Massachusetts Financial Services Co.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Massachusetts Financial Services Co. reported 869 stock positions worth $316.4 billion. Its top holding was Microsoft (MSFT) at 4.3% of the portfolio, followed by Nvidia (NVDA, 2.8%) and Alphabet Class A (GOOGL, 2.2%). Compared with Q3 2024, it opened 82 new positions, sold out of 58, added to 282 and reduced 502. The biggest buy was Tesla (TSLA, shares +4963%) and the biggest sale Microsoft (MSFT, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000912938
- Portfolio Value
- $316.4B (Q4 2024)
- SEC Filing
- 0000912938-25-000009 ↗ filed Feb 12, 2025
Holdings Value
Holdings 869 stocks · $316.4B
| MSFT Microsoft Corp. | 4.35% | 32,651,052 | $13.8B | Reduce -9.1% |
| NVDA Nvidia Corp. | 2.79% | 65,688,983 | $8.8B | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 2.23% | 37,273,762 | $7.1B | Reduce -14.9% |
| AMZN Amazon.com Inc. | 2.16% | 31,216,340 | $6.8B | Reduce -2.2% |
| AAPL Apple Inc. | 2.11% | 26,653,858 | $6.7B | Reduce -6.6% |
| META Meta Platforms Inc. Class A | 1.67% | 9,043,517 | $5.3B | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.65% | 21,831,090 | $5.2B | Reduce -12.5% |
| AON Aon PLC Class A | 1.32% | 11,616,324 | $4.2B | Reduce -4.5% |
| V Visa Inc. Class A | 1.25% | 12,551,146 | $4.0B | Reduce -18.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.11% | 17,740,344 | $3.5B | Reduce -12.3% |
| PGR Progressive Corp. | 1.02% | 13,492,350 | $3.2B | Reduce -4.4% |
| ACN Accenture PLC Class A | 1.02% | 9,136,113 | $3.2B | Reduce -12.3% |
| CI The Cigna Group | 1.01% | 11,556,278 | $3.2B | Add +4.5% |
| LIN Linde PLC | 0.97% | 7,302,428 | $3.1B | Reduce -14.9% |
| ETN Eaton Corp. PLC | 0.95% | 9,030,303 | $3.0B | Reduce -12.3% |
| MCK McKesson Corp. | 0.85% | 4,719,680 | $2.7B | Reduce -4.5% |
| MA Mastercard Inc. Class A | 0.84% | 5,023,894 | $2.6B | Reduce -5.7% |
| JNJ Johnson & Johnson | 0.82% | 17,833,744 | $2.6B | Reduce -4.1% |
| AXP American Express Co. | 0.80% | 8,546,086 | $2.5B | Reduce -7.0% |
| COP Conocophillips | 0.79% | 25,295,437 | $2.5B | Reduce -4.9% |
| KKR KKR & Co. Inc. | 0.78% | 16,690,326 | $2.5B | Reduce -0.7% |
| UBS UBS Group AG-Reg | 0.78% | 81,211,535 | $2.5B | Reduce -11.0% |
| ADI Analog Devices Inc. | 0.77% | 11,524,256 | $2.4B | Reduce -4.5% |
| TSLA Tesla Inc. | 0.74% | 5,834,707 | $2.4B | Add +4963.1% |
| PCG P G & E Corp. | 0.73% | 114,041,429 | $2.3B | Add +8.8% |
| HON Honeywell International Inc. | 0.71% | 9,945,868 | $2.2B | Reduce -18.4% |
| CRM Salesforce Inc. | 0.70% | 6,593,295 | $2.2B | Add +10.5% |
| MRSH Marsh & McLennan Cos | 0.69% | 10,346,113 | $2.2B | Reduce -4.4% |
| CB Chubb Ltd. | 0.69% | 7,873,377 | $2.2B | Reduce -9.7% |
