Wick Capital's Q4 2025 Filing Puts 23.4% Into ITOT and Builds a 46.1% Top-Five ETF Fortress

Wick Capital Partners did not file a classic stock-picker portfolio in Q4 2025. The real signal is that ITOT alone reached 23.4% of the book, while VTI, IVVB, IVV, and GBXA pushed the top five to 46.1%. That is an allocation engine, not a narrative built around a few discretionary stock calls.

TL;DR

• Top holding: ITOT at 23.4% of Q4 2025 assets.
• Top-five concentration: 46.1%, unusually high for a portfolio led by broad-market sleeves.
• AUM scale: $557.85B reported in Q4 2025.
• Breadth: 203 holdings, but the opening weights still dominate the read-through.
• Global mix: IXUS and IEFA keep international exposure visible.
• Tech sleeve: QQQM adds a defined Nasdaq tilt without turning the whole filing into a growth bet.
• Interpretation: This looks more like a rules-based wealth allocation stack than a concentrated alpha portfolio.
• What matters: Investors should read the wrapper mix, not over-interpret any single stock that appears farther down the list.

Filing Snapshot

Why the ETF Stack Is the Actual Story

Readers who jump straight to line 25 or line 40 in a filing like this usually miss the point. Wick's opening slots tell you the manager wants broad U.S. beta first, then selective global and income sleeves around it. Benchmark artifact analysis matters here because a filing can look diversified while still being defined by a handful of wrapper decisions.

That is why ITOT, VTI, IVV, and IVVB matter more than any lower-ranked single-stock line. The manager is expressing a portfolio-construction preference: core index exposure, then layered international and maturity-bucket tools. In that sense, Wick looks closer to an allocator than to the kind of single-name conviction book covered in options-heavy contrasts.

What Changed in Q4 2025

Wick added 156 new positions and exited 7. That is enough turnover to matter, but not enough to change the core read-through. The new names broadened the tool kit; they did not displace the ETF fortress already sitting at the top. In practice, that means Q4 looked like refinement, not reinvention.

The more interesting takeaway is that broad-market sleeves still dominated even after those adds. That keeps Wick in a different bucket from more classic mega-cap managers such as the giant-filer breadth spectrum, where the debate is how much of the top ten belongs to NVIDIA, Microsoft, and Amazon. Here the question is how much of the book is being outsourced to wrappers.

How to Read This Filing Correctly

There are two common mistakes. First, investors assume 203 holdings means low concentration. That is not true when one ETF is above 23% and the top five are above 46%. Second, investors assume a broad-market ETF lead means no view. Also false. Choosing ITOT over a more growth-heavy or sector-specific starting point is a view about diversification, tax efficiency, and risk budget.

The best comparison point is not a hedge fund with 20 names. It is another wealth allocator deciding how much to put into broad U.S. beta, international equity, and tactical satellite sleeves. On that lens, Wick's filing is highly opinionated.

Questions Investors May Ask

Is Wick Capital really diversified if ITOT is 23.4% of the portfolio?

It is diversified by underlying exposure, but still concentrated at the wrapper level. The correct read is diversified holdings with concentrated implementation.

Why do VTI, ITOT, and IVV all matter together?

Because using multiple broad-market ETFs can reflect platform preference, liquidity management, tax lots, or account segmentation rather than duplicate thinking.

Does QQQM make this a tech-heavy filing?

Not by itself. QQQM is a meaningful growth sleeve, but the broader stack still starts with total-market and international exposure.

What is the best internal benchmark for this filing?

Start with how to track hedge fund portfolios using 13F data, then compare Wick against more concentrated books like Norges Bank or thematic allocators already on the site.