BlackRock's $5.92T 13F Looks Familiar, but the Top Ten Still Stop at 30.4%

BlackRock, Inc. held a $5.92 trillion Q4 2025 filing led by NVIDIA, Apple, and Microsoft. None of that is surprising. The more useful fact is that the top ten still totaled only 30.44% of assets. This is the giant-index-manager version of concentration: the famous names dominate the headline, but the overall structure is still broad enough to resist being reduced to a handful of stocks.

TL;DR

• 13F AUM: $5.92T.
• Largest position: NVDA at 6.13%.
• Top-5 concentration: 21.58%.
• Top-10 concentration: 30.44%.
• Main read: The filing is familiar at the top, but still structurally broad.
• Compare with: Vanguard and JPMorgan.

Filing Snapshot

The Filing Is More Breadth Story Than Conviction Story

BlackRock owns the same leadership cluster as the rest of giant institutional America. But the more important point is how quickly the weights step down after the very top. NVIDIA, Apple, and Microsoft matter. Yet the top ten still leave almost 70% of the filing outside the headline names.

That makes the filing more useful as a map of index-era leadership than as a conventional conviction read. It shows where BlackRock's enormous passive and quasi-passive exposure naturally accumulates, not just where the firm is making a narrow active bet.

Why This Still Matters

Even a structurally broad filing can tell you something if the same leadership names keep appearing at meaningful weights. BlackRock's filing confirms the durability of the mega-cap technology and platform hierarchy, even as the total portfolio remains very wide.

Questions Investors Search For

Is BlackRock concentrated?

At the top, moderately. Structurally, it is still very broad.

Why does a 30% top ten matter?

Because it shows the headline names are important, but not dominant enough to make the entire filing fragile.

How should investors use this filing?

As a leadership map for giant-scale institutional ownership rather than a copyable concentrated portfolio.