| MS Morgan Stanley | 0.67% | 16,879,506 | $2.1B | Reduce -11.9% |
| KVUE Kenvue Inc. | 0.66% | 97,661,344 | $2.1B | Add +12.3% |
| WTW Willis Towers Watson PLC | 0.64% | 6,483,822 | $2.0B | Reduce -13.7% |
| PFE Pfizer Inc. | 0.64% | 76,502,238 | $2.0B | Add +7.5% |
| XOM Exxon Mobil Corp. | 0.64% | 18,706,256 | $2.0B | Add +2.1% |
| UNP Union Pacific Corp. | 0.62% | 8,649,029 | $2.0B | Reduce -5.4% |
| BA The Boeing Co. | 0.62% | 11,027,437 | $2.0B | Add +46.6% |
| DUK Duke Energy Corp. | 0.62% | 18,097,796 | $1.9B | Add +0.7% |
| GD General Dynamics Corp. | 0.61% | 7,366,929 | $1.9B | Reduce -5.9% |
| HWM Howmet Aerospace Inc. | 0.58% | 16,757,076 | $1.8B | Reduce -10.8% |
| TRU Transunion | 0.57% | 19,540,131 | $1.8B | Add +1.9% |
| SO The Southern Co. | 0.57% | 21,920,407 | $1.8B | Reduce -12.9% |
| LOW Lowe's Cos Inc. | 0.56% | 7,146,319 | $1.8B | Reduce -4.4% |
| BSX Boston Scientific Corp. | 0.56% | 19,659,955 | $1.8B | Reduce -23.4% |
| PLD Prologis Inc. | 0.55% | 16,596,799 | $1.8B | Add +2.1% |
| RTX RTX Corp. | 0.55% | 14,994,141 | $1.7B | Reduce -3.6% |
| NXPI NXP Semiconductors NV | 0.53% | 8,046,230 | $1.7B | Add +1.8% |
| A Agilent Technologies Inc. | 0.53% | 12,442,834 | $1.7B | Reduce -20.2% |
| D Dominion Energy Inc. | 0.53% | 30,960,638 | $1.7B | Add +5.0% |
| MDT Medtronic PLC | 0.53% | 20,816,182 | $1.7B | Reduce -14.8% |
| FISV Fiserv Inc. | 0.52% | 8,030,889 | $1.6B | Add +16.2% |
| SCHW Schwab (charles) Corp. | 0.51% | 21,996,773 | $1.6B | Reduce -23.3% |
| ABBV Abbvie Inc. | 0.51% | 9,048,208 | $1.6B | Reduce -3.0% |
| CDNS Cadence Design SYS Inc. | 0.50% | 5,248,152 | $1.6B | Reduce -33.4% |
| APH Amphenol Corp. Class A | 0.49% | 22,136,514 | $1.5B | Reduce -3.1% |
| SPOT Spotify Technology SA | 0.48% | 3,414,435 | $1.5B | Reduce -2.2% |
| PEP Pepsico Inc. | 0.48% | 9,954,952 | $1.5B | Reduce -4.1% |
| NDAQ Nasdaq Inc. | 0.47% | 19,440,332 | $1.5B | Reduce -4.3% |
| GS Goldman Sachs Group Inc. | 0.47% | 2,615,876 | $1.5B | Reduce -23.8% |
| TRV The Travelers Cos Inc. | 0.46% | 6,036,661 | $1.5B | Reduce -10.9% |
| PNC PNC Financial Services Group | 0.46% | 7,538,310 | $1.5B | Add +10.7% |
| ABT Abbott Laboratories | 0.46% | 12,811,351 | $1.4B | Reduce -3.8% |
| TXN Texas Instruments Inc. | 0.46% | 7,700,259 | $1.4B | Reduce -4.5% |
| NOW ServiceNow Inc. | 0.45% | 1,346,328 | $1.4B | Reduce -16.9% |
| FNV Franco-Nevada Corp. | 0.45% | 12,000,181 | $1.4B | Reduce -0.3% |
| C Citigroup Inc. | 0.44% | 19,914,730 | $1.4B | Reduce -5.3% |
| BDX Becton Dickinson and Co. | 0.44% | 6,175,899 | $1.4B | Add +15.1% |
| MAR Marriott International Class A | 0.44% | 4,981,604 | $1.4B | Reduce -5.5% |
| IT Gartner Inc. | 0.43% | 2,777,661 | $1.3B | Reduce -3.7% |
| TMO Thermo Fisher Scientific Inc. | 0.42% | 2,575,631 | $1.3B | Reduce -24.1% |
