13F Position Changes mega passive
Significant institutional position changes detected
Actionable Insight ▲ Bullish
T. Rowe Price's massive rotation into semis (AMD, AVGO) and consumer staples (KVUE, SBUX) while slashing energy (HAL) and legacy tech (INTC, MU) signals a bet on AI-driven demand and consumer resilience. Traders should watch for follow-through in Q4 13F filings from other mega-passive funds to confirm the rotation theme. The QQQ ETF addition suggests a passive beta play alongside active stock picks.
Executive Summary
T. Rowe Price significantly rotated its portfolio in Q3 2024, adding heavily to semiconductor (AMD, AVGO), consumer staples (KVUE, SBUX), and industrial (DE, SHW) positions while trimming or nearly exiting energy (HAL), telecom (CMCSA trim is actually an add — see data), and several tech names (MU, INTC, AMAT). The net capital flow was strongly positive, with major adds and doubles outweighing trims and near-exits in dollar terms, indicating a bullish tilt toward cyclicals and value-oriented growth.
Key Financial Metrics
New Positions
1
Increased
10
Trimmed
17
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| AMD | ▲ BULLISH | Added +75.5% to 35.3M shares — massive conviction increase in AI/semi leader |
| AVGO | ▲ BULLISH | Position 8x'd (+810%) to 32.4M shares — strong bet on Broadcom's AI/networking story |
| KVUE | ▲ BULLISH | Added +34.2% to 237.7M shares — increased exposure to consumer staples spin-off |
| BAC | ▲ BULLISH | Added +25.8% to 110.7M shares — rising conviction in large-cap bank |
| APH | ▼ BEARISH | Trimmed -26.3% to 43.1M shares — reducing exposure to connector maker |
| BDX | ▲ BULLISH | Added +26.6% to 13.6M shares — increased med-tech allocation |
| HD | ▲ BULLISH | Added +26.7% to 8.1M shares — bet on home improvement demand |
| SHW | ▲ BULLISH | Doubled +118.8% to 7.2M shares — strong conviction in coatings/construction play |
| AMAT | ▼ BEARISH | Trimmed -59.3% to 4.5M shares — significant reduction in semi equipment |
| HUBS | ▲ BULLISH | Doubled +153.5% to 4.3M shares — bet on CRM/marketing software growth |
| DE | ▲ BULLISH | Added +98.4% to 5.5M shares — near-doubled exposure to ag equipment |
| MET | ▼ BEARISH | Trimmed -42.7% to 18.4M shares — reducing insurance exposure |
| HON | ▼ BEARISH | Trimmed -46.4% to 5.6M shares — significant reduction in industrial conglomerate |
| KEYS | ▲ BULLISH | Added +49.1% to 12.5M shares — increased electronic test/measurement exposure |
| CMCSA | ▲ BULLISH | Added +26.5% to 46.0M shares — increased cable/entertainment exposure |
| SBUX | ▲ BULLISH | Doubled +190.2% to 18.2M shares — strong bet on coffee chain turnaround |
| SPOT | ▼ BEARISH | Trimmed -26.5% to 4.1M shares — reducing audio streaming exposure |
| GEV | ▼ BEARISH | Trimmed -45.6% to 5.6M shares — significant reduction in GE Vernova |
| FTNT | ▼ BEARISH | Trimmed -58.3% to 12.1M shares — major reduction in cybersecurity |
| NWSA | ▼ BEARISH | Trimmed -34.1% to 40.7M shares — reducing media exposure |
| MU | ▼ BEARISH | Near-exit -82.9% to 2.2M shares — near full liquidation of memory chip position |
| KDP | ▲ BULLISH | Added +38.6% to 40.2M shares — increased beverage exposure |
| NXPI | ▼ BEARISH | Trimmed -55.5% to 2.5M shares — significant reduction in auto semi exposure |
| HAL | ▼ BEARISH | Near-exit -83.2% to 7.4M shares — near full liquidation of oilfield services |
