What is Δ QoQ in a Form 13F?

Δ QoQ is the quarter-over-quarter change in the number of shares a manager reports for a holding, comparing the latest 13F with the previous quarter's filing. It separates a manager's action from the effect of price moves: a 20% share-count rise during a drawdown signals dip-buying conviction, while a share-count cut during a rally can mean profit-taking.

What does a 13F not show?

Four blind spots: (1) 45-day lag — filings cover quarter-end but arrive up to 45 days later; (2) long-only US equities and options — short positions, pair trades and market-neutral halves are invisible; (3) no non-US equities, fixed income or cash; (4) corporate actions (splits, spinoffs) distort raw share-count deltas.

How do I use these Δ QoQ insights?

Start with the per-filer chips: biggest adds and trims by share count, positions added from nil, complete exits, top-10 concentration and the sector/industry split of the largest holdings. Then read them in context: a new position signals high conviction, a complete exit can mean a broken thesis, and multi-manager consensus on the same stock is the strongest signal of institutional crowding. The caveats above always apply.

GEODE CAPITAL MANAGEMENT, LLC

SEC Form 13F institutional filer · CIK 0001214717

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Asset manager, subsidiary of FMR LLC, manages index funds.

GEODE CAPITAL MANAGEMENT, LLC — $1.41T AUM allocation strategy

GEODE CAPITAL MANAGEMENT, LLC files SEC Form 13F and reports $1.41T of long US equity value across 495 S&P 500 holdings for 2026-03-31.

Its largest sector bet is Information Technology 21%, followed by Communication Services 8% and Consumer Discretionary 5%. Within sectors, the top industry exposure is Semiconductors 10%, then Interactive Media & Services 8% and Technology Hardware, Storage & Peripherals 7%.

The top 10 holdings account for 36% of reported value — a broadly spread portfolio. Sector and industry shares above are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.

GEODE CAPITAL MANAGEMENT, LLC — latest SEC 13F insights

Reported long-US-equity value (13F AUM)$1.41Ttotal across 495 S&P 500 holdings · 2026-03-31 · excludes shorts, cash, non-US

Top-10 concentration36% of valuehigher = narrower conviction; lower = spread / hedging

Biggest adds (shares)$F $HBAN $NVDA+$F +14.4M sh · +$6.73M+$HBAN +13.5M sh · +$138M+$NVDA +12.5M sh · −$4.88B

Biggest trims (shares)$AMCR $HST $DVN−$AMCR −50.7M sh · +$2.88M−$HST −3.53M sh · −$35.3M−$DVN −2.43M sh · +$140M

Added from nil (new positions)None this quarter

Exited to nil (held last quarter, gone now)None this quarter

Sector allocation (share of reported value)

$XLK Information Technology 21%$XLC Communication Services 8%$XLY Consumer Discretionary 5%$XLF Financials 4%$XLV Health Care 3%

each slice is a share of the reported long-US-equity value — smaller positions roll into “Other holdings”

Industry allocation (share of reported value)

Semiconductors 10%Interactive Media & Services 8%Technology Hardware, Storage & Peripherals 7%Systems Software 5%Broadline Retail 3%

the finer GICS cut of the same book — same denominator

Ticker	Holding	Shares	Value	Δ QoQ
$NVDA	NVIDIA Corporation	601M	$105B	+12.5M
$AAPL	Apple Inc	369M	$93.3B	+10.6M
$MSFT	Microsoft Corporation	189M	$69.6B	+5.88M
$AMZN	Amazon.com Inc	233M	$48.4B	+8.11M
$GOOG	Alphabet Inc. Class C Capital Stock	152M	$43.5B	+5.7M
$AVGO	Broadcom Inc	114M	$35.3B	+3M
$GOOGL	Alphabet Inc	112M	$31.9B	+3.54M
$META	Meta Platforms Inc	54.9M	$30.9B	+1.37M
$TSLA	Tesla Inc	68M	$25.2B	+2.3M
$BRK.B	Berkshire Hathaway Inc.-Class B	41.2M	$19.7B	+1.14M

SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported

← Sector Orb All 13F filers

How to read Δ QoQ — the five insight categories, and the caveats

The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.

Conviction & concentration shifts

New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying.Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.

Sector & macro allocation rotations

Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over- quarter is a proxy for overall institutional risk appetite.

Crowding & smart-money consensus

When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.

Derivative & option overlays

Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.

Who reads this

Retail "cloners"	High-conviction ideas to replicate ~45 days after quarter-end.
Corporate IR	Which funds bought or dumped the stock, before the next call.
Quant / algo traders	Cross-sectional factor inputs: flow, momentum, ownership.

Four caveats before you trade on it

45-day lag — holdings are quarter-end; positions may already be closed.
Long-only — 13Fs miss shorts, pair trades and cash.
No non-US / fixed income — the picture is US equities plus options.
Corporate actions — splits and spinoffs distort raw share deltas.