---
title: "Cresset Asset Management Q4 2025: $23.7B Multi-Family Office"
type: research
slug: cresset-asset-management-q4-2025-multi-family-office-anet
canonical_url: https://13finsight.com/research/cresset-asset-management-q4-2025-multi-family-office-anet
published_at: 2026-05-15T05:08:51.198Z
updated_at: 2026-05-15T05:08:55.817Z
author: Marcus Chen
author_title: Senior Market Analyst
author_url: https://13finsight.com/authors/marcus-chen
word_count: 1046
locale: en
source: 13F Insight
---

# Cresset Asset Management Q4 2025: $23.7B Multi-Family Office

> Cresset Asset Management runs $23.73 billion as a Chicago-based multi-family office serving ~1,500 ultra-high-net-worth families. The Q4 2025 13F is unusual: 11.81% in Arista Networks, 17.71% combined in S&P 500 ETFs, plus a tail of single-stock individual-client positions.

Cresset Asset Management, LLC is a Chicago-based multi-family office and registered investment advisor that filed a Q4 2025 Form 13F-HR reporting $23.73 billion in US-listed equity holdings. The book reads unlike any conventional active equity manager's 13F. The top position is Arista Networks at $2.71 billion and 11.81% of portfolio — an extreme single-stock concentration typically associated with founder-family trusts. The second and third positions are S&P 500 ETFs (SPY at 10.84% and IVV at 6.87% — combined 17.71% beta-sleeve exposure). Behind these sit a tail of individual-stock positions reflecting Cresset's multi-family-office structure, where individual client portfolios produce diverse holdings aggregated into a single 13F reporting vehicle.Cresset serves approximately 1,500 ultra-high-net-worth families across the US. The firm runs concentrated equity portfolios tailored to individual client risk profiles, which produces the unusual 13F shape: a small number of large single-name positions (often reflecting individual founder-client concentrations) plus broad ETF allocation (beta-sleeve management for client portfolios that mandate market-tracking exposure) plus a long tail of incremental single-stock positions.The book at a glance$23.73 billion total AUM. 500 long positions. WhaleScore 65.25 — placing Cresset below the elite smart-money tier because the 13F structure reflects accommodation of individual client mandates rather than discretionary stock-picking conviction. The score is structurally lower for multi-family-office filers because the WhaleScore methodology rewards concentrated active discretion rather than client-driven aggregation.The Arista 11.81% concentrationThe largest single-name position is Arista Networks (ANET) at $2.71 billion. The 11.81% portfolio weight is the kind of single-name concentration typical of family-trust or single-client mandates. Cresset is a multi-family-office structure, so the position most likely reflects a single major client's founder-equity or executive-compensation-driven concentrated stake.Multi-family-office structures often manage individual founder-clients who have substantial personal exposure to a specific company. The client directs the firm to manage that concentrated position outside their primary holding (often as part of an estate-planning, charitable-giving, or generational wealth-transfer framework). The position appears on the firm's 13F because the firm has discretionary management authority over the position, even though the underlying economic interest belongs to a single client.The 11.81% Arista concentration suggests a single Arista-related client (founder, executive, or family member) directs Cresset to manage a position of approximately $2.71 billion. The position is meaningful in absolute terms but does not represent Cresset's house view on Arista — it represents one client's strategic concentration.The SPY + IVV beta sleeveThe second and third positions are the iShares Core S&P 500 ETF (IVV) and the SPDR S&P 500 ETF (SPY). Combined: $4.07 billion or 17.71% of portfolio. This is unusual for a 13F that lists active equity positions, but it reflects Cresset's institutional accommodation of client mandates that require S&P 500 tracking exposure. The ETF positions serve as:Beta sleeve for risk-managed accounts that need broad-market exposure.Parking position for new client capital ahead of active portfolio deployment.Tax-aware overlay reducing tracking error from sector concentration without forcing individual-name dilution.The 17.71% ETF weight is much higher than any active manager would deploy. Cresset is filling client-mandate requirements rather than expressing stock-picking discretion.The other top 10Invesco S&P 500 Equal Weight ETF (RSP) at $821M / 3.58% — Another ETF position, providing equal-weighted S&P exposure as a beta-sleeve diversifier.Apple (AAPL) at $503M / 2.19% — Standard mega-cap tech position, slight underweight versus S&P 500 weight of ~6.1%.Erie Indemnity (ERIE) at $501M / 2.18% — Specialty insurance holding company. Smaller position but unusual at 2%+ portfolio weight; likely another single-client concentrated holding.iShares MSCI EAFE ETF (IEFA) at $485M / 2.11% — International developed-market beta sleeve.Meta Platforms (META) at $405M / 1.76% — Mega-cap tech.Reddit (RDDT) at $390M / 1.70% — Recent IPO, possibly reflecting concentrated client exposure.The mix of single-stock concentrations (ANET, ERIE, possibly RDDT) plus ETF beta sleeves (SPY, IVV, RSP, IEFA) plus standard mega-cap tech positions is unmistakably a multi-family-office 13F shape.The top 10 vs the restThe top 10 absorbs approximately 53% of AUM. The remaining 47% distributes across the 490 tail positions reflecting individual client holdings, model portfolio allocations, and incremental positions. The structure differs from concentrated-active managers (where top 10 absorbs 25-50% and the tail is structural diversification) and from index-aware managers (where positions hew close to benchmark weights).AUM trajectoryCresset reported 13F AUM has grown steadily through 2024-2025 as the firm has added family-office clients. The structure is stable: concentrated client positions at the top, ETF beta sleeves in the middle tier, and broad diversification in the tail.What this 13F tells institutional readersDon't read multi-family-office 13Fs as discretionary stock-picker output. Cresset's 11.81% ANET position reflects a single client's concentration, not the firm's house view on Arista. Following this position as a trade signal misreads the structural source.The ETF allocation is client-mandate accommodation. SPY + IVV + RSP combined 21.29% of portfolio in S&P 500 ETFs is institutional accommodation of client risk-management requirements, not active investment discretion.The mid-tier positions (ERIE, RDDT) are also likely client-driven concentrations. Watch which names persist quarter-over-quarter at the 2%+ weight level — those are likely structural client positions rather than rotating discretionary picks.How to identify a multi-family-office 13FFive fingerprints help spot this category:Filer name contains 'Family Office', 'Asset Management LLC' (without specific stock-picking mandate), or geographic markers like 'Chicago', 'New York', 'Greenwich' that signal RIA structure.Top position is an unusual single-name concentration (10%+ weight) in a non-mega-cap stock.S&P 500 ETFs (SPY, IVV, VOO) appear in top 5-10 at meaningful weights (5%+).Position list mixes concentrated single-name bets, ETFs, and standard mega-caps without a unifying philosophy.WhaleScore typically falls in the 60-70 range (below pure active-manager elite tier) because client-mandate accommodation dilutes the discretionary-conviction signal.What to trackCresset Q1 2026 13F. Watch whether the 11.81% ANET position holds (suggesting structural client mandate) or compresses (suggesting client-driven liquidation or reallocation). Track via the institutional signals feed.The SPY + IVV weights. A shift in beta-sleeve weight signals either new institutional inflows or rebalancing toward more active discretionary positioning.The mid-tier concentrations. ERIE at 2.18% and RDDT at 1.70% are unusual weights for diversified-active mandates; both likely reflect specific client positions worth tracking.Cresset Asset Management's Q4 2025 13F is one of the clearest examples of multi-family-office 13F shape at scale in the US institutional universe. For more on reading multi-family-office and RIA 13F filings versus discretionary-active fund filings, see our explainer hub.Source: SEC Form 13F-HR filed by Cresset Asset Management, LLC (CIK 0001761013) for the period ending 2025-12-31; available via EDGAR — Cresset filer index.

