Legal & General Q4 2025: $450.91B insurer leans on U.S. mega-caps
Legal & General ended 2025Q4 with $450.91B in reported 13F AUM, a 71.75 WhaleScore, and a top U.S. equity book led by NVDA, AAPL, and MSFT.
Legal & General’s U.S. book stayed enormous in 2025Q4
Legal & General Group Plc — the UK insurer and asset manager behind LGIM — ended 2025Q4 with $450.91B in reported 13F AUM, a 71.75 WhaleScore, and a canonical snapshot of 500 positions. The most important signal inside that filing is not a niche single-stock bet. It is the size of the firm’s disclosed U.S. equity book and the way that book clusters around the market’s largest technology and platform names.
The top of the portfolio is led by NVDA at $31.98B, AAPL at $30.03B, and MSFT at $24.71B. After that come AMZN, GOOGL, AVGO, GOOG, and META. For retail investors, this is a useful reminder that even a diversified global institution can show a very recognizable U.S. large-cap core in its 13F.
Legal & General top disclosed holdings — 2025Q4 ($M)
The filing reads more like a scaled allocation engine than a concentrated activist portfolio
Legal & General’s top disclosed positions are huge in dollar terms, but the weights are still relatively measured. NVDA sits at 7.53%, AAPL at 7.07%, and MSFT at 5.82%. The rest of the upper tier falls quickly into the low-single-digit range: AMZN at 3.04%, GOOGL at 2.79%, AVGO at 2.73%, GOOG at 2.29%, META at 2.23%, TSLA at 2.14%, and JPM at 1.44%.
That shape matters. A hedge fund with a similar top line might signal a high-conviction thematic swing. A manager like Legal & General looks different. The disclosed book is massive, led by liquid mega-caps, and consistent with a global institution that blends insurance balance-sheet discipline with asset-management scale. The 2025 annual report summary, the full-year results hub, and the group’s 2025 PRT market update all reinforce that broader context: Legal & General is building around retirement, institutional mandates, and long-duration capital pools, not around a short-term trading story.
| Holding | Value | Portfolio weight | Shares | Status in brief |
|---|---|---|---|---|
| NVDA | $31.98B | 7.53% | 171.47M | NEW position |
| AAPL | $30.03B | 7.07% | 110.45M | NEW position |
| MSFT | $24.71B | 5.82% | 51.09M | NEW position |
| AMZN | $12.92B | 3.04% | 55.96M | NEW position |
| GOOGL | $11.87B | 2.79% | 37.91M | NEW position |
| AVGO | $11.58B | 2.73% | 33.47M | NEW position |
| GOOG | $9.75B | 2.29% | 31.07M | NEW position |
| META | $9.46B | 2.23% | 14.33M | NEW position |
| TSLA | $9.08B | 2.14% | 20.18M | NEW position |
| JPM | $6.13B | 1.44% | 19.02M | NEW position |
The recovery arc is visible in the AUM history
The second important signal is the path of reported 13F assets over the last eight quarters. Legal & General’s disclosed U.S. equity value moved from $428.36B in 2024Q1 to $479.84B in 2024Q3, then dropped to $377.94B in 2024Q4 and $367.23B in 2025Q1. Since then the filing has rebuilt: $402.87B in 2025Q2, $445.76B in 2025Q3, and $450.91B in 2025Q4.
That matters because it shows how quickly a mega-filer’s disclosed U.S. equity exposure can expand again after a drawdown. It also helps explain why the current top-of-book matters more than the raw WhaleScore alone. Legal & General is not just large. It is large again after a recovery phase, and the recovery is being carried by the same mega-cap complex that dominates many benchmark-aware institutional portfolios.
Legal & General reported 13F AUM history
| Quarter | 13F AUM | QoQ move |
|---|---|---|
| 2024Q1 | $428.36B | — |
| 2024Q2 | $446.73B | +4.3% |
| 2024Q3 | $479.84B | +7.4% |
| 2024Q4 | $377.94B | -21.2% |
| 2025Q1 | $367.23B | -2.8% |
| 2025Q2 | $402.87B | +9.7% |
| 2025Q3 | $445.76B | +10.6% |
| 2025Q4 | $450.91B | +1.2% |
Corporate context matters more than usual for this filer
Legal & General is not a pure-play public-equity manager, so the 13F should be read alongside the company’s broader strategic disclosures. The group’s investor materials describe a business centered on Asset Management, Institutional Retirement, and Retail. Recent company communications also highlight the Blackstone partnership, the Ford pension buy-in, and the BP Pension Fund transaction.
Why does that matter to a 13F reader? Because the filing is best understood as one sleeve inside a much larger retirement-and-investment platform. The names at the top of the U.S. equity book are important, but the better read-through is institutional behavior: a large insurer-asset manager still wants a deep pool of liquid, scalable, globally dominant equities at the top of its disclosed book.
What retail investors should take away
- Scale is the first signal. A $450.91B 13F book with a 71.75 WhaleScore puts Legal & General among the most consequential institutional reporters in the dataset.
- The top holdings are familiar for a reason. NVDA, AAPL, and MSFT still dominate because the largest global institutions often need liquidity, size, and benchmark relevance.
- The recovery trend is real. Reported 13F AUM climbed from $367.23B in 2025Q1 to $450.91B in 2025Q4.
- Context beats headline chasing. For this filer, the 13F should be read next to the group’s insurance, retirement, and asset-management strategy rather than as a standalone trading diary.
Source links and further reading
- 13F Insight filer page for Legal & General
- SEC company filings page for Legal & General Group Plc
- 13f.info manager page for Legal & General
- Legal & General annual report summary 2025
- Legal & General annual report and accounts 2025 PDF
- Legal & General full-year results 2025 hub
- Legal & General 2025 full-year PRT market update
- L&G and Blackstone strategic partnership announcement
- L&G Ford pension schemes buy-in announcement
- L&G BP Pension Fund buy-in announcement
Related Research
Explore all researchSwiss National Bank reported a $168.01B 13F portfolio for Q4 2025. The filing shows how a reserve manager gets US equity exposure: passive, diversified, and overwhelmingly tilted toward mega-cap technology.
Apr 14, 2026
Amundi ended 2025Q4 with $367.99B in reported 13F AUM, a 73.00 WhaleScore, and a top disclosed U.S. equity book led by NVDA, AAPL, and MSFT.
Apr 14, 2026
CalPERS ended Q4 2025 with $174.90B in reported 13F AUM, led by a $19.81B VOO stake and heavyweight positions in Nvidia, Microsoft, Apple, and Alphabet.
Apr 14, 2026
Wellington Management ended Q4 2025 with $570.66 billion in reported 13F AUM, 7,580 positions, and a top-10 basket worth just 29.5% of the portfolio. The filing highlights how a private, independent asset manager translates platform breadth into a remarkably balanced public-equity book.
Apr 14, 2026
Fisher Asset Management reported $292.99B in Q4 2025 13F AUM, with Nvidia and Apple leading the book while iShares Treasury and corporate bond ETFs added a clear defensive sleeve.
Apr 14, 2026