Massachusetts Financial Services Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Massachusetts Financial Services Co. reported 876 stock positions worth $300.5 billion. Its top holding was Microsoft (MSFT) at 3.9% of the portfolio, followed by Nvidia (NVDA, 2.1%) and Amazon.com (AMZN, 1.9%). Compared with Q4 2024, it opened 54 new positions, sold out of 47, added to 336 and reduced 482. The biggest buy was Cigna (CI, shares +1%) and the biggest sale Tesla (TSLA, shares −91%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000912938
- Portfolio Value
- $300.5B (Q1 2025)
- SEC Filing
- 0000912938-25-000044 ↗ filed May 2, 2025
Holdings Value
Holdings 876 stocks · $300.5B
| MSFT Microsoft Corp. | 3.88% | 31,038,510 | $11.7B | Reduce -4.9% |
| NVDA Nvidia Corp. | 2.10% | 58,350,327 | $6.3B | Reduce -11.2% |
| AMZN Amazon.com Inc. | 1.93% | 30,533,962 | $5.8B | Reduce -2.2% |
| AAPL Apple Inc. | 1.92% | 25,966,650 | $5.8B | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 1.78% | 9,273,234 | $5.3B | Add +2.5% |
| GOOGL Alphabet Inc. Class A | 1.65% | 32,162,251 | $5.0B | Reduce -13.7% |
| JPM JPMorgan Chase & Co. | 1.49% | 18,197,070 | $4.5B | Reduce -16.6% |
| AON Aon PLC Class A | 1.31% | 9,832,327 | $3.9B | Reduce -15.4% |
| V Visa Inc. Class A | 1.30% | 11,122,577 | $3.9B | Reduce -11.4% |
| CI The Cigna Group | 1.28% | 11,654,993 | $3.8B | Add +0.8% |
| PGR Progressive Corp. | 1.27% | 13,482,492 | $3.8B | Reduce -0.1% |
| LIN Linde PLC | 1.10% | 7,128,712 | $3.3B | Reduce -2.4% |
| MCK McKesson Corp. | 1.03% | 4,603,533 | $3.1B | Reduce -2.5% |
| JNJ Johnson & Johnson | 1.01% | 18,282,410 | $3.0B | Add +2.5% |
| ACN Accenture PLC Class A | 0.93% | 8,942,718 | $2.8B | Reduce -2.1% |
| MA Mastercard Inc. Class A | 0.93% | 5,072,427 | $2.8B | Add +1.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.87% | 15,804,699 | $2.6B | Reduce -10.9% |
| COP Conocophillips | 0.87% | 24,867,788 | $2.6B | Reduce -1.7% |
| MRSH Marsh & McLennan Cos | 0.82% | 10,097,141 | $2.5B | Reduce -2.4% |
| XOM Exxon Mobil Corp. | 0.80% | 20,256,504 | $2.4B | Add +8.3% |
| CB Chubb Ltd. | 0.78% | 7,725,355 | $2.3B | Reduce -1.9% |
| KVUE Kenvue Inc. | 0.77% | 96,871,731 | $2.3B | Reduce -0.8% |
| UBS UBS Group AG-Reg | 0.76% | 74,421,028 | $2.3B | Reduce -8.4% |
| ETN Eaton Corp. PLC | 0.75% | 8,309,949 | $2.3B | Reduce -8.0% |
| DUK Duke Energy Corp. | 0.73% | 18,107,625 | $2.2B | Add +0.1% |
| KKR KKR & Co. Inc. | 0.73% | 19,081,760 | $2.2B | Add +14.3% |
| AXP American Express Co. | 0.70% | 7,869,281 | $2.1B | Reduce -7.9% |
| ADI Analog Devices Inc. | 0.69% | 10,233,477 | $2.1B | Reduce -11.2% |
| WTW Willis Towers Watson PLC | 0.69% | 6,092,204 | $2.1B | Reduce -6.0% |
| PCG P G & E Corp. | 0.68% | 118,548,531 | $2.0B | Add +4.0% |
