BSN Capital Partners filed Q4 2025 with $2.12 billion across just 24 positions. NVIDIA sits at #1 with 21.8% weight ($463.5M). Top-5 concentration exceeds 61%.
This is one of the most concentrated portfolios in the 13F database — and the NVIDIA bet is the headline.
The filing
| Metric | Value |
|---|---|
| 13F AUM | $2.12B |
| Position count | 24 |
| Average position | ~$88M |
| #1 holding | NVIDIA (NVDA) at 21.8% |
| Top-5 concentration | >61% |
| Other top names | MSFT, IVV, BRK/B, AAPL |
Why 21.8% in NVIDIA is extraordinary
Compare BSN's NVDA weight to the spectrum:
| Manager | AUM | NVDA weight | Interpretation |
|---|---|---|---|
| S&P 500 index | — | ~6.5% | Benchmark weight |
| Vanguard | $6.9T | ~6.8% | Index-tracking |
| Jennison | $166.6B | ~8.7% | Active overweight |
| Fidelity | $1.96T | ~9.2% | Aggressive overweight |
| BSN Capital | $2.12B | 21.8% | Extreme conviction |
| ARK Invest | $15B | ~1.6% | NVDA underweight (TSLA preference) |
At 21.8%, BSN's NVIDIA bet is 3.3x the index weight. Nearly a quarter of the entire portfolio rides on one company. This is genuine high-conviction investing.
24 positions: every name is a thesis
With only 24 positions, BSN can't hide behind diversification:
- Position #1 (NVDA at 21.8%): The AI infrastructure thesis
- Position #2-5 (MSFT, IVV, BRK/B, AAPL): Blue-chip quality + market exposure
- Positions #6-24: Each represents a deliberate allocation decision
At a $2.12B fund with 24 positions, the average position is $88M. Even position #24 represents meaningful capital and research commitment.
The IVV and BRK/B mix
BSN's top 5 includes both an S&P 500 ETF (IVV) and Berkshire Hathaway (BRK/B) alongside individual mega-caps. This reveals a specific portfolio architecture:
Core (market exposure): IVV + BRK/B
Conviction overlay: NVDA at 21.8% (massive overweight)
Blue-chip quality: MSFT, AAPL
Tail positions: 19 other names for diversification
IVV provides broad market participation. NVDA provides the concentrated alpha bet. BRK/B provides a value/quality anchor. The portfolio is designed to capture market upside while expressing extreme NVIDIA conviction.
What 61% top-5 concentration means
Over 61% of BSN's portfolio sits in just 5 names. This puts them in elite concentration territory:
| Filer | Top-5 concentration | Category |
|---|---|---|
| BSN Capital | >61% | Extreme conviction |
| Optiver | 61.58% | Market maker (different reason) |
| Berkshire | ~50% (Apple-heavy) | Legendary concentrator |
| Jennison | 47.6% top-10 | High-conviction growth |
| S&P 500 | ~25% | Market baseline |
BSN's concentration is Berkshire-level — but in a $2B fund rather than a $300B one. The conviction per dollar is extreme.
The risk profile
21.8% in NVIDIA means:
- If NVDA drops 20%, the portfolio loses ~4.4% from that position alone
- If NVDA drops 50%, the portfolio loses ~10.9% from one holding
- If NVDA doubles, the portfolio gains ~21.8% from one holding
This is not a portfolio designed for low volatility. It's designed for maximum exposure to the AI infrastructure thesis.
What to watch
- NVDA weight next quarter: Is BSN adding more (>25%) or trimming toward index?
- Position count: Does it stay at 24 or expand? (Expansion = diluting conviction)
- New positions: What's being added to the other 19 slots?
- IVV weight: Growing IVV = becoming more passive. Shrinking = more concentrated
Originally published at 13F Insight
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