BlackRock’s Q4 2025 13F: A $5.92T Empire Led by NVDA, with IVV Inside the Top 15

BlackRock, Inc.’s 2025Q4 13F filing shows a portfolio operating at extraordinary scale: $5.92T in canonical 13F AUM across 500 positions, with a WhaleScore of 70.25. You can review the full filer profile on BlackRock’s filer page.

TL;DR

• BlackRock reported $5.92T in 13F AUM in 2025Q4, versus $4.76T in 2024Q3, a 24% increase over five quarters.
• NVDA is the top position at $362.80B and 7.13% weight.
• Top five positions account for 25.1% of the portfolio, led by NVDA, AAPL, MSFT, AMZN, and GOOGL.
• BlackRock’s own flagship S&P 500 ETF, IVV, appears as the #13 position at $56.16B (about 0.95%).
• The filing reflects both mega-cap concentration and the breadth expected from the world’s largest pure-play asset manager and ETF platform leader.

Inside BlackRock’s Q4 2025 filing: size plus selective concentration

At quarter end, BlackRock’s filing-level AUM reached $5.92T, while the holdings-value sum in the consolidated holdings snapshot was $5.09T. Even allowing for reporting and methodology differences, both figures point to the same conclusion: this is a portfolio where even sub-1% weights can represent tens of billions of dollars.

The largest holding, NVDA, stood at $362.80B. Next came AAPL at $314.39B and MSFT at $291.23B. Together, those three positions alone represented roughly 19.0% of the portfolio, underscoring how index-heavy exposure naturally channels capital into mega-cap technology.

Top holdings snapshot (2025Q4)

After the top three, BlackRock’s largest stakes included AMZN at $169.77B and GOOGL at $138.34B. The top-five concentration at 25.1% is meaningful for a diversified manager of this size: concentrated enough to be driven by benchmark leaders, but still broad enough to avoid single-theme dependence.

AUM trend: from $4.76T to $5.92T in five quarters

BlackRock’s AUM path from $4.76T in 2024Q3 to $5.92T in 2025Q4 reflects a strong multi-quarter expansion cycle. The sequence included a temporary pullback in 2025Q1 before re-accelerating in 2025Q2 and 2025Q3, then advancing again in Q4. Net result: a 24% rise in five quarters.

Why IVV at #13 matters

One of the more revealing details in the filing is that IVV, BlackRock’s own iShares Core S&P 500 ETF, ranks #13 at $56.16B. This illustrates a structural reality of modern asset management: the same firm can sit at the center of both security selection and product distribution, with ETF vehicles acting as major portfolio building blocks.

That dynamic aligns with broader business momentum reported around year-end 2025, including BlackRock commentary on record ETP flow conditions and full-year earnings updates. In practice, the 13F footprint and ETF platform scale reinforce each other.

What investors should watch next

• Mega-cap concentration drift: If NVDA, AAPL, and MSFT continue outperforming, concentration could rise further even without active tilts.
• ETF platform flywheel: Continued iShares growth can keep BlackRock central to passive allocation pipelines.
• Position breadth: With 500 reported positions, changes in long-tail holdings may signal whether BlackRock is broadening or narrowing implementation risk.

FAQ

What was BlackRock’s 13F AUM in Q4 2025?

BlackRock’s canonical 13F AUM for 2025Q4 was $5.92T.

What was BlackRock’s top holding in the filing?

NVDA was the top holding at $362.80B, representing 7.13% of the portfolio.

How concentrated was BlackRock’s portfolio at the top?

The top five positions accounted for 25.1% of the filing, indicating meaningful benchmark-led concentration at the top end.

Why is IVV notable in BlackRock’s own 13F portfolio?

IVV appears as the #13 position at $56.16B, highlighting how BlackRock’s ETF ecosystem is material even inside its reported equity holdings.