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A manager can buy more shares and still show a lower portfolio weight, or cut shares while a position looks bigger. This guide explains how to read both signals together.
National Pension Service reported $135.07B for 2025Q4, with NVDA at 6.92% and top-5 concentration at 24.48%.
FIRST TRUST ADVISORS LP reported $137.60B for 2025Q4, with CSCO at 1.72% and top-5 concentration at 7.55%.
Creative Planning reported $139.71B for 2025Q4, with IVV at 11.94% and top-5 concentration at 32.71%.
Mitsubishi UFJ Asset Management Co., Ltd. reported $147.50B for 2025Q4, with NVDA at 6.85% and top-5 concentration at 25.68%.
JONES FINANCIAL COMPANIES LLLP reported $164.02B for 2025Q4, with VUG at 11.91% and top-5 concentration at 40.43%.
Pantera Capital Partners LP reported $164.21M for 2025Q4, with FIGR at 38.37% and top-5 concentration at 89.93%.
Sumitomo Mitsui Trust Group, Inc. reported $170.27B for 2025Q4, with NVDA at 7.17% and top-5 concentration at 24.74%.
PRINCIPAL FINANCIAL GROUP INC reported $195.86B for 2025Q4, with NVDA at 4.11% and top-5 concentration at 16.05%.
THRYVE WEALTH MANAGEMENT LLC reported $202.09M for 2025Q4, with QQQ at 20.05% and top-5 concentration at 45.44%.
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.