Fidelity International (FIL) Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: The Strategic Blueprint of a Global Powerhouse

The 13F filing for the fourth quarter of 2025 reveals the sophisticated and multi-layered investment strategy of Fil LTD , commonly known as Fidelity International. Managing a reported portfolio value of approximately $132.55 billion , Fil LTD stands as a titan in the global asset management landscape. This scale is not merely a reflection of assets under management (AUM) but serves as a testament to the institution's ability to navigate complex market cycles across diverse geographies and sectors. With 1,008 individual holdings , the portfolio exemplifies a "core-and-satellite" approach on a massive scale. It balances high-conviction, multi-billion dollar bets on global technology and financial leaders with a vast array of smaller, specialized positions that provide granular exposure to niche growth drivers and regional markets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis: Macro Signals and the Pursuit of Structural Growth

At 26.64% , Technology remains the undisputed cornerstone of Fil LTD’s strategy. This allocation is not merely a bet on "tech" as a monolith but a targeted investment in the infrastructure of the modern economy. By holding massive positions in software (Microsoft), semiconductors (NVIDIA), and cloud services, Fil LTD is positioning itself to capture the value created by the ongoing digital transformation. The internal logic here is clear: in a world of moderate economic growth, companies that can provide productivity-enhancing tools (AI and SaaS) will command premium valuations and consistent earnings growth. The institution is moving beyond early-stage AI hype into the "deployment phase," where software integration and enterprise adoption become the primary drivers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive: The Ballast of a $132 Billion Ship

Microsoft remains the #1 holding, a position it has held with high conviction for over a decade. This quarter, Fil LTD added 3.19% to the position, bringing the total value to $4.28 billion . Despite a slight decrease in portfolio weight (from 3.49% to 3.20%), which was likely due to the faster appreciation of other assets or tactical rebalancing, the absolute increase in shares demonstrates unwavering confidence.

Portfolio Construction Logic : The Top 10 is a "barbell" of Growth (MSFT, GOOGL, AMZN, NVDA, SHOP) and Stability/Income (RY, TD, TRP, AEM) . It is heavily tilted toward North American leaders, with a specific "home-country" bias toward Canadian champions. This structure provides a high level of "certainty" in the portfolio's core, allowing the manager to take more speculative or cyclical risks in the "satellite" positions (the remaining 998 stocks).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions: Chasing the Next Wave of Infrastructure and Resources

Fil LTD’s buying activity this quarter was nothing short of aggressive. The institution deployed significant capital into two primary themes: Enterprise AI Infrastructure and Strategic Materials . By analyzing the "estimated addition amounts," we can see where the "smart money" is flowing.

The additions are clustered in Technology (ORCL, NVDA, INTU) , Materials (B, HBM) , and Industrials (CNI) . This reveals a clear strategy: Fil LTD is funding its "Physical World" and "AI Infrastructure" bets by rotating out of more mature or slower-growing areas. The total estimated buy scale across these top additions exceeds $3.8 billion , representing a significant redeployment of capital. This is not "incremental" buying; it is a structural pivot. They are moving away from "Consumer Staples" and "Mature Tech" (as we will see in the Sells section) and toward "High-Octane Growth" and "Strategic Resources."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits: Trimming Winners and Cutting Laggards

Fil LTD’s selling activity this quarter was characterized by "strategic retreats" from mature positions and "portfolio slimming" in areas where the investment thesis may have weakened or where valuations reached extreme levels.

The "sell" operations this quarter provided a massive pool of liquidity—estimated at over $3 billion from the top 8 reductions/exits alone. This capital was clearly "recycled" into the "Major Buys" identified in Section IV. The logic is a "Sell the Mature, Buy the Emerging" rotation. They are selling mature financials (TD), mature hardware (CSCO, AAPL), and specific gold miners (AEM) to fund aggressive entries into AI Cloud (ORCL), Streaming (NFLX), and Diversified Materials (B, HBM). This is a high-conviction attempt to increase the "alpha" potential of the portfolio without increasing the overall number of stocks significantly.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings: The "Great Re-Industrialization" Theme

The "Winner-Takes-Most" Consolidation : By adding to Netflix , Mastercard , and Microsoft , Fil LTD is signaling that in an uncertain macro environment, the safest and most profitable place to be is with the "Platform Kings." These are companies with such deep moats and pricing power that they can grow regardless of the broader economic cycle. 3. Strategic Rebalancing of the Canadian Core : The rotation from TD Bank to Royal Bank and from Agnico Eagle to Barrick/Hudbay shows an active management of their "home-market" advantage. They are not just holding Canadian stocks; they are actively picking the winners within the Canadian resource and financial sectors based on current regulatory and commodity trends.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.