Citadel Advisors' Q4 2025 13F shows a $666 billion portfolio that got bigger but less concentrated. While most headlines focus on what hedge funds bought, the real story here is what Citadel removed.
The Numbers
- Total portfolio: $665.9B (+1.33% QoQ)
- Unique holdings: 6,510 positions
- Top-1 concentration: dropped from 7.08% to 5.93%
Biggest Adds
| Stock | Change |
|---|---|
| Alphabet (GOOGL) | +$6.63B |
| Micron (MU) | +$3.22B |
| Amazon (AMZN) | +$3.13B |
| Tesla (TSLA) | +$2.88B |
| Broadcom (AVGO) | +$2.50B |
Biggest Cuts
| Stock | Change |
|---|---|
| SPY | -$7.03B |
| QQQ | -$6.97B |
| MicroStrategy (MSTR) | -$5.66B |
| Coinbase (COIN) | -$2.80B |
| Microsoft (MSFT) | -$2.72B |
What This Means
Griffin's team rotated $14B out of broad index hedges (SPY + QQQ) and into targeted AI and semiconductor names. At the same time, they added to macro sleeves: TLT (+$1.1B), SLV (+$2.3B), DIA (+$2.3B).
The concentration de-risking is notable. When the world's largest hedge fund is actively reducing single-position dependency while growing the overall book, that's a signal about how they see risk distribution in the current environment.
Full analysis with concentration shift charts and position-level detail: 13F Insight — Citadel Q4 2025 Deep Dive
13F Insight tracks institutional 13F filings. Follow for weekly deep dives into what the smart money is doing.
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