---
title: "Giant Filers Spread Top-Ten Exposure From 26% to 36% in Q4 2025"
type: research
slug: q4-2025-giant-filer-top-ten-breadth-spectrum
canonical_url: https://13finsight.com/research/q4-2025-giant-filer-top-ten-breadth-spectrum
published_at: 2026-03-07T04:27:15.113Z
updated_at: 2026-03-07T04:27:16.908Z
author: Marcus Chen
author_title: Senior Market Analyst
author_url: https://13finsight.com/authors/marcus-chen
word_count: 368
locale: en
source: 13F Insight
---

# 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 FilerLargest PositionTop-5 WeightTop-10 WeightRead JPMorganNVDA 5.34%18.03%26.27%Broad institutional core VanguardNVDA 6.13%22.03%31.23%Gigantic index breadth Capital World InvestorsAVGO 5.80%19.80%30.72%Curated quality-growth mix FMRNVDA 9.23%26.47%36.44%Giant concentrated growth book 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. 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.

---

Source: 13F Insight — https://13finsight.com/research/q4-2025-giant-filer-top-ten-breadth-spectrum
Author: Marcus Chen — https://13finsight.com/authors/marcus-chen
Last updated: 2026-03-07T04:27:16.908Z