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Invesco Ltd and Neuberger Berman Group LLC: where the books meet

At Q2 2026, at least 46% of the two 13F books was the same, across 256 stocks both listed, against 29% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%24%48%Q2 2013: 29%, 215 in bothQ3 2013: 28%, 213 in bothQ4 2013: 28%, 212 in bothQ1 2014: 27%, 207 in both14Q2 2014: 26%, 201 in bothQ3 2014: 26%, 195 in bothQ4 2014: 26%, 204 in bothQ1 2015: 27%, 210 in both15Q2 2015: 28%, 206 in bothQ3 2015: 28%, 217 in bothQ4 2015: 30%, 222 in bothQ1 2016: 31%, 225 in both16Q2 2016: 30%, 224 in bothQ3 2016: 29%, 217 in bothQ4 2016: 28%, 217 in bothQ1 2017: 29%, 211 in both17Q2 2017: 28%, 204 in bothQ3 2017: 30%, 207 in bothQ4 2017: 30%, 208 in bothQ1 2018: 29%, 209 in both18Q2 2018: 29%, 216 in bothQ3 2018: 32%, 233 in bothQ4 2018: 33%, 229 in bothQ1 2019: 33%, 226 in both19Q2 2019: 33%, 231 in bothQ3 2019: 35%, 239 in bothQ4 2019: 32%, 232 in bothQ1 2020: 36%, 244 in both20Q2 2020: 35%, 241 in bothQ3 2020: 35%, 249 in bothQ4 2020: 34%, 241 in bothQ1 2021: 34%, 251 in both21Q2 2021: 36%, 248 in bothQ3 2021: 37%, 253 in bothQ4 2021: 40%, 268 in bothQ1 2022: 41%, 267 in both22Q2 2022: 42%, 272 in bothQ3 2022: 42%, 274 in bothQ4 2022: 42%, 266 in bothQ1 2023: 43%, 271 in both23Q2 2023: 45%, 264 in bothQ3 2023: 45%, 264 in bothQ4 2023: 45%, 266 in bothQ1 2024: 45%, 269 in both24Q2 2024: 47%, 267 in bothQ3 2024: 48%, 277 in bothQ4 2024: 48%, 269 in bothQ1 2025: 48%, 268 in both25Q2 2025: 48%, 266 in bothQ3 2025: 48%, 258 in bothQ4 2025: 46%, 263 in bothQ1 2026: 47%, 267 in both26Q2 2026: 46%, 256 in both
  • Q2 2013: 29%, 215 in both
  • Q3 2013: 28%, 213 in both
  • Q4 2013: 28%, 212 in both
  • Q1 2014: 27%, 207 in both
  • Q2 2014: 26%, 201 in both
  • Q3 2014: 26%, 195 in both
  • Q4 2014: 26%, 204 in both
  • Q1 2015: 27%, 210 in both
  • Q2 2015: 28%, 206 in both
  • Q3 2015: 28%, 217 in both
  • Q4 2015: 30%, 222 in both
  • Q1 2016: 31%, 225 in both
  • Q2 2016: 30%, 224 in both
  • Q3 2016: 29%, 217 in both
  • Q4 2016: 28%, 217 in both
  • Q1 2017: 29%, 211 in both
  • Q2 2017: 28%, 204 in both
  • Q3 2017: 30%, 207 in both
  • Q4 2017: 30%, 208 in both
  • Q1 2018: 29%, 209 in both
  • Q2 2018: 29%, 216 in both
  • Q3 2018: 32%, 233 in both
  • Q4 2018: 33%, 229 in both
  • Q1 2019: 33%, 226 in both
  • Q2 2019: 33%, 231 in both
  • Q3 2019: 35%, 239 in both
  • Q4 2019: 32%, 232 in both
  • Q1 2020: 36%, 244 in both
  • Q2 2020: 35%, 241 in both
  • Q3 2020: 35%, 249 in both
  • Q4 2020: 34%, 241 in both
  • Q1 2021: 34%, 251 in both
  • Q2 2021: 36%, 248 in both
  • Q3 2021: 37%, 253 in both
  • Q4 2021: 40%, 268 in both
  • Q1 2022: 41%, 267 in both
  • Q2 2022: 42%, 272 in both
  • Q3 2022: 42%, 274 in both
  • Q4 2022: 42%, 266 in both
  • Q1 2023: 43%, 271 in both
  • Q2 2023: 45%, 264 in both
  • Q3 2023: 45%, 264 in both
  • Q4 2023: 45%, 266 in both
  • Q1 2024: 45%, 269 in both
  • Q2 2024: 47%, 267 in both
  • Q3 2024: 48%, 277 in both
  • Q4 2024: 48%, 269 in both
  • Q1 2025: 48%, 268 in both
  • Q2 2025: 48%, 266 in both
  • Q3 2025: 48%, 258 in both
  • Q4 2025: 46%, 263 in both
  • Q1 2026: 47%, 267 in both
  • Q2 2026: 46%, 256 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockInvesco LtdNeuberger Berman Group LLC
Nvidia Corp(NVDA)5.2%Added4.1%Added
Apple Inc(AAPL)4.3%Added3.3%Added
Amazon.com Inc(AMZN)2.7%Added3.1%Added
Microsoft Corp(MSFT)3.0%Added2.6%Trimmed
Alphabet Inc(GOOGL)2.6%Added2.4%Added
Alphabet Inc(GOOG)1.8%Added2.1%Added
Broadcom Inc(AVGO)2.1%Trimmed1.0%Trimmed
Facebook Inc-a(META)1.7%Added0.9%Added
Micron Technology Inc(MU)3.3%Added0.7%Trimmed
Intel Corp(INTC)1.7%Added0.6%Trimmed
Advanced Micro Devices(AMD)2.4%Added0.6%Trimmed
Applied Materials Inc(AMAT)1.6%Added0.6%Added
Costco Wholesale Corp(COST)1.0%Added0.5%Trimmed
Analog Devices Inc(ADI)0.5%Added0.8%Added
Asml Holding Nv-ny Reg SHS ADR(ASML)0.5%Added1.0%Added
Lam Research Corp(LRCX)1.8%Added0.5%Added
Linde PLC(LIN)0.6%Added0.4%Added
Cisco Systems Inc(CSCO)1.3%Trimmed0.4%Trimmed
Texas Instruments Inc(TXN)0.9%Added0.4%Added
Wal-mart Stores Inc(WMT)1.3%Added0.4%Added

and 236 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Micron Technology Inc(MU)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Microsoft Corp(MSFT)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Advanced Micro Devices(AMD)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Intel Corp(INTC)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Costco Wholesale Corp(COST)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • SanDisk Corp(SNDK)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Netflix.com Inc(NFLX)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Palo Alto Networks Inc(PANW)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Qualcomm Inc(QCOM)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Crowdstrike HLDGS Inc(CRWD)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • Pepsico Inc(PEP)Invesco Ltd added; Neuberger Berman Group LLC trimmed
  • T-mobile US Inc(TMUS)Invesco Ltd added; Neuberger Berman Group LLC trimmed
Invesco Ltd: the recordNeuberger Berman Group LLC: the record

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