Goldman Sachs' $811B Q4 Portfolio Puts Tesla in the Top 5 — Ahead of Alphabet, Amazon, and Meta

Goldman Sachs filed its Q4 2025 13F with $811 billion across 5,335 positions — and the portfolio's internal reshuffling is more aggressive than the flat headline number suggests. Tesla vaulted into the top 5 at $18.3 billion, ranking above Alphabet, Amazon, and Meta. Goldman pulled $11 billion from its S&P 500 ETF position and another $8 billion from QQQ. The bank's portfolio barely grew (-0.8% QoQ), but the composition changed dramatically.

TL;DR

• AUM: $811.1 billion (-0.8% QoQ, +30.6% YoY) — essentially flat after two quarters of 10%+ growth
• Top holding: NVIDIA at $41.8B (5.15%), slightly trimmed from $42.8B but still #1
• Tesla breaks top 5: $18.3B (2.25%) — above Alphabet ($17.9B), Amazon ($17.6B), and Meta ($11.0B)
• Massive ETF rotation: SPY cut by $11B (-27.9%), QQQ slashed by $7.7B (-41.6%)
• Apple surges to #2: Up 19.1% to $33.1B — leapfrogged from #4, the biggest active build
• Meta trimmed 22%: From $14.1B to $11.0B — the consistent cross-institutional pattern continues
• Concentration: Top-5 at 18.5%, Top-10 at 27.1% — higher than Morgan Stanley (15.3%)
• Growth pause: First negative QoQ quarter since Q1 2025, breaking a two-quarter acceleration streak

Filing Snapshot

Metric	Q4 2025	Q3 2025	Change
Total AUM	$811.1B	$817.4B	-$6.3B (-0.8%)
Unique Holdings	5,335	~5,300	Stable
Line Items	13,034	13,001	+33
Report Date	Dec 31, 2025	Sep 30, 2025	—
Top-5 Concentration	18.5%	~18%	+0.5 pp
WhaleScore	67.75	—	—

Tesla at #5: Goldman's Most Contrarian Bet

Tesla's rise to Goldman Sachs' fifth-largest holding at $18.3 billion is the filing's most provocative data point. No other mega-filer in our coverage — not Fidelity, not Morgan Stanley, not JPMorgan — has Tesla in their top 5.

Goldman's Tesla position displaced QQQ, which fell from #5 to #10 after a 41.6% reduction. The substitution is telling: Goldman rotated out of a broad tech ETF and into a concentrated bet on what is arguably the most volatile mega-cap in the market. At 2.25% portfolio weight, this is a conviction call, not an index-driven allocation. Tesla's Q4 2025 rally — driven by autonomous driving progress and energy storage growth — may have motivated the build, but holding $18.3B in Tesla requires deliberate risk management approval.

The $18.7 Billion ETF Exodus: Goldman Goes Active

The most striking structural change in Goldman's Q4 filing is the combined $18.7 billion reduction across two major ETFs. SPDR S&P 500 (SPY) was cut from $39.4B to $28.4B (-$11.0B), and Invesco QQQ was slashed from $18.7B to $10.9B (-$7.8B).

This isn't normal rebalancing. A nearly $19 billion shift out of passive vehicles represents a deliberate strategic decision: Goldman's investment management division is telling its clients that individual stock selection will outperform indices in 2026. The timing coincides with increased market breadth expectations — if more stocks participate in the rally beyond the Magnificent Seven, active management has a structural advantage over cap-weighted indices.

Apple's Quiet Surge: From #4 to #2 in One Quarter

Apple jumped 19.1% to $33.1 billion, climbing from the #4 position to #2. The gain was the largest percentage increase among the top five, and it came during a quarter when Apple's stock price was only modestly higher. Goldman was buying shares, not just riding price appreciation.

Goldman's Apple build aligns with what we've seen at JPMorgan (+39% from Q2) and FMR (+8.2%). The converging institutional thesis appears to be that Apple's consumer AI integration — Apple Intelligence, on-device processing, and developer ecosystem — provides a more defensible moat than cloud-based AI competitors.

