What did CPPIB report in its Q4 2025 13F filing?

CPPIB reported a canonical 13F AUM of $149.52B in 2025Q4 with 500 disclosed positions and a holdings value sum of $145.39B.

What are CPPIB's largest U.S. equity positions in Q4 2025?

The largest disclosed positions are NVDA ($8.38B), AAPL ($6.64B), MSFT ($6.10B), AMZN ($4.12B), and AVGO ($3.98B).

How concentrated is CPPIB's portfolio?

Top-1 concentration is 5.8%, top-5 is 20.1%, and top-10 is 29.1%, indicating broad diversification despite large mega-cap allocations.

Did CPPIB's 13F assets grow during 2025?

Yes. Reported AUM rose from $102.99B in 2025Q1 to $149.52B in 2025Q4, including a sharp step-up in 2025Q3.

Why is CPPIB's Q4 2025 filing notable for investors?

It combines meaningful exposure to mega-cap technology leaders with relatively low top-position concentration, showing scale without excessive single-name risk.

CPPIB Q4 2025: $149.52B Portfolio, 20.1% Top-5 Concentration

Canada Pension Plan Investment Board finished Q4 2025 with $149.52B in reported 13F AUM, but the real signal isn’t just size — it’s structure. Even with multi-billion-dollar positions in NVIDIA (NVDA), Apple (AAPL), and Microsoft (MSFT), the fund’s top-5 weight is only 20.1%, which keeps single-stock risk in check while preserving upside to mega-cap leadership.

TL;DR

Quarter: 2025Q4
Canonical AUM: $149.52B
Holdings value sum: $145.39B
Positions: 500
Top holding: NVDA at $8.38B (5.76%)
Top-5 concentration: 20.1%
AUM trend: $102.99B (2025Q1) to $149.52B (2025Q4)
Read-through: scale plus breadth, not a narrow one-theme bet

Filing Snapshot: Size Expansion With Diversification Intact

CANADA PENSION PLAN INVESTMENT BOARD reported $149.52B in Q4 2025 across 500 positions with a WhaleScore of 73.00. The portfolio has grown sharply over the past year, but concentration remains moderate for a book of this scale.

Metric	Value
Canonical AUM (2025Q4)	$149.52B
Holdings value sum	$145.39B
Positions	500
Top-1 concentration	5.8%
Top-5 concentration	20.1%
Top-10 concentration	29.1%

Top Holdings: Mega-Cap Core, Position Sizing Discipline

The leadership basket — NVDA, AAPL, MSFT, Amazon (AMZN), and Broadcom (AVGO) — contributes most of the directional equity beta. But each line is still sized to avoid overpowering the total book, which aligns with a pension allocator’s risk budget more than a high-conviction hedge fund template.

CANADA PENSION PLAN INVESTMENT BOARD Top Holdings — 2025Q4 ($B)

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AUM Path: Reacceleration Into Year-End

After a softer patch around late 2024 and early 2025, AUM moved from $116.93B in 2025Q2 to $142.42B in 2025Q3, then to $149.52B in 2025Q4. That trajectory implies the fund participated in the broad market rebound while keeping a balanced exposure profile.

CANADA PENSION PLAN INVESTMENT BOARD AUM History

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What Stands Out in Q4 2025

First, CPPIB’s top holdings lean into the same mega-cap complex visible across global institutional books, yet concentration is still controlled. Second, holdings count has stepped higher in the latest quarter, suggesting wider deployment breadth. Third, this profile looks less like tactical chase behavior and more like a scalable, benchmark-aware accumulation framework.

Related Research on 13F Insight

Q&A

What did CPPIB report in Q4 2025 13F assets?

CPPIB reported a canonical 13F AUM of $149.52B for 2025Q4.

How concentrated is CPPIB’s public equity book?

Top-1 weight is 5.8% and top-5 is 20.1%, indicating broad diversification for a portfolio this large.

Which stocks lead CPPIB’s disclosed U.S. equity holdings?

NVDA, AAPL, MSFT, AMZN, and AVGO are the largest disclosed positions in Q4 2025.

Did CPPIB’s 13F AUM rise through 2025?

Yes. AUM increased from $102.99B in 2025Q1 to $149.52B in 2025Q4.

Why does this filing matter for retail investors?

It shows how a very large institutional allocator can hold mega-cap growth exposure without relying on extreme single-name concentration.