FMR LLC's Q4 2025 13F: The Most Concentrated NVDA Bet Among Mega-Filers

TL;DR: FMR LLC (Fidelity) ended 2025Q4 with $1.96T in reported 13F AUM, 500 positions, and a $181.10B position in NVIDIA (NVDA) at 10.29% of the portfolio. That is an unusually high single-name weight for a mega-filer and reinforces Fidelity's active stock-picking profile rather than a pure benchmark-tracking posture.

Fidelity's size is massive, but the concentration signal is the real story

On raw scale, the filing is straightforward: FMR LLC reported $1.96T in 2025Q4 and remains one of the largest institutional investors in the 13F universe. The more important signal is concentration: NVDA alone is 10.29%, while the top five positions (NVDA, MSFT, AAPL, META, AMZN) add up to 29.5%. For a firm at this scale, that is a high-conviction footprint.

Top holdings show an AI-led core, not a closet index

FMR LLC's top holdings are concentrated in mega-cap technology and platform franchises: NVDA ($181.10B), MSFT ($97.18B), AAPL ($83.57B), META ($80.76B), and AMZN ($76.51B). The ranking and weights suggest Fidelity is taking explicit factor and theme risk where it sees durable earnings power, especially around AI compute, cloud demand, and digital advertising resilience.

Importantly, the portfolio still spans 500 positions, so this is not a narrow thematic fund. It is a broad book with a concentrated conviction layer at the top. The presence of BRK/A around the edge of the top tier (position #11 in the provided dataset) adds a classic quality-compounder exposure alongside higher-growth technology leadership.

AUM trend: compounding higher despite periodic drawdowns

From the recent history window, AUM moved from $1.49T in 2024Q1 to $1.96T in 2025Q4. The path was not linear: 2025Q1 printed a -6.5% quarter, followed by +13.2% in 2025Q2 and +8.5% in 2025Q3 before another +2.0% in 2025Q4. That sequence is consistent with active risk-taking through volatility rather than rigid index hugging.

Why this filing matters for smart-money tracking

• Single-name intensity at scale: A 10.29% NVDA weight in a trillion-dollar portfolio is a strong signal of conviction.
• Top-5 concentration: 29.5% in five names implies Fidelity is willing to let winners drive outcomes.
• Active DNA among mega-filers: With a WhaleScore of 75.50, FMR LLC screens as one of the most actively expressed portfolios in the large-manager cohort.
• Useful benchmark for peers: Investors comparing mega-filers can use this filing as a concentration reference point for what high-conviction positioning looks like at institutional scale.

External context

Recent Fidelity commentary continues to emphasize AI's broad economic and sector impact, aligning with the portfolio's heavy exposure to AI-enabler equities. See Fidelity's market note on AI outlook for 2026 for framing around infrastructure spending and sector breadth.

Read Fidelity's AI outlook

Bottom line

FMR LLC's 2025Q4 filing is less about crossing headline size thresholds and more about the quality of concentration. A $181.10B NVDA stake at 10.29% and a 29.5% top-5 weight point to an active manager willing to run meaningful conviction in core technology leaders, even at mega-filer scale.