PNC ETF Rebalance
PNC Financial Rebalances Q1 ETF Holdings, Trimming Developed Markets and Boosting China Tech
Anonymous
Key Points
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Ridgepath Capital Management LLC opened a new stake in Vanguard Mid-Cap Value ETF (VOE) during Q1, valued at approximately $9.82 million.
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Within Vanguard FTSE Developed Markets ETF (VEA), multiple large institutions boosted their positions in the fourth quarter, including Bank of America Corp DE (2.1% increase), Morgan Stanley (significant 4Q addition), Auto Owners Insurance Co (notable 6,941.5% rise), and Wells Fargo & Company MN (1.3% rise).
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In Invesco China Technology ETF (CQQQ), Royal Bank of Canada sharply amplified its stake by 1,936.5% to 207,501 shares, while Focus Partners Wealth opened a new position; JPMorgan Chase & Co. increased its stake by 1.5% in the second quarter, and Marshall Wace LLP added a new position.
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For iShares S&P 500 Growth ETF (IVW), a number of smaller advisers increased exposure in the first quarter, including Proactive Wealth Strategies LLC, Ignite Planners LLC, First National Bank & Trust Co. of Newtown, Atticus Wealth Management LLC, and Team Financial Group LLC.
PNC Financial Services Group made significant moves to reshape its ETF portfolio in the first quarter, according to its latest 13F filing with the SEC. The bank cut its stake in Vanguard FTSE Developed Markets ETF (VEA) by 4.9% and trimmed Vanguard Mid-Cap Value ETF (VOE) by 0.5%, while sharply boosting its position in Invesco China Technology ETF (CQQQ) by 23%.
The moves signal a clear shift in strategy. PNC pulled back from developed international markets and certain domestic value plays, while leaning harder into Chinese tech exposure. The CQQQ position now stands at over 10.2 million shares, worth roughly $470 million.
PNC Slashes VEA and VOE as International Bets Cool
PNC cut its VEA stake to about 8.08 million shares, valued at roughly $518 million, according to Watchlist News. That 4.9% reduction is the most notable trim in the filing. The fund tracks developed markets outside the US, covering countries like Japan, the UK, and Germany.
The bank also reduced VOE by 0.5%, leaving it with about 1.46 million shares worth around $269 million. While that cut is smaller in percentage terms, it adds to the picture of PNC stepping back from value-oriented domestic equity exposure at the same time.
CQQQ Surge Stands Out as PNC's Boldest Bet
The biggest story in the filing is CQQQ. PNC grew its position by 23% to 10,218,668 shares, pushing the value to near $470 million. The Invesco China Technology ETF holds companies like Alibaba, Tencent, and Baidu. That kind of increase is a strong vote of confidence in Chinese tech.
PNC was not alone in eyeing CQQQ. Royal Bank of Canada grew its own stake by a stunning 1,936.5% to 207,501 shares in the same period. Focus Partners Wealth also opened a brand-new position. JPMorgan Chase increased its stake by 1.5% in the second quarter, according to Watchlist News.
Mid-Cap and Growth ETFs Get Mixed Treatment
Not every position shrank. PNC raised its stake in Vanguard Mid-Cap ETF (VO) by 2.4%, adding 54,228 shares to reach 2,358,867 total. That position is now worth about $677 million. VO tracks mid-sized US companies broadly, making it a different animal than the value-focused VOE that PNC was trimming at the same time, according to Watchlist News.
On the growth side, PNC cut iShares S&P 500 Growth ETF (IVW) by 0.7% to about 5.39 million shares, valued near $610 million. That trim was modest. Meanwhile, smaller advisory firms moved in the opposite direction. Proactive Wealth Strategies, Ignite Planners, and Atticus Wealth Management all added IVW exposure in Q1.
Other Institutions Pile Into Funds PNC Is Leaving Behind
While PNC pulled back from VEA, other major players added to it. Bank of America raised its VEA stake by 2.1% in the fourth quarter. Wells Fargo grew its position by 1.3%. Auto Owners Insurance Co. made the most dramatic move, surging its VEA stake by 6,941.5%, according to Watchlist News.
In VOE, Ridgepath Capital Management opened a brand-new stake worth about $9.82 million in Q1 — right as PNC was trimming it. These opposite moves show how institutions can read the same market and reach very different conclusions at the same time.
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