Russell Investments Q1 2026: 24,600 Holdings, One Big Tilt

Russell Investments files one of the most sprawling 13Fs on record: 24,600 individual positions in its first-quarter 2026 report. That breadth is a direct artifact of what the firm is — a manager-of-managers and one of the world's largest outsourced-CIO (OCIO) providers, whose 13F aggregates the security-level positions of dozens of underlying sub-advisors. And yet, beneath all that diversification, one tilt stands out clearly: Nvidia (NVDA) is the single largest holding at $5.12B, or 6.42% of the $93.07B reported book (Form 13F-HR filed 2026-05-08, accession 0001193125-26-213225).

A 6.42% single-name weight inside a 24,600-stock portfolio is the most concentrated mega-cap tilt of any large diversified manager filing this quarter. To put that in perspective: most of Russell's positions are tiny fractions of a percent, scattered across the entire investable universe. For Nvidia to rise above all of them and command more than 6% of the book means the firm's underlying managers — collectively, across mandates — were leaning hard into the same name at the same time.

Unlike peers who trimmed AI exposure in the quarter, Russell added to it. The firm increased Nvidia by 16% in share terms, Apple (AAPL) by 10%, Broadcom (AVGO) by 13%, and Amazon (AMZN) by 9% — broad-based accumulation across the mega-cap complex rather than a single concentrated bet.

Growth Through Accumulation

Russell's reported 13F book has been on a steady climb, rising from $62.07B in 2024Q2 to $93.07B in 2026Q1 — a roughly 50% increase over seven quarters, with the most recent quarter up 1.4%. Unlike managers whose AUM swings on price alone, Russell's growth tracks both market appreciation and the expansion of its delegated, manager-of-managers asset base.

The holdings count tells its own story. Russell held roughly 15,678 positions in 2024Q2; that figure expanded to more than 25,000 by 2025Q3 before settling at 24,600 in 2026Q1. The growth in position count reflects the firm onboarding more sub-advised mandates and broadening its security-level footprint — the opposite of the streamlining we see at more concentrated active managers. Russell's edge is not stock-picking conviction in a handful of names; it is selecting, monitoring and combining best-in-breed managers across the whole market.

The Mega-Cap Spine

For all its breadth, Russell's top of book looks remarkably like a concentrated growth fund. After Nvidia, the largest positions are Apple at $3.97B (4.97%), Microsoft (MSFT) at $3.39B (4.25%), Amazon at $2.23B (2.80%) and Alphabet across two share classes ($2.07B in GOOGL plus $1.88B in GOOG).

The pattern in the share-count changes is the cleanest signal in the filing: nearly the entire top ten was added to. Nvidia +16%, Broadcom +13%, Apple +10%, Alphabet +9% to +10%, Amazon +9%, Mastercard (MA) +6%, Microsoft +6%. The lone trims were Meta (META), held roughly flat, and Taiwan Semiconductor (TSM), cut 9%. When a manager-of-managers shows broad-based buying like this across the mega-cap spine, it reflects the aggregate posture of many independent teams — a far stronger consensus signal than one manager's single decision.

Reading a Manager-of-Managers 13F

A Russell Investments 13F is best read as a barometer of where its underlying sub-advisors are collectively positioned, not as one CIO's conviction list. The 24,600 holdings are the union of many separate portfolios, so the top-of-book weights represent names that multiple underlying managers held simultaneously — which is exactly what makes the Nvidia and mega-cap tilt meaningful.

The takeaway: even across one of the most diversified institutional books in existence, the gravitational pull of the AI and mega-cap-tech complex was strong enough in 2026Q1 to leave Nvidia commanding more than 6% of the entire portfolio — and Russell's managers, in aggregate, were still adding. That is a consensus read worth weighing against the more idiosyncratic moves of single-manager funds. Compare Russell's accumulation against the broader Nvidia institutional holder base to see whether the multi-manager crowd is leading or following.

FAQ

What is Russell Investments?

Russell Investments is a global asset manager and one of the world's largest outsourced-CIO (OCIO) and manager-of-managers providers, with hundreds of billions in global AUM. Its 13F aggregates the security-level positions of many underlying sub-advisors, producing one of the largest holdings counts of any filer.

Why does Russell Investments hold 24,600 stocks?

Russell is a manager-of-managers, so its 13F is the combined union of many separate sub-advised portfolios rather than a single concentrated book. The 24,600-position count in Q1 2026 reflects the breadth of its delegated and OCIO mandates across the entire investable universe.

What is Russell Investments' largest stock holding?

Nvidia was Russell's largest holding in Q1 2026 at $5.12B, or 6.42% of its $93.07B reported book — the most concentrated mega-cap tilt among large diversified managers this quarter. Russell added 16% more Nvidia shares during the quarter.

What did Russell Investments buy in Q1 2026?

Russell added broadly across the mega-cap complex: Nvidia +16%, Broadcom +13%, Apple +10%, Alphabet +9% to +10%, Amazon +9%, Microsoft +6% and Mastercard +6%. It trimmed Taiwan Semiconductor by 9% and held Meta roughly flat.

How has Russell Investments' 13F portfolio grown?

Russell's reported 13F book rose from $62.07B in mid-2024 to $93.07B in Q1 2026, up roughly 50% over seven quarters, with the position count expanding from about 15,678 to 24,600 as the firm onboarded more sub-advised and OCIO mandates.