13F Position Changes mega passive
Significant institutional position changes detected
Actionable Insight ▲ Bullish
BlackRock's massive scale-up in Netflix and ServiceNow signals conviction in streaming and enterprise software. The gold adds and bond ETF trims suggest a macro view favoring real assets over fixed income. Traders should watch for follow-through in these names and potential sector rotation out of consumer staples (Kellanova, Interpublic exits). The 45-day lag means positions are as of 12/31/2025 — current market conditions may differ.
Executive Summary
BlackRock's Q4 2025 13F shows a massive net capital deployment into equities, led by a ~$32.6B doubling of Netflix and a ~$14.6B doubling of ServiceNow, alongside large new positions in Qnity Electronics and Solstice Advanced Materials. The fund exited Kellanova, Mr. Cooper, Interpublic, and Light & Wonder, while trimming Sandisk, iShares bond ETFs, and Alibaba. The dominant direction is strongly bullish, with a clear tilt toward growth/tech, infrastructure, and gold, while reducing exposure to consumer staples and fixed income.
Key Financial Metrics
New Positions
2
Exits
4
Increased
35
Trimmed
9
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| NFLX | ▲ BULLISH | BlackRock more than doubled its position to 348M shares, a $32.6B bet on streaming growth |
| NOW | ▲ BULLISH | Position increased 396.9% to 95M shares, signaling strong conviction in enterprise software |
| CRH | ▲ BULLISH | Added 30.6% to 50.9M shares, a $6.4B infrastructure play |
| ARES | ▲ BULLISH | Added 25.1% to 16.2M shares, increasing exposure to alternative asset management |
| K | ▼ BEARISH | Fully exited 30.9M shares, signaling a thesis change away from consumer staples |
| OMC | ▲ BULLISH | Added 42% to 29.2M shares, a $2.4B bet on advertising recovery |
| SNDK | ▼ BEARISH | Trimmed 40% to 9.6M shares, reducing exposure to memory chips |
| RGLD | ▲ BULLISH | Added 32.4% to 9.4M shares, increasing gold streaming exposure |
| WCC | ▲ BULLISH | Added 34.3% to 8M shares, a $2B bet on electrical distribution |
| COOP | ▼ BEARISH | Fully exited 8.5M shares, exiting mortgage servicing exposure |
| TPL | ▲ BULLISH | Doubled position to 5.95M shares, a $1.7B bet on Texas land and mineral rights |
| PINS | ▲ BULLISH | Added 70.5% to 65.5M shares, increasing exposure to social media advertising |
| SHY | ▼ BEARISH | Trimmed 31.6% to 13.6M shares, reducing short-term bond exposure |
| EXAS | ▲ BULLISH | Added 43.3% to 15.1M shares, a $1.5B bet on cancer diagnostics |
| USHY | ▼ BEARISH | Trimmed 47.1% to 20.9M shares, reducing high-yield bond exposure |
| IONQ | ▲ BULLISH | Added 33.8% to 30.1M shares, increasing quantum computing exposure |
| GLD | ▲ BULLISH | Added 34.7% to 3.4M shares, increasing gold ETF exposure |
| EWJ | ▼ BEARISH | Trimmed 30.1% to 11.6M shares, reducing Japan equity exposure |
| Q | ▲ BULLISH | New position of 15.9M shares, a $1.3B bet on electronics manufacturing |
| RKT | ▲ BULLISH | Doubled position to 62.6M shares, a $1.2B bet on mortgage technology |
| BAH | ▲ BULLISH | Added 58.7% to 13.5M shares, increasing defense consulting exposure |
| AKAM | ▼ BEARISH | Trimmed 25.4% to 10.5M shares, reducing cloud security exposure |
| OKLO | ▲ BULLISH | Added 72% to 14.8M shares, a $1.1B bet on nuclear energy |
| PRIM | ▲ BULLISH | Added 74.8% to 8.3M shares, increasing infrastructure services exposure |
| IPG | ▼ BEARISH | Fully exited 35.4M shares, exiting advertising agency exposure |
