State Street's $3.0T Q4 2025 13F: Benchmark Overlap, 20 New Positions, and What Actually Matters
State Street's latest 13F mirrors the passive giants where it should, but the new-position list and rapid jumps in Netflix and ServiceNow still offer useful clues about where benchmark pressure was strongest.
State Street delivered the same basic message as Vanguard and BlackRock in Q4 2025: passive capital stayed glued to the market's largest winners. The twist is in the margin, where 20 new positions and outsized jumps in Netflix (NFLX) and ServiceNow show where benchmark pressure intensified.
At nearly $3.0T in 13F AUM, State Street is large enough that the familiar top book is the real story. NVIDIA (NVDA), Apple (AAPL), and Microsoft (MSFT) remained the three biggest holdings, while the rest of the filing helps explain how that passive baseline shifted at the edges.
TL;DR
- AUM: State Street reported about $2.98T in Q4 2025 13F AUM.
- Core book: NVDA, AAPL, and MSFT remained the three largest disclosed positions.
- Top-five weight: About 24.3% of the top book sat in the five largest holdings.
- Largest jump: Netflix shares increased 928% quarter over quarter.
- Other standout: ServiceNow shares rose 407%.
- Portfolio changes: State Street recorded 20 new positions and 20 exits in the compared slice.
What Changed
New positions included SNDK, INSM, RKLB, COHR, TWLO, ILMN, and MDB. Exits included KEL, ARE, IPG, KTOS, and CF. None of that changes the filing's basic identity. State Street still behaves like a passive benchmark translator more than an idea-generation machine.
That is what makes the sharp jumps in Netflix and ServiceNow useful. They are not best read as isolated active calls. They are evidence of where the market's leadership cohort forced its way further into large, benchmark-sensitive portfolios.
State Street Top 10 Holdings - Q4 2025 ($B)
Why The Overlap Is The Signal
When Vanguard, BlackRock, and State Street all carry the same mega-cap spine, the overlap is the insight. It tells you what the market's default equity portfolio looks like. The more interesting questions live in the deviations: which firm is adding faster, which one is trimming wrappers like SPY, and which names show up as new around the edges.
AUM Trend
State Street's 13F AUM rose from about $2.43T in Q1 2025 to $2.98T in Q4 2025. The steady climb supports the same conclusion: broad market appreciation and concentration in the leaders continued to do most of the heavy lifting.
State Street 13F AUM Trend (2023Q3-2025Q4)
Q&A
What makes State Street different from BlackRock here?
The differences are mostly in degree, not category. Both are passive-heavy baselines, but State Street's new-position list and wrapper usage can still reveal subtle implementation differences.
Why pay attention to RKLB or INSM if the top book is so stable?
Because the margin is where you can see new benchmark-sensitive exposure entering the portfolio before it becomes fully normalized.
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