--- title: "Alkeon Capital Q4 2025: $63B Rebuild, 47% in SPY+QQQ" type: research slug: alkeon-capital-q4-2025-63b-rebuild-spy-qqq-47-percent canonical_url: https://13finsight.com/research/alkeon-capital-q4-2025-63b-rebuild-spy-qqq-47-percent published_at: 2026-05-12T15:28:01.354Z updated_at: 2026-05-12T15:28:04.484Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 912 locale: en source: 13F Insight --- # Alkeon Capital Q4 2025: $63B Rebuild, 47% in SPY+QQQ > Alkeon Capital Management filed its Q4 2025 13F at $63.13B — an 83.7% rebound from Q3's $34.36B. The headline number isn't the AUM swing. It's that SPY and QQQ together account for 47.03% of the entire reported portfolio. The active book underneath tells a quieter and more specific story about semis, cloud, and AI capex. Alkeon Capital Management ended 2025 with $63.13B in 13F-reported assets across 201 positions. That number is unremarkable on its own — a growth-focused manager near $60B sits comfortably inside the active discretionary tier. What is remarkable is how Alkeon got there. The fund's AUM trajectory over the past three quarters looks nothing like an active stock-picking book and everything like a balance sheet being managed for liquidity and beta capture. The headline datapoint sits inside the top two positions: SPY at 24.12% and QQQ at 22.91%. Together they account for 47.03% of the entire 13F portfolio. For an active manager benchmarked against U.S. large-cap growth, those two ETF lines are not stock picks — they are beta substitutes. The AUM Trajectory Alkeon's recent quarter-over-quarter sequence reads like two distinct funds operating under one CIK. The fund ran between $48B and $60B for five quarters from 2024Q1 through 2025Q2. Then Q3 2025 prints at $34.36B with only 102 positions — a 42.7% drop in reported value and roughly half the position count. One quarter later, Q4 2025 lands at $63.13B with 201 positions, an 83.7% jump. The natural reading of that shape is that Q3 was either a major redemption window or a deliberate liquidation into cash, and Q4 was a redeployment of fresh assets into liquid beta while the active book was rebuilt name-by-name. The 47% SPY+QQQ allocation in Q4 is consistent with the second interpretation: parking capital in deeply liquid index ETFs is how a fund moves $30B of inflows in a single quarter without paying market-impact costs on individual names. The Top Holdings Tape Outside the two ETF anchors, the active book looks like a textbook U.S. large-cap growth tape: TSM at 3.66%, GOOGL at 3.12%, AMZN at 2.89%, LRCX at 2.83%, MSFT at 2.66%, NVDA at 2.28%, KLAC at 2.14%, META at 2.08%. Semis (TSM + LRCX + NVDA + KLAC) account for 10.9% of the portfolio. Mega-cap consumer/cloud (GOOGL + AMZN + MSFT + META) accounts for another 10.75%. The semiconductor sub-cluster is the meaningful active expression. TSM + LRCX + KLAC together is a foundry-and-equipment thesis, not a generic chip overweight. LRCX (Lam Research) and KLAC (KLA) are wafer-fab equipment names — the upstream end of the AI capex spend, less volatile than the design-and-IP end represented by NVDA. The pairing reads as a manager hedging the AI thesis: long the picks-and-shovels (LRCX/KLAC), long the foundry (TSM), and modestly sized on the chip designer (NVDA at 2.28%). Concentration: Real or Optical Reported concentration metrics are striking: Top-1 at 24.12%, Top-5 at 56.66%, Top-10 at 68.65%. Strip the two ETF anchors and the picture changes. Excluding SPY and QQQ, Alkeon's largest single active position is TSM at 3.66% of total AUM, or roughly 6.9% of the active book. Top-5 active positions (TSM/GOOGL/AMZN/LRCX/MSFT) sum to 15.16% of total AUM, or about 28.6% of the active book. Top-10 active positions sum to roughly 38.2% of the active book. Those are normal numbers for a growth-tilted active manager. The headline concentration is being distorted by the ETF parking positions. A reader who looks at the 24% top-1 and thinks "high-conviction concentrated book" is misreading the data. The active conviction lives in the 3-4% positions, not