| MDT Medtronic PLC | 0.67% | 22,278,023 | $2.0B | Add +7.0% |
| UNP Union Pacific Corp. | 0.66% | 8,359,614 | $2.0B | Reduce -3.4% |
| HWM Howmet Aerospace Inc. | 0.65% | 15,161,551 | $2.0B | Reduce -9.5% |
| SO The Southern Co. | 0.65% | 21,178,566 | $1.9B | Reduce -3.4% |
| SPOT Spotify Technology SA | 0.65% | 3,526,988 | $1.9B | Add +3.3% |
| RTX RTX Corp. | 0.64% | 14,597,120 | $1.9B | Reduce -2.6% |
| FNV Franco-Nevada Corp. | 0.64% | 12,207,413 | $1.9B | Add +1.7% |
| ABT Abbott Laboratories | 0.64% | 14,451,305 | $1.9B | Add +12.8% |
| PFE Pfizer Inc. | 0.64% | 75,446,358 | $1.9B | Reduce -1.4% |
| MS Morgan Stanley | 0.63% | 16,306,104 | $1.9B | Reduce -3.4% |
| ABBV Abbvie Inc. | 0.62% | 8,850,246 | $1.9B | Reduce -2.2% |
| HON Honeywell International Inc. | 0.61% | 8,689,615 | $1.8B | Reduce -12.6% |
| FISV Fiserv Inc. | 0.61% | 8,284,433 | $1.8B | Add +3.2% |
| GD General Dynamics Corp. | 0.61% | 6,704,993 | $1.8B | Reduce -9.0% |
| BA The Boeing Co. | 0.61% | 10,689,746 | $1.8B | Reduce -3.1% |
| PLD Prologis Inc. | 0.60% | 16,253,561 | $1.8B | Reduce -2.1% |
| TRU Transunion | 0.60% | 21,674,473 | $1.8B | Add +10.9% |
| CRM Salesforce Inc. | 0.57% | 6,437,841 | $1.7B | Reduce -2.4% |
| PNC PNC Financial Services Group | 0.56% | 9,502,467 | $1.7B | Add +26.1% |
| BSX Boston Scientific Corp. | 0.55% | 16,521,619 | $1.7B | Reduce -16.0% |
| D Dominion Energy Inc. | 0.55% | 29,361,417 | $1.6B | Reduce -5.2% |
| PEP Pepsico Inc. | 0.54% | 10,878,718 | $1.6B | Add +9.3% |
| LOW Lowe's Cos Inc. | 0.54% | 6,977,736 | $1.6B | Reduce -2.4% |
| SCHW Schwab (charles) Corp. | 0.53% | 20,527,113 | $1.6B | Reduce -6.7% |
| BDX Becton Dickinson and Co. | 0.52% | 6,843,856 | $1.6B | Add +10.8% |
| NDAQ Nasdaq Inc. | 0.52% | 20,433,885 | $1.6B | Add +5.1% |
| TRV The Travelers Cos Inc. | 0.52% | 5,852,915 | $1.5B | Reduce -3.0% |
| NXPI NXP Semiconductors NV | 0.51% | 8,134,050 | $1.5B | Add +1.1% |
| AEM Agnico Eagle Mines Ltd. | 0.48% | 13,441,198 | $1.5B | Add +3.9% |
| PM Philip Morris International | 0.48% | 9,018,628 | $1.4B | Add +22.1% |
| A Agilent Technologies Inc. | 0.47% | 11,953,393 | $1.4B | Reduce -3.9% |
| APH Amphenol Corp. Class A | 0.45% | 20,676,055 | $1.4B | Reduce -6.6% |
| TXN Texas Instruments Inc. | 0.45% | 7,465,886 | $1.3B | Reduce -3.0% |
| VRSK Verisk Analytics Inc. | 0.44% | 4,417,489 | $1.3B | Reduce -1.2% |
| NFLX Netflix Inc. | 0.43% | 1,387,159 | $1.3B | Add +42.0% |
| C Citigroup Inc. | 0.43% | 18,045,650 | $1.3B | Reduce -9.4% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.41% | 29,324,514 | $1.2B | Add +4.4% |
| CDNS Cadence Design SYS Inc. | 0.41% | 4,859,517 | $1.2B | Reduce -7.4% |
| STE Steris PLC | 0.41% | 5,439,349 | $1.2B | Add +9.1% |
