PNC FINANCIAL SERVICES GROUP, INC.

PNC Financial Services Group reported $166.6B across 13,382 positions for the quarter ended December 2025, up from $148.6B — but the headline is concentration, not size. A single holding, Eli Lilly, accounts for 32.97% of the entire 13F book at $54.9B, dwarfing the iShares Core S&P 500 ETF (IVV, 6.12%) and Apple (2.59%) behind it. The quarter's discretionary moves were modest by comparison: adds to the iShares AI ETF (AIQ, +$557M) and IVV (+$436M), new positions in V.F. Corp ($673M) and Merck ($618M).