NVIDIA: Still the King, But the Trim Has Started

NVIDIA remains Goldman's largest holding at $41.8 billion (5.15%), a weight roughly in line with JPMorgan (5.34%) and Fidelity (9.23%). The slight 2.2% trim is marginal — at Goldman's scale, this represents about $900 million worth of shares, likely routine profit-taking rather than a thesis change.

What's more notable is the gap between NVIDIA and #2 (Apple at $33.1B). Goldman has $8.7 billion more conviction in NVIDIA than Apple — the kind of gap that reflects a deliberate overweight, not passive drift.

Meta's Institutional Decline Accelerates

Meta fell 22.1% from $14.1B to $11.0B, continuing a pattern now documented across every major institutional filer this quarter. Fidelity cut $4.3B, Morgan Stanley trimmed 8.1%, and JPMorgan slashed 28%. Goldman's 22% reduction confirms that Meta's institutional support is eroding across the board — not just at one or two firms.

For an investor watching Meta's stock, this matters: the company's four largest institutional holders by 13F AUM all reduced positions in the same quarter. That level of coordinated selling typically creates a weight on the stock's multiple that persists until the narrative changes.

Growth Stalls: What the -0.8% Means

Goldman's first negative QoQ quarter since Q1 2025 breaks a streak that included a 19.1% jump (Q2 2025) and an 11.0% surge (Q3 2025). The -0.8% print doesn't indicate distress — it indicates that Goldman's aggressive ETF reductions offset market appreciation in individual positions.

In other words, the flat AUM isn't because Goldman is losing assets. It's because the firm actively sold $18.7 billion in ETF exposure and redeployed only a portion into individual stocks. The cash likely moved to positions outside the top 500, or to asset classes not captured in the 13F (fixed income, private credit, alternatives).

The AUM Trajectory: $414B to $811B in Three Years

Goldman Sachs' 13F AUM has nearly doubled from its $414 billion Q3 2022 trough to the current $811 billion. The growth reflects both market appreciation and Goldman's strategic pivot toward asset/wealth management under CEO David Solomon — a shift that has expanded the bank's investment management footprint alongside its traditional trading and advisory businesses.

How Goldman Compares to Other Bank-Affiliated Filers

Bank Filer	Q4 2025 AUM	Top-5	#1 Holding	Tesla Rank
JPMorgan Chase	$1.59T	18.0%	NVDA (5.3%)	#10
Morgan Stanley	$1.68T	15.3%	AAPL (3.7%)	#14
Goldman Sachs	$811B	18.5%	NVDA (5.2%)	#5

Goldman's Tesla positioning is the clear differentiator. While all three bank-affiliated filers hold NVIDIA as their top stock position, only Goldman has Tesla ranked high enough to displace traditional Big Tech names. This suggests Goldman's client base — which skews toward ultra-high-net-worth and institutional — has a higher risk tolerance than the broader wealth management client base at Morgan Stanley or JPMorgan.

Frequently Asked Questions

How large is Goldman Sachs' 13F portfolio?

Goldman Sachs Group Inc reported $811 billion in its Q4 2025 13F filing across 5,335 unique positions. While smaller than JPMorgan ($1.59T) and Morgan Stanley ($1.68T), Goldman's portfolio carries higher conviction in individual positions.

Why is Tesla ranked so high in Goldman's portfolio?

Tesla (TSLA) at $18.3 billion is Goldman's #5 holding, above Alphabet, Amazon, and Meta. This reflects Goldman's more concentrated, conviction-driven approach compared to broader wealth management platforms. Tesla's ranking replaced QQQ, which Goldman cut by 41.6%.

Did Goldman Sachs sell its ETF positions?

Goldman significantly reduced passive ETF exposure: SPY was cut $11B (-27.9%) and QQQ slashed $7.8B (-41.6%), for a combined $18.7B reduction. The capital appears to have been rotated into individual stocks and non-13F asset classes.

What is Goldman's WhaleScore?

Goldman Sachs has a WhaleScore of 67.75, reflecting its scale and filing consistency. View the full profile and quarterly history on the Goldman Sachs filer page.