13F Insight

Q4 2025 13F Filing Season: Renaissance Dumps Meta, Soros Pivots to Amazon as $53 Trillion Wave Hits SEC

Marcus Chen

The February 14 deadline brought 8,400+ filings from institutional managers totaling $53.3 trillion. Renaissance Technologies and Soros Fund Management reveal dramatic portfolio shifts — while Buffett's Berkshire Hathaway filing remains the most anticipated disclosure still pending.

The Q4 2025 13F filing season has arrived, and with it comes a flood of institutional portfolio disclosures that reveal how the world's largest money managers positioned themselves heading into 2026. With the February 14 filing deadline now passed, over 8,400 institutional managers have disclosed a combined $53.3 trillion in holdings — and the data tells a compelling story of rotation, conviction, and surprise.

Filing Season by the Numbers

This quarter's filing season saw a dramatic rush toward the deadline. Filing activity surged in the final days:

  • February 13 (day before deadline): 1,176 filings representing $10.7 trillion in AUM — the single busiest day
  • February 12: 713 filings totaling $10.1 trillion
  • February 11: 530 filings representing $6.1 trillion, including Capital World Investors and JPMorgan
  • Total filed: 8,445 filings from 8,388 unique institutional managers

The largest disclosures came from the usual mega-managers: Vanguard ($6.9 trillion), BlackRock ($5.9 trillion), State Street ($3.0 trillion), and Morgan Stanley ($1.7 trillion).

Renaissance Technologies: The Quant Giant's Dramatic Reshuffle

Renaissance Technologies, the legendary quant fund founded by the late Jim Simons, filed its Q4 2025 13F on February 12 with $64.5 billion across 3,185 positions. The filing reveals some of the most dramatic position changes of the season.

Notable New Positions

Renaissance opened significant new positions across tech, healthcare, and crypto infrastructure:

  • Amazon (AMZN): $206M — a brand-new position in the e-commerce and cloud giant
  • ServiceNow (NOW): $204M — enterprise software bet
  • Eli Lilly (LLY): $178M — riding the GLP-1 drug wave
  • Circle Internet Group (CRCL): $164M — a notable bet on stablecoin infrastructure
  • Starbucks (SBUX): $112M — consumer discretionary play
  • QuantumScape (QS): $85M — solid-state battery technology

Major Exits

Perhaps more telling were the positions Renaissance completely liquidated:

Biggest Increases

Renaissance dramatically scaled up several existing positions:

  • Netflix (NFLX): Increased shares by +2,545%, growing from $325M to $673M — now a top-5 holding
  • Procter & Gamble (PG): +272% shares increase, from $123M to $428M
  • Intel (INTC): +192% shares increase, tripling the position to $365M
  • HP Inc (HPQ): +627% shares, from $19M to $110M
  • Copart (CPRT): Massive increase to $78M from a tiny seed position

The pattern is clear: Renaissance rotated out of Big Tech social media (Meta) while rotating into streaming (Netflix), consumer staples (P&G, Starbucks), and next-generation infrastructure (Circle, QuantumScape).

Soros Fund Management: A Complete Portfolio Transformation

Soros Fund Management, George Soros's fund management arm, filed on February 13 with $8.6 billion across 244 positions, revealing what may be the most radical portfolio restructuring of any major fund this quarter. The majority of top positions are entirely new.

New Mega-Positions

  • Amazon (AMZN): $545M — now the fund's largest holding at 6.3% of the portfolio
  • SPDR S&P Oil & Gas Exploration ETF (XOP): $415M — a massive energy sector bet
  • Select Sector SPDR Energy ETF (XLE): $163M — combined with XOP, Soros is placing a $578M energy bet
  • Microsoft (MSFT): $127M new position
  • CoreWeave (CRWV): $123M — bet on AI infrastructure and GPU cloud computing
  • Apple (AAPL): $113M new position
  • Kodiak AI (KDK): $109M — autonomous trucking startup
  • Taiwan Semiconductor (TSM): $106M — the AI chip supply chain

The AI and Energy Double Thesis

Soros's portfolio reveals a clear dual conviction: AI infrastructure and energy. The AI exposure spans the full stack — from semiconductor manufacturing (TSM) to GPU cloud (CoreWeave) to autonomous applications (Kodiak AI) to the platforms themselves (AMZN, MSFT, GOOGL). Meanwhile, the combined $578M energy ETF position suggests Soros sees sustained demand for traditional energy, possibly driven by AI data center power consumption.

Convertible Bond Strategy

Notably, several of Soros's new positions are in convertible bonds rather than common stock — including Spotify ($221M), Rivian ($180M), Global Payments ($176M), Jazz Pharmaceuticals ($173M), and Confluent ($161M). This is a sophisticated risk management strategy: participating in equity upside while maintaining bond-floor downside protection.

The Biggest Name Still Missing: Warren Buffett

As of February 18, Berkshire Hathaway has not yet filed its Q4 2025 13F. The Oracle of Omaha's filing is always the most anticipated disclosure of the season, and retail investors are watching closely.

Berkshire's most recent disclosure (Q3 2025, filed November 14) showed a $267 billion portfolio concentrated in just a handful of names:

All eyes will be on whether Buffett continued his Apple selling pattern from recent quarters, and whether any new positions emerge. Berkshire has historically filed on or very close to the deadline — a Q4 2025 filing is expected within days.

Other Whales Still Pending

Beyond Buffett, several other closely watched managers have yet to file:

We'll be covering each of these filings as they come in. Browse all institutional filers to track the latest disclosures in real time.

What This Means for Retail Investors

While 13F filings are backward-looking (reporting positions as of December 31, 2025), they reveal institutional conviction and emerging themes:

  1. AI infrastructure is the consensus bet: Both Renaissance and Soros added positions in AI-adjacent companies, from semiconductors to cloud infrastructure to autonomous applications.
  2. Energy demand is a sleeper theme: Soros's $578M energy ETF position and Berkshire's continued Occidental/Chevron holdings suggest institutional money sees sustained energy demand.
  3. Big Tech is not monolithic: Renaissance exited Meta while buying Amazon. Soros went heavy on AMZN, MSFT, and AAPL while adding GOOGL. Selectivity within tech matters.
  4. Convertible bonds signal cautious optimism: Soros's heavy convertible bond usage in growth names like Spotify and Rivian suggests wanting upside participation with downside protection — a hedge fund strategy worth noting.

13F filings are required disclosures for institutional managers with over $100 million in assets. They report long equity positions and do not reflect short positions, derivatives strategies, or positions in non-US securities. Past portfolio positions do not indicate future intent.