Groupama Asset Management — one of France's largest institutional investors — just filed a Q4 2025 13F that stands out even in a quarter full of dramatic filings.
The Numbers
- AUM: ~$6.83T across 432 holdings
- New positions: 254 added in a single quarter
- Exits: Only 32
- Top-5 concentration: 27.8% (MSFT, NVDA, AAPL, GOOGL, MU)
Adding 254 positions in one quarter is rare. Most institutional filers make incremental changes — 10-30 new names is typical. This looks like a full portfolio reset.
Cross-Filer Convergence
The core allocation tells the real story — same names as EPF (Malaysia), same names as most major filers this quarter. European institutional money is rotating heavily into U.S. AI infrastructure names.
The Analytical Signal
- Core overlap: Ignore the 254 new tail positions. The top-10 holdings drive performance.
- Cross-filer validation: When multiple unrelated filers independently converge, that's institutional consensus.
- Next-quarter stability: Watch whether 254 new positions stick or get trimmed.
Originally published at 13finsight.com
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