In a quarterly disclosure filed with the SEC, investment manager Baillie Gifford revealed a significant reduction in its holdings of Meta Platforms (META). As of June 30, 2026, the firm held 3.20 million shares, a decrease of nearly 22% from the 4.10 million shares reported at the end of the previous quarter. The estimated value of the shares sold is approximately $505.43 million, reducing Meta's weight in the disclosed portfolio from 2.40% to 1.64%.
This portfolio adjustment, detailed in a delayed 13F filing, occurred during a quarter where Meta reported strong revenue growth but also faced challenges. In its second-quarter results, Meta revealed that rising expenses, particularly from its heavy investment in artificial intelligence, had significantly impacted profitability, leading to an earnings-per-share figure that missed analyst expectations. The firm has not publicly commented on the specific reasons for the trade.