Giant Filers Spread Top-Ten Exposure From 26% to 36% in Q4 2025
JPMorgan, Vanguard, Capital World Investors, and FMR all own the market leaders, but their top-ten concentration ranges from 26.3% to 36.4%, creating very different portfolio behavior.
JPMorgan, Vanguard, Capital World Investors, and FMR all hold the market's obvious leaders in Q4 2025. That is not the interesting part. The interesting part is how differently they distribute those leaders inside the total book. JPMorgan's top ten are only 26.27% of assets, while FMR's top ten reach 36.44%. Same names, different breadth.
TL;DR
- Broadest top-ten structure: JPMorgan at 26.27%.
- Most concentrated of the four: FMR at 36.44%.
- Middle ground: Capital World Investors at 30.72% and Vanguard at 31.23%.
- Main lesson: Ticker overlap does not tell you enough. Breadth still changes how the same leadership cohort influences outcomes.
- Use with: our top-ten breadth guide and our overlap guide.
Comparison Snapshot
| Filer | Largest Position | Top-5 Weight | Top-10 Weight | Read |
|---|---|---|---|---|
| JPMorgan | NVDA 5.34% | 18.03% | 26.27% | Broad institutional core |
| Vanguard | NVDA 6.13% | 22.03% | 31.23% | Gigantic index breadth |
| Capital World Investors | AVGO 5.80% | 19.80% | 30.72% | Curated quality-growth mix |
| FMR | NVDA 9.23% | 26.47% | 36.44% | Giant concentrated growth book |
Top-5 vs Top-10 Concentration Across Giant Filers (%)
Why Top-Ten Breadth Is the Better Comparison Here
Top-five concentration is useful, but top-ten breadth does a better job of showing how much room still exists outside the headline names. That is especially important when all four managers own the same elite technology cohort. If you stop at ticker overlap, the funds look similar. If you look at top-ten breadth, the differences become much clearer.
JPMorgan is the broadest of the four. FMR is the narrowest. Vanguard and Capital World Investors sit in the middle, but for different reasons: Vanguard because of sheer index breadth, Capital World because of a curated mix that still includes non-obvious positions like Philip Morris.
Largest Position Weight Across Giant Filers (%)
What Investors Should Actually Compare
When giant funds own the same leadership names, compare three things: largest-position weight, top-five concentration, and top-ten breadth. That combination tells you whether a filing behaves like a map of the market or a giant version of a conviction portfolio.
Questions Investors Search For
Do giant funds all look the same because they own NVIDIA and Microsoft?
No. The same names can sit inside very different concentration structures.
Which of these four funds is broadest?
JPMorgan, based on top-ten concentration.
Which is most directional?
FMR, because its largest position and top-ten concentration are both the heaviest of the group.
Why does top-ten breadth matter?
Because it captures how much of the portfolio still lives outside the obvious market leaders.
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