Envestnet Asset Management filed Q4 2025 with $337.09 billion and a top-5 concentration of just 14.27%. The largest holding: iShares S&P 500 ETF (IVV) at 6.17%. Other top names: BlackRock factor ETFs (DYNF) and value ETFs (IVE).
14.27% in the top 5. That's roughly half the S&P 500's natural concentration. This might be the most diversified major filing in the entire 13F database.
The filing
| Metric | Value |
|---|---|
| 13F AUM | $337.09B |
| Top holding | IVV (iShares S&P 500) at 6.17% |
| Top-5 concentration | 14.27% |
| Other top holdings | DYNF (factor ETF), IVE (value ETF) |
| New positions | 33 |
| Filer type | RIA technology platform / model portfolio provider |
What Envestnet is
Envestnet is NOT a traditional asset manager. It's a technology platform that powers thousands of independent financial advisors:
- Platform: Provides portfolio management technology, research, and model portfolios to ~110,000 financial advisors
- AUM model: Advisors use Envestnet's platform to manage client assets — the $337B reflects aggregated client portfolios
- Revenue: Fees on assets managed through their platform, not traditional fund management fees
The 13F represents what ~110,000 advisors collectively hold for their clients through Envestnet's platform.
Why 14.27% top-5 is remarkable
| Filer | Top-5 concentration | What drives it |
|---|---|---|
| Berkshire | ~50%+ | Extreme conviction |
| EPF (Malaysia) | 33.6% | AI conviction |
| CalPERS | ~top heavy with VOO | ETF anchor |
| S&P 500 | ~25% | Market cap weighted |
| DFA | <20% | Anti-concentration |
| Envestnet | 14.27% | Platform diversification |
| First Trust | 7.55% | Screen/basket |
Envestnet at 14.27% is LOWER than DFA (the famous anti-concentration fund). The reason: Envestnet is aggregating thousands of different advisor model portfolios, each with different allocations. The aggregate is maximally diversified.
The ETF-first architecture
Envestnet's top holdings are all ETFs:
- IVV: Core U.S. equity (S&P 500)
- DYNF: BlackRock factor ETF (dynamic multi-factor)
- IVE: iShares S&P 500 Value ETF
This tells you:
- Advisors on Envestnet's platform build portfolios primarily from ETFs
- The platform recommends factor-aware allocation (DYNF = multi-factor)
- Value/growth tilts are expressed through ETFs (IVE), not individual stocks
What Envestnet's filing reveals about the RIA industry
1. ETFs dominate advisor portfolios
With ETFs in all top positions, the RIA industry has fully embraced ETF-based portfolio construction. Individual stock picking is secondary.
2. Factor investing has reached mainstream advisors
DYNF (a factor ETF) in the top holdings means Envestnet's model portfolios include factor exposure — academic investing principles delivered through advisor channels.
3. Diversification is the default
14.27% top-5 concentration means no single bet dominates. This is appropriate for a platform serving millions of individual clients with different risk tolerances.
4. The aggregation effect
110,000 advisors × thousands of clients × different models = maximum diversification at the aggregate level. Even if individual client portfolios are concentrated, the total 13F is ultra-broad.
Envestnet vs. other platform filers
| Platform | AUM | Top-5 | Character |
|---|---|---|---|
| Envestnet | $337B | 14.27% | RIA platform — ultra-diversified |
| Creative Planning | $140B | 32.71% | Wealth manager — ETF core |
| Ameriprise | $443B | ~moderate | Wealth platform — stock + ETF |
| BofA/Merrill | $1.37T | ~moderate | Bank WM — VTV/VUG fortress |
Envestnet is the most diversified because it aggregates the most independent advisors with the most diverse allocation approaches.
Originally published at 13F Insight
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