The ten largest net dollar outflows in Q1 2026 are all household names with trillion-dollar or near-trillion-dollar market capitalizations. The scale of outflow from this cohort is what drives the quarter's aggregate -$3.11T reading. However, understanding whether these represent active exits or passive rebalancing requires looking past the dollar figures at the holder-count and position-momentum data.

The mega-cap cluster: trimming at scale

Microsoft recorded -$716.73B in net outflow — the largest of any stock in the universe — with 371 positions closed and 2,395 existing holders reducing their stakes.¹¹ But 3,406 institutions simultaneously increased their MSFT positions and 237 opened new ones, producing a positive momentum score of +1,011. MSFT's 6,399 total holders is the largest institutional holder base tracked. The -$717B net figure is driven by a handful of very large passive holders trimming meaningful dollar amounts from overweight positions. MSFT's stock gained approximately 14.6% in the three months after quarter end — institutions who trimmed left subsequent gains on the table.¹¹

Amazon (-$255.40B, 345 closed), Nvidia (-$243.61B, 309 closed), Meta (-$242.44B, 357 closed), and Apple (-$202.52B, 255 closed) show the same structural pattern: large negative dollar flows accompanied by broadly positive position momentum.^12,13,14,15 AAPL's distribution was particularly notable for the number of institutions trimming — 3,058 decreasing positions — the highest decrease count of any stock in the tracked universe, while only 255 closed outright. Apple is being trimmed systematically across the widest cross-section of holders, not just exited by a few large players.¹⁵

Enterprise software: outright exits, not trimming

The software distribution is characterized differently — institutions are closing positions, not just trimming. Adobe led all stocks in closed positions at 549, with -$41.24B in net flow and its holder count dropping 319 to 2,282; ADBE had declined approximately 37.6% over the prior year entering Q1.¹⁶ Salesforce drew 524 closures and -$64.36B; CRM had lost approximately 28% over the prior year.¹⁷ Intuit saw 475 closures and -$55.72B; ServiceNow 417 closures and -$48.12B.^18,19 In each case, the increased/decreased position split was roughly 1:1 among remaining holders, confirming the outflow is driven by exits, not by conviction shifts among those staying.¹

AppLovin: the quarter's most costly distribution

AppLovin (APP) recorded 374 closed positions and -$74.02B in net outflow; its holder count fell from 1,667 to 1,461.²⁰ APP subsequently gained approximately 41% in the three months following the quarter, making this the most clearly premature institutional exit in the dataset. APP had declined approximately 9% YTD when institutions were selling in Q1.²⁰

Healthcare: LLY and UNH lead sector outflows

Eli Lilly shed -$131.02B with 339 positions closed and 1,695 institutions decreasing; 1,264 simultaneously increased, reflecting diverging views on GLP-1 drug pricing and competition dynamics.²¹ UnitedHealth Group drew 474 closures and -$47.02B in net flow; its holder count fell from 3,401 to 3,159. UNH recovered approximately 29.7% in the three months after quarter end, suggesting Q1 sellers were responding to near-term headline risk rather than fundamental deterioration that materialized.²²

Ticker	Name	Net Outflow	Closed	Decreased	Momentum	3M Return (post-Q1)
MSFT	Microsoft	−$716.73B	371	2,395	+1,011	+14.6%
AMZN	Amazon	−$255.40B	345	2,306	+912	+28.9%
NVDA	Nvidia	−$243.61B	309	2,434	+543	+19.2%
META	Meta Platforms	−$242.44B	357	1,939	+766	−2.4%
AAPL	Apple	−$202.52B	255	3,058	n/a	+18.1%
APP	AppLovin	−$74.02B	374	563	n/a	+41.0%
ADBE	Adobe	−$41.24B	549	1,001	−29	−1.2%
UNH	UnitedHealth Group	−$47.02B	474	1,399	−36	+29.7%

Q1 2026 Institutional Flows: Energy Leads, Mega-Cap Tech Trimmed, Semiconductors Diverge from Software

The Power Delivery Gap