13F Big Reveal | Top Institutions' Q4 US Stock Holdings Released! AI Focus Unchanged, Tech Stock Allocations Show Clear Divergence

Recently, the release of institutional investors' 13F reports has become an important channel for outsiders to understand investment trends on Wall Street.

According to U.S. SEC requirements, equity asset institutions managing over $100 million in stock assets must submit their U.S. equity holdings and relevant capital flows to the SEC within 45 days after the end of each quarter, in the form of a 13F report.

Among them, the portfolios of top investment firms such as Berkshire Hathaway, Bridgewater Associates, Baillie Gifford, and ARK Invest have drawn significant attention.Berkshire trimmed its positions in Apple and Bank of America, significantly cut Amazon, and initiated a new position in The New York Times; Bridgewater aggressively increased its stakes in NVIDIA, Amazon, and Micron Technology, among other AI-related stocks.popular stocksas well as gold stocks; Baillie Gifford showed notable divergence in its operations involving star tech stocks, adding to Alphabet while reducing NVIDIA; ARK significantly cut Tesla but remained actively involved in cryptocurrency-related stocks like Coinbase.

What signals lie behind these moves by major capital players?

Buffett’s 'swan song': Berkshire trims Apple and Bank of America, slashes Amazon, initiates a new position in The New York Times.

Berkshire Hathaway disclosed its 13F holdings report for the fourth quarter of 2025 after the market close on February 17, which was also the last 13F report under Warren Buffett's 60-year leadership. Berkshire’s total portfolio value for Q4 was approximately $274 billion, an increase of about $7 billion from $267 billion in Q3. The top ten holdings accounted for 88.26% of the total portfolio value.

Berkshire’s top five largest positions remained unchanged in Q4: $Apple (AAPL.US)$ 、$American Express (AXP.US)$、 $Bank of America (BAC.US)$ 、 $Coca-Cola (KO.US)$ 、 $Chevron (CVX.US)$。As expected, Berkshire reduced its stake in Apple and Bank of America, with Apple shares declining by 10.29 million. This marks the third consecutive quarter that Berkshire has cut its position in Apple, though it remains Berkshire's largest holding. Additionally, Berkshire initiated a new position of approximately 5.06 million shares in a traditional media company. $New York Times (NYT.US)$ After-hours trading saw the New York Times’ stock price surge more than 10% at one point.

In terms of increases, based on changes in portfolio value, Berkshire’s top five additions in Q4 were: $Chevron (CVX.US)$、 $Chubb Ltd (CB.US)$、 $New York Times (NYT.US)$、 $Domino's Pizza (DPZ.US)$、 $Lamar Advertising Co (LAMR.US)$。

On the reduction side, Berkshire’s top five reductions in Q4 were: $Apple (AAPL.US)$ 、 $Bank of America (BAC.US)$ 、 $Amazon (AMZN.US)$ 、 $Aon PLC (AON.US)$ 、 $Pool Corp (POOL.US)$ . In addition to Apple and Bank of America, Berkshire significantly reduced its stake in Amazon by 77.24%, cutting its holdings from 7.724 million shares to 2.276 million shares. Year-to-date, Amazon’s stock price has fallen by 12.85%.

It is not yet clear whether the reduction transactions were made by Buffett himself or by investment managers Todd Combs and Ted Weschler. These adjustments might also have been made to make the portfolio easier for successors to manage.

Tech stock operations diverge as Baillie Gifford simultaneously increased its stake in Google while reducing its stake in NVIDIA.

Baillie Gifford, the century-old investment giant, reported a total portfolio value of approximately $120 billion for the fourth quarter of 2025, down about 10.8% from $135 billion in the third quarter. The top ten holdings accounted for 43.4% of the total portfolio value. The decline in total value was partly due to pullbacks in some growth stocks from their highs, but also largely driven by the firm’s overall net selling strategy.

Baillie Gifford's top five holdings in Q4 were $NVIDIA (NVDA.US)$, the largest e-commerce platform in Latin America, $MercadoLibre (MELI.US)$、 $Amazon (AMZN.US)$, the Canadian e-commerce giant, $Shopify (SHOP.US)$, and the Southeast Asian internet giant, $Sea (SE.US)$。NVIDIA, despite being reduced for the second consecutive quarter (with a reduction of about 5.76% this quarter), remained the top holding. In addition to NVIDIA, Baillie Gifford also significantly cut positions in Amazon and Meta.

Notably, in Q4, Baillie Giffordsignificantly increased its position in Google, with an increase of up to 167%. This positioning complements Berkshire Hathaway’s investment logic when it established a position in Google in Q3 last year: Buffett valued Google's monopolistic moat, while Baillie Gifford is more optimistic about its cost advantage in AI custom chips and large-scale computing power.

