Vanguard Q4 13F: Firm boosts Netflix share count by 912%, adds new $5.34B TotalEnergies stake, and exits $2.74B Kellanova position.

In its Q4 2025 13F filing, Vanguard Group reported a total portfolio value of $6.90 trillion. The filing revealed several significant adjustments to individual holdings, although these changes represent a very small fraction of the firm's total assets under management, consistent with its role as a predominantly passive index fund manager.

The most dramatic changes involved massive increases in share counts for several technology companies. Vanguard boosted its share position in Netflix (NFLX) by 912% and in ServiceNow (NOW) by 404%. Despite these substantial share acquisitions, the reported market value of the Netflix holding decreased from $46.18 billion to $36.57 billion, and the ServiceNow holding fell from $18.60 billion to $15.62 billion, suggesting the purchases were made during a period of price decline for these stocks. Other notable share increases included Rocket Cos (RKT) by 280% and CoreWeave (CRWV) by 276%.

Vanguard also initiated several new positions, the largest being a $5.34 billion stake in TotalEnergies SE (TTE) and a $2.23 billion position in QNITY ELECTRONICS INC (Q). These new additions each constitute less than 0.1% of the total portfolio.

On the divestment side, the firm completely exited its positions in several companies. The most significant closure was its $2.74 billion stake in Kellanova (KEL). Other closed positions included Mr Cooper Group Inc (was $1.41 billion) and Interpublic Group of Cos Inc (was $1.24 billion).

Position changes