Capital International Investors Put 7.7% of $638B Into Broadcom in Q4 2025 — the Largest Single-Stock Conviction Among Top-50 Filers

Capital International Investors filed its Q4 2025 13F showing $638.0 billion across just 454 unique holdings — the narrowest book of any filer above $500B. The standout: Broadcom (AVGO) at 7.7% of the portfolio ($49.1B), the largest single-stock weight among all top-50 filers this quarter.

TL;DR

• AUM: $638.0B (Q4 2025), up 3.0% from $619.4B (Q3)
• Holdings count: 454 unique — the fewest of any filer above $500B
• Top holding: Broadcom (AVGO) at 7.70%, worth $49.1B
• Top-5 concentration: 24.1% — well above the mega-filer average
• Apple jumped to #4 from #7 in Q3 (+$5.3B, +15.8M shares added)
• Philip Morris at #7 ($16.3B, 2.55%) — an unusual large-cap tobacco position for a growth-leaning fund
• 8-quarter growth: $494B (Q1 2024) to $638B (Q4 2025) = +29.2%
• Whale Score: 76.00

Broadcom: The $49 Billion Conviction Bet

At 7.70% of the portfolio, Broadcom is Capital International's largest holding by a wide margin. The $49.1B position (141.9M shares) dwarfs the #2 name, Microsoft, at $39.5B (6.19%). This isn't a passive index weight — Broadcom's weight in the S&P 500 is roughly 2%. Capital International is running more than 3x the index bet.

The position barely changed quarter-over-quarter: Q3 showed $48.3B across 146.5M shares. The slight share reduction (from 146.5M to 141.9M) while value grew suggests some trimming into strength, not a conviction downgrade.

Apple's Big Move: From #7 to #4

Apple jumped from the 7th largest position ($14.3B, 56.0M shares) in Q3 to the 4th largest ($19.5B, 71.8M shares) in Q4. That's 15.8 million new shares — a deliberate accumulation, not just price appreciation. This is the biggest position build in the portfolio this quarter.

The Philip Morris Surprise

Philip Morris International sits at #7 with $16.3B (101.4M shares, 2.55%). For a fund with heavy tech/growth exposure, a tobacco company in the top 10 is notable. PM rose from $14.5B in Q3 with 12.2M new shares added — this is active accumulation of a defensive income name alongside the growth core.

454 Positions: Concentration as Strategy

Capital International runs 454 positions — compared to 3,451 at Schwab, 13,225 at FMR LLC, or 50,216 at BlackRock. At $638B in AUM, that's an average position size of $1.4 billion. This is a fundamentally different animal — a concentrated, conviction-driven allocator operating at massive scale.

What Analysts Might Misread

Misread #1: “Broadcom at 7.7% is reckless concentration”

For a 454-position portfolio, 7.7% in the top name is actually moderate. The top-5 concentration at 24.1% is high for a $638B book, but the fund's track record suggests this is intentional bottom-up selection, not drift.

Misread #2: “Apple's jump means they're late to the trade”

Adding 15.8M shares isn't chasing — Apple was already in the portfolio. This looks like a re-weighting from trimmed positions elsewhere, not a new thesis.

Frequently Asked Questions

What is Capital International Investors' top holding?

Broadcom (AVGO) at 7.70% of the portfolio, worth $49.1 billion. This is the largest single-stock weight among all top-50 13F filers in Q4 2025.

How many holdings does Capital International Investors have?

454 unique positions — the fewest of any filer with AUM above $500 billion. The average position size is approximately $1.4 billion.

Why does Capital International Investors hold Philip Morris?

Philip Morris International ($16.3B, 2.55%) provides defensive income exposure in a portfolio otherwise heavy on tech and growth names. The fund added shares in Q4 2025.

How has Capital International Investors' AUM changed?

From $494B in Q1 2024 to $638B in Q4 2025, a 29.2% increase over eight quarters with steady growth and no quarterly declines.