FMR LLC (Fidelity) filed its Q4 2025 13F showing $1.96 trillion in reported U.S. equity value. As one of the world’s largest active managers, its filing tells a different story from the Big Three index giants.
Fidelity vs the Big Three
| Metric | Fidelity | Vanguard | BlackRock | State Street |
|---|---|---|---|---|
| AUM | $1.96T | $6.90T | $5.92T | $2.98T |
| Top-5 weight | 26.5% | 22.0% | 21.6% | 22.1% |
| Top-10 weight | 36.4% | 31.2% | 30.4% | 31.4% |
| WhaleScore | 75.50 | 75.50 | 70.25 | 70.50 |
Fidelity’s top-5 concentration is 4-5 percentage points higher than any of the Big Three. That gap represents active choice, not index mechanics.
The META Signal
Fidelity’s top five: NVDA, MSFT, AAPL, META, AMZN.
The Big Three all have AVGO (Broadcom) in their top five instead of META. That’s because Broadcom’s market cap earns it an index slot. Fidelity actively chose to overweight Meta — a bet on the advertising/AI platform story over semiconductor infrastructure.
Active Concentration as Signal
When a passive manager puts 22% into five names, that’s market structure. When an active manager puts 26.5% into five names, that’s a decision. The 4.5% difference represents billions of dollars of deliberate overweighting.
Originally published at 13finsight.com
Top comments (0)