--- title: "Sanders Capital Q1 2026 13F: 44 Bets, Amazon Doubled" type: research slug: sanders-capital-q1-2026-concentrated-amazon-doubled canonical_url: https://13finsight.com/research/sanders-capital-q1-2026-concentrated-amazon-doubled published_at: 2026-05-25T13:18:52.234Z updated_at: 2026-05-25T13:18:55.765Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 703 locale: en source: 13F Insight --- # Sanders Capital Q1 2026 13F: 44 Bets, Amazon Doubled > Sanders Capital runs a $83.93B book in just 44 names. In Q1 2026 it doubled its Amazon stake while trimming the semiconductor winners that had led the portfolio. Sanders Capital, the high-conviction shop founded by former AllianceBernstein CIO Lewis Sanders, reported a 13F equity book of $83.93 billion for the quarter ended March 31, 2026, down 3.3% from $86.82 billion (Form 13F-HR filed 2026-05-14, accession 0001172661-26-001934). What makes the filing worth reading is not the modest AUM dip but the structure behind it: the entire portfolio sits in just 44 positions, and it carries a 13F Insight WhaleScore of 84 — among the highest of any large filer. The defining move of the quarter was a doubling of Amazon — share count rose 100% to a $6.21 billion stake, now the third-largest position. Sanders funded that conviction partly by trimming the semiconductor names that had led the book: TSMC was cut 12%, Seagate 25%, and Applied Materials 30%. That is the signal: a manager that owns only 44 names is making a deliberate rotation, taking chips off its winning semiconductor trade and concentrating further into mega-cap platform and consumer compounders. When a 44-position book moves, every move is a statement. A genuinely concentrated book Sanders' top holding, Taiwan Semiconductor, alone represents 11.30% of assets — more than five times the weight Boston Partners assigns its largest name. Alphabet follows at 9.82%, then the doubled Amazon at 7.40% and Meta at 7.20%. Seagate rounds out the top five at 6.02%. Even after the trims, this is a portfolio that lives and dies by a handful of decisions. The healthcare exposure is real too: HCA Healthcare is a 5.05% position (trimmed 14%) and Cigna was increased 32% to a 3.27% stake — a contrarian lean into managed care. Top-five concentration near 42% The concentration profile is the inverse of a diversified value book. The five largest positions account for 41.74% of assets, leaving 58.26% for the remaining ~39 names. For investors, that structure means Sanders' filing is unusually legible — there is no long tail to wade through. The portfolio is a direct readout of where one of the industry's most respected stock-pickers is placing his largest bets, and the quarter's message is a tilt away from semiconductors and toward Amazon, payments and select healthcare. Beyond the doubled Amazon, the firm added aggressively to Mastercard (+52% shares), Visa (+47%) and Ulta Beauty (+51%). AUM history: a steady climb, then a pause Sanders' 13F book grew from roughly $65 billion in mid-2024 to a peak of $86.82 billion in Q4 2025 before the small Q1 2026 pullback to $83.93 billion. The eight-quarter trajectory is one of steady accumulation — up roughly 29% from the mid-2024 trough — interrupted only by the latest quarter's modest give-back. With position count flat at 44, the dip is a function of trimming winners and repricing, not a change in strategy. What the quarter signals Sanders Capital entered 2026 rotating capital, not retreating. The doubled Amazon position and the additions to Visa, Mastercard and Ulta point to conviction in platform economics and consumer spending, while the cuts to TSMC, Seagate and Applied Materials suggest the firm is locking in gains on a semiconductor trade that had grown large. The increased Cigna stake is the contrarian wrinkle worth watching. Because the book is so concentrated, the next filing will tell a clear story — either the Amazon and payments conviction deepens, or the semiconductor trim proves tactical. Follow the positions on Sanders Capital's full 13F portfolio. FAQ How many stocks does Sanders Capital hold in Q1 2026? Sanders Capital holds just 44 positions worth a combined $83.93 billion as of March 31, 2026 — an unusually concentrated book for a manager of that size. What is Sanders Capital's largest holding? Taiwan Semiconductor (TSM) is the largest position at $9.48 billion, or 11.30% of the book, even after Sanders trimmed the stake by 12% of shares in Q1 2026. What did Sanders Capital buy in Q1 2026? The firm doubled its Amazon position (+100% shares to $6.21 billion) and added aggressively to Mastercard (+52%), Visa (+47%) and Ulta Beauty (+51%). Why did Sanders Capital's AUM fall in Q1 2026? The 3.3% decline to $83.93 billion reflects trimming of large semiconductor winners — TSMC, Seagate and Applied Materials — and repricing, rather than a strategy shift. Position count held flat at 44. ## FAQ ### How many stocks does Sanders Capital hold in Q1 2026? Sanders Capital holds just 44 positions worth a combined $83.93 billion as of March 31, 2026 — an unusually concentrated book for a manager of that size. ### What is Sanders Capital's largest holding? Taiwan Semiconductor (TSM) is the largest position at $9.48 billion, or 11.30% of the book, even after Sanders trimmed the stake by 12% of shares in Q1 2026. ### What did Sanders Capital buy in Q1 2026? The firm doubled its Amazon position (+100% shares to $6.21 billion) and added aggressively to Mastercard (+52%), Visa (+47%) and Ulta Beauty (+51%). ### Why did Sanders Capital's AUM fall in Q1 2026? The 3.3% decline to $83.93 billion reflects trimming of large semiconductor winners — TSMC, Seagate and Applied Materials — and repricing, rather than a strategy shift. Position count held flat at 44. --- Source: 13F Insight — https://13finsight.com/research/sanders-capital-q1-2026-concentrated-amazon-doubled Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-25T13:18:55.765Z