Aull & Monroe 13F Shows Shift Toward Nvidia

Aull & Monroe Investment Management Corp's Form 13F filed April 21, 2026, discloses a notable concentration shift toward Nvidia (NVDA) and technology large-caps, reporting total equity holdings of $187.4 million as of March 31, 2026. The filing, submitted to the SEC for the quarter ending March 31 and reported by Investing.com on April 21, shows NVDA accounting for 18.2% of the firm's disclosed long equity value, with Apple (AAPL) at 12.7% and Microsoft (MSFT) at 9.4%. Compared with the prior-year quarter (Mar 31, 2025), the filing indicates an 8.6% increase in reported equity value from $172.5 million, reflecting both market appreciation and selective reallocation. The disclosure offers a window into mid-sized active managers' positioning ahead of Q2 earnings and macro updates, and it highlights how concentrated exposures among a handful of mega-cap names continue to define discretionary equity portfolios. Investors and market watchers should interpret 13F data as a lagged but instructive snapshot of positioning, not a directive for immediate market action.

Context

Form 13F quarterly filings provide a retrospective inventory of US-listed equity positions for institutional investment managers over $100 million in assets under management; the Aull & Monroe filing dated April 21, 2026, follows that schedule. The report covers holdings as of March 31, 2026, and is required to be filed within 45 days of quarter-end. While these filings omit options, short positions, non-US-listed securities and intraday trades, they remain a primary public source for tracking manager exposures and rotation patterns over time (SEC EDGAR; Investing.com, Apr 21, 2026). For context, the S&P 500 (SPX) returned approximately 6.1% in the 12 months to March 31, 2026; Aull & Monroe's equity book outpaced that benchmark on a notional value basis, rising 8.6% YoY in disclosed equity value.

The filing positions Aull & Monroe as a concentrated active manager: the top five holdings represent 56.5% of the disclosed portfolio by value (NVDA 18.2%, AAPL 12.7%, MSFT 9.4%, AMZN 8.3%, GOOGL 7.9%). Concentration at these levels is materially higher than a market-cap-weighted S&P 500 allocation, where the top five typically account for roughly 25-30% of the index. This concentration amplifies both return potential and portfolio-specific risk, particularly if the firm lacks hedge overlay or non-13F instruments to offset directional exposure.

Finally, regulatory timing matters. The April 21 filing reflects positions held at quarter-end and does not capture post-quarter trading ahead of high-volatility catalysts — notably, NVDA's earnings on May 22 and macro releases scheduled for Q2 2026. Market participants should treat the 13F as one input among real-time market intelligence, broker-dealer flows and manager commentary when triangulating portfolio intent.

Data Deep Dive

Aull & Monroe reported $187.4 million in long US equity positions on the March 31 schedule. NVDA was disclosed at 18.2% of that total, implying a notional exposure of approximately $34.1 million. Apple and Microsoft exposures are approximately $23.8 million and $17.6 million respectively. These rounded notional estimates derive from the percentage allocations disclosed in the 13F (Investing.com, Apr 21, 2026; SEC Form 13F). The top 10 positions collectively represent 78% of the disclosed book, underscoring an unusually high concentration relative to diversified active managers.

Year-on-year comparison: disclosed equity value rose 8.6% from $172.5 million on March 31, 2025, to $187.4 million on March 31, 2026. That change combines realized/unrealized market moves and position sizing adjustments. NVDA's weight increased by 6.9 percentage points versus the prior-year filing, while smaller positions in mid-cap industrials and financials were pared. The reweighting toward NVDA and mega-cap software names is consistent with a growth-biased tactical stance during the first quarter, a period where semiconductors and AI-exposed names materially outperformed broader cyclicals.

Turnover signals: Aull & Monroe added three new names to the 13F roster this quarter and fully exited two small mid-cap holdings that had represented less than 1% of the portfolio each. This selective trimming aligns with internal risk budgeting — increasing exposure to top-conviction large-caps while removing lower-conviction small positions. For clients tracking manager flows, the mechanics indicate active concentration rather than broad sector rotation.

Sector Implications

Technology dominates the disclosed book: 63% of reported value is in information technology and communication services. NVDA alone accounts for 18.2%; semiconductor equipment and software holdings further lift the tech weighting. That allocation compares with the S&P 500's tech weighting near 27% as of March 31, 2026 (S&P Dow Jones Indices data), making Aull & Monroe materially more tech-heavy than the benchmark. This matters for correlation exposures — a shock to semiconductor demand or a regulatory move affecting major cloud providers would disproportionately influence the fund's performance.

Conversely, the firm has reduced exposure to financials and industrials versus the prior year, with those sectors now representing 9% and 6% of the disclosed book respectively. This reduction suggests a preference for secular growth stories over cyclical recovery plays given the macro backdrop of sticky inflation and a tightening—but data-dependent—monetary policy. Sector tilts of this magnitude can exacerbate tracking error versus benchmark indices and should be considered by counterparties when assessing the manager's implicit beta.

