---
title: "Goldman Sachs' $811 Billion Q4 2025 Filing: $28.4B in SPY and $18.3B in TSLA Reveal the Trading Desk's Fingerprint"
type: research
slug: goldman-sachs-q4-2025-811-billion-spy-28-billion-trading-desk
canonical_url: https://13finsight.com/research/goldman-sachs-q4-2025-foxa-and-netflix-rotation
published_at: 2026-03-11T17:00:34.156Z
updated_at: 2026-03-23T07:00:53.954Z
author: Alex Rivera
author_title: Breaking News Editor
author_url: https://13finsight.com/authors/alex-rivera
word_count: 349
locale: en
source: 13F Insight
---

# 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 RankTickerValueWeight 1NVDA$41.8B5.15% 2AAPL$33.1B4.08% 3MSFT$28.4B3.50% 4SPY$28.4B3.50% 5TSLA$18.3B2.25% 6GOOGL$17.9B2.20% 7AMZN$17.6B2.18% 8AVGO$12.7B1.56% 9META$11.0B1.36% 10VOO$8.8B1.09% 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.

---

Source: 13F Insight — https://13finsight.com/research/goldman-sachs-q4-2025-foxa-and-netflix-rotation
Author: Alex Rivera — https://13finsight.com/authors/alex-rivera
Last updated: 2026-03-23T07:00:53.954Z