Fort Washington's $18.08B Book Pushes Cintas Ahead of Apple — Q1 2026 13F-HR

Executive Summary

As of April 22, 2026, The 13F Tracker Desk processed 30 Form 13F-HR filings submitted to the SEC today, dominated by a single data-rich disclosure from Fort Washington Investment Advisors Inc. (Ohio) — the Cincinnati-based institutional arm of Western & Southern Financial Group — reporting approximately $18.08 billion in U.S. equity holdings across 450 positions (filing dated April 22, 2026, reporting Q1 2026 positions as of March 31, 2026; SEC accession 0001193125-26-168369, filing index). The remaining 29 filings we received today are either initial-submission placeholders, amendments, or reports where the underlying InfoTable data had not yet been parsed into our system at publication time; we flag them below for continuity and will return to the larger ones — most notably the Wellcome Trust Ltd. (accession 0001012975-26-000380) — in subsequent editions once full holdings are available.

Fort Washington's filing is a textbook large-cap quality-growth sleeve. The top ten positions account for roughly 29.7% of reported assets ($5.38 billion) and are anchored by Microsoft (MSFT) at 4.45% of portfolio ($804M, 2,172,672 shares), Alphabet Class C (GOOG) at 4.08% ($737M, 2,569,074 shares), and — in our read of the most distinctive position — Cintas Corporation (CTAS) at 3.98% ($719M, 4,252,541 shares). The Cintas weighting sits ahead of Apple (AAPL) at 3.71%, Meta Platforms (META) at 2.91%, and Nvidia (NVDA) at 2.64%. That rank ordering — a uniform rental and facility services operator above three of the 'Magnificent Seven' — is rarely seen outside dedicated quality-industrial mandates, and is the single most actionable signal in today's data.

Today's top signals, in priority order: (1) Fort Washington Investment Advisors — $804M top position in Microsoft and $737M in Alphabet Class C, reporting Q1 2026, with Technology at 22.4% of disclosed sector allocation; (2) Cintas (CTAS) appears as a top-three holding at 3.98% of Fort Washington's portfolio — a heavier weight than Apple — which we flag as a quality-industrial conviction call worth deeper work; (3) a disproportionate Energy underweight at 2.6% (Exxon Mobil is the sole energy top-ten name at $362M) versus a 22.4% Technology weighting, consistent with a growth-over-cyclicals regime call.

Context for today's read: the S&P 500 closed at 7,064.01 on April 21, 2026, down from 7,126.06 five sessions earlier; the VIX closed at 18.87 on April 20, up from 17.48 on April 17; and the 10Y-2Y Treasury spread stood at 0.52 — a normal (positive) curve. 13F-HR filings report end-of-quarter positions, so any portfolio reactions to that late-April volatility spike are not captured in today's disclosures. Our read: Fort Washington's portfolio is constructed for a continued growth-and-quality regime, not a rotation.

Today In Numbers

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The data dashboard carries a NEUTRAL tilt overall: 29 of 30 filings reached us without parsed InfoTable holdings at publication time, so today's edition reflects a single filer's positioning plus market context rather than an aggregate sector read. Readers should weigh the Fort Washington observations accordingly and cross-reference against the past five trading days' filings (April 16–21, 2026) for a broader sample.

Notable Filer Deep Dives

Fort Washington Investment Advisors Inc. (Ohio) — $18.08B AUM

• Filing: 13F-HR filed April 22, 2026; reporting period Q1 2026 (as of March 31, 2026); SEC EDGAR accession 0001193125-26-168369 — filing index.
• Filer profile: Fort Washington Investment Advisors Inc. is a Cincinnati-based institutional asset manager and the investment subsidiary of Western & Southern Financial Group, a mutual-holding-company insurer. The 13F-HR we are reviewing represents the firm's discretionary U.S. equity book; the parent organization's total AUM (public accounts plus general-account insurance assets) is substantially larger than the equity slice disclosed here.
• Portfolio summary: 450 positions, total reported value of approximately $18.08 billion. Top five holdings: MSFT 4.45%, GOOG (Class C) 4.08%, CTAS 3.98%, AAPL 3.71%, META 2.91% — combined 19.13% of portfolio. The portfolio is diversified by position count but meaningfully concentrated at the top: the top ten alone ($5.38B) represent 29.7% of assets, while the remaining 440 positions split the other 70.3%.