| BABA | ▼ BEARISH | Trimmed 30.2% to 3.8M shares, reducing China tech exposure |
| PTCT | ▲ BULLISH | Added 79.2% to 12.8M shares, increasing biotech exposure |
| VOO | ▲ BULLISH | Doubled position to 1.5M shares, increasing S&P 500 index exposure |
| RNAM | ▲ BULLISH | Added 39.6% to 12.9M shares, increasing biotech exposure |
| DAY | ▲ BULLISH | Added 25.4% to 13.3M shares, increasing HR software exposure |
| LKQ | ▲ BULLISH | Added 79.3% to 29.9M shares, increasing auto parts exposure |
| CWST | ▲ BULLISH | Added 98.4% to 9.1M shares, increasing waste management exposure |
| EMN | ▲ BULLISH | Added 72.2% to 13.7M shares, increasing specialty chemicals exposure |
| NCLH | ▲ BULLISH | Added 25.4% to 38.6M shares, increasing cruise line exposure |
| QUAL | ▼ BEARISH | Trimmed 28.4% to 3.1M shares, reducing quality factor ETF exposure |
| SOLS | ▲ BULLISH | New position of 17.2M shares, a $837.9M bet on advanced materials |
| IWB | ▲ BULLISH | Added 28.4% to 2.2M shares, increasing Russell 1000 index exposure |
| BINC | ▲ BULLISH | Added 44.6% to 15.1M shares, increasing BlackRock's own ETF exposure |
| OWL | ▼ BEARISH | Trimmed 26.7% to 34.2M shares, reducing alternative asset manager exposure |
| NEBIUS | ▲ BULLISH | Doubled position to 9.4M shares, a $789.5M bet on Dutch tech |
| AMRIZE | ▲ BULLISH | Added 64.4% to 14.2M shares, increasing Chinese tech exposure |
| KMX | ▲ BULLISH | Added 55.5% to 17.9M shares, increasing used car retail exposure |
| LNWO | ▼ BEARISH | Fully exited 8.2M shares, exiting gaming exposure |
| MHK | ▲ BULLISH | Added 81.1% to 6.2M shares, increasing flooring exposure |
| MKTX | ▲ BULLISH | Doubled position to 3.7M shares, increasing bond trading platform exposure |
| TAP | ▼ BEARISH | Trimmed 25.3% to 10.9M shares, reducing beverage exposure |
| PATH | ▲ BULLISH | Added 60.3% to 40.2M shares, increasing automation software exposure |
| INDIVIOR | ▲ BULLISH | Doubled position to 18.2M shares, increasing addiction treatment exposure |
| BTSG | ▲ BULLISH | Doubled position to 17M shares, increasing healthcare services exposure |
| IVE | ▲ BULLISH | Added 47.7% to 2.9M shares, increasing S&P 500 value ETF exposure |
Key Facts
- Netflix position increased 902.1% to 348M shares (~$32.6B), the largest single move by value
- ServiceNow position increased 396.9% to 95M shares (~$14.6B)
- New positions include Qnity Electronics (15.9M shares, ~$1.3B) and Solstice Advanced Materials (17.2M shares, ~$837.9M)
- Full exits: Kellanova, Mr. Cooper, Interpublic, Light & Wonder
- Gold exposure increased via SPDR Gold Trust (+34.7%) and Royal Gold (+32.4%)
- iShares bond ETFs trimmed: SHY (-31.6%), USHY (-47.1%), QUAL (-28.4%)
- Alibaba trimmed 30.2% to 3.8M shares (~$559.5M)
Financial Impact
Net capital deployed into equities exceeds $60B across top moves; exits total approximately $0 (positions fully sold, no value remaining)
portfolio allocationsector exposureequity deployment
Risk Factors
- 45-day disclosure lag — positions may no longer reflect current views
- Hedge funds strategically misreport 13F per Cao/Da 2024; BlackRock's passive/index-tracking mandates may distort signals
- Large position sizes may reflect index rebalancing rather than active conviction
Market Snapshot
Exchange
NYSE
Sector
Security Brokers, Dealers & Flotation Companies
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-Q4 |
US Market Status
Market Open — Closes in 3h 44m
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