BANK AMERICA CORP

The passive core is standard for a mega-cap financial. BlackRock ($26.3B), Vanguard Capital Management ($25.0B), State Street ($20.0B), FMR/Fidelity ($14.4B), and Geode ($9.7B) anchor the top tier. These are benchmark-mandated positions whose sizes scale with BAC market-cap weight in financial-sector indices rather than with active rate-cycle views.

The active layer is where the rate-cycle signal lives. Capital Research Global Investors and Wellington Management both carry meaningful BAC stakes, and their behavior across quarters tends to correlate with institutional positioning on yield-curve steepening, deposit pricing power, and loan-growth outlook. When Capital Research expands BAC exposure, the read is usually that bottom-up financial-services analysts see net-interest margin recovery ahead. When they reduce, the signal is typically a concern about deposit-beta pressure or credit-cost inflection.