Market Insights

Cosmic Management, LLC reported $324.63M for 2025Q4, with FIG at 46.68% and top-5 concentration at 100.01%.

ARK's Q4 2025 13F reveals a $15.07B portfolio where Tesla commands 8.7% and NVIDIA sits at just 1.6%. After an AUM trough of $7.09B in Q1 2025, the fund has doubled back to $15B — and the innovation thesis hasn't budged.

Dodge & Cox closed 2025Q4 with $185.26B across 222 positions and a 74.75 WhaleScore, pairing steady scale with broad value-style exposure across financials, healthcare, and energy.

Optiver Holding B.V.’s Q4 2025 filing shows $268.81B in 13F AUM and a 61.58% top-5 concentration anchored by index-linked exposure, offering a high-conviction read on market-making inventory structure.

BNP PARIBAS FINANCIAL MARKETS reported $220.69B in Q4 2025 and a sharp +17.8% QoQ AUM increase, combining large megacap positions with a significant non-standard top holding.

Swiss National Bank reported $168.01B in Q4 2025 with NVDA, AAPL, and MSFT as the top three holdings. The filing shows persistent U.S. mega-cap concentration despite slight quarter-over-quarter AUM cooling.

AMERICAN CENTURY COMPANIES INC reported $198.97B in Q4 2025, led by an $11.81B NVIDIA stake, while keeping top-10 concentration at 33.4% across a 500-position portfolio.

Jennison Associates finished Q4 2025 at $166.57B, led by NVDA at $14.56B. With top-10 concentration at 47.6%, the filing shows high-conviction mega-cap growth positioning with selective breadth.

Neuberger Berman Group LLC reported $134.34B in Q4 2025 with only 17.5% in its top five holdings, highlighting a broad allocation model instead of concentrated single-name risk.

Raymond James reported $321.41B in Q4 2025, with VOO and AGG as the top anchors and a broad mega-cap equity layer pushing AUM to a new cycle high.

Canada Pension Plan Investment Board closed Q4 2025 at $149.52B with a top-5 concentration of just 20.1%, pairing mega-cap tech exposure with unusually broad diversification.

PNC Financial Services reported $166.63B in Q4 2025, but the dominant signal is a $54.94B Eli Lilly stake at 33.57% weight. The filing combines steady AUM expansion with unusually high single-name concentration.

PRIMECAP reported $132.11B in Q4 2025 with Eli Lilly and Micron alone at 12.9% combined, signaling a barbell between healthcare defensiveness and semiconductor cyclicality.

Deutsche Bank AG reached $307.09B in Q4 2025 13F assets, with NVDA and MSFT at the top of a broad mega-cap stack and a three-quarter acceleration in AUM.

Victory Capital ended Q4 2025 at $177.20B after a +58.7% jump in Q2 and continued gains through year-end. The portfolio pairs mega-cap tech leadership with broad institutional sizing discipline.

Baillie Gifford closed Q4 2025 at $120.34B after a -10.9% QoQ AUM move, while top holdings remained concentrated in global growth names like NVDA, MELI, and AMZN.

CalPERS reported $174.90B in Q4 2025, with VOO at 11.89% and a top-10 concentration of 47.0%, combining passive core exposure with concentrated mega-cap growth.

Marshall Wace ended Q4 2025 at $109.85B with a 22.13% IVV position, while NVDA, AMZN, AAPL, and MSFT sit far smaller, reshaping how to read the fund’s risk posture.

Massachusetts Financial Services closed Q4 2025 with $310.12B and 500 positions, but no single name above 4.30%. The portfolio shows deliberate risk spreading across mega-cap compounders instead of concentrated bets.

D. E. Shaw reported $182.42B in Q4 2025 with 5,839 holdings and only 18.8% in its top 10 positions, signaling breadth-first scaling.