PSP Investments Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

As of December 31, 2025, PSP Investments reported a total portfolio market value of approximately $29.56 billion across its U.S. equity holdings. This represents a significant capital base that allows the institution to act as a "market maker" in terms of sentiment, even if its individual trades are executed with the discretion typical of a pension manager. The sheer scale of the portfolio—comprising 1,337 individual stocks —underscores a philosophy of extreme diversification. However, a closer look at the concentration metrics reveals a more nuanced "barbell" approach. While the tail of the portfolio is incredibly long, the top 10 holdings account for a substantial portion of the total AUM, indicating that when the board has high conviction, it is not afraid to concentrate its bets.

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

The second-largest allocation is to Financials . This nearly 20% weight indicates a strong belief in the stability and profitability of the banking and payment ecosystem. Within this sector, PSP holds a mix of traditional "money center" banks like JPMorgan Chase (JPM) and Bank of America (BAC), alongside fintech and payment giants like Visa (V) and Mastercard (MA). This allocation serves as a hedge against higher-for-longer interest rates, which typically benefit bank net interest margins, while also capturing the secular shift toward a cashless global economy. The balance between Tech and Financials creates a "Growth-Value" barbell that stabilizes the portfolio against various interest rate environments.

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

Microsoft remains the undisputed anchor of the PSP portfolio. With a 5.68% weight and a market value of $1.69 billion, it is the primary vehicle through which the institution expresses its "Conviction Holding" status. The 18.21% increase in shares this quarter is a powerful signal. This was not a passive move; it was an active decision to increase exposure to the world's leading enterprise software and cloud provider.

The rest of the top 10 shows a mix of stability and tactical trimming. Apple (AAPL) and Amazon (AMZN) saw minor additions, maintaining their status as core infrastructure plays. However, Broadcom (AVGO) and Meta Platforms (META) were trimmed. The 17.50% reduction in META is particularly interesting—it suggests profit-taking after a stellar year, or perhaps a reallocation of that "ad-tech" capital into the massive GOOGL buy.

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

The top three additions by dollar amount are the three largest tech giants. This is a clear "Clustering" strategy. PSP is not looking for obscure small-caps to drive returns; they are betting on the concentration of power . By adding nearly $1.1 billion combined to these three names, the board is stating that in an AI-driven world, the "rich get richer."

The total estimated buy scale across these top additions exceeds $1.6 billion . This capital appears to be coming from two sources: (1) New inflows into the pension fund, and (2) A strategic rotation out of "Old Economy" financials and defensive staples. The move is decidedly pro-cyclical and pro-innovation . PSP is positioning itself for a "high-growth, moderate-inflation" environment where technology and high-end services outperform.

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

If the additions represent the "offense," the sells and exits represent the "defense" and the "pruning" of the portfolio. Understanding what a pension fund is leaving is often more instructive than what it is buying.

The common thread in these sells is the avoidance of "middle-tier" cyclicals and traditional banking . PSP is moving away from companies that are "sensitive" to the economy but lack a "technological moat." By exiting BorgWarner and Dycom, they are removing exposure to industrial labor and infrastructure costs. By trimming RY, they are reducing exposure to the traditional mortgage and retail credit cycle. The capital is being concentrated in companies that "own the future" rather than those that "service the present."

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 overarching theme of PSP Investments' Q4 2025 activity is a bold transition from "Broad Diversification" to "Concentrated Dominance." We are witnessing a $30 billion portfolio being re-engineered to capture the two most powerful forces in the current market: the AI-driven productivity boom and the recovery of the global capital markets.

For the retail investor, the "PSP Playbook" offers several lessons: 1. Don't Fear the Giants : Many retail investors avoid the "Magnificent Seven" because they feel they "missed the boat." PSP's data shows that even at multi-trillion dollar valuations, the smartest money in the world is still buying. 2. Rotation is Key : The "Sell Meta, Buy Alphabet" move is a masterclass in disciplined rebalancing. It’s about not getting emotionally attached to winners and constantly looking for where the next leg of value lies. 3. Thematic Conviction : The massive bet on PulteGroup (PHM) shows that when you identify a structural supply-demand imbalance (like U.S. housing), you should be prepared to bet big.

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.