| HLT | ▼ BEARISH | Trimmed -31.9% to 4.5M shares — reducing hospitality exposure |
| BABA | ▲ BULLISH | Added +48.4% to 12.8M shares — increased China tech exposure |
| INTC | ▼ BEARISH | Trimmed -65.6% to 15.0M shares — major reduction in struggling chipmaker |
| REGN | ▲ BULLISH | Added +36.7% to 1.3M shares — increased biotech exposure |
| XEL | ▲ BULLISH | Added +60.1% to 20.5M shares — increased regulated utility exposure |
| ORCL | ▲ BULLISH | Added +54.7% to 7.8M shares — bet on cloud/database growth |
| EFX | ▲ BULLISH | Added +63.1% to 4.3M shares — increased credit bureau exposure |
| ATO | ▲ BULLISH | Doubled +116.4% to 8.7M shares — strong bet on natural gas utility |
| EXE | ▲ BULLISH | Added +41.5% to 14.2M shares — increased natural gas producer exposure |
| IEX | ▼ BEARISH | Trimmed -40% to 3.4M shares — reducing industrial exposure |
| FND | ▲ BULLISH | Added +37.1% to 9.2M shares — increased home improvement retail exposure |
| BMY | ▲ BULLISH | Added +32.3% to 20.2M shares — increased pharma exposure |
| LOW | ▲ BULLISH | Doubled +117.3% to 3.8M shares — strong bet on home improvement |
| RS | ▲ BULLISH | Added +39.3% to 3.4M shares — increased industrial metals exposure |
| CDNS | ▼ BEARISH | Trimmed -25.6% to 2.3M shares — reducing EDA software exposure |
| ICON | ▲ BULLISH | Added +27.9% to 3.4M shares — increased CRO exposure |
| CME | ▲ BULLISH | Added +68.7% to 4.4M shares — increased exchange exposure |
| RGEN | ▲ BULLISH | Added +38.7% to 6.4M shares — increased bioprocessing exposure |
| DOV | ▼ BEARISH | Trimmed -30.1% to 3.7M shares — reducing industrial exposure |
| MKSI | ▼ BEARISH | Trimmed -37.5% to 4.3M shares — reducing semi equipment exposure |
| PH | ▲ BULLISH | Added +59.4% to 1.4M shares — increased industrial exposure |
| NOC | ▲ BULLISH | Added +61.7% to 1.6M shares — increased defense exposure |
| EXC | ▲ BULLISH | Doubled +804% to 20.1M shares — massive bet on regulated utility |
| DDOG | ▲ BULLISH | Added +44.6% to 7.1M shares — increased cloud monitoring exposure |
| QQQ | ▲ BULLISH | Added from near-zero to 1.6M shares — new passive Nasdaq-100 ETF position |
| BR | ▼ BEARISH | Trimmed -41% to 2.4M shares — reducing fintech exposure |
Key Facts
- Largest position increase: AMD (+75.5% to 35.3M shares, ~$5.8B value)
- AVGO position more than 8x'd (+810.3% to 32.4M shares, ~$5.6B)
- KVUE added +34.2% to 237.7M shares (~$5.5B)
- BAC added +25.8% to 110.7M shares (~$4.4B)
- Near-exits: MU (-82.9%), HAL (-83.2%) — near full liquidation
- Heavy trims: AMAT (-59.3%), FTNT (-58.3%), INTC (-65.6%), NXPI (-55.5%)
- New ETF position: QQQ added from near-zero to 1.63M shares (~$796M)
- Total changes detected: 576 (add: 215, trim: 181, doubled: 134, near_exit: 46)
Financial Impact
Net capital deployed into new/increased positions significantly exceeded capital removed via trims/exits, with top 10 adds alone representing ~$30B+ in incremental exposure.
portfolio allocationsector exposure
Risk Factors
- 45-day disclosure lag — positions reflect Sept 30, 2024, not current
- Hedge funds may strategically misreport 13F positions per Cao/Da 2024
- 13F only shows long equity positions — short/derivative exposures invisible
- Some trims may be forced by position limits or redemptions, not conviction
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0000080255-2024-Q3 |
US Market Status
Market Closed — Opens Wed (< 1m)
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