Ninety One UK and RSA Confirm Mega-Cap Tech Conviction: $15.4B Combined Technology Exposure, NVDA and GOOGL Lead Both Portfolios

Executive Summary

As of April 24, 2026, The 13F Tracker Desk processed 30 Form 13F-HR filings submitted to SEC EDGAR, three of which contained the full holdings detail our desk requires for forensic analysis. The two most material filings disclosed institutional U.S. equity portfolios totaling roughly $73 billion in reported positions as of the most recent quarter-end covered by the filings. The period_of_report header was blank on our ingestion run for all 30 filings, so our desk is treating the reporting period as the calendar quarter immediately preceding the April 24, 2026 filing date (consistent with Q1 2026 positions as of March 31, 2026, filed ahead of the May 15, 2026 deadline). Readers should hold that caveat alongside the standard 45-day 13F reporting lag.

We flagged three filings of institutional significance today: (1) Ninety One UK Ltd (CIK 0001418329) — a $43.1B U.S. equity book across 237 positions, led by Alphabet (GOOGL) at $2.38B and Microsoft (MSFT) at $2.00B (SEC EDGAR accession 0001140361-26-016512); (2) Retirement Systems of Alabama (CIK 0001593051) — a $29.98B portfolio spanning 947 positions, topped by NVIDIA (NVDA) at $1.54B and Apple (AAPL) at $1.32B (accession 0001140361-26-016605); (3) Swmg, LLC (CIK 0001839255) — a $350M ETF-dominated advisory book with no single-name equity in the top 10 (accession 0001839255-26-000002).

The dominant theme across today's meaningful filings is concentrated mega-cap technology conviction. Between Ninety One UK and RSA alone, we count roughly $15.4 billion in combined Technology-sector exposure across 24 disclosed positions — approximately 21% of the $73B aggregated portfolio value. NVIDIA (NVDA) appears in both top-10 lists: $1.97B at Ninety One UK (#3 holding, 4.56% of portfolio) and $1.54B at RSA (#1 holding, 5.15%). Alphabet (GOOGL/GOOG) is Ninety One UK's #1 position at $2.38B (5.52%) and appears twice in RSA's top 10 across share classes (Class A at $569M, Class C at $454M, combined $1.02B or 3.41%). Microsoft (MSFT) and Apple (AAPL) each command more than $1 billion in both portfolios. Our read: institutional flows as of the most recent quarter-end continued to favor the Magnificent 7 complex, with no evidence of broad rotation out of large-cap tech.

Today's top signals: (1) Ninety One UK Ltd — $2.38B Alphabet (GOOGL) position (5.52% of portfolio) — the largest single disclosed position across today's processed filings; (2) Retirement Systems of Alabama — $1.54B NVIDIA (NVDA) top holding (5.15%) — a U.S. public pension placing its largest single-name bet on the AI-accelerator leader; (3) Ninety One UK — $1.85B Visa (V) position (4.28%) — exceeds the fund's disclosed Apple holding; (4) RSA — dual Alphabet share classes combined ~$1.02B; (5) Swmg, LLC — 100% ETFs in top 10 — a pure beta-exposure book. A final caveat: 27 of today's 30 filings returned zero holdings on our ingestion run — mostly small advisors below the §78m(f) threshold or Form 13F-NT filings.

Today In Numbers

|---|---|---|

Notable Filer Deep Dives

Ninety One UK Ltd — $43.1B AUM

• Filing: Form 13F-HR, filed 2026-04-24. Period of report not specified on ingestion; treated as Q1 2026 (as of March 31, 2026). SEC EDGAR: https://www.sec.gov/Archives/edgar/data/1418329/000114036126016512/ (accession 0001140361-26-016512).
• Portfolio summary: 237 reported positions totaling ~$43.1B. Top 5 — GOOGL (5.52%), MSFT (4.63%), NVDA (4.56%), V (4.28%), JNJ (3.77%) — combine for ~22.8%.
• Top 10 holdings:

Rank	Company	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: First current-form Ninety One UK 13F-HR ingested; quarter-over-quarter comparison not yet available.
• Sector allocation: Technology ~20.8%, Healthcare ~5.0%, Financials ~2.3%, Energy ~3.0%, Automotive ~0.8%, Other ~68.0%.
• The signal: Classic global-active-manager core book with a clear mega-cap-growth tilt balanced by defensive and payments exposures. ~35.5% top-10 concentration is meaningful but not extreme. Notable barbell: ~$6.4B in the big-four tech (GOOGL + MSFT + NVDA + AAPL) against ~$3.8B in V + JNJ + PM + EW (payments, pharma, tobacco cash-flow, medtech). BKNG at $1.07B is the standout consumer-discretionary cyclical.