## FAQ

### What is Cresset Asset Management?

Cresset Asset Management, LLC is a Chicago-based multi-family office and registered investment advisor with $23.73 billion in US-listed equity assets under management as of Q4 2025. The firm serves approximately 1,500 ultra-high-net-worth families across the US, running concentrated equity portfolios tailored to individual client risk profiles.

### Why does Cresset hold 11.81% of portfolio in Arista Networks?

The 11.81% ANET position at $2.71 billion most likely reflects a single major client founder-equity or executive-compensation concentrated stake. Multi-family-office structures often manage individual founder-clients with substantial personal exposure to a specific company. The client directs the firm to manage the position outside their primary holding for estate-planning or generational wealth-transfer purposes. The position is not Cresset house view on Arista.

### Why are S&P 500 ETFs 17.71% of Cresset's portfolio?

IVV at 6.87% and SPY at 10.84% combined at 17.71% portfolio represent institutional accommodation of client mandates requiring S&P 500 tracking. The ETFs serve as beta sleeves for risk-managed accounts, parking positions for new capital, and tax-aware overlays. This is much higher than any pure active manager would deploy — Cresset is filling client-mandate requirements rather than expressing stock-picking discretion.

### How do I identify a multi-family-office 13F?

Five fingerprints: (1) filer name contains 'Family Office', generic 'Asset Management LLC', or RIA geographic markers; (2) top position is an unusual single-name concentration above 10% in a non-mega-cap; (3) S&P 500 ETFs appear in the top 10 at meaningful weights; (4) position list mixes concentrated single-name bets, ETFs, and standard mega-caps without unifying philosophy; (5) WhaleScore typically falls in the 60-70 range below pure active-manager elite tier.

---

Source: 13F Insight — https://13finsight.com/research/cresset-asset-management-q4-2025-multi-family-office-anet
Author: Marcus Chen — https://13finsight.com/authors/marcus-chen
Last updated: 2026-05-15T05:08:55.817Z