Wellington Management Q4 2025: $571B Giant Makes Bold Bets on DoorDash and Netflix

Wellington Management is one of the largest privately held investment managers in the world, and its Q4 2025 13F filing shows why it remains a force in active management. With $570.7 billion in reported AUM across 7,580 holdings, Wellington’s portfolio is both enormous in scale and remarkably active beneath the surface — featuring a near-sevenfold increase in DoorDash shares and a sixfold build in Netflix.

Scale Meets Conviction: $571 Billion Across 7,580 Positions

Wellington’s portfolio dwarfs most institutional filings. At 7,580 line items covering 1,878 unique holdings, it’s one of the broadest 13F filings in the market. The top five holdings — NVIDIA (4.6%), Microsoft (4.1%), Apple (3.7%), Alphabet (3.1%), and Broadcom (2.9%) — combine for roughly 18.5% of the portfolio.

That level of top-five concentration is notably lower than many large-cap managers. For comparison, T. Rowe Price’s top five holdings represent over 27% of its book. Wellington’s flatter distribution reflects a firm that runs dozens of independently managed strategies, each with its own investment thesis.

Beyond the mega-cap core, Wellington maintains significant positions in healthcare (Eli Lilly at 2.5%, Merck at 1.6%) and financials (Wells Fargo at 1.2%, Mastercard at 1.4%), giving the portfolio a more balanced sector mix than pure tech-heavy peers.

DoorDash: +593% — The Biggest Conviction Build

The standout move in Wellington’s Q4 filing is the massive accumulation of DoorDash shares. Wellington increased its position from 790,949 shares to 5,481,693 shares — a +593% increase that took the position from $215 million to $1.24 billion.

DoorDash has evolved from a pandemic-era food delivery play into a broader local commerce platform. With expanding grocery delivery, advertising revenue, and international growth, the company’s unit economics have improved dramatically. Wellington’s massive build suggests the firm sees DoorDash transitioning from a high-growth story to a durable-margin business — the kind of inflection point that active managers live for.

Netflix: +560% — Streaming Conviction Goes Cross-Firm

Wellington’s +560% increase in Netflix shares (from 3.19 million to 21.05 million) echoes a similar move by T. Rowe Price in the same quarter. The position grew from $3.82 billion to $1.97 billion in value — a decline in per-share value but a massive increase in share commitment.

When two of the largest active managers independently make the same outsized bet in the same quarter, it’s worth paying attention. Netflix’s ad tier maturation, pricing power, and expanding content slate are creating a compelling earnings trajectory that clearly resonated across institutional research teams.

Nutrien: +440% — A Contrarian Agriculture Play

Perhaps the most surprising build is Wellington’s +440% increase in Nutrien, the world’s largest crop nutrient producer. Shares rose from 3.02 million to 16.34 million, taking the position to just over $1 billion.

Nutrien has been out of favor as fertilizer prices normalized from their 2022 highs. Wellington’s aggressive accumulation at depressed levels signals a contrarian thesis — likely betting on a cyclical recovery in agricultural input prices or Nutrien’s retail distribution network providing more stable earnings than the market is pricing in.

Boeing and Exact Sciences: Aggressive Exits

Wellington didn’t just buy aggressively — it sold with equal conviction:

• Boeing (BA): Slashed 75%, from 5.24 million shares ($1.13B) to just 1.31 million shares ($284M). Boeing’s ongoing quality control issues, regulatory scrutiny, and production delays appear to have exhausted Wellington’s patience.
• Exact Sciences (EXAS): Cut 73%, from 5.33 million shares ($291M) to 1.43 million shares ($146M). The diagnostics company has faced competitive headwinds in its cancer screening business.

The asymmetry between the buys and sells is telling. Wellington redeployed capital from legacy industrial (Boeing) and challenged biotech (Exact Sciences) into consumer technology platforms (DoorDash, Netflix) and contrarian value plays (Nutrien). That’s a portfolio actively being repositioned for the next cycle.

AUM Trajectory: Recovery and Stabilization

Wellington’s 13F-reported AUM has followed a steady recovery arc from its 2022–2023 lows. From $499.5 billion in Q3 2023, the portfolio grew to $571.3 billion in Q3 2025 before ticking down marginally to $570.7 billion in Q4 2025 — essentially flat quarter-over-quarter.

The year-over-year comparison is more revealing: Q4 2025’s $570.7 billion represents a 4.5% increase from Q4 2024’s $546.2 billion. The holdings count peaked at 7,635 in Q3 2025 before pulling back to 7,580, suggesting modest position consolidation.

Wellington vs. the Index Giants

Wellington’s filing underscores the difference between active and passive management at scale. While index funds mechanically mirror the market, Wellington’s 70 new positions and 70 full exits in Q4 alone represent active portfolio construction. The firm rotated approximately 1.8% of its positions while maintaining a stable overall count.

The mega-cap tech exposure at the top of the portfolio looks index-like, but the action below the surface — the DoorDash accumulations, the Nutrien builds, the Boeing exits — reveals genuine active decision-making. At $571 billion, Wellington proves that scale doesn’t have to mean passivity.

For a full breakdown of Wellington’s 7,580 holdings and quarterly changes, explore the complete Wellington Management portfolio on 13F Insight →