Retirement Systems of Alabama — $29.98B AUM

• Filing: Form 13F-HR, filed 2026-04-24. Period not specified; treated as Q1 2026. SEC EDGAR: https://www.sec.gov/Archives/edgar/data/1593051/000114036126016605/ (accession 0001140361-26-016605).
• Portfolio summary: 947 reported positions totaling ~$29.98B. Top 5 — NVDA (5.15%), AAPL (4.40%), MSFT (3.19%), AMZN (2.77%), AVGO (2.18%) — combine for ~17.7%.
• Top 10 holdings:

Rank	Company	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: First current-form filing ingested; prior-quarter comparison pending.
• Sector allocation: Technology ~21.4%, Healthcare ~3.4%, Financials ~2.6%, Consumer ~2.4%, Energy ~1.9%, Automotive ~1.3%, Communications ~1.2%, Other ~65.8%.
• The signal: Diversified US-large-cap-core sleeve with a decisive technology tilt and deliberate passive EM overlay. NVDA at 5.15% single-name is the signature. Combined AI-infrastructure exposure (NVDA + AVGO + MSFT + GOOGL A/C) runs ~$4.18B (13.9%). Roughly $1.05B in EM ETFs is a quiet but clear tilt toward non-US diversification at U.S. market highs. 26.0% top-10 concentration is moderate — consistent with a large diversified pension mandate.

Swmg, LLC — $350M AUM

• Filing: Form 13F-HR, filed 2026-04-24. Period not specified; treated as Q1 2026. SEC EDGAR: https://www.sec.gov/Archives/edgar/data/1839255/000183925526000002/ (accession 0001839255-26-000002).
• Portfolio summary: 120 positions totaling ~$350M. Top 10 is entirely index ETFs (~54% of book).
• Top 10: IVV (18.6%), IVW (6.9%), SPDR Series (6.1%), IVE (6.0%), IEMG (5.9%), BlackRock US Equity (5.0%), EFV (4.2%), VTI (3.2%), EFG (2.7%), IEFA (2.6%).
• The signal: Near-pure beta exposure book — U.S. large-cap core (IVV) anchor with style-tilted wings (IVW/IVE), international developed (EAFE Value + Growth + Core), and a small EM position (IEMG). Model-portfolio-style advisory rather than security selection. Useful as a passive-flow reference.

Sector Flow Analysis

Aggregating the two active-manager filings that classify holdings by sector (Ninety One UK + RSA), the ~$73B combined book breaks down as:

|---|---|---|---|---|---|

Technology dominates the classified-sector universe — $15.39B across 24 positions, average size $641M (~2.4x Healthcare, 2x Energy). Strip out the Other bucket (mostly ETFs/ADRs unmapped by the auto-classifier) and Technology alone is ~63% of the explicitly classified value. Healthcare carries meaningful conviction via JNJ ($1.62B at Ninety One UK) and EW ($993M). Energy and Financials sit in a similar low-single-digit percentage band with no top-10 positions. Automotive is balanced at ~$732M aggregate — no sector-rotation signal alone. No visible institutional rotation into Energy or Financials detectable from this two-filer snapshot; broader rotation calls require multi-day aggregation.

Activist And Concentration Watch

• >10% of portfolio in a single name: None detected. Ninety One UK's largest (GOOGL at 5.52%) and RSA's largest (NVDA at 5.15%) sit well below the 10% threshold.
• New positions >$100M: Not determinable on a single-filing basis. Every top-10 holding in both filings is above $100M, but initiation status requires a prior-quarter baseline.
• Known activist filers: No filings from Icahn, Pershing Square, Elliott, Starboard, Third Point, Trian, ValueAct, or JANA Partners today. Alken Asset Management Ltd (CIK 0001629996, accession 0001629996-26-000002) filed a 13F-HR but the ingestion did not return holdings data; Alken is a Europe-based long-short manager (Nicolas Walewski) flagged for manual reconciliation in a subsequent edition.
• 13D/13G cross-reference: Neither active-manager filing shows position sizes large enough to trigger the 5%-of-outstanding threshold. Ninety One UK's largest single-name share count is 12.4M EW shares (~2.1% of outstanding); RSA's largest is an ETF holding.
• Concentration posture: Ninety One UK top-10 at 35.5%, RSA top-10 at 26.0%, Swmg top-10 at ~54% (ETF-driven). All consistent with mandate-appropriate diversification. No activist-style accumulation flagged in today's data.

