According to SEC filings, Wells Fargo (WFC.US) submitted its Q2 2025 13F holdings report for the period ending June 30, 2025. The bank's total holdings value reached $483 billion in the second quarter, up from $440 billion in the previous quarter, representing a 9.77% quarter-over-quarter increase.

During Q2, Wells Fargo added 577 new stocks to its portfolio and increased positions in 3,322 stocks. Simultaneously, the bank reduced holdings in 2,427 stocks and completely exited 474 positions. The top ten holdings accounted for 19.82% of the total portfolio value.

Among the top five holdings, Microsoft (MSFT.US) ranked first with approximately 33.1 million shares valued at about $16.46 billion. The position increased by 0.81% compared to the previous quarter, representing 3.41% of the investment portfolio.

SPDR S&P 500 ETF (SPY.US) ranked second with approximately 20.04 million shares valued at about $12.38 billion. The position surged by 47.29% quarter-over-quarter, accounting for 2.56% of the portfolio.

Apple (AAPL.US) came in third with approximately 57.763 million shares valued at about $11.85 billion. Holdings increased by 0.56% from the previous quarter, representing 2.90% of the portfolio.

iShares S&P 500 ETF (IVV.US) ranked fourth with approximately 17.7 million shares valued at about $10.9 billion. The position decreased by 0.29% quarter-over-quarter, accounting for 2.27% of the portfolio.

NVIDIA (NVDA.US) rounded out the top five with approximately 57.31 million shares valued at about $9.05 billion. Holdings decreased by 4.18% from the previous quarter, representing 1.87% of the portfolio.

Regarding portfolio changes, the top five purchases were: SPDR S&P 500 ETF (SPY.US), Microsoft, Invesco QQQ Trust Put Options (QQQ.US, PUT), Google (GOOGL.US), and Meta Platforms (META.US).

The top five sales included: UnitedHealth (UNH.US), Invesco QQQ Trust (QQQ.US), SPDR S&P 500 ETF Put Options (SPY.US, PUT), Target (TGT.US), and Johnson & Johnson (JNJ.US).

Wells Fargo's 47.29% increase in S&P 500 ETF holdings in Q2, with the position value jumping to $12.38 billion (2.56% of portfolio), made it the second-largest holding, signaling strong confidence in the broader U.S. stock market. The bank also focused on structural opportunities within technology stocks, maintaining Microsoft as its top holding while aggressively increasing Google (GOOGL.US) by 30.89%. Apple was "passively reduced" to third place, reflecting a cautious stance toward consumer electronics recovery.

Notably, Broadcom (AVGO.US) entered the top ten holdings for the first time, highlighting increased focus on the AI chip sector.

In terms of risk hedging, Wells Fargo demonstrated keen defensive awareness by increasing bond ETF (AGG.US) holdings by 3.36% and consumer staples stock Costco (COST.US) to enhance portfolio volatility resistance. The bank also aggressively increased Nasdaq 100 put options by 92.25% while reducing Invesco QQQ Trust holdings by 30.66%, creating a hedging combination that clearly expresses caution about potential short-term corrections in the high-valuation technology sector.