Employees Provident Fund Board's $13.6T Q4 Portfolio: A 33.6% Top-5 Tech Core Led by NVIDIA
Employees Provident Fund Board reported a $13.6T Q4 portfolio with NVIDIA and Microsoft at the top and nearly half of capital concentrated in its top 10 holdings.
Employees Provident Fund Board filed a Q4 2025 portfolio worth about $13.6T, with NVIDIA and Microsoft at the top and a clearly tech-heavy core.
TL;DR
- AUM: ~$13.6T in Q4 2025.
- Concentration: Top-1 is 9.1%; top-5 is 33.6%; top-10 is 48.6%.
- Largest positions: NVDA, MSFT, META.
- Portfolio shape: Big-cap AI and platform names dominate early ranks.
- Breadth: 73 holdings, so this is concentrated compared with mega-index managers.
- Actionable takeaway: Watch whether MU and AVGO remain in the top cluster next quarter.
Filing Snapshot
| Filer | Employees Provident Fund Board |
|---|---|
| Quarter | 2025Q4 |
| Reported AUM | ~$13.6T |
| Holdings Count | 73 |
| Top Holdings | NVDA, MSFT, META, GOOGL, AVGO |
What Changed and Why It Matters
This filing reads like a high-conviction big-tech basket rather than a broad benchmark clone. The top-5 bucket alone controls one-third of capital, and adding MU and AAPL keeps the portfolio tightly tied to AI capex and hyperscaler demand cycles.
For retail users, this type of filing is useful for signal ranking: if this filer trims its top two names while adding second-tier holdings, that's often an early sign of risk rebalancing rather than pure bullish continuation.
How to Use This on 13F Insight
- Open the filer page: Employees Provident Fund Board.
- Compare top positions with other whales such as Vanguard and BlackRock.
- Track overlapping names like NVDA and MSFT in the next quarter.
Q&A
Is this filing diversified?
Not in the way a 500-stock index is. A 33.6% top-5 share is concentrated.
What is the key risk in this structure?
Large sensitivity to a small set of mega-cap growth names.
What would count as a bearish signal next quarter?
Simultaneous reductions in the top AI-related positions with no new conviction replacement.
What should I compare this against?
Quarter-over-quarter changes and peer whale portfolios, not a single snapshot.
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