13F Position Changes mega passive
Significant institutional position changes detected
Actionable Insight ▲ Bullish
Fidelity's rotation into financials, industrials, and energy suggests a pro-cyclical, reflationary bet. Traders should monitor these sectors for follow-through, particularly ORCL, C, CAT, and CVX. The healthcare and consumer discretionary trims may signal headwinds for those sectors.
Executive Summary
Fidelity's Q3 2025 13F shows a strong net bullish tilt, with $9.0B added to ORCL and significant capital deployed into financials (C, GS, KKR), industrials (CAT, URI, CMI), and tech (ANET, SNPS, DDOG). The fund trimmed healthcare (ISRG, VRTX, REGN) and consumer discretionary (LULU, ABNB), signaling a rotation into value/cyclicals and away from high-growth and defensive names.
Key Financial Metrics
Increased
31
Trimmed
19
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| ORCL | ▲ BULLISH | Fidelity added $9.0B, a 28.3% increase in shares, signaling strong conviction. |
| ISRG | ▼ BEARISH | Fidelity trimmed 42.3% of shares, reducing exposure by $2.2B. |
| ANET | ▲ BULLISH | Added 26.8% more shares, increasing position by $4.7B. |
| FNV | ▲ BULLISH | Added 34.4% more shares, increasing position by $4.0B. |
| TMO | ▲ BULLISH | Nearly doubled position (+90.3%), adding $3.7B. |
| APO | ▲ BULLISH | Added 38.2% more shares, increasing position by $3.3B. |
| C | ▲ BULLISH | Added 32.4% more shares, increasing position by $3.2B. |
| SPGI | ▼ BEARISH | Trimmed 28.6% of shares, reducing exposure by $2.0B. |
| SNPS | ▲ BULLISH | Added 47.5% more shares, increasing position by $2.9B. |
| WDC | ▼ BEARISH | Trimmed 26.4% of shares, reducing exposure by $2.9B. |
| VRTX | ▼ BEARISH | Trimmed 48.4% of shares, reducing exposure by $1.3B. |
| GS | ▲ BULLISH | Added 41.9% more shares, increasing position by $2.8B. |
| SYK | ▼ BEARISH | Trimmed 28.1% of shares, reducing exposure by $1.9B. |
| LULU | ▼ BEARISH | Trimmed 65.8% of shares, reducing exposure by $723.5M. |
| KLAC | ▲ BULLISH | More than doubled position (+118%), adding $2.7B. |
| KKR | ▲ BULLISH | Added 27% more shares, increasing position by $2.7B. |
| SNOW | ▲ BULLISH | Added 38.6% more shares, increasing position by $2.5B. |
| NRG | ▲ BULLISH | Added 54.9% more shares, increasing position by $2.4B. |
| DDOG | ▲ BULLISH | Added 51.2% more shares, increasing position by $2.3B. |
| MCK | ▲ BULLISH | Added 36.4% more shares, increasing position by $2.3B. |
| BABA | ▲ BULLISH | Added 30.8% more shares, increasing position by $2.1B. |
| PANW | ▼ BEARISH | Trimmed 26.7% of shares, reducing exposure by $1.5B. |
| AMD | ▼ BEARISH | Trimmed 39.8% of shares, reducing exposure by $1.4B. |
| SE | ▲ BULLISH | Added 47.5% more shares, increasing position by $1.9B. |
| ABNB | ▼ BEARISH | Trimmed 27.7% of shares, reducing exposure by $1.2B. |
| WCN | ▲ BULLISH | Added 88.4% more shares, increasing position by $1.8B. |
| IBM | ▲ BULLISH | Added 28.9% more shares, increasing position by $1.8B. |
| REGN | ▼ BEARISH | Trimmed 41.8% of shares, reducing exposure by $1.1B. |
| CMI | ▲ BULLISH | More than tripled position (+250.2%), adding $1.7B. |
| EME | ▲ BULLISH | Added 29.1% more shares, increasing position by $1.7B. |
| UPS | ▲ BULLISH | Added 25.2% more shares, increasing position by $1.7B. |
| OKTA | ▼ BEARISH | Trimmed 39.5% of shares, reducing exposure by $898.4M. |
| CVX | ▲ BULLISH | More than doubled position (+153.9%), adding $1.6B. |
| MNDY | ▼ BEARISH | Trimmed 64.1% of shares, reducing exposure by $349.4M. |
| SNAP | ▼ BEARISH | Trimmed 40.5% of shares, reducing exposure by $832.0M. |
| CTVA | ▲ BULLISH | Added 67% more shares, increasing position by $1.6B. |
| URI | ▲ BULLISH | More than doubled position (+185.6%), adding $1.5B. |
| CAT | ▲ BULLISH | Added 74.1% more shares, increasing position by $1.5B. |
| ICE | ▼ BEARISH | Trimmed 26.7% of shares, reducing exposure by $999.0M. |
| DHI | ▲ BULLISH | More than doubled position (+104.5%), adding $1.5B. |
| RSG | ▲ BULLISH | Added 35.3% more shares, increasing position by $1.5B. |
| CNC | ▼ BEARISH | Near-exit: reduced by 87.6% of shares, signaling loss of conviction. |
| RPRX | ▼ BEARISH | Trimmed 30.7% of shares, reducing exposure by $987.4M. |
| EXAS | ▼ BEARISH | Trimmed 30.6% of shares, reducing exposure by $1.0B. |
| EFV | ▼ BEARISH | Trimmed 30.4% of shares, reducing exposure by $1.0B. |
| UAL | ▲ BULLISH | Added 65.6% more shares, increasing position by $1.4B. |
| PFGC | ▼ BEARISH | Trimmed 29.2% of shares, reducing exposure by $1.2B. |
| FLUT | ▲ BULLISH | Nearly doubled position (+99.1%), adding $1.4B. |
| LYV | ▲ BULLISH | Added 36.1% more shares, increasing position by $1.3B. |
| CBRE | ▲ BULLISH | Added 89.5% more shares, increasing position by $1.3B. |
Key Facts
- Fidelity added 586 positions, trimmed 490, doubled 518, and exited 23 positions in Q3 2025.
- Largest add by value: ORCL (+$9.0B, +28.3% shares).
- Largest trim by value: ISRG (-$2.2B, -42.3% shares).
- Notable new capital deployed into financials (C, GS, KKR), industrials (CAT, URI, CMI), and tech (ANET, SNPS, DDOG).
- Healthcare trimmed heavily: ISRG, VRTX, REGN, EXAS all saw >30% share reductions.
- Consumer discretionary trimmed: LULU (-65.8%), ABNB (-27.7%), SNAP (-40.5%).
- Energy and materials added: CVX (+153.9%), CTVA (+67%), NRG (+54.9%).
- Near-exit: CNC (Centene) reduced by 87.6% to near-zero.
Financial Impact
Net capital deployed into new/increased positions exceeded capital removed from exits/trims by approximately $15-20B, indicating a net bullish allocation shift.
portfolio allocationsector exposure
Risk Factors
- 45-day disclosure lag — positions reflect September 30, 2025, not current holdings.
- 13F only shows long positions; short or derivative positions are invisible.
- Hedge funds may strategically misreport; Fidelity's mega-passive nature means some changes are index-driven, not active bets.
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0000315066-2025-Q3 |
US Market Status
Market Closed — Opens in 9h 29m
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