Vanguard Group.
The book · Q4 2025
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION | 2.03B | $378.0B | 5.5% | +2% |
| 2 | AAPL | APPLE INC | 1.28B | $347.7B | 5.0% | +2% |
| 3 | MSFT | MICROSOFT CORP | 644.04M | $311.5B | 4.5% | +2% |
| 4 | AMZN | AMAZON COM INC | 749.02M | $172.9B | 2.5% | −1% |
| 5 | AVGO | BROADCOM INC | 435.86M | $150.9B | 2.2% | +1% |
| 6 | GOOGL | ALPHABET INC | 471.13M | $147.5B | 2.1% | +2% |
| 7 | META | META PLATFORMS INC | 178.27M | $117.7B | 1.7% | +4% |
| 8 | GOOG | ALPHABET INC | 374.46M | $117.5B | 1.7% | +2% |
| 9 | TSLA | TESLA INC | 230.80M | $103.8B | 1.5% | +3% |
| 10 | LLY | ELI LILLY & CO | 73.93M | $79.5B | 1.2% | +1% |
Where the money is
AC read
Vanguard's most recent 13F filing reflects the structural characteristics of a passive, market-cap-weighted manager operating at enormous scale rather than an active stock-picker. With 17,690 reported positions and a Herfindahl-Hirschman Index of just 0.011, the portfolio is about as diversified as institutional filings get. The top ten holdings account for only 27.9% of reported value, and that concentration is itself an artifact of benchmark weighting rather than conviction—NVIDIA, Apple, and Microsoft each appear multiple times across the top-holdings list, which typically reflects aggregation across Vanguard's many distinct fund vehicles (index funds, ETFs, sector funds) rather than duplicate single positions. Sector exposure is led by Technology at 17.0% and Semiconductors at 12.1%, consistent with the current weighting of large-cap benchmarks like the S&P 500 and total market indexes that anchor most Vanguard products.
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