TD Capital's $1.12T Q4 Filing Is an Index Fortress With Tactical Netflix and ServiceNow Adds
TD Capital Management kept ITOT, VTI, BSV, and IVV at the center of the book, but Q4 2025 still carried a tactical growth message: Netflix up 881%, ServiceNow up 449%, Oracle up 274%.
TD Capital Management still looks like an index allocator at first glance. ITOT, VTI, BSV, and IVV dominate the top bucket, and the top five total 39.1% of the filing. But below that surface, Q4 2025 included a strong tactical growth message: Netflix shares rose 881.5%, ServiceNow rose 449%, and Oracle rose 274.1%.
TL;DR
- 13F AUM: $1.12T across 300 positions.
- Core structure: Broad-market ETFs and fixed income still lead the filing.
- Top holding: ITOT at 17.9%.
- Top-5 concentration: 39.1%.
- Fastest risers: NFLX, NOW, ORCL, and XLE.
- Takeaway: TD Capital is using a benchmark-heavy core and then tilting it with selective growth and energy trades.
Filing Snapshot
| Metric | Value |
|---|---|
| Report quarter | 2025 Q4 |
| 13F AUM | $1.12T |
| Positions | 300 |
| Top-1 weight | 17.9% |
| Top-5 weight | 39.1% |
| Largest tactical riser | Netflix +881.5% |
TD Capital Top Holdings - Q4 2025 ($B)
The Portfolio Still Starts With Beta
ITOT, VTI, BSV, and IVV tell you TD Capital still believes in broad, liquid exposures at the center of the book. This is not a manager trying to pick 12 heroic stocks. The foundation is still benchmark exposure and duration management.
What makes the filing interesting is the tactical overlay. Large percentage increases in Netflix, ServiceNow, Oracle, TSMC, and XLE reveal where the active judgment sits.
What the Adds Say About TD Capital
This is not a pure tech trade. The firm increased software and digital platform exposure through NOW and Oracle, semiconductor exposure through TSMC, and energy exposure through XLE. That combination looks more like a pragmatic growth-and-cash-flow tilt than a one-theme gamble.
TD Capital Fastest Share Increases vs Q3 2025 (%)
What To Watch
- Netflix durability: A nearly 9x share increase deserves follow-up next quarter.
- ServiceNow and Oracle: These will show whether TD Capital wants more enterprise software exposure.
- Energy sleeve: XLE says the portfolio is not tech-only.
- Bond balance: The interaction of BSV, BND, and LDUR still defines the defensive side of the book.
Questions Investors Search For
Is TD Capital mostly ETFs?
Yes. The top of the filing is dominated by broad index and bond ETFs.
Why is Netflix the main signal?
Because the share increase was so large that it stands out even inside a benchmark-heavy book.
What kind of active tilt did TD Capital add?
Growth software, semiconductors, and energy, layered on top of broad beta.
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