What did BNP PARIBAS FINANCIAL MARKETS report for Q4 2025 13F AUM?

The canonical reported 13F AUM is $220.69B for 2025Q4.

Which positions are largest in BNP PARIBAS FINANCIAL MARKETS' Q4 2025 filing?

The largest disclosed lines include NVDA ($10.05B), MSFT ($8.08B), AAPL ($6.89B), AMZN ($6.41B), and TSLA ($6.10B), plus a non-standard identifier position at $8.44B.

How concentrated is BNP PARIBAS FINANCIAL MARKETS' portfolio?

Top-1 concentration is 5.1%, top-5 is 20.2%, and top-10 is 31.8% in Q4 2025.

Did BNP PARIBAS FINANCIAL MARKETS' AUM accelerate in late 2025?

Yes. AUM increased from $187.27B in Q3 2025 to $220.69B in Q4 2025, a +17.8% quarter-over-quarter gain.

Why is the non-standard top holding identifier important?

It signals the portfolio likely includes structured or non-plain-equity instruments, so direct comparisons with purely long-only stock managers can be misleading.

BNP Paribas Q4 2025 13F: $220.69B and +17.8% QoQ AUM

BNP PARIBAS FINANCIAL MARKETS posted one of the more forceful Q4 moves in this batch: canonical 13F AUM reached $220.69B, up from $187.27B in Q3 2025. That +17.8% quarter-over-quarter step-up came alongside large allocations to NVIDIA (NVDA), Microsoft (MSFT), and Apple (AAPL), plus a sizable non-standard identifier in the top holdings that hints at structured exposure layered on top of core equities.

TL;DR

Quarter: 2025Q4
Canonical AUM: $220.69B
Holdings value sum: $197.69B
Positions: 500
Top equity line: NVDA at $10.05B (5.08%)
Top-5 concentration: 20.2%
Top-10 concentration: 31.8%
AUM acceleration: +17.8% QoQ in Q4 2025

Filing Snapshot

BNP PARIBAS FINANCIAL MARKETS reported a WhaleScore of 67.75. The portfolio combines big-cap growth exposure with instrument diversity, which is consistent with a market-making and structured-products footprint rather than a plain long-only equity profile.

Metric	Value
Canonical AUM	$220.69B
Holdings value sum	$197.69B
Positions	500
Top-1 concentration	5.1%
Top-5 concentration	20.2%
Top-10 concentration	31.8%

Top Holdings: Equity Core With Structured Layering

Alongside mega-cap names like NVDA, MSFT, AAPL, AMZN, and TSLA, the second-largest line uses a non-standard identifier format. That mix suggests part of the book is implemented through instruments that don’t map cleanly to common stock tickers, an important nuance when comparing this filing to traditional asset managers.

BNP PARIBAS FINANCIAL MARKETS Top Holdings — 2025Q4 ($B)

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AUM History: Persistent Expansion, Then Breakout Quarter

The run from $113.86B in 2024Q1 to $220.69B in 2025Q4 is a near-doubling across the observed window. Even after a Q1 2025 dip, BNP recovered and accelerated into year-end, with both AUM and holdings count pushing higher.

BNP PARIBAS FINANCIAL MARKETS AUM History

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What Analysts Might Misread

A common mistake is treating every top line as a plain equity conviction call. For this filer, instrument mix matters: non-standard identifiers and ETF-heavy lines such as SPDR S&P 500 ETF (SPY) can reflect structured or hedged implementation, not just directional stock picking.

Related Research

Q&A

How large is BNP PARIBAS FINANCIAL MARKETS’ Q4 2025 13F portfolio?

The canonical Q4 2025 13F AUM is $220.69B.

What were the biggest disclosed equity positions?

NVDA ($10.05B), MSFT ($8.08B), AAPL ($6.89B), AMZN ($6.41B), and TSLA ($6.10B) are among the top disclosed lines.

How concentrated is the portfolio?

Top-1 concentration is 5.1%, top-5 is 20.2%, and top-10 is 31.8%.

Did BNP’s AUM accelerate in Q4 2025?

Yes. AUM rose from $187.27B in Q3 2025 to $220.69B in Q4 2025, a +17.8% increase.

Why should investors treat this filing differently from a long-only fund?

The holding mix includes non-standard identifiers and broad-index ETF exposure, indicating structured implementation that can differ from pure single-stock conviction portfolios.