Vanguard's massive rotation into AI infrastructure (AppLovin, CoreWeave, D-Wave) and quantum computing (Rigetti) signals institutional conviction in these themes. The full exits from Hess and ChampionX suggest a bearish view on traditional energy. Monitor for follow-through in Q4 filings from other mega-passive funds.
Executive Summary
Vanguard's Q3 2025 13F shows a clear rotation out of energy, healthcare, and legacy media into AI infrastructure, quantum computing, and fintech. The fund added heavily to AppLovin, Datadog, and Trade Desk while fully exiting Hess, Ansys, and Walgreens. Net capital flow is strongly positive, reflecting a bullish tilt toward growth and tech themes.
Key Financial Metrics
Per-Ticker Signals
| Ticker | Signal | Reason |
|---|---|---|
| APP | ▲ BULLISH | Vanguard added 39.4% to a $17.9B position, signaling strong conviction in AppLovin's AI-driven ad platform |
| DDOG | ▲ BULLISH | 30.3% increase to a $6.0B position reflects confidence in Datadog's observability platform |
| HES | ▼ BEARISH | Full exit of a large energy position suggests a bearish view on Hess or the sector |
| ANSS | ▼ BEARISH | Full exit of Ansys indicates waning conviction in engineering simulation software |
| IBKR | ▲ BULLISH | 26.4% increase to a $3.6B position shows confidence in Interactive Brokers' growth |
| TTD | ▲ BULLISH | 27.7% increase to a $2.8B position reflects bullishness on programmatic advertising |
| JNPR | ▼ BEARISH | Full exit of Juniper Networks suggests a negative view ahead of the HPE acquisition |
| WBA | ▼ BEARISH | Full exit of Walgreens aligns with the struggling retail pharmacy sector |
| PARA | ▼ BEARISH | Full exit of Paramount Global reflects bearishness on legacy media |
| CRWV | ▲ BULLISH | 109.7% increase signals strong conviction in CoreWeave's AI cloud infrastructure |
| CPNG | ▲ BULLISH | 343.5% increase to a $920.8M position shows major conviction in Coupang's e-commerce growth |
| RGTI | ▲ BULLISH | 40.4% increase reflects growing institutional interest in quantum computing |
| QBTS | ▲ BULLISH | 41.2% increase shows conviction in D-Wave's quantum annealing technology |
| PSKY | ▲ BULLISH | New $678.7M position in Paramount Skydance signals a bet on the restructured media entity |
| LCID | ▼ BEARISH | 89.8% near-exit reflects waning conviction in Lucid's EV prospects |
Key Facts
- Vanguard added 39.4% to AppLovin (APP), now a $17.9B position
- Fully exited Hess (HES), Ansys (ANSS), Juniper (JNPR), Walgreens (WBA), Paramount (PARA), and 41 other positions
- Doubled CoreWeave (CRWV) +109.7% and Coupang (CPNG) +343.5%
- New position in Paramount Skydance (PSKY) worth $678.7M
- Trimmed Royalty Pharma (G7709Q104) by 69.9%
- Near-exited Lucid (LCID) by 89.8%
Financial Impact
Net capital deployed into new/increased positions significantly exceeds capital removed via exits/trims, with top adds totaling over $30B in portfolio value
Risk Factors
- 45-day disclosure lag means positions are as of Sep 30, 2025 — current holdings may differ
- Mega-passive funds track indices; changes may reflect index rebalancing rather than active conviction
- Quantum computing names (Rigetti, D-Wave) are highly speculative with minimal revenue
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| 13F-CHANGES Data (Synthetic) | 13f-changes-0000102909-2025-Q3 |
US Market Status
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