First Community Trust NA 13F Shows Position Shifts

First Community Trust NA filed its Form 13F with the SEC on April 16, 2026, reporting holdings for the quarter ended March 31, 2026. The filing lists 48 reported positions with an aggregate 13F market value of approximately $1.12 billion, according to the filing and the Investing.com notice dated April 16, 2026 (SEC Form 13F; Investing.com). The trust's top three disclosed positions — Apple (AAPL), Microsoft (MSFT) and Amazon (AMZN) — together accounted for 21.3% of reported 13F assets, with AAPL representing approximately 8.5%. Quarter-over-quarter changes include a 12% increase in AAPL exposure and a 22% reduction in semiconductors exposure led by a lower weighting in NVDA, signaling a measurable rebalancing away from high-beta AI beneficiaries into large-cap defensive tech and select consumer names.

Context

The April 16, 2026 filing by First Community Trust NA comes at a time when institutional portfolios have been adjusting to a changing macro backdrop: the Federal Reserve left its policy rate unchanged in March 2026, and the S&P 500 was up roughly 6.1% year-to-date as of mid-April 2026 (market data, Apr 15, 2026). Against that backdrop, the trust reported a total of 48 holdings — a modest concentration compared with many diversified asset managers that report 100+ positions in their 13Fs. The concentration in mega-cap US equities aligns with a broader industry tilt toward large-cap liquidity: the top 10 positions represent roughly 54% of reported value, which is materially higher than a typical mid-sized active manager reporting top-10 concentrations near 35–40%.

Historically, First Community Trust NA's 13F filings show periodic tactical rotations rather than wholesale strategy shifts. Comparing this filing (quarter ended Mar 31, 2026) with the prior quarter (Dec 31, 2025), tech exposure fell from an estimated 34% to 27% of the 13F portfolio — a 7 percentage-point decline that reflects both trimming of selected high-volatility names and increases in cash-heavy or defensive sectors. That quarter-over-quarter adjustment contrasts with the 2023–2024 period, when the trust increased its semiconductor and AI-related holdings during the rally; the current filing signals partial de-risking of those positions.

First Community Trust's public 13F snapshot is necessarily partial: 13F reports only long positions in US-listed equities and certain ADRs, excludes cash, derivatives, short positions and non-reportable assets, and thus understates total portfolio exposures. Investors and analysts should treat the 13F as a directional indicator rather than a complete balance-sheet-level view. Nonetheless, the filing provides a timely read on the trust's public equity preferences and recent trade activity, as required by SEC rules for institutional investment managers with over $100 million in qualifying assets.

Data Deep Dive

The filing lists an aggregate 13F market value of $1.12 billion and 48 discrete holdings for the quarter ended March 31, 2026 (SEC Form 13F filed Apr 16, 2026; Investing.com). Top-line concentration is notable: AAPL at ~8.5% of reported value, MSFT at ~7.2%, and AMZN at ~5.6%. These three positions alone account for 21.3% of disclosed equities, while the top 10 represent roughly 54% of the portfolio — a concentration profile that favors liquidity and index-like exposures in core large caps.

Quarter-over-quarter activity is visible across multiple line items in the 13F. The filing indicates a 12% increase in AAPL shares held compared with the Dec 31, 2025 filing, while semiconductors exposure fell by roughly 22% driven by a lower NVDA position. Financials saw a modest reallocation, rising to 14% of reported 13F value from 11% in the prior quarter, driven by increased stakes in two regional banks and an insurance holding. These moves collectively reduced the portfolio's beta relative to the Nasdaq 100: an internal estimate based on disclosed holdings suggests a portfolio beta decline from ~1.15 to ~1.02 q/q.

The trust also initiated or added to small-cap and mid-cap consumer discretionary exposure, with three new positions first appearing in the current 13F that together total roughly 1.8% of reported value. While these are small allocations, their appearance signals selective bottom-up buying rather than a pure macro-driven allocation change. Relative to benchmark behavior, the trust is underweight the S&P 500's energy and materials sectors (combined weighting <4% vs S&P 500 sector averages of ~6.5% as of Mar 31, 2026), and overweight large-cap technology and financials — a stance that has historically produced higher correlation to SPX in risk-on regimes but shown resilience when rotated toward quality names.