Peer comparison: Among mid-sized discretionary managers that filed 13Fs in the same window, average NVDA exposure was 4.8% of disclosed equity value; Aull & Monroe's 18.2% stake is therefore an outlier. That divergence implies either higher conviction in NVDA's earnings trajectory or a willingness to accept idiosyncratic risk for asymmetric upside. For counterparties such as prime brokers or institutional allocators, such deviations matter for margining, liquidity provisioning, and stress-testing scenarios.

Risk Assessment

Concentration risk is the primary operational and market risk identified by the filing. With the top five holdings comprising over 56% of the disclosed portfolio, single-name shocks could produce outsized P&L swings. NVDA volatility in the 30-day historical window ending March 31, 2026, was approximately 48% implied on some options exchanges — far above broad-market implied volatility metrics — indicating potential rapid changes to notional exposure valuations. A concentrated long-only posture without hedges increases vulnerability to idiosyncratic drawdowns.

Liquidity considerations: NVDA, AAPL and MSFT are among the most liquid US equities, which mitigates execution risk for reallocations. However, if the manager needed to reduce NVDA exposure quickly, large notional reductions could still move the near-term order book, particularly around earnings or options expirations. The filing does not show short positions or derivative overlays, so off-balance-sheet hedges (if present) are invisible in the 13F; counterparties should seek manager disclosure or prime-broker reports to assess true net exposure.

Regulatory and tax considerations also apply. Large realized gains in concentrated positions typically trigger higher tax liabilities for taxable accounts; Aull & Monroe's rebalancing decisions in Q1 may reflect tax-aware management. Additionally, heightened regulatory scrutiny around AI-related disclosures could create reputational risk if managers portray outsized AI exposure without clear investment theses.

Outlook

Near-term, Aull & Monroe's positioning suggests the firm expects secular growth catalysts in AI and cloud adoption to continue driving earnings beats for semiconductor and software leaders. If NVDA and fellow AI beneficiaries report upside in May–June 2026 earnings, the concentrated bet could pay off materially. Conversely, a macro slowdown or tighter-than-expected Fed commentary could compress multiples on growth stocks and produce swift mark-to-market losses. The rolling 12-month performance of the disclosed portfolio vs the S&P 500 should be monitored across subsequent 13F filings to evaluate persistence of the strategy.

From an institutional allocation standpoint, the filing underscores why diversification and explicit risk budgeting remain central to portfolio construction. For investors benchmarking managers, tracking not only absolute returns but also concentrated exposures and turnover history provides a truer measure of manager style and potential tracking error. Active managers with this profile can add alpha in favourable environments but can underperform steeply in adverse conditions.

Fazen Markets Perspective

Fazen Markets views the Aull & Monroe filing as instructive but not prescriptive. The outsized NVDA exposure is a conscious asymmetric bet on AI-driven secular upgrades; this is a high-conviction stance that amplifies idiosyncratic risk. Contrarian insight: concentration at this scale in late-cycle or uncertain macro regimes often precedes two distinct outcomes — either significant outperformance if the thematic thesis accelerates, or a rapid correction if macro or sentiment reverses. For allocators, the crucial metric is not just allocation to NVDA today but the manager's liquidity plan and downside governance. We also note that 13F data omits derivatives and short positions; therefore apparent long concentration could be offset in practice. Practitioners should combine the 13F with brokerage-level reports and manager due diligence to assess netted exposures and operational safeguards. For readers interested in tracking more manager filings and dissecting concentration analytics, see our top holdings section and portfolio analytics tools.

Bottom Line

Aull & Monroe's Apr 21, 2026 13F filing shows a materially concentrated, tech-heavy book with NVDA as the single largest position at 18.2% of disclosed equity holdings; the stance raises both return prospects and idiosyncratic risk. Market participants should treat the filing as a lagged position snapshot and combine it with real-time disclosures and broker data for a complete risk assessment.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

FAQ

Q: How should investors interpret a manager adding a large NVDA stake in a 13F?

A: A large NVDA allocation in a 13F signals conviction but is a lagged disclosure; it does not indicate the manager's hedge profile or derivative positions. Investors should request contemporaneous risk reports and examine liquidity plans, margining policies and any off-balance-sheet derivatives to determine true exposure.

Q: Do 13F filings show all of a manager's positions?

A: No. 13Fs exclude short positions, most derivatives, non-US-listed securities and cash holdings. They also capture positions at quarter-end only. Use 13Fs alongside EDGAR filings, manager letters and prime-broker statements for a fuller picture.

Q: Historically, have concentrated tech bets paid off for mid-sized managers?

A: Historically, concentrated mega-cap tech bets have produced both outsized gains (2016–2021 windows) and steep drawdowns (2022 corrections). The outcomes depend on timing, macro cycle and whether managers hedge idiosyncratic risks. For institutional allocators, evaluation should focus on process, governance and stress-testing rather than headline returns alone.