary strategies, and a 13F discloses only long U.S. equity positions — so it captures part, not all, of the firm's exposure.