JPMorgan's $1.6T Q4 2025 13F: 39 New Buys, 39 Exits, and a Sharper Risk Budget

JPMORGAN CHASE & CO filed a Q4 2025 13F showing $1.59T in reported value, and the most interesting detail is not just the size. It is the shape of the repositioning: This filing reads like a risk-budget rewrite. JPMorgan kept the mega-cap anchors, then used the rest of the quarter to cut broad beta and push capital toward more selective themes.

TL;DR

• Reported AUM: $1.59T across 31783 holdings.
• Top holding: NVIDIA CORPORATION (NVDA) at 5.3% of the portfolio.
• Fresh activity: 39 new positions and 39 complete exits versus Q3 2025.
• Biggest increase: NFLX rose 256% quarter over quarter.
• Biggest decrease: XBI fell 88% quarter over quarter.
• Whale Score: 69.00, which keeps this manager firmly in the upper tier of institutional quality screens.
• Key read-through: This filing reads like a risk-budget rewrite. JPMorgan kept the mega-cap anchors, then used the rest of the quarter to cut broad beta and push capital toward more selective themes.

Filing Snapshot

What Changed

The headline holdings already tell the story. This was a quarter built around NVIDIA CORPORATION (NVDA), MICROSOFT CORP (MSFT), APPLE INC (AAPL), AMAZON COM INC (AMZN), BROADCOM INC (AVGO). 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 39 fresh entries and 39 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 256% 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, XBI 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

This filing reads like a risk-budget rewrite. JPMorgan kept the mega-cap anchors, then used the rest of the quarter to cut broad beta and push capital toward more selective themes. 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 JPMORGAN CHASE & CO 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 JPMORGAN CHASE & CO buy in Q4 2025?

The biggest disclosed additions centered on NVDA, MSFT, AAPL, with 39 new positions overall in the filing.

What is the biggest position in JPMORGAN CHASE & CO's Q4 2025 13F?

NVIDIA CORPORATION was the largest disclosed holding at about 5.3% of the reported portfolio.

Did JPMORGAN CHASE & CO 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 18.0% of reported value.

Why does this Q4 2025 filing matter?

This filing reads like a risk-budget rewrite. JPMorgan kept the mega-cap anchors, then used the rest of the quarter to cut broad beta and push capital toward more selective themes.