Capital Research Global Investors' $542B Q4 2025 Filing Stacked 18% Into Three Semiconductor-Adjacent Names

Capital Research Global Investors filed its Q4 2025 13F showing $541.7 billion across just 434 unique holdings. The top three names — Microsoft (6.55%), Nvidia (5.91%), and Broadcom (5.52%) — account for 17.97% of the portfolio. All three are direct beneficiaries of the AI infrastructure buildout, making this one of the most concentrated semiconductor/AI bets among the top-50 filers.

TL;DR

• AUM: $541.7B (Q4 2025), up 1.6% from $533.0B (Q3)
• Holdings count: 434 unique — second-narrowest among $500B+ filers (after Capital International's 454)
• Top-3 AI/semiconductor bet: MSFT + NVDA + AVGO = 17.97% ($97.3B)
• Eli Lilly at #4: $26.4B (4.87%) — the pharma giant as a portfolio anchor
• Uber at #10: $9.3B (1.71%) — an unusual top-10 presence for a transportation platform
• RTX Corporation at #8: $14.0B (2.58%) — defense/aerospace conviction
• Philip Morris at #12: $8.8B (1.62%) — defensive income amid growth names
• Whale Score: 77.25

The AI Infrastructure Trio: 18% of the Book

Microsoft ($35.5B, 73.3M shares) leads as the AI platform layer — Azure, Copilot, OpenAI partnership. Nvidia ($32.0B, 171.6M shares) is the hardware infrastructure play. Broadcom ($29.9B, 86.4M shares) covers networking, custom AI accelerators, and VMware enterprise software.

Together, $97.3B in three names that form the picks-and-shovels layer of AI. This isn't a passive index allocation — these weights are 2-3x their S&P 500 weights, representing active conviction.

The Non-Tech Anchors: LLY, RTX, PM

What prevents this from being a pure tech fund: Eli Lilly at #4 ($26.4B, 4.87%), RTX Corporation at #8 ($14.0B, 2.58%), and Philip Morris at #12 ($8.8B, 1.62%). These three non-tech names account for $49.2B (9.1%) — providing healthcare, defense, and consumer staples diversification alongside the semiconductor core.

Uber at #10: The Surprise

Uber Technologies at $9.3B (113.5M shares, 1.71%) is an unusual top-10 holding for a $542B manager. This is a high-conviction position in a company that most mega-filers hold at sub-1% weights if at all. It signals a specific thesis on mobility/delivery platform economics.

What Analysts Might Misread

Misread #1: “18% in three names is reckless for a $542B fund”

Capital Research Global has 434 positions — this is a concentrated fund by design. The top-3 weight is deliberate, not drift. And the non-tech anchors (LLY, RTX, PM) provide real diversification.

Misread #2: “This is the same as Capital International Investors”

Despite the similar parent (Capital Group), the portfolios are different. Capital International puts AVGO at #1 (7.70%); Capital Research Global puts MSFT at #1 (6.55%). They share some names but weight them differently.

Frequently Asked Questions

What are Capital Research Global Investors' top holdings?

Microsoft (6.55%), Nvidia (5.91%), and Broadcom (5.52%). These three AI/semiconductor names account for 17.97% of the $541.7B portfolio.

How is Capital Research Global different from Capital International Investors?

Both are part of Capital Group but manage separate portfolios. Capital International puts Broadcom at #1 (7.70%); Capital Research Global puts Microsoft at #1 (6.55%). They share a concentrated style but express it differently.

Why does Capital Research Global hold Uber in the top 10?

Uber at $9.3B (1.71%) represents a high-conviction bet on mobility/delivery platform economics. Most mega-filers hold Uber at sub-1% weights if at all — this is an active overweight.