§ 13F · FUND PROFILE
Geode Capital Management.
Geode Capital Management is a Boston-based investment firm that serves as a sub-advisor for Fidelity's index funds, managing approximately $1.43 trillion in assets across over 8,400 positions using passive indexing strategies. The firm is known for its quantitative approach to index fund management and its role in providing cost-effective market exposure through systematic replication of various market benchmarks.
AUM · $1426680.4T (13F)Positions · 8497Turnover · 97% · Q4Filed · Feb 9, 2026
CONCENTRATION
30%
Top 10 holdings
NEW BUYS
+259
+$1154.0T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → MEDIA
-1pp · +1pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 9, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORP | 519.89M | $96593.7T | 6.0% | +701% |
| 2 | AAPL | APPLE INC | 316.03M | $85613.8T | 5.3% | +698% |
| 3 | MSFT | MICROSOFT CORP | 161.45M | $77816.3T | 4.8% | ±0% |
| 4 | AMZN | AMAZON.COM INC | 196.99M | $45259.8T | 2.8% | ±0% |
| 5 | GOOGL | ALPHABET INC-CL A | 129.22M | $40314.6T | 2.5% | +712% |
| 6 | AVGO | BROADCOM INC | 97.80M | $33731.7T | 2.1% | +1% |
| 7 | META | META PLATFORMS INC-CLASS A | 46.49M | $30566.6T | 1.9% | +696% |
| 8 | GOOG | ALPHABET INC-CL C | 94.52M | $29508.7T | 1.8% | +639% |
| 9 | TSLA | TESLA INC | 57.65M | $25805.9T | 1.6% | ±0% |
| 10 | LLY | ELI LILLY & CO | 17.51M | $18750.6T | 1.2% | +717% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other46.2% (±0)
Technology17.6% (−1pp)
Semiconductors12.7% (±0)
Media8.8% (±0)
Retail6.8% (±0)
Financial Services6.4% (±0)
§ 03 · THE GEODE SIGNAL
AC read
Geode Capital Management's recent 13F filing reveals the complex mechanics of managing massive passive index portfolios, with the firm's $1.43 trillion in assets spread across an extraordinarily diversified 8,497 positions. Despite being classified as a passive manager, the quarterly turnover rate of 97% appears paradoxical but reflects the intensive operational requirements of maintaining precise index tracking across multiple benchmark strategies. The firm added 259 new positions this quarter while notably exiting zero holdings, suggesting continuous refinement of index replication rather than strategic position changes.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+259 buys · −0 exits · 8013 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed