Bank of America's Q4 2025 13F reveals $1.37 trillion across 28,105 positions. The architecture: Vanguard ETFs (VTV at $26B, VUG at $23.4B, IEFA at $20.4B) serve as the portfolio's structural foundation, with individual mega-cap stocks layered on top.
This is what institutional-scale portfolio construction looks like when you're managing money for millions of clients.
The numbers
| Metric | Value |
|---|---|
| 13F AUM | $1.37 trillion |
| Position count | 28,105 |
| Top ETF: VTV (Vanguard Value) | $26.0B (1.9% weight) |
| #2 ETF: VUG (Vanguard Growth) | $23.4B (1.7%) |
| #3 ETF: IEFA (iShares Int'l) | $20.4B (1.5%) |
| Top stocks | MSFT, NVDA, AAPL |
The Vanguard ETF fortress
BofA's wealth management platform uses Vanguard ETFs as the core allocation framework:
VTV (Vanguard Value ETF) — $26B
The largest single position. VTV tracks U.S. large-cap value stocks. At $26B, this is BofA telling its millions of Merrill Lynch clients: "Value is the core."
VUG (Vanguard Growth ETF) — $23.4B
The growth complement to VTV. Together, VTV + VUG = $49.4B in a simple value/growth barbell. This is the most basic asset allocation framework: split between value and growth, adjust the ratio based on market outlook.
IEFA (iShares Core MSCI EAFE) — $20.4B
International developed markets (Europe, Australia, Far East). At $20.4B, BofA is giving clients meaningful international diversification — roughly 1.5% of the total portfolio.
The architecture pattern
Layer 1 (Foundation): VTV + VUG + IEFA = ~$70B core allocation
Layer 2 (Mega-cap overlay): MSFT, NVDA, AAPL = individual conviction
Layer 3 (Satellite): 28,000+ positions for breadth and customization
Why 28,105 positions?
BofA's position count is among the highest in the 13F database. The reason: aggregation across multiple business lines.
| Business line | Typical contribution | Position characteristics |
|---|---|---|
| Merrill Lynch wealth management | Thousands of model portfolio positions | ETF-heavy, standardized |
| Private banking (ultra-HNW) | Hundreds of custom positions | Individual stocks, concentrated |
| Institutional trading desk | Thousands of hedging positions | Short-term, flow-driven |
| Bank investment portfolio | Hundreds of positions | Conservative, income-focused |
The 28,105 positions are the sum of all these business lines. No single person manages all 28,105 — they're the aggregate of a financial institution with millions of client relationships.
What the VTV > VUG tilt signals
VTV ($26B) is larger than VUG ($23.4B). The value tilt (~53/47 value-to-growth) suggests:
- BofA's model portfolios are slightly value-overweight
- After years of growth dominance, the wealth management recommendation is tilting defensive
- Or: value clients tend to have larger accounts (higher AUM per position)
Tracking the VTV/VUG ratio over time would reveal BofA's house view on value vs. growth.
Bank vs. asset manager 13F: the key difference
Compare BofA's 13F to a pure asset manager:
| Dimension | BofA ($1.37T bank) | Dodge & Cox ($185B asset mgr) |
|---|---|---|
| Positions | 28,105 | 222 |
| ETF weight | High (VTV, VUG, IEFA) | ~0% |
| Top holding type | ETFs | Individual stocks |
| Signal per position | Very low | High |
| Useful for | Understanding platform-level allocation | Individual stock research |
BofA's 13F tells you about wealth management trends. Dodge & Cox's tells you about stock picks. Both are valuable — for different questions.
What to watch in BofA's 13F
ETF ratio shifts
- VTV/VUG ratio changing = value/growth rotation at Merrill Lynch
- IEFA weight changing = international allocation shifting
- New ETF appearances = thematic or sector bets being added to models
Individual stock additions
- When a stock like NFLX jumps 831% (previous article), it's a model portfolio event
- Large new individual stock positions = research-driven additions to the platform
Position count trends
- Growing count = more customization, possibly more clients
- Shrinking count = consolidation, possibly simplifying models
Originally published at 13F Insight
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