| KLAC KLA Corp. | 0.41% | 2,049,761 | $1.3B | Reduce -21.3% |
| VRSK Verisk Analytics Inc. | 0.39% | 4,472,781 | $1.2B | Reduce -6.0% |
| CNI Canadian Natl Railway Co. | 0.39% | 12,097,715 | $1.2B | Reduce -12.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.39% | 28,091,455 | $1.2B | Add +3.0% |
| XEL Xcel Energy Inc. | 0.38% | 17,613,239 | $1.2B | Add +15.9% |
| QGEN Qiagen NV | 0.36% | 25,319,332 | $1.1B | Add +9.5% |
| CP Canadian Pacific Kansas City | 0.36% | 15,568,549 | $1.1B | Reduce -5.2% |
| PCAR Paccar Inc. | 0.35% | 10,767,134 | $1.1B | Add +5.6% |
| HLT Hilton Worldwide Holdings Inc. | 0.35% | 4,472,123 | $1.1B | Reduce -5.7% |
| CVX Chevron Corp. | 0.35% | 7,582,009 | $1.1B | Reduce -9.5% |
| BLK BlackRock Inc. | 0.33% | 1,022,575 | $1.0B | Reduce -4.7% |
| DD Dupont DE Nemours Inc. | 0.33% | 13,706,922 | $1.0B | Reduce -16.0% |
| MDLZ Mondelez International Inc. Class A | 0.33% | 17,423,363 | $1.0B | Add +1.2% |
| STE Steris PLC | 0.32% | 4,987,203 | $1.0B | Reduce -21.3% |
| VMC Vulcan Materials Co. | 0.32% | 3,948,775 | $1.0B | Reduce -21.7% |
| AEM Agnico Eagle Mines Ltd. | 0.32% | 12,941,836 | $1.0B | Reduce -0.1% |
| NOC Northrop Grumman Corp. | 0.32% | 2,134,711 | $1.0B | Reduce -10.1% |
| CMCSA Comcast Corp. Class A | 0.31% | 26,355,210 | $989.1M | Reduce -39.3% |
| CHKP Check Point Software Tech | 0.31% | 5,259,612 | $982.0M | Reduce -1.1% |
| TTWO Take-Two Interactive Softwre | 0.31% | 5,269,216 | $970.0M | Reduce -2.3% |
| TGT Target Corp. | 0.30% | 7,109,048 | $961.0M | Reduce -22.5% |
| EFX Equifax Inc. | 0.30% | 3,747,222 | $955.0M | Reduce -5.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.29% | 2,288,498 | $921.6M | Reduce -21.2% |
| ELV Elevance Health Inc. | 0.29% | 2,488,911 | $918.2M | Add +3.8% |
| ARES Ares Management Corp. Class A | 0.29% | 5,126,442 | $907.5M | Add +1.3% |
| WAB Wabtec Corp. | 0.28% | 4,735,733 | $897.8M | Add +0.9% |
| RBA RB Global Inc. | 0.28% | 9,888,656 | $892.1M | Reduce -0.7% |
| PM Philip Morris International | 0.28% | 7,382,992 | $888.5M | Reduce -20.1% |
| LNG Cheniere Energy Inc. | 0.28% | 4,126,512 | $886.7M | Add +10.1% |
| ITW Illinois Tool Works | 0.28% | 3,464,085 | $878.4M | Reduce -4.2% |
| NFLX Netflix Inc. | 0.28% | 976,924 | $870.8M | Add +318.9% |
Options reported separately and not counted above: WMT puts ($135.5M), EEM puts ($75.5M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $257.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,480,760 | $211.9M | New |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 716,981 | $32.7M | New |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 163,782 | $8.2M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,462,000 | $4.8M | New |
Total filed on the 13F, all lines: $316.7B.
