JPMorgan Chase Q4 2025 13F: $1.59T, NVDA Leads at 5.34%

JPMorgan Chase & Co filed its Q4 2025 13F with $1.59 trillion across 31,783 positions. The filing reveals a dual-engine approach: active stock picking (NVDA at 5.34%) running alongside massive ETF allocations (SPY at $30.4B).

TL;DR

Total 13F AUM: $1.59 trillion (normalized; Q3 showed anomalous $3.34T)
Positions: 31,783
Top holding: NVIDIA (NVDA) at $85.1B (5.34%)
SPY position: $30.4B (1.91%) — #7 overall
Top-5 concentration: 18.0% (NVDA, MSFT, AAPL, AMZN, AVGO)
Notable: Mastercard (MA) appears at #11 ($17.8B) — a payments conviction play
YoY AUM growth: +18.6% from $1.34T in Q4 2024

JPMorgan Chase Top 10 Holdings — Q4 2025 ($B)

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NVDA at 5.34%: Below Index but Above Wealth Managers

JPMorgan’s NVDA weight sits between passive index funds (6.1-6.2%) and wealth managers like Morgan Stanley (3.60%). This suggests a blend of index-linked products and actively managed strategies with moderate NVDA conviction.

Top Holdings

Rank	Ticker	Value	Weight
1	NVDA	$85.1B	5.34%
2	MSFT	$71.5B	4.49%
3	AAPL	$61.3B	3.85%
4	AMZN	$36.9B	2.32%
5	AVGO	$32.5B	2.04%
6	GOOG	$31.6B	1.98%
7	SPY	$30.4B	1.91%
8	META	$29.0B	1.82%
9	GOOGL	$20.2B	1.27%
10	TSLA	$20.1B	1.26%

Mastercard (MA) at $17.8B (#11) is notable — it’s the highest-ranked non-tech, non-ETF holding and reflects JPMorgan’s deep understanding of the payments ecosystem as a banking institution.

JPMorgan Chase AUM History (2024-2025)

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The Q3 Anomaly

JPMorgan’s Q3 2025 filing showed $3.34T in AUM — more than double Q2 ($1.53T) and Q4 ($1.59T). This likely reflects a one-time reporting inclusion (possibly client custody assets or a filing methodology change) that was not repeated in Q4.

What Analysts Might Misread

“JPMorgan is underweight NVDA.” At 5.34%, JPMorgan holds NVDA below pure index weight (6.1%) but above most wealth platforms. It’s a moderate position, not an underweight signal.

“The $30B SPY position is a market bet.” Large SPY holdings at bank-affiliated managers typically serve as client allocation vehicles, not directional bets. It’s infrastructure, not conviction.

What is JPMorgan’s largest holding?

NVIDIA (NVDA) at $85.1 billion and 5.34% of the portfolio in Q4 2025.

Why does JPMorgan hold so much SPY?

The $30.4B SPY position reflects JPMorgan’s asset management and private banking operations using S&P 500 ETFs as building blocks for client portfolio construction.