Capital World Investors Q4 2025 13F: $735B with AVGO at #1

Capital World Investors, one of Capital Group’s primary investment divisions, filed its Q4 2025 13F with $735 billion across just 574 positions. The standout: Broadcom (AVGO) at #1 with $42.7B (5.80%) — ahead of MSFT, META, and NVDA.

TL;DR

Total 13F AUM: $735 billion (up 0.4% from $732B in Q3)
Positions: 574 — extremely concentrated for a $735B portfolio
Top holding: Broadcom (AVGO) at $42.7B (5.80%)
#2-4: MSFT ($31.2B, 4.24%), META ($26.1B, 3.55%), NVDA ($24.4B, 3.32%)
Average position: $1.28B per holding — highest among large filers
Philip Morris: $21.2B (#5, 2.89%) — rare non-tech top-5 name
Key insight: Capital World is actively overweighting AVGO and underweighting NVDA vs index

Capital World Investors Top 10 — Q4 2025 ($B)

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AVGO at #1: A Contrarian Call

While every passive manager and most active ones put NVDA at #1, Capital World Investors leads with Broadcom at $42.7B. NVDA ranks only #4 at $24.4B (3.32%) — roughly half the index weight of 6.1%.

This is a meaningful active bet: Capital World sees more value in Broadcom’s diversified semiconductor + infrastructure software business (especially its VMware acquisition) than in NVIDIA’s pure-play AI GPU dominance.

Top Holdings

Rank	Ticker	Value	Weight
1	AVGO	$42.7B	5.80%
2	MSFT	$31.2B	4.24%
3	META	$26.1B	3.55%
4	NVDA	$24.4B	3.32%
5	PM	$21.2B	2.89%
6	TSLA	$19.1B	2.60%
7	GOOGL	$16.9B	2.29%
8	MU	$16.6B	2.26%
9	LLY	$16.2B	2.20%
10	VRTX	$11.6B	1.57%

Philip Morris (PM) at #5 ($21.2B) is remarkable — no other mega-manager has a tobacco company in their top 5. This reflects Capital World’s conviction in PM’s IQOS heated tobacco transition.

Micron (MU) at $16.6B (#8) is another distinctive pick — a direct play on HBM (High Bandwidth Memory) demand for AI training.

Capital World Investors AUM History (2024-2025)

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574 Positions: The Most Concentrated Big Book

At $735B across 574 positions, Capital World holds an average of $1.28 billion per position. Compare that to:

State Street: $695M per position (4,288 positions)
Vanguard: $390M per position (17,686 positions)
BlackRock: $118M per position (50,216 positions)

Capital World is the most concentrated large portfolio in the 13F universe, reflecting its pure active management approach.

What Analysts Might Misread

“Capital World is bearish on NVDA.” At $24.4B, they still own a massive NVDA position. The underweight vs index reflects a different view on the AI value chain — preferring AVGO’s broader infrastructure play. This is not a bearish call; it’s a relative preference.

Why does Capital World Investors favor Broadcom over NVIDIA?

Capital World sees value in Broadcom’s diversified business (networking chips + VMware software) versus NVIDIA’s GPU concentration. The AVGO overweight at 5.80% vs NVDA at 3.32% is one of the most distinctive active bets among mega-managers.