FMR's $2.0T Q4 2025 13F: NVIDIA at 10.3%, 51 New Positions, and a Different Kind of Mega-Filer

FMR LLC is large enough to be grouped with the giant asset managers, but its Q4 2025 13F does not read like a passive benchmark clone. The filing puts NVIDIA (NVDA) at 10.3% of the disclosed book, shows 51 new positions and 51 exits, and looks far more selective than Vanguard or BlackRock.

That difference matters. FMR still owns the same mega-cap winners that dominate modern U.S. equity portfolios, including Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). But the concentration profile and turnover tell a different story: this is a mega-filer with room for sharper tilts.

TL;DR

• AUM: FMR reported about $1.96T in Q4 2025 13F AUM.
• Top holding: NVIDIA alone accounted for 10.3% of the disclosed top book.
• Top-five concentration: The five biggest positions made up roughly 29.5% of the portfolio.
• Turnover: FMR disclosed 51 new positions and 51 exits in the quarter-over-quarter comparison.
• Biggest increase: Netflix shares rose 828%.
• Notable exits: CRCL and Coinbase (COIN) were among the largest positions that disappeared from the compared slice.
• Interpretation: FMR behaves like a mega-filer, but not like a pure passive baseline.

Filing Snapshot

FMR's Q4 book shows a noticeably tighter top end than the passive giants. NVDA sits above 10%, while MSFT, AAPL, META, and AMZN round out a top five that approaches 30% of the disclosed portfolio. That still leaves plenty of diversification, but it is a more opinionated shape than the mega-index managers.

What Changed

The filing recorded 51 new positions and 51 exits, making it one of the most active mega-filer resets in this batch. New names included BIIB, ODFL, NOK, INTC, and SATS. Exits included CRCL, COIN, BLDR, DUOL, and EXAS. That kind of churn is difficult to explain purely through passive index maintenance.

At the same time, FMR still posted a huge 828% increase in Netflix shares and a 353% jump in ServiceNow. Those moves tell us the firm is still participating in the same growth leadership that shaped the passive giants. The difference is that FMR combines that broad leadership exposure with a visibly more selective turnover profile.

Why FMR Is A Better Comparison Point

For many readers, FMR is the useful bridge between pure passive baselines like Vanguard and more concentrated stock-pickers. It is still massive, still benchmark-aware, and still crowded into the biggest winners. But the higher top-position weight and 51-position reset suggest more room for active discretion.

That makes FMR a better reference point when you want to ask whether a stock is merely benchmark-large or genuinely being leaned into by a major platform.

AUM Trend

FMR's 13F AUM climbed from about $1.57T in Q1 2025 to $1.96T in Q4 2025. The path was steadier than the sharp one-quarter changes in the holdings list, which implies that the turnover was more about internal repositioning than existential portfolio stress.

What To Watch Next

• Does NVIDIA remain above 10% of the disclosed book next quarter?
• Do the large exits in CRCL and COIN prove temporary, or do they mark a broader de-risking in speculative growth exposures?
• Does the new-position count stay elevated, which would suggest this was not a one-quarter cleanup?

Q&A

Why is FMR more interesting than the passive giants?

Because it still has mega-filer scale, but the concentration and turnover profile leave more room for actual portfolio judgment.

Does a 10.3% NVIDIA weight mean FMR is concentrated?

For a trillion-dollar-class filer, yes. That is materially more top-heavy than the passive giants, even if the overall book remains broad.

What is the clearest signal in this filing?

The clearest signal is the combination of a very large NVIDIA anchor and a 51-position reset. That combination tells you FMR is not just drifting with the benchmark.