Pinnacle Associates 13F (2026 Q1): Stocks and ETFs Side by Side

A book that mixes stock-picking with index funds

Most 13F filings are pure stock portfolios, but Pinnacle Associates' 2026Q1 filing is a useful example of a different, increasingly common structure: a book that blends individual stocks with broad-market index ETFs. The roughly $7.78 billion portfolio, spread across about 500 positions, holds megacap franchises like Johnson & Johnson, Apple, Nvidia, Microsoft, and Broadcom right alongside index funds, the SPDR S&P 500 ETF, Vanguard Total Stock Market, Vanguard Small-Cap, and a new Nasdaq-100 position. Reading that mix correctly tells you a lot about how the firm builds portfolios.

The largest single holding is Johnson & Johnson at 5.33%, followed by Apple at 4.10%, with the rest of the book, including the ETFs, sitting below 2.5% each. The simultaneous presence of hand-picked megacaps and broad index funds is the signature of a core-satellite approach: use low-cost index ETFs to capture broad market exposure efficiently, then layer selected individual stocks on top where the manager has a view.

What the ETF holdings tell you

When a manager holds the S&P 500, total-market, small-cap, and Nasdaq-100 ETFs, it is making a deliberate statement: for a chunk of the portfolio, it would rather own the market cheaply than try to beat it. That is not an admission of weakness; it is a sensible acknowledgment that broad, diversified exposure is hard to improve on and cheap to obtain, freeing the manager to concentrate its active effort where it believes it can add value. The Vanguard Small-Cap and total-market funds, in particular, efficiently capture corners of the market that are costly to cover stock by stock.

For anyone reading the filing for ideas, this distinction matters enormously. The ETF positions are not stock picks, they are beta, broad market exposure, and treating them as conviction calls would misread the portfolio entirely. The individual stocks, the megacap franchises at the top, are where the firm's active views actually live.

A steady quarter with one new index sleeve

Reported value was essentially flat on the quarter, down 0.3%, and has grown steadily from roughly $6.4 billion to $7.8 billion over two years, consistent with market gains and inflows. The most notable change was the new Nasdaq-100 ETF position, adding a layer of large-cap-growth index exposure, alongside a modest 8% trim to Nvidia. The combination, adding a growth-tilted index fund while taking a little off the single hottest megacap, reads as a measured way to keep growth exposure while diversifying how it is obtained.

How to read a hybrid stock-and-ETF filing

The key discipline with a filing like Pinnacle's is to separate the two layers. The ETFs tell you how the manager obtains broad market exposure; the individual stocks tell you where it is making active bets. Conflating them, or scanning the ETF tickers for stock ideas, leads nowhere. Read this way, a hybrid book is informative precisely because it shows you which exposures the manager chose to express actively and which it was content to obtain passively, a window into where it believes its stock-picking is worth the effort. You can explore the full holdings, the position changes, and the longer history on the Pinnacle Associates filer page.