| CVX Chevron Corp. | 0.40% | 7,201,292 | $1.2B | Reduce -5.0% |
| XEL Xcel Energy Inc. | 0.40% | 16,973,454 | $1.2B | Reduce -3.6% |
| TMO Thermo Fisher Scientific Inc. | 0.40% | 2,396,032 | $1.2B | Reduce -7.0% |
| CNI Canadian Natl Railway Co. | 0.39% | 12,121,917 | $1.2B | Add +0.2% |
| MDLZ Mondelez International Inc. Class A | 0.39% | 17,072,476 | $1.2B | Reduce -2.0% |
| KLAC KLA Corp. | 0.38% | 1,699,689 | $1.2B | Reduce -17.1% |
| MAR Marriott International Class A | 0.38% | 4,809,100 | $1.1B | Reduce -3.5% |
| PCAR Paccar Inc. | 0.38% | 11,754,939 | $1.1B | Add +9.2% |
| CHKP Check Point Software Tech | 0.37% | 4,944,107 | $1.1B | Reduce -6.0% |
| TTWO Take-Two Interactive Softwre | 0.37% | 5,358,309 | $1.1B | Add +1.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.37% | 4,836,430 | $1.1B | Add +8.2% |
| LNG Cheniere Energy Inc. | 0.36% | 4,660,545 | $1.1B | Add +12.9% |
| ELV Elevance Health Inc. | 0.35% | 2,426,828 | $1.1B | Reduce -2.5% |
| RBA RB Global Inc. | 0.34% | 10,241,186 | $1.0B | Add +3.6% |
| QGEN Qiagen N.V. | 0.34% | 25,301,347 | $1.0B | Add +2.8% |
| GS Goldman Sachs Group Inc. | 0.34% | 1,859,000 | $1.0B | Reduce -28.9% |
| CP Canadian Pacific Kansas City | 0.34% | 14,369,089 | $1.0B | Reduce -7.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.33% | 2,873,049 | $991.9M | Reduce -2.1% |
| NOC Northrop Grumman Corp. | 0.33% | 1,935,734 | $991.1M | Reduce -9.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.33% | 2,024,908 | $981.7M | Reduce -11.5% |
| GWRE Guidewire Software Inc. | 0.32% | 5,157,195 | $966.3M | Add +16.2% |
| BLK BlackRock Inc. | 0.31% | 996,770 | $943.4M | Reduce -2.5% |
| CRH CRH PLC | 0.30% | 10,303,788 | $906.4M | Add +43.2% |
| EFX Equifax Inc. | 0.29% | 3,521,623 | $857.7M | Reduce -6.0% |
| DD Dupont DE Nemours Inc. | 0.29% | 11,472,260 | $856.7M | Reduce -16.3% |
| WAB Wabtec Corp. | 0.28% | 4,719,537 | $855.9M | Reduce -0.3% |
| APTV Aptiv PLC | 0.28% | 14,130,993 | $840.8M | Reduce -1.1% |
| ITW Illinois Tool Works | 0.28% | 3,381,073 | $838.5M | Reduce -2.4% |
| ORLY O'reilly Automotive Inc. | 0.28% | 583,812 | $836.4M | Add +33.9% |
| SU Suncor Energy Inc. | 0.27% | 21,320,772 | $825.5M | Reduce -8.5% |
| VMC Vulcan Materials Co. | 0.27% | 3,532,622 | $824.2M | Reduce -10.5% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $265.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,330,430 | $199.3M | Reduce -4.3% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 907,092 | $41.3M | Add +26.5% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 440,848 | $19.7M | Add +169.2% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,462,000 | $4.7M | No change |
Total filed on the 13F, all lines: $300.8B.
