Vanguard Held $423B of NVIDIA in Q4 2025, but the Filing Is Still Broader Than It Looks

Vanguard Group owned about $422.7 billion of NVIDIA at the end of Q4 2025, plus another $387.8 billion of Apple and $347.2 billion of Microsoft. Those numbers look extreme in isolation. But percentage weight tells the real story. Even with those enormous positions, Vanguard's top ten still accounted for only 31.2% of the filing. This is what gigantic breadth looks like in practice.

TL;DR

• 13F AUM: $6.90T.
• Largest holding: NVDA at 6.13%.
• Top-5 concentration: 22.03%.
• Top-10 concentration: 31.23%.
• Main read: Vanguard looks top-heavy in dollars, but not in structural portfolio risk.
• Useful comparison: FMR and JPMorgan help show how giant filers can still differ on breadth.

Filing Snapshot

Metric	Value
13F AUM	$6.90T
Largest position	NVDA at 6.13%
Top-3 weight	16.78%
Top-5 weight	22.03%
Top-10 weight	31.23%

Why the Dollar Figures Are Misleading Without Weight Context

Vanguard is the perfect example of why raw dollars can distort a 13F read. The firm owns gigantic amounts of the market's biggest winners because it is one of the largest owners of the market itself. That does not automatically make the filing a narrow bet on a handful of names.

Once you switch from dollars to percentages, the structure becomes much clearer. NVIDIA, Apple, and Microsoft are still important, but together they total 16.78%. That is meaningful, not overwhelming, for a portfolio this large.

What This Filing Actually Tells You

The useful signal is not that Vanguard likes mega-cap tech. That part is obvious. The useful signal is that even the market's most dominant winners do not erase the portfolio's breadth. In practical terms, this filing is a picture of index-scale ownership where leadership matters, but diversification still rules the structure.

Questions Investors Search For

Is Vanguard highly concentrated in NVIDIA?

No. The dollar value is enormous, but the percentage weight is still only 6.13%.

Why do the top ten matter here?

Because they show that even with massive ownership in leadership names, the portfolio still remains broad.

How should investors compare Vanguard with smaller funds?

By percentage weight and concentration, not by raw dollar size.

What is the main takeaway from this filing?

Gigantic dollar exposure does not automatically mean fragile concentration.