Contrarian Signals

Three contrarian-read observations stand out:

1) Ninety One UK's $1.85B Visa (V) overweight (4.28%) exceeds its Apple (AAPL) position ($1.28B, 2.98%). Street framing in 2026 treats payment networks as GDP-plus compounders while routing innovation dollars to AI. Sizing V above AAPL — and keeping it as #4 — is a vote for payments-network durability. Bull case: cross-border volume growth, travel recovery, regulated moat, buyback cadence. Bear case: real-time A2A rails (FedNow) and on-chain dollar settlement could compress take rates; U.S. interchange caps would hit margin. Read: sizing for moat durability, not re-rating.

2) Ninety One UK's $1.18B Philip Morris (PM) position (2.75%, #7). ESG-aware allocators have progressively underweighted tobacco. Keeping PM top-10 is a deliberate break consistent with an IQOS/Zyn smoke-free-growth thesis plus ~5% yield. Bull case: IQOS U.S. rollout, nicotine-pouch category growth, dividend. Bear case: FDA/regulatory overhang on pouches, cigarette-volume cliff risk.

3) RSA's top-10 is almost pure U.S. mega-cap growth (~21% of book in NVDA/AAPL/MSFT/AMZN/AVGO/GOOGL A/C) but simultaneously carries ~$1.05B of explicit EM ETF exposure (IEMG + EEM) in the same top 10. Barbell of concentrated U.S. AI infrastructure paired with broad EM passive reads as deliberate hedge against U.S. mega-cap mean-reversion risk, not mixed conviction. EM ETFs have underperformed the S&P 500 materially over the cycle; adding EM weight near U.S. highs is counter-trend.

The desk takes no position on outcomes — these are deliberate deviations from consensus worth monitoring over subsequent quarters.

What To Watch This Week

1) NVIDIA (NVDA) earnings setup and hyperscaler capex guides — NVDA is #1 at RSA ($1.54B, 5.15%) and #3 at Ninety One UK ($1.97B, 4.56%). Any revision impacts both filers' largest-or-near-largest bet.

2) Alphabet (GOOGL/GOOG) earnings and AI-monetization disclosures — GOOGL is Ninety One UK's #1 ($2.38B) and RSA's combined A + C totals ~$1.02B. Search-ad trajectory, Gemini monetization, and Cloud growth are the catalysts.

3) Apple (AAPL) Services growth and China-unit detail — #6 at Ninety One UK ($1.28B), #2 at RSA ($1.32B).

4) Visa (V) cross-border volume disclosures — Ninety One UK carries $1.85B (4.28%, larger than AAPL). Next Visa operational update is the key read-through.

5) Broadcom (AVGO) AI-ASIC and VMware integration updates — RSA's #5 position at $653M.

6) Emerging-markets macro — Fed Funds trajectory. RSA's ~$1.05B combined EM ETFs (IEMG + EEM) plus DFEM (~$429M) are sensitive to USD and U.S. rate expectations. Fed Funds at 3.64% (FRED: DFF, 2026-04-22); 10Y-2Y spread at +0.51.

7) Edwards Lifesciences (EW) TAVR/TMTT franchise updates — Ninety One UK holds 12.4M shares worth $993M. Next Edwards quarter and any FDA actions on transcatheter valve platforms are key validation points.

Bottom Line

The institutional money is still leaning into mega-cap technology. Across the three filings processed with full holdings disclosure on April 24, 2026, the dominant signal is unambiguous: NVIDIA, Alphabet, Microsoft, and Apple — with Broadcom as a close fifth — continue to anchor the largest and most concentrated positions at both a $43B European global-active manager (Ninety One UK Ltd) and a $30B U.S. public pension (Retirement Systems of Alabama). Three observations: (1) AI infrastructure remains the conviction trade — NVDA is a top-3 name at both active filers; (2) the diversifying overlay differs by mandate — Ninety One UK pairs mega-cap tech with cash-flow compounders (Visa, PM, J&J) while RSA hedges with passive emerging-markets ETFs; (3) no activist fingerprints, no extreme concentration, no overt sector rotation are visible — the picture is continued mega-cap accumulation rather than regime change. The single filing a portfolio manager should read in full today is Ninety One UK Ltd's 13F-HR (accession 0001140361-26-016512) — its $43.1B book, with GOOGL at the top at $2.38B and a deliberate Visa-over-Apple weighting, is the most informative window this batch offers into how a global active manager is sizing the April 2026 market. As always, these positions reflect quarter-end holdings, not current exposures; a 24-to-45 day reporting lag applies.