BlackRock's Q3 13F reveals a clear macro shift: out of oil (Hess), legacy software (ANSYS), networking (Juniper), retail (Skechers, Walgreens), and entertainment (Paramount) — and into growth-at-scale fintech (HOOD, XYZ, SOFI), AI/cloud infrastructure (APP, DDOG, NTNX, CRWV), digital assets (IBIT), and thematic energy/commodities (TLN, HL, TECK). Traders should watch for continued institutional momentum in these favored sectors and consider whether the exits signal a peak in those former holdings.
Executive Summary
BlackRock's Q3 2025 13F shows a large, directional rotation out of legacy energy, software, and retail positions and into high-growth fintech, AI/infrastructure software, data centers, and digital assets. The fund opened or significantly increased stakes in AppLovin, Robinhood, Datadog, Block, Nutanix, and iShares Bitcoin Trust, while fully exiting Hess, ANSYS, Juniper Networks, Skechers, Walgreens, and Paramount Global. The net capital flow is strongly bullish, with total adds far exceeding exits by portfolio value.
Key Financial Metrics
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| APP | ▲ BULLISH | BlackRock increased by 31.6%, making it the largest position by value at ~$17.9B. |
| HOOD | ▲ BULLISH | 37.5% increase to ~$8.5B — strong conviction in fintech growth. |
| DDOG | ▲ BULLISH | 31.4% increase in datadog, a core AI/monitoring infrastructure play. |
| HES | ▼ BEARISH | Full exit of a $0-value former top holding — rotation away from oil/energy M&A. |
| ANSS | ▼ BEARISH | Full exit of a ~$2B+ position — moved away from legacy simulation software. |
| JNPR | ▼ BEARISH | Full exit likely related to pending HPE acquisition; fund removed event-driven risk. |
| SKX | ▼ BEARISH | Full exit — fading consumer retail/footwear. |
| WBA | ▼ BEARISH | Full exit of former large position — structural decline in pharmacy/retail. |
| PARA | ▼ BEARISH | Full exit — legacy media under secular pressure. |
| TLN | ▲ BULLISH | 107.8% increase — bet on data center power/energy infrastructure. |
| IBIT | ▲ BULLISH | 31.8% increase in BlackRock's own Bitcoin ETF — growing crypto institutional adoption. |
| BABA | ▲ BULLISH | 93.6% increase — re-risking on Chinese tech turnaround. |
| CRWV | ▲ BULLISH | 446.8% increase — massive bet on GPU cloud/AI infrastructure startup. |
| TECK | ▲ BULLISH | 64.5% increase — copper/commodities play tied to electrification. |
Key Facts
- BlackRock added or more than doubled positions in 43 securities (total 810 changes detected).
- Largest ADD: AppLovin (+31.6% to 24.9M shares, ~$17.9B position value).
- Robinhood increased 37.5% to 59.5M shares (~$8.5B).
- New/increased positions in Datadog (+31.4%), Block (+28.2%), Nutanix (+54%), and iShares Bitcoin Trust (+31.8%).
- Full exits: Hess ($0), ANSYS ($0), Juniper Networks ($0), Skechers ($0), Walgreens ($0), Paramount Global ($0).
- Exited Blueprint Medicines, GMS Inc, and ChampionX — indicating rotation out of biotech/building materials/oil services.
- Doubled stakes: Talen Energy (+107.8%), Elanco Animal Health (+100.2%), India iShares ETF (+127.7%), Mirion Technologies (+114.1%).
- New position in Coreweave (+447%) — massive bet on GPU cloud/AI infrastructure.
Financial Impact
Approximately $31.5B weighted toward new/increased positions net of exits; the fund deployed billions into fast-growing fintech, AI, and infrastructure names while exiting mature or challenged sectors.
Risk Factors
- 45-day disclosure lag: positions reflect Sept 30, 2025 — the current portfolio may differ.
- Hedge funds often strategically misreport 13F; BlackRock's passive/index biz may drive some of these changes.
- Some exits (e.g., Walgreens, Paramount) could be pre-existing passive index removals rather than active conviction calls.
- Concentrated bets in volatile high-growth names increase downside risk in a risk-off tape.
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0002012383-2025-Q3 |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers