Goldman Sachs' $811B Q4 2025 13F: 51 New Positions and a Sharp Media Rotation

GOLDMAN SACHS GROUP INC filed a Q4 2025 13F showing $811.1B in reported value, and the most interesting detail is not just the size. It is the shape of the repositioning: The eye-catching figure is the Netflix increase, but the better read is that Goldman used the quarter to rebuild multiple sleeves at once, especially in media, duration, and event-driven trades.

TL;DR

• Reported AUM: $811.1B across 13034 holdings.
• Top holding: NVIDIA CORPORATION (NVDA) at 5.2% of the portfolio.
• Fresh activity: 51 new positions and 51 complete exits versus Q3 2025.
• Biggest increase: NFLX rose 769% quarter over quarter.
• Biggest decrease: TRP fell 80% quarter over quarter.
• Whale Score: 67.75, which keeps this manager firmly in the upper tier of institutional quality screens.
• Key read-through: The eye-catching figure is the Netflix increase, but the better read is that Goldman used the quarter to rebuild multiple sleeves at once, especially in media, duration, and event-driven trades.

Filing Snapshot

What Changed

The headline holdings already tell the story. This was a quarter built around NVIDIA CORPORATION (NVDA), APPLE INC (AAPL), MICROSOFT CORP (MSFT), SPDR S&P 500 ETF TR (SPY), TESLA INC (TSLA). For a manager this large, concentration at the top matters more than the 80th position because the top sleeve is where the real view shows up.

Compared with Q3 2025, the filing shows 51 fresh entries and 51 full exits. That matters because broad turnover in a mega-book usually signals a screen change, a risk-budget change, or both. It is usually too large to dismiss as cash management noise.

The most aggressive increase among overlapping names was NFLX, up about 769% quarter over quarter. That kind of move usually means the manager wanted a cleaner expression of a theme rather than a passive carry-over.

On the other side, TRP was cut hardest. These sharp reductions often matter as much as new buys because they reveal which exposures lost priority when capital had to be reallocated.

Why It Matters

The eye-catching figure is the Netflix increase, but the better read is that Goldman used the quarter to rebuild multiple sleeves at once, especially in media, duration, and event-driven trades. For retail readers, the practical takeaway is to focus on the positions that sit near the top of the portfolio and on the names that changed by triple-digit percentages. That is where the signal is strongest.

This is also why comparing managers like Vanguard, BlackRock, and GOLDMAN SACHS GROUP INC can be so useful. Passive giants tell you what broad market ownership looks like. A filing like this tells you where a more opinionated allocator is choosing to be different.

What Analysts Might Misread

The easiest mistake is to treat every large disclosed position as a fresh bullish call. That is not always true. Some large positions are inherited, benchmark-aware, or tax-managed. The better way to read this filing is to separate stable core weights from names where size changed abruptly.

Questions Investors Are Really Asking

What did GOLDMAN SACHS GROUP INC buy in Q4 2025?

The biggest disclosed additions centered on NVDA, AAPL, MSFT, with 51 new positions overall in the filing.

What is the biggest position in GOLDMAN SACHS GROUP INC's Q4 2025 13F?

NVIDIA CORPORATION was the largest disclosed holding at about 5.2% of the reported portfolio.

Did GOLDMAN SACHS GROUP INC become more concentrated in Q4 2025?

The filing suggests a more opinionated book around the top holdings, with the five largest positions accounting for roughly 18.5% of reported value.

Why does this Q4 2025 filing matter?

The eye-catching figure is the Netflix increase, but the better read is that Goldman used the quarter to rebuild multiple sleeves at once, especially in media, duration, and event-driven trades.