Anchor Investment Management Built Netflix 938% While Keeping a 300-Stock Core

Anchor Investment Management is the opposite of a flashy concentration fund. Its Q4 2025 filing spans 1,046 positions, the top holding is only 4.1% of assets, and the top five total just 15.6%. Yet even in a book that broad, the growth message came through clearly: Netflix shares rose 938%, ServiceNow rose 453%, and QQQM grew to a $19.5B position. Diversified does not mean passive.

TL;DR

• 13F AUM: $1.23B across 1,046 positions.
• Concentration: Top-1 at 4.1%, top-5 at 15.6%.
• Largest holdings: Microsoft ($50.3B), Visa ($37.8B), Apple ($35.5B), Alphabet ($34.3B), and SCHX ($31.6B).
• Biggest accelerations: Netflix +938%, ServiceNow +453%, Arthur J. Gallagher +252%.
• ETF tell: QQQM reached $19.5B, a serious growth-beta sleeve inside the diversified core.
• Other adds: Lululemon and Applied Materials moved higher too.
• Retail takeaway: Anchor looks like a model allocator that turned the dial toward growth, not a manager that abandoned diversification.

Filing Snapshot

A Broad Core Can Still Send a Strong Signal

Anchor's top positions look exactly like what you would expect from a large advisory-style allocator: Microsoft, Visa, Apple, Alphabet, and SCHX. None of those holdings dominates the book. But that is what makes the changes under the surface more informative. When a portfolio this broad suddenly pushes harder into Netflix, ServiceNow, Lululemon, and Applied Materials, it usually reflects a conviction change at the margin, not random noise.

The QQQM line is especially important. At $19.5B, it acts like a fast-acting Nasdaq growth overlay inside a still-diversified structure. That lets Anchor increase upside participation without turning the whole filing into a concentrated tech bet.

What Changed Beneath the Surface

The fastest riser was Netflix, up 938% by share count to a $6.3B position. ServiceNow jumped 453%, while Arthur J. Gallagher climbed 252%. That mix is not accidental: software, services, and quality compounders all gained weight together.

Meanwhile, smaller trims in names like SPGI, Kimberly-Clark, and ADM suggest the funding likely came from lower-octane defensive positions. Anchor did not throw away its risk controls. It simply reallocated some of the portfolio's attention toward growth leadership.

What To Watch Next

• QQQM follow-through: If QQQM stays near $20B, the growth overlay is becoming structural.
• Netflix durability: A 938% increase in Netflix should be monitored for another quarter.
• ServiceNow and Applied Materials: The next filing will show whether NOW and AMAT were tactical adds or part of a broader quality-tech rotation.
• Defensive funding source: Continued trims in staples or credit-heavy ETFs would confirm how Anchor is financing higher-beta growth.

Questions Investors Search For

Is Anchor Investment Management concentrated?

No. The top holding is only 4.1% and the top five total just 15.6%.

Why does the filing still matter if it is diversified?

Because the growth changes were large enough to be meaningful even inside a 1,046-position portfolio.

What was Anchor's biggest tactical shift?

The sharp increases in Netflix, ServiceNow, and QQQM.

What is the simplest retail takeaway?

Look at how diversified managers shift the margin. That is often where the signal hides.