State Street's $2.98 Trillion Q4 2025 Filing Packs Into Just 4,288 Positions — the Big Three's Most Compact Book
State Street reports $2.98T across only 4,288 positions in Q4 2025 — a fraction of BlackRock's 50,216 and Vanguard's 17,686. The Big Three's custodian giant shows you don't need breadth to move trillions.
State Street Corp filed its Q4 2025 13F with $2.98 trillion across just 4,288 positions. In a world where BlackRock files 50,216 lines and Vanguard files 17,686, State Street’s compact reporting stands out.
TL;DR
- Total 13F AUM: $2.98 trillion (up 3.4% from $2.88T in Q3 2025)
- Positions: 4,288 — smallest of the Big Three by far
- Top holding: NVIDIA (NVDA) at $184.9B (6.20%)
- Top-3 concentration: 16.7% in NVDA, AAPL, MSFT
- YoY AUM growth: +17.6% from $2.53T in Q4 2024
- Average position size: $695M vs BlackRock’s $118M and Vanguard’s $390M
- Key insight: State Street’s reporting consolidation means each line item carries 7x the average weight of a BlackRock position
State Street Top 10 Holdings — Q4 2025 ($B)
Top Holdings: Identical Names, Identical Weights
| Rank | Ticker | Value | Weight |
|---|---|---|---|
| 1 | NVDA | $184.9B | 6.20% |
| 2 | AAPL | $164.2B | 5.51% |
| 3 | MSFT | $148.1B | 4.97% |
| 4 | AMZN | $89.7B | 3.01% |
| 5 | GOOGL | $71.5B | 2.40% |
| 6 | AVGO | $65.8B | 2.21% |
| 7 | META | $60.0B | 2.01% |
| 8 | GOOG | $58.7B | 1.97% |
| 9 | TSLA | $51.7B | 1.73% |
| 10 | JPM | $40.4B | 1.35% |
The NVDA weight (6.20%) is slightly higher than both Vanguard and BlackRock (both 6.13%), suggesting State Street’s SPDR fund family has marginally different weighting mechanics or timing.
State Street AUM History (2024-2025)
Why So Few Positions?
State Street consolidates more aggressively in its 13F reporting. While BlackRock reports individual ETF sleeve holdings separately (resulting in 50,000+ lines), State Street groups related holdings. The result: fewer lines, but each carrying substantially more weight.
Average position size comparison among the Big Three:
- State Street: $695 million per position
- Vanguard: $390 million per position
- BlackRock: $118 million per position
AUM Trajectory
State Street has grown steadily from $2.46T in Q3 2024 to $2.98T in Q4 2025 — a 21.3% gain over six quarters. The position count has remained remarkably stable, ranging from 4,260 to 4,297 throughout this period.
What Analysts Might Misread
“State Street is less diversified than peers.” The 4,288 positions still cover virtually every S&P 500 component and thousands of mid-caps. The lower count reflects reporting methodology, not investment scope.
“State Street trails the Big Three.” At $2.98T, State Street is firmly the #3 index manager. The gap to Vanguard ($6.90T) is large, but State Street’s custodian and ETF business extends well beyond 13F-reportable equity assets.
How big is State Street’s 13F portfolio?
$2.98 trillion in Q4 2025, with 4,288 positions. It’s the smallest of the Big Three by AUM but carries the highest average position size.
What is State Street’s top holding?
NVIDIA (NVDA) at $184.9B and 6.20% weight — slightly above both Vanguard’s and BlackRock’s NVDA allocations.
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