Ownership Trends in Financials Were Declining in 1Q26

Research evidence excerpt

Ownership Trends in Financials Were Declining in 1Q26

Financials | Brokers, Banks & Asset Managers

May 20, 2026

Glenn Schorr, CFA Ownership Trends in Financials Were

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glenn.schorr@evercoreisi.com Declining in 1Q26

John Dunn Just thought we’d send over our quarterly update snapshot of where in

212-446-9455 Financials the largest investors are overweight & underweight. The data

John.Dunn@EvercoreISI.com is always lagged based on the timing of the fund filings (these numbers

Benjamin Rubin, CFA, CPA are as of 3/31/2026). Still, it’s interesting to view on an absolute basis

646-551-8502 and to see the differences between the top ~25 mutual funds (that’s

Benjamin.Rubin@evercoreisi.com ~$2.6trn in AUM) & the top ~25 hedge funds (~$1.2trn in AUM) and

Matthew Lyons, CFA where investors have been adding or subtracting.

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matthew.lyons@evercoreISI.com 1Q26 Was a Tough Go for Financials. As of March 31st, mutual funds

Sam Wardlow were only overweight 1 of the 8 largest-cap bank stocks in our coverage

212-653-9019 (see Fig. 1), down from 3 in 4Q25 (maybe cause tech produced, like,

sam.wardlow@evercoreisi.com 85% of the market’s return). Top holdings were spread across

subsectors including Exchanges, Regional Banks, and Alts. Managers,

with notable ownership shifts included increases in HBAN and ICE and

decreases in PNC and KKR. Via a few concentrated positions, the top

25 mutual funds had five overweights across the Alts. Managers (TPG,

ARES, OWL, KKR, and APO), though the number of funds owning Alts.

Managers fell to 16 in 1Q26 from 22 in 4Q25 (Fig. 10), likely reflecting

elevated headline risks, potential growth deceleration, and underwriting

quality concerns. Interestingly, only 9 of the top 25 mutual funds own