Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends.
Northern Trust Corp’s Q4 2025 13F reveals a $784B portfolio with massive accumulation in Netflix (+883% shares) and ServiceNow (+400% shares), while the core remained anchored to NVDA, AAPL, and MSFT.
Susquehanna International Group’s Q4 2025 13F reveals an $868B portfolio dominated by put-hedged ETF positions, with a massive 857% increase in Netflix shares and new gold exposure via AGQ, IAU, and Royal Gold.
LPL Financial's 13F grew from $224B to $366B in six quarters — a 63% surge. With 5,869 positions led by index ETFs, LPL's filing is a proxy for independent advisor sentiment.
Citigroup's 13F shrank from 14,658 to 12,467 positions while AUM barely changed ($224B to $227B). The bank is simplifying its equity book without losing scale.
AllianceBernstein held $317B across 3,258 positions in Q4 2025 — essentially unchanged from Q3. Nvidia, Microsoft, and Apple anchor the top, but the portfolio barely moved.
The Gates Foundation Trust recovered from $8B in Q3 to $35.4B in Q4 2025 across 23 holdings. Berkshire Hathaway remains the top position at 27.6%, Waste Management at 18.0%.
Chris Hohn's TCI Fund Management held just 9 positions worth $53.6B in Q4 2025. GE Aerospace topped the book at 27.3%, followed by Visa at 18.1% and Microsoft at 15.1%.
Bill Ackman's Pershing Square held only 11 positions worth $15.5B at year-end 2025. Brookfield Corp topped the book at 18.1%, followed by Uber at 15.9% and Amazon at 14.3%.
STATE STREET CORP looked diversified on the surface in Q4 2025, but NVDA, AAPL, MSFT still anchored the real risk budget. The top five positions reached 22.1% of reported value across 500 fetched lines.
Amundi's top holdings still read like a global mega-cap core, but the more revealing part of the filing is the new convertible and optionality sleeve around that foundation.
Nuveen still looks like a diversified mega-cap allocator in Q4 2025, but the filing also shows sharper risk-on behavior through outsized Netflix and ServiceNow increases.
State Street, Northern Trust, and Bank of New York Mellon all hold the same mega-cap leaders, but their top-ten concentration ranges from 27.7% to 31.4%.
JPMorgan, Vanguard, Capital World Investors, and FMR all own the market leaders, but their top-ten concentration ranges from 26.3% to 36.4%, creating very different portfolio behavior.
Ameriprise Financial's 11,224-position portfolio has the lowest top-5 concentration of any mega-filer at 14.8%. Netflix shares surged 943%, confirming an institutional consensus trade across $2.7 trillion in combined AUM. Salesforce built 82%.
Britain's largest asset manager holds NVIDIA at $32B and Apple at $30B in an unusually close #1/#2 race. AUM crashed $102B between Q3 and Q4 2024, then recovered. Netflix shares surged 916% — the fourth mega-filer to make this trade in Q4.
The second Capital Group division to file a massive Netflix build in Q4 2025. Capital Research Global also doubled its Applied Materials position, holds $26B in Eli Lilly, and opened a $1B position in MicroStrategy — the Bitcoin proxy.
Canada's largest bank filed a U.S. 13F with 29,036 positions, three S&P 500 ETFs in its top 5, $12.5B of its own stock (RY), and $11.9B of competitor Toronto-Dominion. Netflix shares surged 893% in one quarter.
While most mega-filers lead with NVIDIA, Capital International Investors bets biggest on Broadcom at 7.7% of portfolio. They also increased Netflix shares by 710% in Q4 2025, added $3.4B in TotalEnergies, and exited Disney entirely.
Franklin Resources — the parent of Franklin Templeton, one of the world's oldest fund families — files $408B with 14,263 positions. Its Q4 2025 13F has Microsoft over NVIDIA at #1, a massive $4B Citigroup bet, Cisco built 18%, and Exxon in the top 10. This is active management that refuses to follow the momentum crowd.
DFA — the firm that brought academic factor research to real portfolios — files 13,709 positions without a single ETF or index fund. Its Q4 2025 13F reveals a 17.9% top-5 concentration with Berkshire Hathaway, Exxon, and Visa in the top 15 — the anti-momentum portfolio built on Nobel Prize-winning research.