Goldman Sachs' $811 Billion Q4 2025 Filing: $28.4B in SPY and $18.3B in TSLA Reveal the Trading Desk's Fingerprint

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.