Portfolio Sells Q4 2024 → Q1 2025
| TSLA Tesla Inc. | Reduce -91.3% | 0.04% | −0.70 |
| NVDA Nvidia Corp. | Reduce -11.2% | 2.10% | −0.68 |
| GOOGL Alphabet Inc. Class A | Reduce -13.7% | 1.65% | −0.58 |
| MSFT Microsoft Corp. | Reduce -4.9% | 3.88% | −0.47 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -10.9% | 0.87% | −0.23 |
| AMZN Amazon.com Inc. | Reduce -2.2% | 1.93% | −0.23 |
| ETN Eaton Corp. PLC | Reduce -8.0% | 0.75% | −0.20 |
| NOW ServiceNow Inc. | Reduce -27.9% | 0.26% | −0.19 |
| AAPL Apple Inc. | Reduce -2.6% | 1.92% | −0.19 |
| IT Gartner Inc. | Reduce -37.2% | 0.24% | −0.18 |
| INTU Intuit Inc. | Reduce -90.3% | 0.02% | −0.17 |
| JPM JPMorgan Chase & Co. | Reduce -16.6% | 1.49% | −0.17 |
| MRVL Marvell Technology Inc. | Reduce -31.5% | 0.11% | −0.16 |
| VRT Vertiv Holdings Co. Class A | Reduce -74.0% | 0.03% | −0.16 |
| SNPS Synopsys Inc. | Reduce -74.1% | 0.05% | −0.14 |
| GS Goldman Sachs Group Inc. | Reduce -28.9% | 0.34% | −0.14 |
| DNB Dun & Bradstreet Holdings Inc. | Reduce -40.3% | 0.10% | −0.12 |
| MANH Manhattan Associates Inc. | Reduce -78.7% | 0.02% | −0.12 |
| CRM Salesforce Inc. | Reduce -2.4% | 0.57% | −0.12 |
| PPG PPG Industries Inc. | Reduce -49.3% | 0.10% | −0.11 |
| DHR Danaher Corp. | Reduce -35.4% | 0.16% | −0.10 |
| HON Honeywell International Inc. | Reduce -12.6% | 0.61% | −0.10 |
| AXP American Express Co. | Reduce -7.9% | 0.70% | −0.10 |
| EA Electronic Arts Inc. | Reduce -48.7% | 0.11% | −0.10 |
| ACN Accenture PLC Class A | Reduce -2.1% | 0.93% | −0.09 |
| ADI Analog Devices Inc. | Reduce -11.2% | 0.69% | −0.09 |
| CDNS Cadence Design SYS Inc. | Reduce -7.4% | 0.41% | −0.09 |
| CL Colgate-Palmolive Co. | Reduce -41.4% | 0.14% | −0.08 |
| TGT Target Corp. | Reduce -6.9% | 0.23% | −0.07 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.07 |
| PVH PVH Corp. | Reduce -85.3% | 0.01% | −0.06 |
| JCI Johnson Controls Internation | Reduce -31.4% | 0.18% | −0.06 |
| DIS The Walt Disney Co. | Reduce -21.9% | 0.17% | −0.06 |
| A Agilent Technologies Inc. | Reduce -3.9% | 0.47% | −0.06 |
| MAR Marriott International Class A | Reduce -3.5% | 0.38% | −0.06 |
| FDS Factset Research Systems Inc. | Reduce -87.0% | 0.01% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.05 |
| XYZ Block Inc. | Reduce -0.6% | 0.10% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -16.8% | 0.14% | −0.05 |
| IR Ingersoll-Rand Inc. | Sold out | 0.00% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -18.3% | 0.26% | −0.05 |
| VMC Vulcan Materials Co. | Reduce -10.5% | 0.27% | −0.05 |
| DD Dupont DE Nemours Inc. | Reduce -16.3% | 0.29% | −0.05 |
| STAG Stag Industrial Inc. | Reduce -86.7% | 0.01% | −0.04 |
| ARES Ares Management Corp. Class A | Reduce -2.0% | 0.25% | −0.04 |
| VST Vistra Corp. | Reduce -5.5% | 0.23% | −0.04 |
| HUBB Hubbell Inc. | Reduce -4.2% | 0.16% | −0.04 |
| AME Ametek Inc. | Reduce -24.0% | 0.13% | −0.04 |
| WING Wingstop Inc. | Reduce -45.4% | 0.03% | −0.04 |
| MS Morgan Stanley | Reduce -3.4% | 0.63% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| CI The Cigna Group | Add +0.8% | 1.28% | +0.27 |
| PM Philip Morris International | Add +22.1% | 0.48% | +0.20 |
