Sanders Capital 2025Q3: $81B Across 47 Names, TSM at Top

Sanders Capital, LLC — Lewis Sanders' concentrated long-only equity shop — filed its 2025Q3 Form 13F-HR on November 13, 2025, reporting $81.29 billion in U.S. equity holdings across 47 positions. Five names take 43% of the book. The most striking single allocation isn't the GOOG or MSFT line every value shop carries — it's Taiwan Semiconductor (TSM) at 11.1% portfolio weight, the largest position in the filing.

For a manager whose track record traces to AllianceBernstein's deep-value franchise and whose carry-the-conviction approach is the firm's marketing line, a concentrated TSM lead is the position that decides 2025Q3's character. The book is not a tech-tilted closet index; it is a deliberately-built portfolio in which a Taiwan-listed foundry sits at the top of the conviction stack.

What the 2025Q3 filing reports

The top ten positions, with portfolio weights from the 13F-HR:

1. Taiwan Semiconductor (TSM) — $9.02B / 11.09% / 32.28M shares
2. Alphabet (GOOG) — $8.20B / 10.09% / 33.67M shares
3. Meta Platforms (META) — $6.97B / 8.58% / 9.49M shares
4. Microsoft (MSFT) — $6.36B / 7.83% / 12.28M shares
5. HCA Healthcare (HCA) — $4.55B / 5.60% / 10.68M shares
6. Seagate Technology (STX) — $4.14B / 5.09% / 17.54M shares
7. Amazon (AMZN) — $3.28B / 4.03% / 14.93M shares
8. Apple (AAPL) — $2.79B / 3.43% / 10.96M shares
9. Accenture (ACN) — $2.37B / 2.92% / 9.62M shares
10. Bank of America (BAC) — $2.34B / 2.88% / 45.37M shares

Concentration math: top 5 = 43.2% of book, top 10 = 61.5%. That is unambiguously a high-conviction structure for a publicly-disclosed long-only mandate. The 47-position count puts the manager in the middle of the active-discretionary register — narrow enough to be unmistakably stock-picking, wide enough to limit single-name blow-up risk.

The TSM read

An 11.09% portfolio weight on a foreign-domiciled foundry stock is the kind of allocation that signals a specific thesis rather than a passive overweight. Two structural reads:

• The fab thesis as a megacap-AI proxy. Sanders' top four positions are TSM, GOOG, META, and MSFT. Three of those four are direct beneficiaries of AI-driven capex; the fourth — TSM — is the manufacturing chokepoint that captures economics from all of them. Owning all four says the manager wants both the demand side and the supply chokepoint.
• Valuation discipline. TSM has historically traded at a meaningful discount to U.S. semiconductor peers on geopolitical risk grounds. A deep-value mandate that holds 11% of the book in TSM is implicitly arguing that the geopolitical discount overcompensates for the manufacturing-scale moat.

Seagate (STX) at 5.09% reinforces the hardware-supply-chain read. Combined with TSM, more than 16% of the 2025Q3 book is in semiconductor and storage hardware — a position size that would be unusual at most large active managers and is consistent with a deliberate structural conviction rather than a benchmark drift.

AUM trajectory through 2025Q3

The history reads as a single sustained uptrend with one mid-2024 wobble:

• 2024Q1: $59.90B / 42 positions
• 2024Q2: $65.28B / 45 (+9.0% QoQ)
• 2024Q3: $69.03B / 45 (+5.7%)
• 2024Q4: $68.39B / 46 (-0.9%)
• 2025Q1: $66.91B / 47 (-2.2%)
• 2025Q2: $74.49B / 47 (+11.3%)
• 2025Q3: $81.29B / 47 (+9.1%)

From 2024Q1 to 2025Q3, AUM scaled +35.7% while position count drifted from 42 to 47 — a 12% expansion in breadth against a 36% expansion in dollars. The book got materially bigger without getting materially more diversified. That is the canonical signature of a manager who is sizing into existing convictions rather than chasing the next idea.

Where Sanders' top names appear elsewhere

Cross-referencing the top positions against the broader 13F register clarifies how Sanders' 2025Q3 allocations diverge from index-tracking peers. TSM sits inside hundreds of institutional books, but at 11% concentration Sanders is in the top tier by portfolio weight, not by aggregate dollar value. GOOG, META, and MSFT are common mega-cap holds; what's distinctive is that Sanders sized them in the 7-10% range each — multiples of typical active-mandate weights.

Concentration vs the 47-name diversification floor

The 47-position count is the structural complement to the concentration narrative. With $81 billion split across 47 names, the average non-top-10 position is roughly $850 million. That figure is large enough to register as a meaningful institutional shareholder on most U.S. mid-cap and large-cap stocks, but small enough that a single-name bankruptcy or 50% drawdown would absorb less than 1% of book value. The structure is designed to support the kind of 11% TSM weight at the top without taking on existential single-name risk in the tail.

What to watch into 2025Q4

Three structural questions the 2025Q3 filing leaves open and that the next quarterly filing will answer:

1. Did the TSM weight grow or compress with the AI capex tape? Sanders' 11.09% conviction is large enough that even a held-flat share count would translate into a meaningful weight shift if TSM moved sharply against the rest of the book.
2. Did the Seagate hold continue? STX at 5.09% is the more contrarian semis adjacent — the next filing tests whether the structural conviction extends past Q3.
3. Did position count expand or contract? A 47-name book is the firm's modal structure for the last seven quarters. Movement to 50+ or below 45 would signal a structural style change.

For broader 13F context across active managers, browse the aggregate insights feed and compare against other concentrated-value mandates in the filer directory.

FAQ

What is Sanders Capital's largest position in 2025Q3?

Taiwan Semiconductor (TSM) at $9.02 billion / 11.09% portfolio weight, on 32.28 million shares. That sits ahead of Alphabet (10.09%), Meta (8.58%), and Microsoft (7.83%). Top 5 positions take 43.2% of the $81.29 billion book.

How concentrated is Sanders Capital's portfolio?

The 2025Q3 13F reports 47 positions with the top 10 taking 61.5% and the top 5 taking 43.2%. Average non-top-10 position is roughly $850 million. The structure is high-conviction at the top with a 37-name long tail to limit single-name blow-up risk.

How has Sanders Capital's AUM trended?

AUM scaled from $59.90 billion (2024Q1) to $81.29 billion (2025Q3), a +35.7% expansion. Position count drifted only modestly from 42 to 47. The pattern is consistent with sizing into existing convictions rather than chasing new ideas.