13F Insight

Neuberger Berman's $134.34B Q4 Signal: Breadth Wins While Mega-Caps Lead

Sarah Mitchell

Neuberger Berman Group LLC reported $134.34B in Q4 2025 with only 17.5% in its top five holdings, highlighting a broad allocation model instead of concentrated single-name risk.

Neuberger Berman Group LLC entered Q4 2025 with $134.34B in reported 13F AUM, but the sharper takeaway is portfolio architecture: the fund keeps meaningful allocations to Microsoft (MSFT), NVIDIA (NVDA), and Apple (AAPL) while limiting top-5 concentration to just 17.5%. In a market that rewards leadership stocks, this is a breadth-first implementation of a mega-cap thesis.

TL;DR

  • Quarter: 2025Q4
  • Canonical AUM: $134.34B
  • Holdings value sum: $125.15B
  • Positions: 500
  • Top holding: MSFT at $5.68B (4.54%)
  • Top-5 concentration: 17.5%
  • AUM path: $119.40B (2025Q1) to $134.34B (2025Q4)
  • Signal: broad risk distribution with large-cap quality tilt

Filing Snapshot

Neuberger Berman Group LLC reported $134.34B in canonical Q4 2025 13F AUM and 500 positions with a WhaleScore of 74.25. The filing combines scale and diversification — a profile that tends to hold up better when leadership rotates across sectors rather than staying in one cluster.

Metric Value
Canonical AUM $134.34B
Holdings value sum $125.15B
Positions 500
Top-1 concentration 4.5%
Top-5 concentration 17.5%
Top-10 concentration 25.8%

Top Holdings: High-Quality Leaders, Controlled Weights

The top cluster — MSFT, NVDA, AAPL, AMZN, and GOOGL — shows a quality-growth preference without crowding risk into one or two names. That makes this book easier to rebalance if macro conditions or earnings dispersion shift in 2026.

Neuberger Berman Group LLC Top Holdings — 2025Q4 ($B)

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AUM Trend: Rebound, Then Controlled Pullback

Neuberger’s AUM trajectory dipped to $119.40B in 2025Q1, recovered to $136.84B in 2025Q3, and settled at $134.34B in 2025Q4. The mild Q4 easing after a strong Q3 can indicate active risk calibration rather than structural weakness.

Neuberger Berman Group LLC AUM History

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Why This Matters

For investors tracking institutional positioning, this filing is a useful template for balancing conviction and resilience: keep large exposure to market leaders, but avoid overloading top-name concentration. Compare this setup with other scale managers on MFS, Vanguard, and D. E. Shaw.

Q&A

How large is Neuberger Berman’s Q4 2025 13F portfolio?

The canonical 13F AUM is $134.34B for Q4 2025.

What are the top disclosed holdings?

MSFT ($5.68B), NVDA ($5.01B), AAPL ($4.41B), AMZN ($3.80B), and GOOGL ($2.97B) lead the filing.

Is the portfolio highly concentrated?

Not relative to its size. Top-5 concentration is 17.5%, indicating broad diversification.

Did AUM rise over the year?

Yes. After a Q1 trough at $119.40B, AUM moved higher into Q3 and ended Q4 at $134.34B.

What does this filing imply for market positioning?

It suggests a large manager can keep a mega-cap growth bias while maintaining flexibility through diversified position sizing.

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