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -9.1% | 4.35% | −0.27 |
| LIN Linde PLC | Reduce -14.9% | 0.97% | −0.26 |
| LLY Eli Lilly & Co. | Reduce -45.9% | 0.26% | −0.26 |
| CMCSA Comcast Corp. Class A | Reduce -39.3% | 0.31% | −0.23 |
| TMO Thermo Fisher Scientific Inc. | Reduce -24.1% | 0.42% | −0.20 |
| KLAC KLA Corp. | Reduce -21.3% | 0.41% | −0.19 |
| UBER Uber Technologies Inc. | Reduce -99.8% | 0.00% | −0.19 |
| A Agilent Technologies Inc. | Reduce -20.2% | 0.53% | −0.16 |
| REGN Regeneron Pharmaceuticals | Reduce -97.0% | 0.00% | −0.16 |
| CDNS Cadence Design SYS Inc. | Reduce -33.4% | 0.50% | −0.14 |
| ICLR Icon PLC | Reduce -21.2% | 0.21% | −0.14 |
| STE Steris PLC | Reduce -21.3% | 0.32% | −0.14 |
| MDT Medtronic PLC | Reduce -14.8% | 0.53% | −0.13 |
| TGT Target Corp. | Reduce -22.5% | 0.30% | −0.12 |
| ORCL Oracle Corp. | Reduce -48.0% | 0.14% | −0.12 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -39.4% | 0.14% | −0.12 |
| SNPS Synopsys Inc. | Reduce -39.0% | 0.19% | −0.12 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -21.2% | 0.29% | −0.11 |
| SO The Southern Co. | Reduce -12.9% | 0.57% | −0.11 |
| DD Dupont DE Nemours Inc. | Reduce -16.0% | 0.33% | −0.10 |
| LRCX Lam Research Corp. | Reduce -37.8% | 0.14% | −0.10 |
| CNI Canadian Natl Railway Co. | Reduce -12.8% | 0.39% | −0.10 |
| CSGP Costar Group Inc. | Reduce -37.7% | 0.16% | −0.10 |
| MPWR Monolithic Power Systems Inc. | Reduce -28.0% | 0.09% | −0.10 |
| GD General Dynamics Corp. | Reduce -5.9% | 0.61% | −0.09 |
| APD Air Products & Chemicals Inc. | Reduce -38.2% | 0.15% | −0.09 |
| BSX Boston Scientific Corp. | Reduce -23.4% | 0.56% | −0.09 |
| JNJ Johnson & Johnson | Reduce -4.1% | 0.82% | −0.09 |
| AME Ametek Inc. | Reduce -39.8% | 0.17% | −0.08 |
| ACN Accenture PLC Class A | Reduce -12.3% | 1.02% | −0.08 |
| TT Trane Technologies PLC | Reduce -27.9% | 0.21% | −0.08 |
| SUM Summit Materials Inc. Class A | Reduce -93.4% | 0.01% | −0.08 |
| CL Colgate-Palmolive Co. | Reduce -21.3% | 0.22% | −0.08 |
| MCO Moody's Corp. | Reduce -30.3% | 0.22% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -12.3% | 0.95% | −0.07 |
| PPG PPG Industries Inc. | Reduce -21.5% | 0.21% | −0.07 |
| UBS UBS Group AG-Reg | Reduce -11.0% | 0.78% | −0.06 |
| CB Chubb Ltd. | Reduce -9.7% | 0.69% | −0.06 |
| CP Canadian Pacific Kansas City | Reduce -5.2% | 0.36% | −0.06 |
| IDXX Idexx Laboratories Inc. | Reduce -96.8% | 0.00% | −0.06 |
| NOC Northrop Grumman Corp. | Reduce -10.1% | 0.32% | −0.06 |
| BRKR Bruker Corp. | Reduce -45.9% | 0.05% | −0.06 |
| VMC Vulcan Materials Co. | Reduce -21.7% | 0.32% | −0.06 |
| CBOE Cboe Global Markets Inc. | Reduce -65.0% | 0.03% | −0.06 |
| ADI Analog Devices Inc. | Reduce -4.5% | 0.77% | −0.06 |
| PM Philip Morris International | Reduce -20.1% | 0.28% | −0.05 |
| AMAT Applied Materials Inc. | Reduce -49.6% | 0.04% | −0.05 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.05 |
| UNP Union Pacific Corp. | Reduce -5.4% | 0.62% | −0.05 |
| PEP Pepsico Inc. | Reduce -4.1% | 0.48% | −0.05 |
Portfolio Buys Q3 2024 → Q4 2024
| TSLA Tesla Inc. | Add +4963.1% | 0.74% | +0.74 |
| BA The Boeing Co. | Add +46.6% | 0.62% | +0.28 |
| NFLX Netflix Inc. | Add +318.9% | 0.28% | +0.23 |
| ADSK Autodesk Inc. | Add +406.8% | 0.27% | +0.22 |
| TEAM Atlassian Corp. Class A | New | 0.22% | +0.22 |
| CRM Salesforce Inc. | Add +10.5% | 0.70% | +0.21 |
| VRT Vertiv Holdings Co. Class A | New | 0.19% | +0.19 |
