According to a filing with the U.S. Securities and Exchange Commission (SEC), asset management giant BlackRock submitted its Q4 portfolio report (13F) for the period ending December 31. The total market value of BlackRock's portfolio in the fourth quarter was $5.92 trillion, up from $5.71 trillion in the previous quarter, representing a quarter-over-quarter increase of 3.67%. The fund added 247 new stocks to its portfolio, increased its holdings in 3,309 stocks, reduced its holdings in 1,546 stocks, and sold off 165 stocks entirely. The top ten holdings accounted for 30.41% of the total portfolio value.
Large technology companies continued to dominate BlackRock's top ten holdings for the fourth quarter. Among the top five holdings, NVIDIA (NVDA) held the first position, with approximately 1.943 billion shares held, valued at around $362.521 billion, representing 6.13% of the portfolio. This reflects a 0.75% increase in the number of shares held compared to the previous quarter. Apple (AAPL) ranked second, with approximately 1.155 billion shares held, valued at about $313.907 billion, accounting for 5.31% of the portfolio, a 0.73% increase from the prior quarter. Microsoft (MSFT) was third, with about 602 million shares held, valued at approximately $291.089 billion, or 4.92% of the portfolio, marking a 1.70% increase in shares. Amazon.com (AMZN) came in fourth, with roughly 734 million shares held, valued at around $169.508 billion, constituting 2.87% of the portfolio, a 1.67% increase. Alphabet (GOOGL) was fifth, with about 442 million shares held, valued at approximately $138.342 billion, or 2.34% of the portfolio, though the number of shares decreased by 3.16% compared to the previous quarter.
The top ten holdings also included Broadcom (AVGO), Alphabet (GOOG), Meta Platforms (META), Tesla (TSLA), and Eli Lilly (LLY).
Beyond reinforcing its core technology positions, BlackRock demonstrated a keen focus on emerging opportunities in the fourth quarter. The report indicated the firm established new positions in Solstice Advanced Materials (SOLS), a leading global supplier of high-performance specialty materials, valued at approximately $838 million, and in Qnity Electronics (Q), a specialty chemicals company, valued at around $1.3 billion. These investment moves highlight not only a consolidation of its existing technology focus but also signal its latest strategic direction towards more diversified asset allocation. Markets are closely watching to see if this indicates a potential shift from the highly concentrated AI trade towards more cyclically promising sectors like industrials and materials.
In terms of changes in holding proportions, the top five stocks by buys were: Alphabet (GOOGL), Alphabet (GOOG), Eli Lilly (LLY), Micron Technology (MU), and Apple (AAPL). The top five sell-offs included: SPDR S&P 500 ETF Trust Call Options (SPY.CALL), ServiceNow (NOW), MicroStrategy (MSTR), AT&T (T), and Kellanova (formerly K, now delisted).