Top 10 holdings table (as of March 31, 2026):

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• What changed: Fort Washington is not on our covered-filers list with a parsed prior quarter in the current edition's data, so a position-level delta (new/increased/decreased/exit) is not available at this edition. We flag the filing as a baseline for prospective quarterly comparison in the June/July 2026 Q2 filing cycle. Portfolio-structure observations (e.g., concentration ratios, sector tilts) are descriptive of the March 31, 2026 position snapshot.
• Sector allocation (by parsed tags; uncategorized positions sit in 'Other'): Technology 22.4% ($4,050.6M, 14 positions); Financials 3.9% ($705.5M, 10 positions); Healthcare 3.6% ($651.0M, 9 positions); Energy 2.6% ($468.8M, 3 positions); Communications 2.1% ($371.8M, 5 positions); Consumer 1.8% ($324.4M, 6 positions); Other 63.7% ($11,511.0M, 403 positions). The large Other bucket reflects classifier coverage rather than a real sector — it includes ETFs (IVV is in this bucket in the raw tags), fixed-income holdings, foreign ADRs, and mid/small-cap names outside the classifier's recognized list.
• The signal: Fort Washington's portfolio is constructed like a classic quality-growth large-cap mandate with an insurance parent's balance-sheet discipline — heavy on the mega-cap software and semis complex (MSFT, GOOG, AAPL, META, NVDA, AMZN together account for 20.25% of portfolio) but deliberately balanced by one high-quality industrial services name (CTAS at 3.98%, rare at that weighting), one megacap energy anchor (XOM at 2.00%), and one core index ETF (IVV at 1.98%) providing beta exposure. The Cintas weighting is the distinguishing feature. CTAS has historically served as an 'industrial compounder' proxy for recurring-revenue quality investors; seeing it at top-three in an $18B book is a statement that the manager is willing to pay the quality premium on a non-technology compounder. For a PM: the portfolio does not look constructed for a cyclical rotation into energy, materials, or industrials broadly — Fort Washington's energy weight (2.6%) and consumer weight (1.8%) are both below the S&P 500 aggregate in these sectors. Read: quality and growth over value and cyclicality, with industrial services (CTAS) as the quality play outside tech.

Other 13F-HR filings received April 22, 2026 (data not yet parsed)

Twenty-nine additional filings reached our system today without parsed InfoTable data. The majority are smaller RIAs (Morey & Quinn Wealth Partners LLC; MFA Wealth Services; Traveka Wealth LLC; Kennedy Investment Group Inc.; Hofer & Associates Inc.; Foundry Financial LLC; PDS Planning Inc.; Navigation Wealth Management; Genesee Capital Advisors; Creekside Partners; Matauro LLC; Crew Capital Management; Towne Trust Company NA; Realta Investment Advisors; ASO Group Ltd; Montgomery Investment Management Inc; FSA Investment Group LLC; Norris Perne & French LLP; Stolz & Associates; and others) whose discretionary books are below the notable-filer threshold for deep coverage. A handful, however, merit a flag for continuity:

• WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST — accession 0001012975-26-000380 — filing index. The Wellcome Trust is one of the largest medical-research endowments globally, and its 13F-HR reflects its U.S. equity sleeve. We will prioritize re-parsing in the next edition.
• ABN AMRO Bank N.V. — accession 0001561082-26-000004. International bank 13F-HRs reflect prime-brokerage and principal equity positions; we will re-cover once parsed.
• Sterling Capital Management LLC — accession 0001398344-26-006811. Sterling Capital is a multi-billion-dollar RIA and a recurring filer of interest; once holdings are parsed, we will revisit.
• Employees Provident Fund Board (Malaysia sovereign pension) — filed three separate submissions today (accessions 0001600177-26-000070, 0001600177-26-000073, 0001600177-26-000074). Sovereign pension 13Fs are relatively rare and useful for observing non-U.S. institutional positioning in American equities.
• Braun Stacey Associates Inc. (accession 0001213900-26-046430) and Pinnacle Associates Ltd (accession 0000743127-26-000002) are active-manager filers whose prior quarters we track.

These filings will be picked back up when InfoTable parsing completes; today's edition treats Fort Washington as the sole data-rich filer.