| FISV Fiserv Inc. | Add +16.2% | 0.52% | +0.15 |
| MRVL Marvell Technology Inc. | Add +28.7% | 0.27% | +0.14 |
| VST Vistra Corp. | Add +63.6% | 0.27% | +0.14 |
| AVGO Broadcom Inc. | Add +170.0% | 0.19% | +0.14 |
| GEV GE Vernova Inc. | Add +1638.5% | 0.14% | +0.13 |
| XYZ Block Inc. | Add +229.8% | 0.15% | +0.12 |
| APO Apollo Global Management Inc. | Add +245.9% | 0.14% | +0.11 |
| PCG P G & E Corp. | Add +8.8% | 0.73% | +0.11 |
| PNC PNC Financial Services Group | Add +10.7% | 0.46% | +0.08 |
| XEL Xcel Energy Inc. | Add +15.9% | 0.38% | +0.08 |
| LNG Cheniere Energy Inc. | Add +10.1% | 0.28% | +0.08 |
| CG The Carlyle Group Inc. | Add +201.4% | 0.10% | +0.07 |
| MANH Manhattan Associates Inc. | Add +101.0% | 0.14% | +0.07 |
| DDOG Datadog Inc. Class A | Add +16.2% | 0.20% | +0.07 |
| AXON Axon Enterprise Inc. | Add +82.7% | 0.10% | +0.07 |
| LPLA LPL Financial Holdings Inc. | Add +57.1% | 0.12% | +0.07 |
| ALAB Astera Labs Inc. | Add +418.3% | 0.07% | +0.07 |
| SHOP Shopify Inc. Class A | Add +21.4% | 0.16% | +0.06 |
| ARMK Aramark | Add +63.2% | 0.16% | +0.06 |
| MASI Masimo Corp. | Add +119.0% | 0.09% | +0.06 |
| HUBS HubSpot Inc. | Add +18.3% | 0.15% | +0.06 |
| KVUE Kenvue Inc. | Add +12.3% | 0.66% | +0.06 |
| BDX Becton Dickinson and Co. | Add +15.1% | 0.44% | +0.06 |
| PCAR Paccar Inc. | Add +5.6% | 0.35% | +0.05 |
| ARES Ares Management Corp. Class A | Add +1.3% | 0.29% | +0.05 |
| CBRE CBRE Group Inc. Class A | Add +11750.9% | 0.05% | +0.05 |
| GWRE Guidewire Software Inc. | Add +29.5% | 0.24% | +0.05 |
| GGG Graco Inc. | Add +26738.3% | 0.05% | +0.05 |
| CMS CMS Energy Corp. | Add +28.0% | 0.21% | +0.04 |
| NTRS Northern Trust Corp. | Add +1.3% | 0.24% | +0.04 |
| QGEN Qiagen NV | Add +9.5% | 0.36% | +0.04 |
| OMC Omnicom Group | Add +50.1% | 0.16% | +0.04 |
| CME Cme Group Inc. | Add +18.8% | 0.16% | +0.04 |
| EPAM Epam Systems Inc. | Add +96.1% | 0.06% | +0.04 |
| CAG Conagra Brands Inc. | New | 0.04% | +0.04 |
| CRH CRH PLC | Add +12.9% | 0.21% | +0.03 |
| DNB Dun & Bradstreet Holdings Inc. | Add +2.3% | 0.23% | +0.03 |
| SARO Standardaero Inc. | New | 0.03% | +0.03 |
| LYV Live Nation Entertainment Inc. | Add +34.9% | 0.08% | +0.03 |
| WAB Wabtec Corp. | Add +0.9% | 0.28% | +0.03 |
| BURL Burlington Stores Inc. | Add +30.8% | 0.09% | +0.03 |
| QTWO Q2 Holdings Inc. | Add +107.9% | 0.04% | +0.03 |
| RJF Raymond James Financial Inc. | Add +0.0% | 0.11% | +0.03 |
Notes & Other Activity Q3 2024 → Q4 2024
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 3,480,760 | $211.9M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | New | 716,981 | $32.7M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | New | 163,782 | $8.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | New | 4,462,000 | $4.8M |
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 | 997 | $314.7B | NVDA, GOOGL, AAPL, AMZN, MSFT |
| Q1 2026 | 940 | $297.2B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q4 2025 | 909 | $309.6B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q3 2025 | 851 | $322.5B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q2 2025 | 880 | $314.8B | MSFT, NVDA, AMZN, META, AAPL |
| Q1 2025 | 876 | $300.5B | MSFT, NVDA, AMZN, AAPL, META |
| Q4 2024 | 869 | $316.4B | MSFT, NVDA, GOOGL, AMZN, AAPL |
| Q3 2024 | 844 | $334.6B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q2 2024 | 859 | $325.2B | MSFT, NVDA, GOOGL, AMZN, AAPL |
| Q1 2024 | 837 | $334.3B | MSFT, NVDA, GOOGL, JPM, AMZN |