Neuberger Berman 13F Reveals New Tech Bets for Q1 2026

A Form 13F filing submitted on May 14, 2026, disclosed the long U.S. equity positions of Neuberger Berman Investment Advisers LLC for the quarter ending March 31, 2026. The document revealed total reported holdings valued at approximately $450 billion across thousands of positions. These quarterly snapshots provide a crucial, albeit delayed, look into the strategies of major institutional investment managers.

What Is a Form 13F Filing?

The U.S. Securities and Exchange Commission (SEC) requires institutional managers with over $100 million in qualifying assets to file a Form 13F. This report discloses their holdings in publicly traded U.S. equities, certain options, and other securities at the end of each calendar quarter. The purpose is to increase transparency in the financial markets.

These filings are due within 45 days of the quarter's end, meaning the data reflects positions held on March 31, 2026. While the information is valuable for tracking trends, it is not a real-time representation of a firm's portfolio. Managers can and often do adjust their holdings significantly between filing dates.

Neuberger Berman is a private, independent, employee-owned investment manager with a global presence. Its 13F filing is closely watched by analysts and investors seeking to understand how large, influential firms are positioning themselves within the U.S. equities market.

What Were Neuberger Berman's Key Portfolio Changes?

Analysis of the Q1 2026 filing indicates a notable increase in exposure to the semiconductor industry. The firm initiated a new position in NVIDIA Corp (NVDA), purchasing approximately 2.5 million shares valued at over $2.2 billion as of the reporting date. This move aligns with a broader market trend of managers increasing their allocation to companies central to the artificial intelligence boom.

Conversely, the firm appeared to trim its exposure to certain consumer staples companies. The filing showed a reduction in its holdings of Procter & Gamble (PG) by roughly 15%, selling over 1.2 million shares. This may suggest a strategic rotation out of defensive sectors and into areas with higher perceived growth potential for the remainder of 2026.

Other significant holdings remained relatively stable, including large positions in Microsoft (MSFT) and Apple (AAPL). The firm increased its Microsoft stake by a modest 2%, adding 300,000 shares. The stability in these mega-cap tech holdings underscores a continued conviction in their long-term market leadership.

How Did Sector Allocations Shift?

The portfolio's overall sector weighting reflects these specific stock-level changes. The allocation to the Information Technology sector grew by an estimated 95 basis points to 28.5% of the total reported portfolio value. This was the largest quarterly sector increase for the firm in over two years, driven primarily by the new NVIDIA position.

The Consumer Staples sector saw its weight decrease by approximately 60 basis points, falling to 5.8% of the portfolio. The Financials and Healthcare sectors saw minimal changes, with adjustments of less than 10 basis points each. This indicates a highly targeted strategic shift rather than a broad-based risk-on or risk-off move across the entire portfolio.

These adjustments suggest Neuberger Berman's portfolio managers are positioning for a market environment where technological innovation, particularly in AI, is a primary driver of returns. The capital for these new investments was sourced by trimming positions in more defensive, slower-growth areas of the market.

What Are the Limitations of 13F Data?

While 13F filings provide valuable insights, they have significant limitations. The most critical is the time lag; the data is at least 45 days old upon release and may not reflect current holdings. A manager could have sold a position entirely on April 1, and it would still appear as a holding in the May 14 filing.

the filings do not include all asset classes. They omit short positions, meaning they only show the 'long' side of a manager's book. This can paint an incomplete or even misleading picture of a firm's true market view. Holdings in non-U.S. equities, bonds, commodities, and cash are also excluded from the report, which only covers a specific subset of a firm's total assets under management.

Q: Does a 13F filing show a fund's entire portfolio?

A: No. The Form 13F only discloses long positions in U.S.-listed securities, including equities, certain ETFs, and options. It does not include short positions, debt instruments, commodities, cash reserves, or securities traded on non-U.S. exchanges. Therefore, it provides only a partial view of a manager's total assets and overall strategy.

Q: Who is Neuberger Berman?

A: Neuberger Berman is a global, employee-owned investment management firm founded in 1939. It manages a wide range of strategies for institutions, advisors, and individual investors worldwide. As of early 2026, the firm managed over $470 billion in client assets across equities, fixed income, and alternative investments.

Q: How can investors use 13F filing information?

A: Investors often use 13F filings to generate investment ideas or to track the conviction of well-known managers in specific companies. It can reveal broad sector trends and highlight which stocks are gaining or losing favor among large institutions. However, due to the time lag and other limitations, it should not be the sole basis for any investment decision.

Bottom Line

Neuberger Berman's Q1 2026 filing reveals a strategic rotation into technology, funded by trims in defensive sectors, reflecting a bullish stance on AI-driven growth.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.