Every major institutional filer leads their Q4 2025 portfolio with NVIDIA. Capital International Investors breaks the pattern — Broadcom sits at #1 with $49.1B (7.7% of a $638B portfolio).
The Contrarian Bet
| Metric | Detail |
|---|---|
| AUM | $638B across 454 holdings |
| #1 Position | AVGO (Broadcom) at $49.1B / 7.7% |
| Biggest Add | NFLX +710% in shares (→ $2.5B position) |
| New Position | TTE (TotalEnergies) at $3.4B |
| Full Exit | DIS (Disney) — complete liquidation |
Why Broadcom Over NVIDIA?
While consensus piles into NVIDIA for GPU dominance, Capital International sees the bigger play in AI networking infrastructure. Broadcom’s custom ASIC business and networking silicon are the connective tissue of AI data centers — potentially less cyclical than GPU demand.
The Netflix/Disney Swap
Increasing Netflix 710% while completely exiting Disney in the same quarter is a pure streaming winner-take-most thesis.
The Data Signal
When a top-20 filer diverges this sharply from consensus, track these positions over the next 2-3 quarters to see if conviction builds or reverses.
Originally published at 13finsight.com
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