BlackRock's $5.9 Trillion Q4 2025 Filing Has 50,216 Positions — More Than Any Other 13F Filer on Earth

BlackRock, Inc. filed its Q4 2025 13F reporting $5.92 trillion across 50,216 positions — the most individual line items of any 13F filer in the world and a 3.6% increase from Q3’s $5.71 trillion.

TL;DR

• Total 13F AUM: $5.92 trillion (up 3.6% QoQ from $5.71T)
• Positions: 50,216 — the broadest 13F filing globally
• Top holding: NVIDIA (NVDA) at $362.8B (6.13%)
• Top-5 concentration: 21.5% in NVDA, AAPL, MSFT, AMZN, GOOGL
• YoY AUM growth: +19.7% from $4.94T in Q4 2024
• Position count change: +1,186 from Q3 (49,030 → 50,216)
• Key difference vs Vanguard: 2.9x more positions but 86% of the AUM

The World’s Most Granular 13F

BlackRock’s 50,216 positions dwarf every other filer. For comparison, Vanguard holds 17,686 and State Street holds 4,288. The reason: BlackRock reports each fund’s holdings separately across its iShares ETF family, resulting in significant overlap at the line-item level.

Top Holdings Mirror the Market

Rank	Ticker	Value	Weight	Shares
1	NVDA	$362.8B	6.13%	1.95B
2	AAPL	$314.4B	5.31%	1.16B
3	MSFT	$291.2B	4.92%	602.2M
4	AMZN	$169.8B	2.87%	735.5M
5	GOOGL	$138.3B	2.34%	442.0M
6	AVGO	$131.6B	2.22%	380.2M
7	GOOG	$113.4B	1.92%	361.2M
8	META	$113.3B	1.92%	171.7M
9	TSLA	$94.5B	1.60%	210.1M
10	LLY	$71.8B	1.21%	66.8M

The top 10 collectively represent about 30.4% of BlackRock’s $5.92T. The remaining 50,206 positions share the other 69.6% — an average of just $82M per position.

AUM Growth: Steady March Higher

BlackRock’s trajectory over six quarters:

• Q3 2024: $4.76T → Q4 2024: $4.94T (+3.7%)
• Q1 2025: $4.76T (-3.6%) → Q2 2025: $5.25T (+10.3%)
• Q3 2025: $5.71T (+8.7%) → Q4 2025: $5.92T (+3.6%)

BlackRock vs Vanguard: The Rivalry in Numbers

Metric	BlackRock	Vanguard
13F AUM	$5.92T	$6.90T
Positions	50,216	17,686
NVDA Weight	6.13%	6.13%
AAPL Weight	5.31%	5.62%
Top-5 Share	21.5%	22.0%

The near-identical NVDA weights (both 6.13%) reflect how both firms track the same market-cap-weighted benchmarks. Vanguard leads on AUM; BlackRock leads on breadth.

What Analysts Might Misread

“50,000 positions means BlackRock is more diversified.” Not necessarily. Many are overlapping ETF holdings of the same underlying stocks. The consolidated top-10 concentration is nearly identical to Vanguard’s.

“BlackRock is losing to Vanguard.” On 13F AUM, yes. But 13F filings don’t capture BlackRock’s massive fixed-income, alternatives, and international AUM. Total firm AUM exceeds $11 trillion.

How many positions does BlackRock hold?

BlackRock reported 50,216 positions in its Q4 2025 13F — the most of any filer globally. This reflects its expansive iShares ETF family.

What is BlackRock’s top holding?

NVIDIA (NVDA) at $362.8 billion, representing 6.13% of the portfolio, identical in weight to Vanguard’s NVDA allocation.

Is BlackRock bigger than Vanguard?

In total firm AUM, BlackRock leads globally (~$11T+). But in U.S. 13F-reportable equity assets, Vanguard ($6.90T) exceeds BlackRock ($5.92T) by about $1 trillion.