Bank of America Q4 2025 13F has the lowest top-5 concentration of any major filer today: 11.1%%
Why Wealth Management Spreads Wider Than Indexing
| Manager Type | Example | Top-5 |
|---|---|---|
| Active conviction | BSN Capital | 61.4%% |
| Sovereign pension | EPF Malaysia | 33.6%% |
| Active giant | Fidelity | 26.5%% |
| Sovereign wealth | Norges Bank | 24.5%% |
| Index (passive) | Vanguard | 22.0%% |
| Wealth management | Morgan Stanley | 15.3%% |
| Wealth management | Bank of America | 11.1%% |
Wealth management aggregates thousands of individual client decisions.
Originally published at 13finsight.com
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