--- title: "Sanders Capital 2025Q3: $81B Across 47 Names, TSM at Top" type: research slug: sanders-capital-2025q3-portfolio-review canonical_url: https://13finsight.com/research/sanders-capital-2025q3-portfolio-review published_at: 2026-05-13T04:41:11.600Z updated_at: 2026-05-13T04:41:15.920Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 970 locale: en source: 13F Insight --- # Sanders Capital 2025Q3: $81B Across 47 Names, TSM at Top > Lewis Sanders' Sanders Capital filed a 2025Q3 13F at $81.29 billion across 47 positions. The top five names take 43% of the book. The most striking allocation: TSM at 11.1% portfolio weight — larger than the GOOG, META, or MSFT stake. 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 reportsThe top ten positions, with portfolio weights from the 13F-HR:Taiwan Semiconductor (TSM) — $9.02B / 11.09% / 32.28M sharesAlphabet (GOOG) — $8.20B / 10.09% / 33.67M sharesMeta Platforms (META) — $6.97B / 8.58% / 9.49M sharesMicrosoft (MSFT) — $6.36B / 7.83% / 12.28M sharesHCA Healthcare (HCA) — $4.55B / 5.60% / 10.68M sharesSeagate Technology (STX) — $4.14B / 5.09% / 17.54M sharesAmazon (AMZN) — $3.28B / 4.03% / 14.93M sharesApple (AAPL) — $2.79B / 3.43% / 10.96M sharesAccenture (ACN) — $2.37B / 2.92% / 9.62M sharesBank of America (BAC) — $2.34B / 2.88% / 45.37M sharesConcentration 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 readAn 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 2025Q3The history reads as a single sustained uptrend with one mid-2024 wobble:2024Q1: $59.90B / 42 positions2024Q2: $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 elsewhereCross-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 floorThe 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 2025Q4Three structural questions the 2025Q3 filing leaves open and that the next quarterly filing will answer: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.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.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.FAQWhat 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. ## 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 in 2024Q1 to $81.29 billion in 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. ### Why does Sanders Capital hold so much Taiwan Semiconductor? TSM is the manufacturing chokepoint for the AI capex cycle that drives Sanders' top mega-cap positions (GOOG, META, MSFT). The 11.09% allocation captures supply-chain economics alongside the demand-side exposure, and reflects the firm's deep-value bias against TSM's historical geopolitical discount. --- Source: 13F Insight — https://13finsight.com/research/sanders-capital-2025q3-portfolio-review Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-13T04:41:15.920Z