Vanguard's $6.9 Trillion Q4 2025 Filing: 17,686 Positions and the Index Giant That Owns 6% of Everything
Vanguard Group's Q4 2025 13F reveals $6.9 trillion across 17,686 positions with NVDA at 6.1%, AAPL at 5.6%, and MSFT at 5.0% — a near-perfect mirror of market-cap weighting that grew 3.3% QoQ.
Vanguard Group’s Q4 2025 13F filing reveals a $6.9 trillion portfolio spread across 17,686 positions — the largest single 13F filing on record and a document that effectively maps the investable U.S. equity universe.
TL;DR
- Total 13F AUM: $6.90 trillion (up 3.3% from $6.68T in Q3 2025)
- Positions: 17,686 (roughly flat from 17,690 in Q3)
- Top holding: NVIDIA (NVDA) at $422.7B (6.13% of portfolio)
- #2 holding: Apple (AAPL) at $387.8B (5.62%)
- #3 holding: Microsoft (MSFT) at $347.2B (5.03%)
- Top-5 concentration: 22.0% — dominated by mega-cap tech
- YoY AUM growth: +20.2% from $5.74T in Q4 2024
- Key signal: NVDA overtook AAPL as #1 holding, reflecting NVIDIA’s AI-driven market cap surge
Vanguard Group Top 10 Holdings — Q4 2025 ($B)
The Filing Snapshot
Vanguard Group filed its Q4 2025 13F on December 31, 2025, reporting $6.90 trillion in 13F-reportable assets across 17,686 consolidated positions. That’s a 3.3% increase from Q3’s $6.68 trillion and a 20.2% jump from Q4 2024’s $5.74 trillion.
As the world’s largest asset manager by passive fund AUM, Vanguard’s 13F is less a portfolio and more a census of U.S. public equities. The fund holds meaningful positions in virtually every S&P 500 component and thousands of mid- and small-cap names.
Top Holdings: The Magnificent Seven Dominate
Vanguard’s top 12 holdings read like a who’s who of mega-cap tech:
| Rank | Ticker | Value | Weight | Shares |
|---|---|---|---|---|
| 1 | NVDA | $422.7B | 6.13% | 2.27B |
| 2 | AAPL | $387.8B | 5.62% | 1.43B |
| 3 | MSFT | $347.2B | 5.03% | 717.9M |
| 4 | AMZN | $195.1B | 2.83% | 845.4M |
| 5 | AVGO | $167.1B | 2.42% | 482.7M |
| 6 | GOOGL | $165.6B | 2.40% | 529.0M |
| 7 | GOOG | $132.1B | 1.92% | 421.0M |
| 8 | META | $132.0B | 1.91% | 200.0M |
| 9 | TSLA | $116.4B | 1.69% | 258.9M |
| 10 | LLY | $88.1B | 1.28% | 82.0M |
Combined Alphabet (GOOGL + GOOG) = $297.7B at 4.32%, making it effectively the #3 holding behind NVDA and AAPL. The Magnificent Seven (NVDA, AAPL, MSFT, AMZN, GOOGL/GOOG, META, TSLA) collectively account for roughly 27.5% of Vanguard’s entire portfolio.
Vanguard Group AUM History (2024-2025)
AUM Trajectory: From $5.5T to $6.9T in Six Quarters
Vanguard’s 13F AUM has grown relentlessly:
| Quarter | AUM | Holdings | QoQ Change |
|---|---|---|---|
| Q3 2024 | $5.58T | 14,733 | — |
| Q4 2024 | $5.74T | 14,455 | +2.8% |
| Q1 2025 | $5.53T | 16,744 | -3.7% |
| Q2 2025 | $6.18T | 16,643 | +11.7% |
| Q3 2025 | $6.68T | 17,690 | +8.1% |
| Q4 2025 | $6.90T | 17,686 | +3.3% |
The Q1 2025 dip was the only down quarter in this stretch, coinciding with broader market weakness. Since then, four consecutive growth quarters have pushed Vanguard past the $6T, $6.5T, and now approaching $7T milestones.
Vanguard Q4 2025 — Mega-Cap vs Rest
What Analysts Might Misread
1. “Vanguard is bullish on NVDA.” No. Vanguard holds NVDA as its #1 position because NVIDIA has the largest market cap weighting in Vanguard’s index funds. This is passive allocation, not active conviction. If NVDA dropped 40%, Vanguard’s NVDA weight would mechanically shrink.
2. “17,686 positions means Vanguard is more diversified than other managers.” True in a literal sense, but the top 10 holdings still control roughly 33% of the portfolio. The long tail of 17,000+ positions each represents tiny slivers of total AUM.
3. “Vanguard’s 3.3% QoQ growth shows bullish fund flows.” The AUM change blends market appreciation with net inflows/outflows. In Q4 2025, the S&P 500 returned approximately +2.4%, meaning about two-thirds of Vanguard’s growth came from market returns, not new money.
How Vanguard Compares to Peers
Among the “Big Three” index fund managers:
- BlackRock: $5.92T (50,216 positions) — more positions but lower AUM
- State Street: $2.98T (4,288 positions) — far fewer positions, more concentrated reporting
- Vanguard: $6.90T (17,686 positions) — the AUM leader
The combined Big Three control roughly $15.8 trillion in 13F-reportable assets, representing an enormous share of U.S. public equity ownership.
What is Vanguard’s total 13F AUM in Q4 2025?
Vanguard reported $6.90 trillion in 13F-reportable assets for Q4 2025, up 3.3% from Q3 2025 and 20.2% year-over-year.
What is Vanguard’s largest holding?
NVIDIA (NVDA) at $422.7 billion, representing 6.13% of the portfolio. This overtook Apple as the #1 position.
How many stocks does Vanguard own?
Vanguard reported 17,686 consolidated positions in Q4 2025, making it one of the most broadly diversified 13F filers.
Does Vanguard’s 13F reflect active investment decisions?
Mostly no. The vast majority of Vanguard’s 13F holdings reflect passive index fund and ETF compositions. Position weights are driven by market-cap weighting, not active stock picking.
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