13F Position Changes mega passive ·Filed Sep 22, 2026
Significant institutional position changes detected
Actionable Insight ▲ Bullish
State Street's massive MRVL add and new SPCX position signal conviction in semiconductor and space/defense themes, while the HON trim paired with HONA initiation suggests a corporate structure arbitrage play. Monitor for follow-through from other mega-passive funds and potential index rebalancing effects.
Executive Summary
State Street's Q2 2026 13F shows a net bullish posture with $3.4T AUM, adding $12.5B to MRVL (+79.3%) and initiating large positions in HONA ($2.9B) and SPCX ($1.9B), while trimming HON (-40.9%) and exiting CTRA, CCL, HOLX, and APLS. The moves suggest a rotation into semiconductors, aerospace/defense, and energy, away from legacy industrials and consumer discretionary.
Key Financial Metrics
New Positions
4
Exits
7
Increased
13
Trimmed
12
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| MRVL | ▲ BULLISH | Massive 79.3% position increase to $12.5B signals strong conviction in semiconductor/cloud infrastructure theme. |
| HON | ▼ BEARISH | 40.9% trim likely reflects rotation into HONA post-spin-off or reduced conviction in legacy industrial conglomerate. |
| DVN | ▲ BULLISH | 89.8% increase to $3.0B shows bullish bet on energy/upstream E&P. |
| HONA | ▲ BULLISH | New $2.9B position in Honeywell Aerospace post-spin-off indicates preference for pure-play aerospace exposure. |
| SPCX | ▲ BULLISH | New $1.9B position in Space Exploration Technologies signals conviction in space/defense sector. |
| CTRA | ▼ BEARISH | Full exit of $0 value suggests complete rotation out of Coterra Energy. |
| CCL | ▼ BEARISH | Full exit of Carnival Corp replaced by new position in Carnival Corp Ltd, likely a corporate restructuring rebalance. |
| ECHO | ▼ BEARISH | 26.7% trim to $1.1B suggests reduced conviction in satellite communications. |
| CASY | ▲ BULLISH | 27.6% increase to $1.4B shows growing conviction in convenience store/retail. |
| TKO | ▼ BEARISH | 27.7% trim to $932.9M indicates profit-taking or reduced conviction in sports entertainment. |
| VEEV | ▲ BULLISH | 85.9% increase to $1.2B signals strong conviction in cloud-based life sciences software. |
| TTD | ▼ BEARISH | 30.4% trim to $565.6M suggests reduced conviction in ad-tech. |
| DD | ▼ BEARISH | 62.8% trim to $942.7M indicates significant reduction in specialty chemicals exposure. |
| CDE | ▲ BULLISH | 43.9% increase to $818.1M shows bullish bet on precious metals mining. |
| HOLX | ▼ BEARISH | Full exit of Hologic suggests reduced conviction in women's health diagnostics. |
| FDXF | ▲ BULLISH | New $723.7M position in FedEx freight holding company signals conviction in logistics spin-off. |
| CRWV | ▲ BULLISH | 139.7% doubling to $702.6M shows strong conviction in CoreWeave/cloud infrastructure. |
| ROKU | ▲ BULLISH | 81.9% increase to $568.5M signals bullish bet on streaming/CTV advertising. |
| TOST | ▲ BULLISH | 66.4% increase to $469.8M shows growing conviction in restaurant tech/SaaS. |
| SUNB | ▲ BULLISH | Massive increase from 3.7K to 5.9M shares ($441M) suggests new conviction in equipment rental. |
| BTSG | ▲ BULLISH | 26.9% increase to $436.8M shows growing conviction in healthcare services. |
| PINS | ▼ BEARISH | 28.9% trim to $322.1M suggests reduced conviction in social media/advertising. |
| BND | ▼ BEARISH | 25.6% trim to $292.2M indicates reduced fixed-income exposure. |
| CAG | ▼ BEARISH | 33.9% trim to $222.6M suggests reduced conviction in packaged foods. |
| SPDW | ▼ BEARISH | 43.1% trim to $226.0M indicates reduced international equity exposure. |
| BLD | ▼ BEARISH | 33.8% trim to $234.7M suggests reduced conviction in building products. |
| UEC | ▲ BULLISH | 25% increase to $335.9M shows growing conviction in uranium/nuclear energy. |
| NWS | ▼ BEARISH | 26.5% trim to $241.1M suggests reduced conviction in news/media. |
| MDLN | ▲ BULLISH | 75.2% increase to $333.2M shows strong conviction in medical supplies/equipment. |
| AAON | ▲ BULLISH | 27.3% increase to $333.1M signals growing conviction in HVAC/energy efficiency. |
| CPB | ▼ BEARISH | 37.8% trim to $173.3M suggests reduced conviction in Campbell's/food. |
| APLS | ▼ BEARISH | Full exit of Apellis Pharmaceuticals suggests reduced conviction in biotech. |
| EBC | ▲ BULLISH | 42.3% increase to $269.7M shows growing conviction in regional banking. |
| MASI | ▼ BEARISH | Full exit of Masimo suggests reduced conviction in medical monitoring. |
| KRMN | ▲ BULLISH | 79% increase to $254.5M shows strong conviction in aerospace/defense. |
| ORKA | ▲ BULLISH | 65.7% increase to $254.4M signals growing conviction in biotech/therapeutics. |
| CGON | ▲ BULLISH | 29.9% increase to $244.2M shows growing conviction in oncology biotech. |
| LQDA | ▲ BULLISH | 61.1% increase to $241.6M signals growing conviction in specialty pharma. |
| CVBF | ▲ BULLISH | 32% increase to $236.9M shows growing conviction in regional banking. |
| ULS | ▲ BULLISH | 47.6% increase to $232.2M signals growing conviction in testing/inspection/certification. |
| DNTH | ▲ BULLISH | 68.5% increase to $229.8M shows strong conviction in biotech/therapeutics. |
| BNL | ▲ BULLISH | 37% increase to $226.7M signals growing conviction in net-lease REITs. |
| ERAS | ▲ BULLISH | 31% increase to $223.2M shows growing conviction in oncology biotech. |
Key Facts
- MRVL position increased 79.3% to 41.8M shares worth ~$12.5B
- New position in HONA (Honeywell Aerospace) of 13.3M shares worth ~$2.9B
- New position in SPCX (Space Exploration Technologies) of 10.9M shares worth ~$1.9B
- HON trimmed 40.9% to 18.7M shares worth ~$4.2B
- CTRA, CCL, HOLX, APLS, MASI fully exited
- DVN added 89.8% to 73.2M shares worth ~$3.0B
- New position in CCL's successor entity (Carnival Corp Ltd) of 58.2M shares worth ~$1.7B
- DD trimmed 62.8% to 6.9M shares worth ~$942.7M
- CRWV position more than doubled (+139.7%) to 7.1M shares worth ~$702.6M
- SUNB position surged from 3.7K to 5.9M shares (+159,222%) worth ~$441.0M
Financial Impact
Net capital deployed into new/increased positions significantly exceeds capital removed via exits/trims, with MRVL alone representing a ~$12.5B position increase. Total portfolio value impact is material at the fund level.
portfolio allocationsector exposureposition sizing
Risk Factors
- 45-day disclosure lag means positions may have changed since quarter-end
- Mega-passive funds like State Street may be rebalancing due to index changes, not active conviction
- Large exits (CTRA, CCL, HOLX) could reflect index composition changes rather than thesis abandonment
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0000093751-2026-Q2 |
US Market Status
Market Closed — Opens Wed (10h 11m)
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