| FNV Franco-Nevada Corp. | Add +1.7% | 0.64% | +0.19 |
| JNJ Johnson & Johnson | Add +2.5% | 1.01% | +0.19 |
| WFC Wells Fargo & Co. | Add +277.4% | 0.26% | +0.19 |
| ABT Abbott Laboratories | Add +12.8% | 0.64% | +0.18 |
| XOM Exxon Mobil Corp. | Add +8.3% | 0.80% | +0.17 |
| AEM Agnico Eagle Mines Ltd. | Add +3.9% | 0.48% | +0.16 |
| SPOT Spotify Technology SA | Add +3.3% | 0.65% | +0.16 |
| NFLX Netflix Inc. | Add +42.0% | 0.43% | +0.16 |
| MDT Medtronic PLC | Add +7.0% | 0.67% | +0.14 |
| CBRE CBRE Group Inc. Class A | Add +217.4% | 0.17% | +0.12 |
| DUK Duke Energy Corp. | Add +0.1% | 0.73% | +0.12 |
| ORLY O'reilly Automotive Inc. | Add +33.9% | 0.28% | +0.11 |
| OKTA Okta Inc. | Add +325.6% | 0.13% | +0.11 |
| SBUX Starbucks Corp. | Add +218.8% | 0.15% | +0.11 |
| META Meta Platforms Inc. Class A | Add +2.5% | 1.78% | +0.10 |
| PNC PNC Financial Services Group | Add +26.1% | 0.56% | +0.10 |
| CRH CRH PLC | Add +43.2% | 0.30% | +0.09 |
| CME Cme Group Inc. | Add +29.9% | 0.25% | +0.09 |
| MA Mastercard Inc. Class A | Add +1.0% | 0.93% | +0.09 |
| FISV Fiserv Inc. | Add +3.2% | 0.61% | +0.09 |
| STE Steris PLC | Add +9.1% | 0.41% | +0.09 |
| GWRE Guidewire Software Inc. | Add +16.2% | 0.32% | +0.09 |
| BDX Becton Dickinson and Co. | Add +10.8% | 0.52% | +0.08 |
| LNG Cheniere Energy Inc. | Add +12.9% | 0.36% | +0.08 |
| ESTC Elastic NV | Add +5437.6% | 0.07% | +0.07 |
| SPG Simon Property Group Inc. | New | 0.07% | +0.07 |
| PEP Pepsico Inc. | Add +9.3% | 0.54% | +0.06 |
| APP AppLovin Corp. Class A | Add +965.2% | 0.07% | +0.06 |
| TTWO Take-Two Interactive Softwre | Add +1.7% | 0.37% | +0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.06% | +0.06 |
| GEV GE Vernova Inc. | Add +47.4% | 0.20% | +0.06 |
| RBA RB Global Inc. | Add +3.6% | 0.34% | +0.06 |
| REXR Rexford Industrial Realty Inc. | Add +130.2% | 0.10% | +0.06 |
| EXC Exelon Corp. | Add +0.7% | 0.24% | +0.06 |
| EXE Expand Energy Corp. | Add +24.3% | 0.17% | +0.05 |
| BJ Bj's Wholesale Club Holdings | Add +29.8% | 0.12% | +0.05 |
| CPNG Coupang Inc. | Add +436.6% | 0.06% | +0.05 |
| PEGA Pegasystems Inc. | New | 0.05% | +0.05 |
| LPLA LPL Financial Holdings Inc. | Add +35.9% | 0.17% | +0.05 |
| FERG Ferguson Enterprises Inc. | Add +1036.1% | 0.05% | +0.05 |
| POOL Pool Corp. | New | 0.05% | +0.05 |
| EMR Emerson Electric Co. | Add +210.8% | 0.07% | +0.05 |
| RBLX Roblox Corp. Class A | Add +210.5% | 0.06% | +0.04 |
| DXCM Dexcom Inc. | Add +171.0% | 0.07% | +0.04 |
| LYV Live Nation Entertainment Inc. | Add +46.1% | 0.12% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +32.9% | 0.14% | +0.04 |
| HES Hess Corp. | Add +1.8% | 0.19% | +0.04 |
| NDSN Nordson Corp. | Add +156.2% | 0.07% | +0.04 |
Options Activity Q4 2024 → Q1 2025
| WMT Walmart Inc. | put | Sold out | 1,500,000 | $135.5Mbefore exit |
| EEM iShares MSCI Emerging Market | put | Sold out | 1,805,300 | $75.5Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -4.3% | 3,330,430 | $199.3M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Add +26.5% | 907,092 | $41.3M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +169.2% | 440,848 | $19.7M |
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 |