in SPY. WhaleScore and the Active Conviction Question Alkeon carries a WhaleScore of 73.50, which puts it in the upper-middle of our smart-money universe. WhaleScore rewards three things: portfolio concentration, active discretion (vs. passive mandates), and historical alpha. The 73.50 reading is a hybrid signal here — the concentration component is inflated by SPY/QQQ, the discretion component is dampened by the same lines, and the historical alpha component is what carries the score above the 65-70 range typical of mid-tier active managers. For investors using WhaleScore to weight conviction signals, the lesson is to treat the score as a starting point, not a verdict. Alkeon's 73.50 reflects an 89-quarter track record (filing back to 2003) more than a Q4 2025 conviction read. If the Q4 2025 ETF parking is the new steady state, the score will compress over future quarters as the concentration metric drops. What to Watch Next Q1 2026 13F (due May 15, 2026). Whether SPY+QQQ stays at 47% or compresses toward zero is the cleanest single signal. A drop below 20% combined says the fund is fully redeployed into active names; a sustained 40%+ says the ETF allocation is structural, not transitional. The semiconductor weighting. If the TSM/LRCX/KLAC trio expands at the expense of NVDA, the foundry-equipment thesis is being run more aggressively. If NVDA grows and the equipment names shrink, the manager is shifting toward design-side AI exposure. Position count. Q3 2025 ran 102 holdings; Q4 2025 jumped to 201. A return toward the 175-189 range of 2024 would suggest the post-redemption rebuild has stabilized. A drift back toward 102 would suggest the fund is sizing down again. The Read Alkeon's Q4 2025 filing is a portfolio in transition, not a portfolio at rest. The 47% SPY+QQQ allocation is the obvious story; the more interesting story is what the underlying 53% says when you read it as the actual active book. Foundry-and-equipment semiconductor exposure (TSM/LRCX/KLAC), a balanced mega-cap cloud allocation (GOOGL/AMZN/MSFT/META), and a long tail of growth names is a recognizable Alkeon shape. The ETF anchors are scaffolding. The question for Q1 2026 is whether the scaffolding comes down. Track Alkeon's full quarterly history, position changes, and WhaleScore evolution at /filers/alkeon-capital-management-llc-0001230239. Cross-reference active-manager benchmarks at /filers and quarterly signal flow at /insights. ## FAQ ### What is Alkeon Capital's largest position in Q4 2025? Alkeon's largest single 13F position in Q4 2025 is the SPDR S&P 500 ETF (SPY) at $15.23B and 24.12% of portfolio weight. The second largest is Invesco QQQ at $14.47B and 22.91%. Together these two index ETFs represent 47.03% of Alkeon's $63.13B reported portfolio. ### Why is so much of Alkeon's portfolio in SPY and QQQ? Alkeon's AUM dropped 42.7% from $59.98B in 2025Q2 to $34.36B in 2025Q3, then rebounded 83.7% to $63.13B in 2025Q4. The 47% allocation to SPY and QQQ is consistent with a fund redeploying fresh capital into deeply liquid index ETFs while rebuilding the active book name-by-name, avoiding market-impact costs on individual stocks. ### What is Alkeon's WhaleScore and what does it measure? Alkeon's current WhaleScore is 73.50, placing it in the upper-middle of the active manager universe. WhaleScore is a proprietary signal that rewards portfolio concentration, discretionary stock picking, and historical alpha generation. For Alkeon the score is influenced by 89 quarters of filing history dating back to 2003. ### Which semiconductor names does Alkeon own? Alkeon's semiconductor exposure in Q4 2025 includes TSM at 3.66% of portfolio, LRCX (Lam Research) at 2.83%, NVDA at 2.28%, and KLAC at 2.14%. Combined semis represent roughly 10.9% of total AUM — a meaningful tilt toward foundry and wafer-fab equipment exposure relative to chip designers. --- Source: 13F Insight — https://13finsight.com/research/alkeon-capital-q4-2025-63b-rebuild-spy-qqq-47-percent Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-12T15:28:04.484Z