BNY Mellon's $568B Q4 2025 Filing Mirrors the S&P 500 Exactly — Except for the Berkshire Hathaway in Slot #12
Bank of New York Mellon's Q4 2025 13F looks like a passive index fund until you reach position #12: Berkshire Hathaway (BRK/B) at $5.6B, a distinctive tilt in an otherwise pure index-like book.
Bank of New York Mellon filed its Q4 2025 13F showing $567.7 billion across 4,137 unique holdings. The top 10 reads like an S&P 500 fact sheet: Nvidia, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta, more Alphabet, iShares S&P 500, JPMorgan. Then position #12 breaks the pattern: Berkshire Hathaway (BRK/B) at $5.6B — a stock that many index-hugging custodians underweight.
TL;DR
- AUM: $567.7B (Q4 2025), up 1.8% from $557.4B (Q3)
- Holdings count: 4,137 unique (up from 3,989 in Q3)
- Top holding: Nvidia (NVDA) at 5.19%, worth $29.4B
- Top-5 concentration: 19.9% — near index weight
- Berkshire at #12: BRK/B at $5.6B (0.99%) — a distinctive custodian tilt
- Tesla at #11: $6.8B (1.19%) — higher than many bank custodians
- IVV in top 10: $9.2B iShares S&P 500 ETF as a passthrough vehicle
- Whale Score: 69.00
BNY Mellon Top 12 Holdings — Q4 2025 ($B)
The Custodian's Index Mirror
BNY Mellon is the world's largest custodian bank. Its 13F reflects assets it manages across investment products and client mandates, not a single portfolio's conviction. The top-5 (NVDA 5.19%, AAPL 4.69%, MSFT 4.64%, AMZN 2.78%, GOOGL 2.30%) closely tracks S&P 500 mega-cap weights.
The interesting question isn't what's in the top 10 — it's what subtle deviations exist. And the answer is Berkshire Hathaway at position #12.
The Berkshire Accent
BRK/B at $5.6B (11.2M shares, 0.99%) is noteworthy because many custodian banks' 13Fs don't feature Berkshire this prominently. Berkshire is a financial conglomerate that competes with some BNY Mellon clients. Its presence at ~1% of the book suggests either strong client demand for Berkshire exposure or a genuine overweight in BNY Mellon's managed portfolios.
Steady Growth: $505B to $568B in Four Quarters
BNY Mellon's 13F AUM grew from $505B in Q1 2025 to $568B in Q4 2025 — a 12.4% increase driven by market appreciation and asset gathering. The growth has been steady with no quarterly declines, typical of a custodian bank benefiting from overall market expansion.
BNY Mellon AUM History (2025)
What Analysts Might Misread
Misread #1: “BNY Mellon's top holdings show their investment view”
They don't. A custodian's 13F is a composite of thousands of client mandates and managed products. The near-index weighting is expected. Only deviations from index weights (like Berkshire) carry signal.
Frequently Asked Questions
What is BNY Mellon's largest holding?
Nvidia (NVDA) at 5.19% ($29.4B). The top-5 concentration at 19.9% closely mirrors S&P 500 mega-cap weights.
Why does BNY Mellon hold Berkshire Hathaway?
BRK/B at $5.6B (0.99%) reflects client demand for Berkshire exposure in managed portfolios. For a custodian, any stock that rises above index weight suggests deliberate allocation across client accounts.
How many positions does BNY Mellon hold?
4,137 unique holdings as of Q4 2025, reflecting the breadth of client mandates and investment products managed through its U.S. operations.
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