Mirae Asset Q4 2025: A $36B Korean Tech-Heavy Global Book

Mirae Asset Global Investments Co., Ltd. — the US-listed equity arm of Korea's largest asset management group — reported a $36.04B 13F position at year-end 2025, spread across 2,364 disclosed lines. The portfolio reads as a hybrid: half global-mega-cap-tech overlay, half active semiconductor-supply-chain bet. The semiconductor sleeve alone — NVIDIA, Broadcom, AMD, TSMC, Micron, Texas Instruments, Lam Research, and Qualcomm — accounts for approximately 15% of disclosed AUM, with NVDA the single largest line at 7.39% of the book.

What distinguishes the Mirae filing from a generic Korea-based mega-cap overlay is the depth of the semi exposure and the absence of the BRK/A spike that surfaced in the 2026Q1 filing window (where Berkshire Class A's $725k+ per-share price distorts dollar-weight reading). The Q4 2025 book is the cleanest recent snapshot of Mirae's actual US equity sizing decisions, and the AI-infrastructure capex thesis is plainly visible across the top of the holdings table.

The AI Capex Stack Inside the Book

Mirae's top 25 lines split into three legible buckets:

The mega-cap tech anchor ($10.0B across the top 6 US tech names): NVDA $2.66B / 7.39%, AAPL $1.96B / 5.45%, MSFT $1.81B / 5.01%, GOOGL $1.40B / 3.90% (plus GOOG Class C at $0.49B / 1.35%), AMZN $1.18B / 3.27%, META $0.87B / 2.43%. This block alone is ~28% of the disclosed book and tracks the standard Korean-institutional overlay on the US technology complex.

The active semiconductor sleeve (~$5.4B, ~15% of AUM): NVDA $2.66B is the headline, but the depth is what's striking. AVGO $1.11B (3.08%), AMD $0.38B (1.06%), TSM $0.38B (1.04%), MU $0.36B (0.99%), TXN $0.24B (0.66%), LRCX $0.23B (0.65%), QCOM $0.21B (0.57%). Including the smaller secondary-tier names not shown in the top 25, the broader semi exposure approaches 18% of AUM. For comparison, a market-cap-weighted SOX index allocation would put the AI-capex sleeve at roughly 6-8% of an aggregate US large-cap book — Mirae is materially overweight the supply chain.

The passive overlay (~$1.6B): VOO $0.99B (2.75%), IVV $0.34B (0.93%), SPYM $0.23B (0.64%), TLT $0.22B (0.60%). The S&P 500 ETF allocation plus the long-Treasury TLT sleeve reads as the rates-and-beta hedge on top of the active stock-picking layer. Korean institutional managers commonly run a structural index allocation alongside active picks — this is consistent with that pattern.

Why the Semi Concentration Reads as Conviction, Not Index Drift

Three structural signals point to active conviction in the semi sleeve, not mechanical index replication:

First, the per-line weighting deviates from index weights. NVDA at 7.39% versus the S&P 500 weight of roughly 4.5%, AVGO at 3.08% versus index weight of roughly 1.6%, TSM at 1.04% (TSM isn't in the S&P 500 — it's a discretionary ADR add). Index replication doesn't produce TSM exposure at all.

Second, the supply-chain layering. The presence of LRCX (semiconductor capital equipment), MU (memory), and TXN (analog) alongside the AI compute leaders (NVDA, AMD, AVGO) is a thesis-driven combination — a bet that the AI capex cycle benefits the entire vertical, not just the GPU leaders. A passive overlay would not produce that depth of semi-vertical coverage.

Third, the absence of a SOX ETF replacement. Mirae could have implemented this sleeve via the iShares Semiconductor ETF (SOXX) or VanEck (SMH); it didn't. The single-name selection — particularly the size differentiation between NVDA (overweight) and TSM (modest) — is the analyst's pen, not the ETF's mechanical weighting.

What the AUM Trajectory Tells You

The 65-quarter Mirae filing history shows a meaningful step pattern between 2024Q1 and 2024Q2: AUM dropped from $46.07B (4,618 holdings) to $20.07B (1,784 holdings). That isn't a market crash — it's a structural change in Mirae's reporting entity, likely a split between Korean and US-tracked entities or a 13F filer-aggregation restatement. The current $36.04B book reflects the trajectory after that reset:

• 2024Q2: $20.07B (1,784 holdings)
• 2024Q3: $22.60B (1,772 holdings)
• 2024Q4: $24.63B (1,854 holdings)
• 2025Q1: $24.51B (1,871 holdings)
• 2025Q2: $28.68B (1,816 holdings)
• 2025Q3: $31.88B (2,355 holdings)
• 2025Q4: $36.04B (2,364 holdings)

The 2025 trend is unambiguous: position count expanded from 1,816 to 2,364 holdings while dollar AUM grew from $28.68B to $36.04B. That combination — broader holdings and rising aggregate value — is the signature of net inflows plus market beta. Roughly the same number of additional names, half the AUM growth attributable to mark-to-market.

The Filer Type and What It Doesn't Tell You

One disclosure note that matters: the 2026Q1 filing (where Mirae's reported value jumps to $299.33B from $36.04B with virtually the same position count) is almost certainly a reporting artifact, not an actual AUM step-change. The 2026Q1 line shows BRK/A as 88.76% of the book at $264.6B reported value — which works out to approximately 365,000 Class A shares of Berkshire Hathaway at $725k per share. Mirae did not acquire a $264B Berkshire position in one quarter; this is the dollar-value distortion that Berkshire Class A's per-share price creates when a 13F filer holds a small block of it. Investors evaluating Mirae's actual portfolio decisions should anchor on the Q4 2025 snapshot, where the position-size signal is real.

The Whale Score Context

13F Insight assigns Mirae Asset a WhaleScore of 86.25 — high on the active-conviction scale. The score reflects three filter inputs: position concentration (the top-5 holdings represent ~25% of AUM, a non-passive sizing), single-name conviction (NVDA at 7.39% versus benchmark 4.5%), and holdings turnover (the 2025 expansion in line count without dilution of top weights). These are the structural signatures of an active management book rather than an index overlay or quasi-passive product.

What to Watch in the Next 13F Cycle

• NVDA position sizing post-May 20 earnings: the Q2 2026 13F (filed mid-August 2026, 45 days post 2026-06-30) will be the first window to show whether Mirae trimmed or added on the May 20 print.
• Broadcom (AVGO) sizing: AVGO is the second-largest semi position at 3.08%. Any expansion here would signal the AI-networking-layer thesis is gaining conviction weight at Mirae.
• The 2026Q1 reporting artifact: whether 2026Q2 reverts to a clean ~$36-40B range or shows the BRK/A anomaly persisting. A correction would confirm the data-entry interpretation; persistence would suggest a different (and worth examining) reading.
• Korean-listed parent disclosures: Mirae Asset's parent company in Korea publishes consolidated AUM figures that include non-US holdings. Cross-checking the US 13F against the parent's quarterly investor materials is the cleanest way to validate whether disclosed US equity AUM is moving with the parent's broader allocation.

The Q4 2025 snapshot positions Mirae as a high-conviction global tech overlay with an unusually dense semi sleeve — the kind of book that will read as either prescient or over-concentrated depending on how the next two earnings cycles in the AI capex chain land. See Mirae Asset's full 13F position map →

For sector confluence around the AI infrastructure capex thesis, the smart-money signal feed tracks 13F adds across the supply chain in real-time as filings update. The learn library covers how to distinguish a passive-overlay book from an active-conviction filer using position-weight deviation from benchmark.