Fidelity's $1.96 Trillion Q4 2025 Filing Puts 9.2% Into NVIDIA — the Biggest Active Overweight Among Mega-Managers

FMR LLC (Fidelity Investments) filed its Q4 2025 13F with $1.96 trillion across 13,225 positions. The standout: NVIDIA (NVDA) at 9.23% of the portfolio — more than 3 percentage points above where passive index funds hold it.

TL;DR

• Total 13F AUM: $1.96 trillion (up 2.0% from $1.92T in Q3)
• Positions: 13,225 (up from 13,217 in Q3)
• NVDA weight: 9.23% ($181.1B) — vs 6.13% at Vanguard/BlackRock
• Top-3 concentration: 18.4% (NVDA + MSFT + AAPL)
• Active overweight: NVDA +3.1pp, META +2.2pp vs cap-weight
• Notable underweight: AAPL at 4.26% vs 5.5%+ at passive peers
• Key signal: Fidelity is the only mega-manager running a meaningful NVDA overweight

The Active Tilt: NVDA at 9.2%

Among managers with $1T+ in 13F AUM, Fidelity’s 9.23% NVDA allocation stands alone. Vanguard, BlackRock, and State Street all hold NVDA near 6.1-6.2% — roughly market-cap weight. Fidelity’s extra 3 percentage points represents about $60 billion in deliberate NVDA overweight.

This isn’t accidental. Fidelity runs significant actively managed funds alongside its index products, and the aggregate 13F reveals their collective conviction in the AI infrastructure trade.

Top Holdings Reveal Active Choices

Three things stand out: (1) NVDA massively overweight, (2) AAPL meaningfully underweight at 4.26% vs 5.5%+ at peers, (3) META overweight at 4.12% vs ~1.9% at passive managers. Fidelity is clearly tilting toward AI infrastructure (NVDA) and AI applications (META) while trimming the legacy hardware giant (AAPL).

AUM Growth: Steady but Below Peers

Fidelity’s 13F AUM grew from $1.64T (Q3 2024) to $1.96T (Q4 2025), a 19.4% gain over six quarters. This trails Vanguard (+23.5%) and BlackRock (+24.2%) over the same period, partly reflecting Fidelity’s larger allocation to non-13F assets like bonds and alternatives.

What Analysts Might Misread

“Fidelity is betting the firm on NVDA.” The 9.23% is an aggregate across hundreds of funds, not a single concentrated bet. Some Fidelity funds will hold NVDA at 15%+ while others may hold zero. The aggregate reflects a broad institutional tilt, not a single manager’s conviction.

“Fidelity is bearish on Apple.” A 4.26% AAPL weight still represents $83.6 billion in Apple stock. The underweight relative to index is notable but not a bearish signal — it reflects Fidelity’s active funds choosing to deploy capital elsewhere.

Why does Fidelity hold more NVDA than index funds?

Fidelity manages both index and actively managed funds. The active funds collectively overweight NVDA based on fundamental views about AI demand, which pushes the aggregate 13F weight above market-cap proportion.

Is Fidelity’s AAPL underweight significant?

Yes. At 4.26%, Fidelity holds about 1.3 percentage points less Apple than passive peers (5.5%+). This represents roughly $25 billion in “missing” Apple allocation that’s been redirected primarily to NVDA and META.