Marshall Wace’s $109.85B Q4 2025 Surprise: A 22.13% IVV Position Towers Over Mega-Cap Bets

Marshall Wace, LLP ended Q4 2025 with $109.85B in 13F assets, but the real headline is concentration asymmetry: IVV alone sits at $22.23B and 22.13% of reported holdings, while the rest of the top positions are each below 3%.

TL;DR

• Scale: Q4 2025 canonical 13F AUM is $109.85B with 500 positions.
• Dominant line: IVV is $22.23B and 22.13% of the portfolio.
• Next tier: VOO, NVDA, and AMZN cluster near 2.8% each.
• Top-5 concentration: approximately 32.4%.
• Trajectory: AUM rises from $65.67B in ’24 Q1 to $109.85B in ’25 Q4.
• Breadth signal: history holdings count reaches 6,074 in Q4 2025.
• Read-through: this is an indexed core with selective mega-cap overlays, not a pure concentrated stock picker.

Filing Snapshot: Q4 2025

Filer: MARSHALL WACE, LLP. Canonical AUM is $109.85B, holdings value sum is $100.46B, and WhaleScore is 73.00. In a quarter when many funds broadcast stock-level conviction, Marshall Wace’s footprint reads more like a barbell between index efficiency and selective growth participation.

The 22.13% IVV Anchor Is the Story

At this scale, the biggest interpretation error is chasing row-level labels instead of allocation geometry. The usable signal is that IVV dwarfs the rest of the top book, while NVDA, AMZN, AAPL, and MSFT are meaningful but much smaller sleeves.

That structure can dampen idiosyncratic stock risk while preserving upside participation in large-cap leadership. It also means tactical interpretation should be framed around index core sizing, not isolated single-name moves.

AUM Expansion Stayed Intact After the Early-2025 Dip

The historical series shows a brief pullback from $83.18B in ’24 Q4 to $78.77B in ’25 Q1, followed by three consecutive gains to $109.85B in ’25 Q4. Holdings breadth also climbed, finishing at 6,074. Together, those numbers suggest the manager scaled exposures with increasing breadth rather than narrowing risk into fewer names.

Why This Matters for Monitoring Q1 2026

If IVV remains above 20% in coming filings, Marshall Wace likely continues to use an explicit beta anchor with tactical satellites. If that share compresses, it may signal rotation toward more active dispersion. Either way, the core insight is concentration hierarchy—one dominant anchor, then a flatter mega-cap stack.

Related context from the research hub: Jane Street’s ETF-liquidity model and Janus Henderson’s concentrated single-name posture.

Q&A

What did Marshall Wace report in Q4 2025?

Marshall Wace reported canonical 13F AUM of $109.85B with 500 positions for quarter 2025Q4.

What is the largest holding in Marshall Wace’s filing?

IVV is the largest position at $22.23B, representing 22.13% of reported holdings value.

How concentrated are Marshall Wace’s top five positions?

The top five holdings account for roughly 32.4% combined, with IVV as the dominant component.

Did Marshall Wace grow AUM through 2025?

Yes. The history series rises from $78.77B in ’25 Q1 to $109.85B in ’25 Q4.

How should readers treat “NEW position” labels in this output?

For large filers, those labels can be technical artifacts; concentration, sizing, and cross-quarter structure are more reliable signals.