US Equity Strategy: US Equity Strategy: Institutional 13F Positioning - 1Q26

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US Equity Strategy: US Equity Strategy: Institutional 13F Positioning - 1Q26

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May 21, 2026 08:00 PM GMT

Morgan Stanley & Co. LLCMUS Equity Strategy | North America Nicholas Lentini, CFA

Equity Strategist

US Equity Strategy: Institutional Nick.Lentini@morganstanley.comBas R Jaspers +1 212 761-5863

Bas.Jaspers@morganstanley.com

13F Positioning - 1Q26 Michael J Wilson

M.Wilson@morganstanley.com +1 212 761-2532

US investors added to Energy, Industrials while reducing Andrew B Pauker

exposure to Financials, Comm. Services. HFs reduced large cap EquityAndrew.Pauker@morganstanley.comStrategist +1 212 761-1330

Tech holdings but increased small cap Tech. EMEA reduced US- Michelle M. Weaver, CFA

based AUM while NA investors increased US investments. EquityMichelle.M.Weaver@morganstanley.comStrategist +1 212 296-5254

Diane Ding, Ph.D.

Quantitative Strategist

Qian.Ding@morganstanley.com +1 212 761-6758M• Large Cap Shifts : Investors increased exposure to Energy (+1.5%) and

Industrials (+0.8%), while primarily reducing positions in Financials (-1.4%)

and Communication Services (-0.8%).

• Small Cap Shifts: Similar to large caps, Energy (+1.3%) and Industrials

(+0.9%) saw the largest gains, while Discretionary (-1.2%) and Healthcare (-

0.6%) declined.

• Hedge Funds: Hedge funds also added to Energy, Industrials which was in-

line with Long Only funds. HFs, however, increased small cap Tech exposure

contrary to their large cap tech reduction and negative price action.

• Healthcare Overweight in Small Caps: Hedge funds increased their

overweight in small cap Healthcare (34% of AUM vs. 18% in Russell 2000),

driven by concentrated positions in biotech names.

• Geographic Ownership Patterns: U.S.-domiciled funds account for 81% of

S&P 500 ownership.