BlackRock's $5.9 Trillion Q4 2025 Filing Has 50,216 Positions — More Than Any Other 13F Filer on Earth
BlackRock's Q4 2025 13F reports $5.92 trillion across a record 50,216 positions. NVDA leads at 6.13%, but the real story is the breadth: 50,000+ line items mapping every corner of U.S. equities.
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.
Breaking News Editor at 13F Insight. First to report on major SEC filings, institutional moves, and regulatory developments.
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