--- title: "Pictet's $103.05B Q4 2025 U.S. Book Barely Budged. That's What Makes It Interesting." type: research slug: pictet-asset-management-q4-2025-quality-growth-core-103b canonical_url: https://13finsight.com/research/pictet-asset-management-q4-2025-quality-growth-core-103b published_at: 2026-04-11T07:51:42.176Z updated_at: 2026-04-11T07:51:45.127Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 814 locale: en source: 13F Insight --- # Pictet's $103.05B Q4 2025 U.S. Book Barely Budged. That's What Makes It Interesting. > Pictet Asset Management Holding SA kept its Q4 2025 13F book near record highs while refining, rather than abandoning, a quality-growth and healthcare-heavy portfolio. Pictet Asset Management Holding SA did not use Q4 2025 to reinvent its U.S. equity book. It used the quarter to clarify it. The Swiss private-bank and asset-management group reported $103.05B of 13F AUM, essentially flat from Q3's $103.78B, while keeping the core of the portfolio anchored in the same quality-growth franchises that have defined the AI era: NVDA, MSFT, GOOGL, AAPL, AMZN, and AVGO. TL;DR Pictet reported $103.05B of Q4 2025 13F AUM, only slightly below $103.78B in Q3. The disclosed holdings dataset used in this article totaled $98.43B, down just 1.0% quarter over quarter. Top holdings still centered on NVDA, MSFT, GOOGL, AAPL, AMZN, and AVGO. The quarter's message was subtle rotation: trims in some mature winners, adds in others, and a broader opportunity set without a break from the quality-growth template. Why a nearly flat quarter can still be revealing Pictet Asset Management Holding SA is not a tactical day-trading shop, and its filings usually need to be read with that in mind. The parent group entered 2026 highlighting record assets under management or custody of CHF 757B and CHF 19B of net new money in 2025. Against that backdrop, the U.S. 13F book did not need to swing dramatically to send a signal. The signal is that Pictet stayed close to the peak, expanded the number of holdings, and still chose to keep its heaviest disclosed bets in secular compounders rather than move defensively. That matters because Q4 2025 was a quarter when many managers were forced to choose between staying with expensive AI-linked winners or rotating harder into laggards. Pictet largely stayed with the winners, but it did so in a measured way. GOOGL and KLAC were trimmed, while AMZN and AVGO were increased. That is not capitulation on the theme. It is portfolio maintenance. Top holdings table: a quality-growth spine with healthcare ballast TickerValueWeightQoQ status NVDA$4.72B4.80%Held roughly flat MSFT$3.57B3.63%Held roughly flat GOOGL$2.69B2.74%-13% shares AAPL$2.40B2.44%Held roughly flat AMZN$2.27B2.31%+11% shares AVGO$2.18B2.22%+17% shares TMO$1.43B1.45%-15% shares META$1.13B1.14%Held roughly flat The shape of that table is classic Pictet. Technology dominates, but healthcare is not an afterthought. Thermo Fisher and LLY helped keep defensive growth in the mix, which is exactly what you would expect from a global asset manager that has spent years building thematic and multi-asset credibility, not just chasing the hottest single trade. Sector allocation table: the top book still leaned to technology, but not only technology Sector bucketValue in top 15 holdingsExamplesRead-through Technology$13.91BNVDA, MSFT, AAPL, AVGO, KLAC, CRMTechnology remained the undisputed center of gravity. Healthcare$4.47BTMO, LLY, ECL-related life-science exposurePictet kept a meaningful quality-defensive sleeve beside AI infrastructure. Communication services$3.64BGOOGL, GOOG, METADigital platform exposure remained important even with selective trims. Consumer cyclical$2.27BAMZNConsumer growth stayed in the book through global scale leaders. Other international listings$3.79BLarge non-U.S. names deeper in the visible top tierThe portfolio was broader than a pure U.S. mega-cap clone. QoQ changes table: quiet headline, meaningful calibration MoveTickerShare changeQ4 valueInterpretation IncreaseNFLX+1117%$562.3MPictet was willing to add aggressively to proven platform growth outside its very top tier. IncreaseNOW+613%$588.3MSoftware and workflow automation remained aligned with Pictet's innovation bias. IncreaseANET+311%$298.9MNetworking infrastructure linked naturally with the AI supply chain. IncreaseAEP+374%$135.5MEven utility exposure can be read as an AI-power infrastructure hedge. DecreaseKLAC-23%$1.08BPictet trimmed some semiconductor-tool exposure without leaving the theme. DecreaseGOOGL-13%$2.69BAlphabet was moderated, not abandoned. DecreaseTMO-15%$1.43BHealthcare ballast was calibrated lower, but stayed significant. The history chart makes the broader point. Pictet's reported 13F AUM rose from $90.02B in Q1 2025 to $103.78B in Q3, then slipped only modestly to $103.05B in Q4. That is not a risk-off break. It is what a mature, globally diversified allocator often looks like when it is digesting gains rather than chasing the next turn in the market. What did Pictet buy in Q4 2025? Pictet added 36 new positions in the article dataset, including CWST, HYG, EL, PRAX, ARWR, and NRG. That breadth matters. It suggests the quarter was not only about mega-cap concentration. Pictet was still probing for opportunities around the edges while keeping its largest capital commitments in proven franchises. What did Pictet sell or trim? Exits such as POOL, LULU, and IBKR show the manager cleaning up smaller positions, while the sharpest trims in FIS, EXC, and FOLD suggest Pictet was willing to recycle capital rather than let legacy names linger. The important point is that those trims did not translate into a wholesale retreat from growth leadership. Analyst takeaway Pictet's Q4 2025 filing is a good reminder that “flat” does not mean “inactive.” The manager held its U.S. 13F book near record size, broadened position count, and kept the portfolio's center of gravity in the same quality-growth and healthcare names that fit its global, research-driven identity. For readers who want a one-line summary: Pictet did not de-risk the AI era — it refined its exposure to it. Keep exploring Browse the research hub View Pictet's filer page Track Nvidia ownership Track Microsoft ownership Track Broadcom ownership ## FAQ ### What did Pictet Asset Management Holding SA own most heavily in Q4 2025? Its largest disclosed U.S. holdings were NVDA, MSFT, GOOGL, AAPL, AMZN, AVGO, TMO and META. ### Did Pictet cut or add to big technology names in Q4 2025? The filing showed mixed calibration rather than wholesale rotation: GOOGL and KLAC were trimmed, while AMZN and AVGO were increased and NVDA and MSFT were largely held steady. ### How large was Pictet's Q4 2025 U.S. 13F book? Pictet reported $103.05B of Q4 2025 13F AUM, while the summed value of the disclosed holdings dataset used in this article was $98.43B. ### What stood out about Pictet's Q4 2025 filing? The most striking feature was stability: despite near-record scale and new positions, the portfolio still revolved around quality-growth and healthcare leaders instead of an abrupt thematic rotation. --- Source: 13F Insight — https://13finsight.com/research/pictet-asset-management-q4-2025-quality-growth-core-103b Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-04-11T07:51:45.127Z