Harvard Management Co. Inc.

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Harvard Management Co. Inc. reported 18 stock positions worth $2.1 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 12.8% of the portfolio, followed by Alphabet Class A (GOOGL, 12.2%) and SPDR Gold Shares (GLD, 11.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 5 and reduced 5. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −21%).

Most Recent 13F: Q2 2026
Location: BOSTON, MA
CIK: 0001082621
Portfolio Value: $2.1B (Q4 2025)
SEC Filing: 0001193125-26-051702 ↗ filed Feb 13, 2026

Holdings Value

Holdings 18 stocks · $2.1B


IBIT iShares Bitcoin Trust ETF	12.79%	5,353,612	$265.8M	Reduce -21.4%
GOOGL Alphabet Inc. Class A	12.16%	807,900	$252.9M	Add +25.0%
GLD SPDR Gold Shares	11.94%	626,450	$248.3M	Reduce -5.3%
MSFT Microsoft Corp.	11.39%	489,678	$236.8M	Reduce -21.4%
BKNG Booking Holdings Inc.	8.67%	33,658	$180.2M	Add +6.8%
AMZN Amazon.com Inc.	7.55%	679,845	$156.9M	Reduce -36.5%
UNP Union Pacific Corp.	6.80%	611,233	$141.4M	New
META Meta Platforms Inc. Class A	5.77%	181,765	$120.0M	Add +11.3%
AVGO Broadcom Inc.	5.36%	321,766	$111.4M	Add +222.1%
TSM Taiwan Semiconductor-SP ADR	4.49%	306,796	$93.2M	Add +44.9%
ETHA iShares Ethereum Trust ETF	4.18%	3,870,900	$86.8M	New
NVDA Nvidia Corp.	3.68%	410,291	$76.5M	Reduce -29.7%
Z Zillow Group Inc. Class C	2.17%	662,045	$45.2M	No change
FLUT Flutter Entertainment PLC-Di	1.19%	115,481	$24.8M	No change
ZG Zillow Group Inc. Class A	0.99%	301,122	$20.5M	No change
KLAR Klarna Group PLC	0.64%	459,163	$13.3M	No change
TXG 10X Genomics Inc. Class A	0.13%	170,000	$2.8M	No change
FIG Figma Inc. Class A	0.09%	50,454	$1.9M	New

Other holdings (1): bonds, preferreds, convertibles and warrants · $550K (not counted above)

Security	Class	Shares / Principal	Value	Change
PCTTW Purecycle Techno-CW26	*W EXP 03/17/202	714,285	$550K	New

Total filed on the 13F, all lines: $2.1B.

Portfolio Sells Q3 2025 → Q4 2025


IBIT iShares Bitcoin Trust ETF	Reduce -21.4%	12.79%	−8.25
LNWO Light & Wonder Inc.	Sold out	0.00%	−4.49
MSFT Microsoft Corp.	Reduce -21.4%	11.39%	−3.94
AMZN Amazon.com Inc.	Reduce -36.5%	7.55%	−3.62
NVDA Nvidia Corp.	Reduce -29.7%	3.68%	−1.49
PCT Purecycle Technologies Inc.	Sold out	0.00%	−0.11
MAZE Maze Therapeutics Inc.	Sold out	0.00%	−0.11
GLD SPDR Gold Shares	Reduce -5.3%	11.94%	+0.77

Portfolio Buys Q3 2025 → Q4 2025


UNP Union Pacific Corp.	New	6.80%	+6.80
GOOGL Alphabet Inc. Class A	Add +25.0%	12.16%	+4.70
ETHA iShares Ethereum Trust ETF	New	4.18%	+4.18
AVGO Broadcom Inc.	Add +222.1%	5.36%	+3.79
TSM Taiwan Semiconductor-SP ADR	Add +44.9%	4.49%	+1.68
BKNG Booking Holdings Inc.	Add +6.8%	8.67%	+0.59
FIG Figma Inc. Class A	New	0.09%	+0.09
META Meta Platforms Inc. Class A	Add +11.3%	5.77%	+0.08

Notes & Other Activity Q3 2025 → Q4 2025


PCTTW Purecycle Techno-CW26	*W EXP 03/17/202	New	714,285	$550K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	18	$4.3B	SPCX, TSM, CBRS, AMZN, GOOGL
Q1 2026	16	$1.8B	TSM, GLD, MSFT, GOOGL, UNP
Q4 2025	18	$2.1B	IBIT, GOOGL, GLD, MSFT, BKNG
Q3 2025	18	$2.1B	IBIT, MSFT, AMZN, GLD, BKNG
Q2 2025	13	$1.4B	MSFT, AMZN, BKNG, META, IBIT
Q1 2025	13	$1.1B	META, BKNG, MSFT, GOOGL, QQQ
Q4 2024	15	$1.7B	META, QQQ, GOOGL, LNWO, NVDA
Q3 2024	14	$1.7B	META, GOOGL, BKNG, LNWO, QQQ
Q2 2024	14	$1.6B	META, QQQ, GOOGL, LNWO, AMD
Q1 2024	11	$1.6B	GOOGL, META, QQQ, LNWO, NVDA