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

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.

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.

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.