Sector Implications

The trust's re-weighting toward defensive large-cap tech and financials has implications for sector flows and peer comparisons. A 7 percentage-point drop in reported tech exposure q/q, paired with a 3 percentage-point rise in financials, aligns with a tactical shift to stabilize income and dividend profiles as rate volatility persists. For banks and insurance companies, even modest inflows from a manager of this size are unlikely to move sector prices materially, but they do signal confidence among some institutional allocators that financial sector fundamentals can absorb higher short-term rates without immediate credit stress.

Comparing First Community Trust's profile to peers, the trust is more concentrated in mega-caps than the median multi-manager 13F filer. For example, where the median manager's top-10 concentration is ~38%, First Community Trust's top-10 sits at ~54% — a style that favors conviction names and liquidity over broad diversification. This has historically led to outperformance in trending markets and underperformance during abrupt de-risking episodes; portfolio-level volatility should be higher relative to a typical diversified 13F filer.

The semiconductors and AI supply chain reduction — notably a 22% cut in NVDA exposure — suggests the trust is taking profits or limiting event risk tied to a narrow set of high-beta names. That is consistent with a broader market rotation observed in Q1–Q2 2026, where flows have shifted from growth-laden small-cap and thematic trades into large-cap quality. For asset managers and allocators watching cross-manager signals, the trust's moves act as a calibration point: large-cap defensive tech and select financials may constitute a tactical haven while macro clarity on growth and rates evolves.

Risk Assessment

13F data are lagged and incomplete by design; this introduces risks for anyone attempting to infer real-time positioning. The reported $1.12 billion figure excludes derivatives, options overlays and private assets. If the trust maintains significant long-dated option positions or uses futures for hedging, actual economic exposures could diverge meaningfully from 13F disclosures. Analysts should therefore supplement 13F reads with 10-Q disclosures, proxy statements and trading activity where available.

Concentration risk is the principal portfolio-level risk exposed by this filing. With over half of disclosed value in the top 10 names, company-specific shocks—earnings misses, regulatory actions or idiosyncratic governance events—could generate outsized portfolio moves. The trust's reduction in NVDA and semiconductors reduces single-stock tail risk but does not eliminate the systemic sensitivity to large-cap tech price action; AAPL, MSFT and AMZN remain significant drivers of reported returns.

Counterparty and liquidity risk are modest given the large-cap orientation, but smaller newly initiated positions in mid- and small-cap consumer discretionary names introduce execution and market-impact considerations. Those positions total less than 2% of disclosed value but could be costly to scale up or unwind in stressed market conditions. From a compliance perspective, the filing complies with SEC schedule 13F requirements; however, investors should interpret the report as a snapshot subject to intra-quarter trading and tactical rebalancing.

Fazen Markets Perspective

Fazen Markets sees this 13F filing as a classic case of an institutional manager trimming thematic, high-volatility exposures while consolidating liquid large-cap anchors. The trust's shift — a 7 point reduction in tech exposure and a 3 point rise in financials — is not a strategic overhaul but a tactical rebalancing consistent with a manager preparing for higher rate or higher-volatility scenarios. That posture is contrarian relative to funds that doubled down on concentrated AI and semiconductor bets in late 2025; First Community Trust NA appears to be taking profits and re-allocating into cash-flow-oriented or defensive large caps.

A non-obvious insight is that the trust's increased concentration in top names can be beneficial for portfolio-level liquidity management: larger positions in mega-caps reduce transaction costs for rebalancing and make tactical responses to volatility more efficient. While concentration raises idiosyncratic risk, it also simplifies governance and stress testing. For allocators seeking signals about where patient institutional capital is positioning, this filing is a reminder that not all managers reflexively chase thematic rallies — some are choosing to lock gains and rotate into balance-sheet resilient names.

Finally, our read is that the 22% cut in NVDA and reduced semiconductor exposure are risk-management moves rather than a negative view on AI secular trends. If the macro path becomes clearer—either via disinflation progress or a decisive Fed pivot—First Community Trust could quickly redeploy into the same secular beneficiaries but at different entry points. Monitoring subsequent 13F filings and any 8-K disclosures will be important to determine whether this is a temporary tactical step or the start of a sustained style shift.

Bottom Line

First Community Trust NA's April 16, 2026 13F signals a tactical rotation into large-cap defensive tech and financials, with 48 reported holdings and top-three positions comprising 21.3% of disclosed value. The filing is a directional indicator of where this manager is de-risking AI-heavy semiconductors and consolidating liquidity in mega-cap names.

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