Sector Flow Analysis

Because 29 of 30 filings today lack parsed holdings, sector aggregation across the full April 22, 2026 cohort is not statistically meaningful. The table below therefore reports the sector breakdown for the single data-rich filing (Fort Washington) as a snapshot, not a sample mean:

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Observations for the Fort Washington sleeve specifically: Technology at 22.4% of the parsed allocation is heavier than the S&P 500's tech weight would imply for a generalist book, especially when paired with the 3.98% Cintas (quality-industrial) position inside what the classifier labels 'Other.' We read this as a growth-and-quality dumbbell: mega-cap technology on one end and high-margin industrial-services compounders on the other, with index beta (IVV) plugging the center. Energy exposure (2.6%, three positions, Exxon Mobil alone at $362M / 2.00%) is below benchmark, consistent with a manager who has not positioned for a cyclical-recovery or commodity-led inflation scenario. The 3.6% Healthcare weight is modest for a portfolio of this size and leaves limited exposure to an M&A-driven re-rating in biotech.

Over the past five trading days (April 16–21, 2026), our desk's read of parsed filings has consistently shown Technology and Financials taking the lion's share of new capital deployments; Fort Washington's April 22 allocation is broadly consistent with that multi-day pattern, not a break from it. The April 22 cohort does not give us a tick-level sector rotation signal; the cross-day read remains: institutional money is staying in quality growth, with selective industrial-services overweights (CTAS is the most frequently surfaced in recent editions).

Activist And Concentration Watch

No filing in today's parsed dataset trips our conventional activist screens. Concentration test: Fort Washington's largest single-name position (Microsoft at 4.45% of portfolio) is well below the 10%-in-one-name threshold that typically signals extreme conviction or activist accumulation. The next three (GOOG 4.08%, CTAS 3.98%, AAPL 3.71%) likewise sit inside normal-distribution territory for a diversified $18B book. Cumulative top-10 concentration at 29.7% is on the lighter end of the spectrum compared to concentrated-value managers (frequently 50–70% top-10) and is typical of index-aware quality-growth mandates at institutional scale.

New capital deployments greater than $100M: we cannot flag any in today's data because prior-quarter position-level comparisons are unavailable on the Fort Washington filing in this cycle. Readers looking to cross-reference should compare today's top-10 values against Fort Washington's December 31, 2025 holdings filed in the prior 13F-HR (SEC CIK 0001009016, historical filings at EDGAR Filing History) to compute Q/Q position-level deltas.

Known activists — Icahn Enterprises, Pershing Square Capital, Elliott Investment Management, Starboard Value, Third Point, ValueAct, Trian Fund Management — are not represented in today's 30-filing cohort. Wellcome Trust and the Employees Provident Fund Board are not activist filers; their 13F-HR disclosures reflect passive or semi-passive long-only portfolios. We see no filings today flagging at 5%-plus of outstanding shares of any reporting company — meaning no 13D/13G cross-reference is presently implied by today's data.

One item worth flagging even though it does not rise to activist status: Fort Washington's Cintas weighting. With approximately 4,252,541 shares disclosed and Cintas's approximate share count of roughly 402 million common shares outstanding, Fort Washington holds about 1.06% of Cintas — well below the 5% threshold that triggers 13D/13G disclosure, but a non-trivial ownership percentage for a $18B diversified book to commit to a single mid-cap-industrial name. This is the clearest single-name conviction call in today's data, and warrants tracking into the next Q2 filing.

Contrarian Signals

The Fort Washington filing contains one clear contrarian-style signal worth bull-bear analysis:

Cintas Corp (CTAS) at 3.98% of portfolio. Cintas has been a textbook high-multiple industrial compounder trading near all-time highs through much of the past five years, with forward P/E ratios regularly above 40x. Owning CTAS at 3.98% of a diversified $18B book — a heavier weight than Apple — is at once a vote of confidence in the business (bull case) and a contrarian refusal to rotate into lower-multiple cyclicals (bear case, from a value investor's perspective).

