Latest research, educational guides, and news from the world of institutional investing.
Franklin Resources closed 2025Q4 with $407.59B in reported 13F assets, 14,263 disclosed holdings, and a 65.25 WhaleScore. Sarah Mitchell breaks down why Microsoft leads the book, what the top positions say about Franklin Templeton’s U.S. equity exposure, and how to read the filing against the firm’s broader business story.
Amundi ended 2025Q4 with $367.99B in reported 13F AUM, a 73.00 WhaleScore, and a top disclosed U.S. equity book led by NVDA, AAPL, and MSFT.
Legal & General ended 2025Q4 with $450.91B in reported 13F AUM, a 71.75 WhaleScore, and a top U.S. equity book led by NVDA, AAPL, and MSFT.
Royal Bank of Canada’s Q4 2025 13F hit $614.69B, but the real story is the shape of the book: ETF wrappers, mega-cap benchmarks, and Canadian bank exposure that look far more like a cross-border wealth and custody machine than a classic bank balance-sheet bet.
Fisher Asset Management reported $292.99B in Q4 2025 13F AUM, with Nvidia and Apple leading the book while iShares Treasury and corporate bond ETFs added a clear defensive sleeve.
Swiss National Bank reported a $168.01B 13F portfolio for Q4 2025. The filing shows how a reserve manager gets US equity exposure: passive, diversified, and overwhelmingly tilted toward mega-cap technology.
Berkshire Hathaway closed 2025Q4 with $274.16B in reported 13F assets, 110 disclosed holdings, and an 85.75 WhaleScore that led all filers. The quarter reads like a high-conviction Buffett snapshot just as Greg Abel steps into the CEO role.
CalPERS ended Q4 2025 with $174.90B in reported 13F AUM, led by a $19.81B VOO stake and heavyweight positions in Nvidia, Microsoft, Apple, and Alphabet.
Capital Research Global Investors finished Q4 2025 with $541.73B in 13F assets, a slightly larger book, and a clearer preference for Apple, NVIDIA, and other AI-linked compounders over Meta and Amazon.
Millennium ended Q4 2025 with $237.79B in visible 13F assets, 5,950 holdings, and a top book dominated by IWM, IVV, QQQ, and NVDA. Q1 2026 will show whether the platform keeps leaning into ETF-heavy crowding.
Bridgewater ended Q4 2025 with $27.42B in visible 13F AUM, 1,040 holdings, and a surprisingly index-heavy core led by SPY and IVV. Q1 2026 will show whether that reset was tactical or durable.
Norges Bank's Q4 2025 13F disclosed $934.76B across just 1,577 positions, showing why sovereign-scale capital can still look highly selective in U.S. equities.
Norway's sovereign wealth fund disclosed a $934.76B U.S. equity portfolio in Q4 2025, led by a $62.24B NVIDIA stake and a tightly curated mega-cap core.
Bank of New York Mellon ended Q4 2025 with a $567.68B 13F portfolio across 33,186 positions, but the real takeaway is how small that disclosed equity book is versus the bank's $59.3T custody platform and $2.2T managed asset base.
Norway Government Pension Fund Global reported $934.76 billion in US equities across just 1,577 positions in Q4 2025. Here is how the world largest sovereign wealth fund selects its US holdings.
Bank of New York Mellon reported $567.68 billion in 13F value for Q4 2025 across 33,186 positions. Here is how the world's largest custodian bank invests its own capital.
Dimensional Fund Advisors ended 2025 with $476.72B of reported 13F AUM and 13,709 holdings, showing how a Fama-French-style factor process still works at immense scale.
Northern Trust’s Q4 2025 13F reported $784.38B in disclosed value, but the filing makes more sense as a window into a custodian bank and wealth manager’s client exposures than as a classic hedge fund portfolio.
Geode Capital Management’s Q4 2025 13F highlights how a behind-the-scenes Fidelity sub-adviser concentrated enormous benchmark-driven capital in Nvidia, Apple, Microsoft, and other mega-cap leaders.
Bank of America’s Q4 2025 13F looks less like a stock-picker’s book and more like Merrill wealth management at scale, with massive ETF sleeves in VTV, VUG, IEFA, and SPY keeping top-five concentration at just 12.9%.