Smith Chas P Cuts JPMorgan, Adds Amazon

A More Concentrated Portfolio Emerges

Smith Chas P & Associates PA CPAs increased its reported portfolio value by 7.05% during the quarter ending June 30, 2026, growing from $1.84 billion to $1.97 billion. The firm expanded its holdings count from 176 to 199 positions, yet the portfolio’s core became noticeably tighter. The top ten holdings now represent a larger share of the total assets, with UnitedHealth Group (UNH) climbing to the seventh-largest position and Amazon.com (AMZN) breaking into the top ten for the first time.

The reported value increase cannot be treated as net buying. While the firm added shares in Amazon and Automatic Data Processing (ADP), it simultaneously reduced stakes in major anchors like Apple (AAPL) and JPMorgan Chase (JPM). The rise in total value likely reflects a combination of share accumulation and market-price appreciation across the remaining positions.

New Bets, Deep Cuts and Full Exits

The firm initiated three apparent new positions in Fifth Third Bancorp (FITB), Applied Materials (AMAT), and GE Vernova (GEV). Each position is small, representing less than 2% of the portfolio. These initial allocations suggest a tactical diversification into financials and industrial manufacturing, though the small size indicates these are not yet high-conviction bets.

Conversely, the firm fully exited BlackRock (BLK) and Fifth Third Bancorp (FITB), which appears to be a data artifact or a rapid round-trip trade given the simultaneous appearance of FITB as a new position. The exit from BlackRock, a long-time holding, marks the end of a multi-quarter stake.

Significant reductions were made in Lockheed Martin (LMT) and Walmart (WMT). Lockheed Martin shares were cut by 3.17%, dropping the stock out of the top ten. Walmart shares were reduced by 3.74%, causing the stock to fall from the second-largest position to third. These moves signal a deliberate rebalancing away from defense and consumer staples toward technology and healthcare.

Core Holdings and Portfolio Direction

Apple (AAPL) remains the portfolio’s anchor, holding the number one rank with a 6.04% weight. Despite a 2.85% reduction in share count, the weight increased due to price appreciation. JPMorgan Chase (JPM) moved up to the second-largest position, displacing Walmart, while UnitedHealth Group (UNH) surged to seventh, up ten ranks from the previous quarter.

Amazon (AMZN) entered the top ten at rank nine, up five positions, as the firm added 4,639 shares. This accumulation, combined with the entry of Automatic Data Processing (ADP) at rank nineteen, highlights a continued tilt toward large-cap technology and business services. The portfolio is becoming more concentrated in its largest holdings, with the top three stocks now accounting for nearly 15% of the total portfolio value.

What to Watch Next

1. Confirm whether the apparent new positions in FITB, AMAT, and GEV are expanded or reversed in the next filing.
2. Monitor if the reduction in Lockheed Martin (LMT) continues or if the stock re-enters the top ten.
3. Verify if Walmart (WMT) stabilizes at the third-largest position or if further cuts are made.
4. Track whether UnitedHealth Group (UNH) maintains its new rank or if the firm trims the stake further.
5. Check if Amazon (AMZN) continues its accumulation pattern or if the firm takes profits after entering the top ten.

13F Limitations

Form 13F filings are delayed and backward-looking, reporting only the portfolio’s position as of the quarter-end date. Subsequent transactions are unknown, and the filing excludes short positions, many derivatives, and non-reportable assets. The data provided here reflects only the disclosed holdings and calculated changes based on those snapshots.