State Street's Q4 2025 filing completes the Big Three picture. All three of the world's largest index fund managers have now filed, and the convergence is remarkable.
The Big Three Comparison
| Metric | Vanguard | BlackRock | State Street |
|---|---|---|---|
| AUM | $6.90T | $5.92T | $2.98T |
| Holdings (fetched) | 500 | 500 | 500 |
| Top holding | NVDA (6.1%) | NVDA (6.1%) | NVDA (6.2%) |
| Top-5 weight | 22.0% | 21.6% | 22.1% |
| Top-10 weight | 31.2% | 30.4% | 31.4% |
| WhaleScore | 75.50 | 70.25 | 70.50 |
$15.8 trillion. Same five names: NVDA, AAPL, MSFT, AMZN, AVGO. Top-5 concentration within a 0.5% band across all three. These aren't making the same bet — they're reflecting the same market.
Originally published at 13finsight.com
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