---
title: "Neuberger Berman's $134.34B Q4 Signal: Breadth Wins While Mega-Caps Lead"
type: research
slug: neuberger-berman-q4-2025-134b-breadth-over-concentration
canonical_url: https://13finsight.com/research/neuberger-berman-q4-2025-134b-breadth-over-concentration
published_at: 2026-03-22T17:30:45.409Z
updated_at: 2026-03-23T07:00:10.909Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 396
locale: en
source: 13F Insight
---

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

> 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. 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.

## FAQ

### What is Neuberger Berman's reported 13F AUM for Q4 2025?

Neuberger Berman Group LLC reported a canonical 13F AUM of $134.34B for 2025Q4.

### Which holdings are largest in Neuberger Berman's Q4 2025 filing?

The largest disclosed positions are MSFT ($5.68B), NVDA ($5.01B), AAPL ($4.41B), AMZN ($3.80B), and GOOGL ($2.97B).

### How concentrated is Neuberger Berman's equity portfolio?

Top-1 concentration is 4.5%, top-5 is 17.5%, and top-10 is 25.8%, reflecting a diversified allocation structure.

### How did Neuberger Berman's AUM change across 2025?

AUM moved from $119.40B in 2025Q1 to $136.84B in 2025Q3, then ended Q4 at $134.34B.

### Why does this filing matter for investors tracking institutional behavior?

It shows how a large manager can maintain meaningful exposure to mega-cap winners while keeping concentration risk relatively low.

---

Source: 13F Insight — https://13finsight.com/research/neuberger-berman-q4-2025-134b-breadth-over-concentration
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-03-23T07:00:10.909Z