Goldman Sachs' $811 Billion Q4 2025 Filing: $28.4B in SPY and $18.3B in TSLA Reveal the Trading Desk's Fingerprint
Goldman Sachs' Q4 2025 13F shows $811B across 13,034 positions with NVDA at #1 ($41.8B), a massive SPY position ($28.4B at #4), and Tesla at $18.3B (#5) — the most TSLA-heavy top-5 among major banks.
Goldman Sachs Group Inc filed its Q4 2025 13F with $811 billion across 13,034 positions. What sets Goldman apart: a $28.4B SPY position at #4 and Tesla at $18.3B (#5) — the trading desk’s fingerprint on an otherwise standard mega-bank portfolio.
TL;DR
- Total 13F AUM: $811 billion (down 0.8% from $817B in Q3)
- Positions: 13,034 (up from 13,001 in Q3)
- Top holding: NVDA at $41.8B (5.15%)
- SPY position: $28.4B (#4, 3.50%) — largest SPY % among mega-banks
- TSLA position: $18.3B (#5, 2.25%) — highest TSLA rank among banks
- QoQ AUM: -0.8% — mild decline while most peers grew
- Key insight: Goldman’s trading operations inflate SPY and TSLA holdings beyond what asset management alone would suggest
Top Holdings: The Trading Desk Shows
| Rank | Ticker | Value | Weight |
|---|---|---|---|
| 1 | NVDA | $41.8B | 5.15% |
| 2 | AAPL | $33.1B | 4.08% |
| 3 | MSFT | $28.4B | 3.50% |
| 4 | SPY | $28.4B | 3.50% |
| 5 | TSLA | $18.3B | 2.25% |
| 6 | GOOGL | $17.9B | 2.20% |
| 7 | AMZN | $17.6B | 2.18% |
| 8 | AVGO | $12.7B | 1.56% |
| 9 | META | $11.0B | 1.36% |
| 10 | VOO | $8.8B | 1.09% |
Three things stand out versus JPMorgan and Morgan Stanley: (1) SPY at #4 with the same value as MSFT, (2) TSLA at #5 — much higher than peers, (3) VOO also in the top 10 at $8.8B.
Why TSLA Ranks So High
Goldman Sachs’ 13F includes holdings from its trading desks, market-making operations, and client-facing derivative hedges — not just asset management. Tesla’s high volatility and options volume make it a frequent trading desk holding. The $18.3B TSLA position likely includes hedging inventory alongside long positions.
QoQ Decline: Against the Trend
Goldman’s -0.8% QoQ decline (from $817B to $811B) stands out in a quarter where most mega-filers grew. This may reflect trading book adjustments or client outflows from Goldman’s asset management division.
What Analysts Might Misread
“Goldman is bullish on Tesla.” The $18.3B TSLA position likely includes trading desk inventory, market-making hedges, and structured product backing — not pure long conviction. Investment bank 13Fs must be read differently from pure asset managers.
“Goldman’s $28.4B SPY is a market bet.” Likely hedging and client-facing structured product collateral, not a directional market call.
Why does Goldman Sachs hold so much TSLA?
Goldman’s trading desks and market-making operations hold significant Tesla inventory due to TSLA’s high options volume and structured product demand. This is operational, not a fundamental conviction position.
Breaking News Editor at 13F Insight. First to report on major SEC filings, institutional moves, and regulatory developments.
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