Geode Capital Management, LLC

Geode Capital Management employs a passive, index-oriented investment strategy with very low turnover, reflecting a disciplined commitment to broad market replication rather than active security selection. As of Q1 2026, the portfolio holds approximately 8,577 positions across $1.6 trillion in assets, with a pronounced concentration in the top 15 holdings, which account for over 37% of total assets. The largest single position is NVIDIA at 6.5%, followed by Apple at 5.8% and Microsoft at 4.3%, underscoring a heavy tilt toward mega-cap technology stocks, which dominate at 30.7% of sector allocation. This composition reveals a strategy of weighting exposure proportionally to market capitalization, resulting in high conviction in leading growth names while maintaining broad diversification across sectors such as Financial Services at 11.0% and Healthcare at 9.5%. The fund’s consistent AUM growth from $1.1 trillion in Q2 2024 to $1.6 trillion by Q1 2026, alongside stable position counts, indicates a scaling of passive exposure that mirrors overall market gains rather than tactical shifts.