In terms of increases, based on changes in market value of holdings, Baillie Gifford’s top five increased positions in Q4 were the public safety technology company, $Axon Enterprise (AXON.US)$ , the American healthcare giant, $Medline (MDLN.US)$ 、, the American private aerospace company $Rocket Lab (RKLB.US)$ 、 $Alphabet-A (GOOGL.US)$ andLanguage learning platform $Duolingo (DUOL.US)$。

In terms of reductions, Baillie Gifford's top five sell-downs in Q4 were led by the SaaS giant $Datadog (DDOG.US)$ 、American software company $Cloudflare (NET.US)$、 $Shopify (SHOP.US)$, German biotech company $BioNTech (BNTX.US)$and $Meta Platforms (META.US)$ 。

Riding the AI and gold rush! Bridgewater heavily increased holdings in NVIDIA and gold stocks

The world's largest hedge fund, Bridgewater, reported a total portfolio value of approximately $27.4 billion for Q4 2025, an increase of about $1.9 billion from $25.5 billion in Q3. The top ten holdings accounted for 36.33% of the total portfolio value. In Q3, Bridgewater established new positions in 191 securities, added to 450 existing positions, reduced holdings in 395 securities, and completely exited 165 positions.

Bridgewater's top five holdings in Q4 were $SPDR S&P 500 ETF (SPY.US)$ 、 $iShares Core S&P 500 ETF (IVV.US)$ 、 $NVIDIA (NVDA.US)$ , American semiconductor equipment giant $Lam Research (LRCX.US)$ , American cloud software giant $Salesforce (CRM.US)$。Among the changes, Bridgewater significantly increased its position in NVIDIA by 1.35 million shares, raising its holdings from 2.51 million shares in the third quarter to 3.87 million shares, an increase of 54%. This pushed NVIDIA back up to the third-largest holding position from the sixth largest in the previous quarter. Additionally, Bridgewater increased its stake in Amazon by 820,000 shares, from 1.12 million shares to 1.95 million shares, representing a 73% increase.

In terms of increasing positions, based on changes in the value of holdings, Bridgewater’s top five additions in Q4 were $SPDR S&P 500 ETF (SPY.US)$ 、 $Oracle (ORCL.US)$ 、 $Micron Technology (MU.US)$ 、 $NVIDIA (NVDA.US)$ 、 $Newmont (NEM.US)$ . Notably, Bridgewater also took advantage of the sharp rise in gold prices to increase its holdings in Newmont, one of the world's largest gold producers. The stock has surged approximately 234% from last year to date.

On the reduction side, Bridgewater’s top five stocks sold in Q4 were $Alphabet-A (GOOGL.US)$ 、 $Fiserv (FISV.US)$ 、 $Uber Technologies (UBER.US)$ 、 $Wells Fargo & Co (WFC.US)$ 、 $Meta Platforms (META.US)$ 。

ARK significantly reduced its Tesla holdings, potentially to cover losses from cryptocurrency-related stocks

Cathie Wood, known as the 'female version of Buffett' or 'Wood', saw her ARK’s total market value of holdings at approximately $15.1 billion in Q4 of 2025, a decrease of $1.7 billion from the previous quarter. The top ten holdings accounted for 41.72% of the portfolio.

By the end of Q4, ARK’s top five holdings were$Tesla (TSLA.US)$、 $Shopify (SHOP.US)$ 、Streaming platform$Roku Inc (ROKU.US)$、 $Coinbase (COIN.US)$and $Palantir (PLTR.US)$。Notably, all five of these top holdings experienced varying degrees of reductions. Among them, Cathie Wood made a significant reduction in Tesla during Q4, selling 675,100 shares, marking an 18.81% decrease in shareholding compared to the previous quarter. However, Tesla remains ARK's largest holding. Since Q4 2016, Tesla has ranked as the top holding in ARK's portfolio for a cumulative total of 26 quarters.

In terms of increased holdings, ARK's top five added positions in Q4 were cloud computing providers $CoreWeave (CRWV.US)$ 、 Stablecoin giant $Circle (CRCL.US)$、Cryptocurrency exchange $Bullish (BLSH.US)$ 、 $Baidu (BIDU.US)$ and $Alphabet-C (GOOG.US)$。

In terms of reduced holdings, ARK's top five reductions in Q4 were $Tesla (TSLA.US)$ , early cancer screening company $Exact Sciences (EXAS.US)$ 、 $Roku Inc (ROKU.US)$ 、 $Palantir (PLTR.US)$ and $Shopify (SHOP.US)$ 。

Additionally, 'Cathie Wood' continues to actively participate in the layout of cryptocurrency-related concept stocks, heavily investing in $Coinbase (COIN.US)$ 、 $Circle (CRCL.US)$ 、 $Bitmine Immersion Technologies (BMNR.US)$ . However, the stock performance of these three holdings was dismal in the fourth quarter. Some analysts suggest that 'Cathie Wood' might have been doubling down in the face of significant declines in Q4, with varying degrees of increased positions in the three major cryptocurrency-focused holdings.

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