• Bull case: Cintas's uniform-rental, facility-services, and first-aid businesses compound revenue with recurring-fee economics, insulating margins from cyclical weakness. The company's history of durable mid-single-digit revenue growth and low-to-mid-teens EPS growth justifies the premium multiple; Fort Washington is paying for quality that is difficult to source among mid-cap industrials.
• Bear case: at premium multiples, Cintas becomes sensitive to any deceleration in U.S. employment growth (which drives the laundry and uniform-rental book). With the S&P 500 pulling back from 7,126.06 (April 17) to 7,064.01 (April 21), and the VIX re-pricing to 18.87, high-multiple compounders are the first to compress in a quality-rotation-reversing episode.

We are not taking a side. The purpose of the contrarian lens is to frame the risk symmetrically: Fort Washington's Cintas weighting is a bet that the Q1 2026 quality regime persists into Q2 and beyond.

Smart-money divergence is not observable in today's data because the parsed cohort is N=1. We cannot say whether other institutional filers are taking the opposite side of MSFT, GOOG, CTAS, AAPL, or XOM today. That read will need a wider sample in the next several editions.

What To Watch This Week

Looking ahead from April 22, 2026, we flag the following catalysts that could validate or invalidate the positioning disclosed in today's Fort Washington filing (all dates tentative; confirm against the issuer's investor relations calendar):

• CRITICAL: Microsoft (MSFT) — Q3 FY2026 earnings (expected late April 2026). Fort Washington's $804M position (largest in portfolio) is directly exposed. Key items to watch: Azure revenue growth, AI capacity commentary, commercial bookings trajectory.
• CRITICAL: Alphabet (GOOG/GOOGL) — Q1 2026 earnings (expected late April 2026). Fort Washington's $737M Alphabet Class C holding is #2 in portfolio. Items: Search ad revenue in a softer consumer environment, YouTube monetization, Google Cloud margin trajectory.
• CRITICAL: Meta Platforms (META) — Q1 2026 earnings (expected late April 2026). $526M position. Items: Reality Labs loss trajectory, ad-impression growth, Reels/AI monetization.
• CRITICAL: Apple (AAPL) — Q2 FY2026 earnings (expected early May 2026). $670M position. Items: iPhone unit commentary, Services revenue, China exposure.
• HIGH: Amazon.com (AMZN) — Q1 2026 earnings (expected late April/early May 2026). $445M position. Items: AWS revenue growth re-acceleration, retail margin, advertising revenue.
• HIGH: Exxon Mobil (XOM) — Q1 2026 earnings (expected early May 2026). $362M position — Fort Washington's only meaningful energy anchor. Items: upstream realizations, chemicals margins, buyback pace.
• HIGH: Cintas (CTAS) — next fiscal-quarter earnings (CTAS fiscal year runs May-to-April; fiscal Q4 2026 earnings expected mid-July 2026, but watch for any late-April management commentary at industry conferences). This is the edition's distinctive overweight; any deceleration in organic revenue growth from the mid-single-digit pace would pressure the multiple and could trigger manager-level repositioning in next quarter's 13F.
• MEDIUM: Federal Reserve FOMC statement (next scheduled meeting per calendar). With Fed Funds at 3.64% and the 10Y-2Y spread positive at 0.52, any hawkish re-pricing would disproportionately hit the high-multiple tech complex that dominates Fort Washington's top-6.

For each of the above: if earnings disappoint, the mega-cap technology weightings that drive Fort Washington's 22.4% Technology allocation are the most immediately exposed. The CTAS thesis, by contrast, is not earnings-driven in this window and is instead multiple-driven.

Bottom Line

The institutional money is still concentrated in mega-cap quality-growth, with selective quality-industrial conviction outside the 'Magnificent Seven.' Fort Washington Investment Advisors' 13F-HR — the only data-rich filing in today's 30-filing cohort — shows a $18.08 billion book led by Microsoft, Alphabet Class C, and Cintas (in that rank order), with a 22.4% Technology allocation, a benchmark-light 2.6% Energy weight, and a notably heavy 3.98% position in Cintas that is the edition's most distinctive datapoint. The biggest surprise is not the tech lineup (consistent with recent editions' sector reads) but the placement of CTAS ahead of Apple — a deliberate quality-industrial statement that merits a PM-level second look. The single filing most worth reading in full today: Fort Washington Investment Advisors' Q1 2026 13F-HR (SEC EDGAR) — especially for managers benchmarking top-10 concentration and sector tilt against a diversified insurance-affiliated quality-growth mandate.