Winslow Capital Q1 2026: Cutting Microsoft and Amazon

Winslow Capital Management runs a concentrated large-cap growth book — about 60 positions, with the top five making up roughly 40% of its $25.65 billion portfolio — so when it reshuffles among the megacaps, the moves are large and worth reading. In the first quarter of 2026, Winslow did exactly that: it cut Microsoft by 29% and Amazon by 33% in share-count terms while adding to Apple, Alphabet, and Broadcom and leaving its largest position, Nvidia, untouched. This was not a manager standing still; it was one actively re-ranking the biggest names in the market.

The reported 13F value fell 13.9% quarter over quarter, from $29.80 billion to $25.65 billion, a decline that reflects both the heavy trimming and market action. But the headline number matters less than the rotation underneath: Winslow rebalanced its megacap exposure decisively, trimming two of the most widely held names while concentrating into others.

Cutting Microsoft and Amazon

The two sharpest moves were reductions. Microsoft, still a top-four holding at $1.66 billion (6.48%), saw its share count cut 29%, and Amazon was trimmed even harder, down 33% to $1.13 billion (4.40%). For a concentrated growth manager, double-digit reductions of that size in two megacaps are deliberate calls, not rebalancing noise — a decision that other large-cap growth names offered better risk-reward at current prices.

Where did the conviction go? Apple was raised 12% to $2.35 billion (9.16%), Alphabet was added 10% to $1.91 billion (7.43%), and Broadcom — the AI-networking and custom-silicon beneficiary — was boosted 15% to $1.58 billion (6.17%). The rotation reads as a tilt toward the consumer-platform, search, and AI-silicon names and away from the cloud-and-commerce giants Winslow trimmed.

Nvidia held, the book stays concentrated

Through all the reshuffling, the anchor stayed in place. Nvidia remains the largest holding at $2.90 billion (11.32%), held roughly flat — Winslow kept its biggest AI bet intact while trading around the rest of the megacap complex.

The concentration is the defining feature: with the top five names at roughly 40% of the portfolio and the top ten higher still, Winslow expresses its growth thesis through a focused set of large positions rather than broad diversification. Meta Platforms was trimmed 5%, and Eli Lilly — the lone large healthcare name in the upper tier — was held flat, a nod to the durable growth of the GLP-1 franchise. The result is a portfolio that remains tightly clustered in the megacap-growth and AI complex even after the quarter's trading.

The AUM arc

Winslow's reported value has moved within a stable band rather than trending.

The book has ranged between roughly $25.07 billion and $30.27 billion over the past two years, sitting at $25.65 billion in the first quarter of 2026 after a $29.80 billion prior quarter. With the position count steady near 60, the swings reflect the volatility of a concentrated megacap book — when 40% of a portfolio sits in five high-beta names, the reported total moves with them. There is no sign of a structural change in approach, only the ordinary mark-to-market of a focused growth strategy.

What it signals

For investors who track institutional positioning, Winslow Capital's first-quarter filing is a clear read on how an active growth manager is re-ranking the megacaps: trimming Microsoft and Amazon hard, adding to Apple, Alphabet, and Broadcom, and keeping Nvidia as the anchor. The actionable signal is the relative bet — within a crowded megacap-growth universe, Winslow is expressing a view about which names have the better forward setup, not exiting the theme. Whether that re-ranking proves right is what the next filing will begin to answer.

FAQ

What did Winslow Capital change in Q1 2026?
Winslow cut Microsoft by 29% and Amazon by 33% in share-count terms while raising Apple by 12%, Alphabet by 10%, and Broadcom by 15%, and holding Nvidia flat. Reported 13F value fell 13.9% to $25.65 billion.

What is Winslow Capital's largest holding?
Nvidia, at $2.90 billion or 11.32% of the portfolio, held roughly flat, followed by Apple ($2.35 billion) and Alphabet ($1.91 billion).

Is Winslow Capital a concentrated fund?
Yes. It holds about 60 positions, with the top five accounting for roughly 40% of the portfolio — a focused large-cap growth approach concentrated in the megacap and AI complex.

Did Winslow exit Microsoft or Amazon?
No. It trimmed both significantly — Microsoft by 29% and Amazon by 33% — but retained meaningful positions in each, reallocating toward Apple, Alphabet, and Broadcom rather than leaving the megacap theme.