Massachusetts Financial Services Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Massachusetts Financial Services Co. reported 880 stock positions worth $314.8 billion. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Nvidia (NVDA, 2.9%) and Amazon.com (AMZN, 2.1%). Compared with Q1 2025, it opened 63 new positions, sold out of 59, added to 392 and reduced 422. The biggest buy was Broadcom (AVGO, shares +115%) and the biggest sale Visa Class A (V, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000912938
- Portfolio Value
- $314.8B (Q2 2025)
- SEC Filing
- 0000912938-25-000121 ↗ filed Aug 8, 2025
Holdings Value
Holdings 880 stocks · $314.8B
| MSFT Microsoft Corp. | 4.76% | 30,098,799 | $15.0B | Reduce -3.0% |
| NVDA Nvidia Corp. | 2.88% | 57,362,545 | $9.1B | Reduce -1.7% |
| AMZN Amazon.com Inc. | 2.12% | 30,370,533 | $6.7B | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 2.11% | 8,988,662 | $6.6B | Reduce -3.1% |
| AAPL Apple Inc. | 1.64% | 25,119,076 | $5.2B | Reduce -3.3% |
| JPM JPMorgan Chase & Co. | 1.60% | 17,366,071 | $5.0B | Reduce -4.6% |
| GOOGL Alphabet Inc. Class A | 1.47% | 26,220,914 | $4.6B | Reduce -18.5% |
| CI The Cigna Group | 1.24% | 11,778,472 | $3.9B | Add +1.1% |
| MA Mastercard Inc. Class A | 1.14% | 6,372,404 | $3.6B | Add +25.6% |
| TSM Taiwan Semiconductor-SP ADR | 1.09% | 15,218,372 | $3.4B | Reduce -3.7% |
| PGR Progressive Corp. | 1.09% | 12,905,421 | $3.4B | Reduce -4.3% |
| AON Aon PLC Class A | 1.01% | 8,952,011 | $3.2B | Reduce -8.9% |
| LIN Linde PLC | 0.98% | 6,575,587 | $3.1B | Reduce -7.8% |
| V Visa Inc. Class A | 0.95% | 8,453,073 | $3.0B | Reduce -24.0% |
| MCK McKesson Corp. | 0.93% | 3,984,579 | $2.9B | Reduce -13.4% |
| ETN Eaton Corp. PLC | 0.92% | 8,148,284 | $2.9B | Reduce -1.9% |
| JNJ Johnson & Johnson | 0.87% | 18,005,603 | $2.8B | Reduce -1.5% |
| ACN Accenture PLC Class A | 0.85% | 8,998,826 | $2.7B | Add +0.6% |
| KKR KKR & Co. Inc. | 0.84% | 19,847,217 | $2.6B | Add +4.0% |
| HWM Howmet Aerospace Inc. | 0.83% | 14,064,219 | $2.6B | Reduce -7.2% |
| SPOT Spotify Technology SA | 0.81% | 3,321,347 | $2.5B | Reduce -5.8% |
| NDAQ Nasdaq Inc. | 0.77% | 27,274,620 | $2.4B | Add +33.5% |
| AXP American Express Co. | 0.75% | 7,360,489 | $2.3B | Reduce -6.5% |
| RTX RTX Corp. | 0.74% | 15,958,191 | $2.3B | Add +9.3% |
| UBS UBS Group AG-Reg | 0.69% | 63,935,645 | $2.2B | Reduce -14.1% |
| XOM Exxon Mobil Corp. | 0.68% | 19,747,613 | $2.1B | Reduce -2.5% |
| MRSH Marsh & McLennan Cos | 0.67% | 9,676,163 | $2.1B | Reduce -4.2% |
| CB Chubb Ltd. | 0.67% | 7,288,233 | $2.1B | Reduce -5.7% |
| COP Conocophillips | 0.67% | 23,474,701 | $2.1B | Reduce -5.6% |
| ADI Analog Devices Inc. | 0.66% | 8,701,901 | $2.1B | Reduce -15.0% |
| BA The Boeing Co. | 0.65% | 9,804,765 | $2.1B | Reduce -8.3% |
| NFLX Netflix Inc. | 0.65% | 1,516,710 | $2.0B | Add +9.3% |
| DUK Duke Energy Corp. | 0.64% | 17,174,810 | $2.0B | Reduce -5.2% |
| TRU Transunion | 0.64% | 22,720,864 | $2.0B | Add +4.8% |
| APH Amphenol Corp. Class A | 0.63% | 20,136,071 | $2.0B | Reduce -2.6% |
| ABT Abbott Laboratories | 0.62% | 14,275,582 | $1.9B | Reduce -1.2% |
| MS Morgan Stanley | 0.61% | 13,714,110 | $1.9B | Reduce -15.9% |
| FNV Franco-Nevada Corp. | 0.61% | 11,702,413 | $1.9B | Reduce -4.1% |
| HON Honeywell International Inc. | 0.61% | 8,216,312 | $1.9B | Reduce -5.5% |
| WTW Willis Towers Watson PLC | 0.61% | 6,238,308 | $1.9B | Add +2.4% |
| KVUE Kenvue Inc. | 0.61% | 91,215,505 | $1.9B | Reduce -5.8% |
| GD General Dynamics Corp. | 0.60% | 6,452,076 | $1.9B | Reduce -3.8% |
| UNP Union Pacific Corp. | 0.59% | 8,119,524 | $1.9B | Reduce -2.9% |
| SO The Southern Co. | 0.59% | 20,331,847 | $1.9B | Reduce -4.0% |
| MDT Medtronic PLC | 0.58% | 20,988,279 | $1.8B | Reduce -5.8% |
| PFE Pfizer Inc. | 0.58% | 75,474,322 | $1.8B | Add +0.0% |
| NXPI NXP Semiconductors NV | 0.57% | 8,237,369 | $1.8B | Add +1.3% |
| PLD Prologis Inc. | 0.55% | 16,506,899 | $1.7B | Add +1.6% |
| PCG P G & E Corp. | 0.54% | 122,550,751 | $1.7B | Add +3.4% |
| KLAC KLA Corp. | 0.54% | 1,889,869 | $1.7B | Add +11.2% |
| SCHW Schwab (charles) Corp. | 0.53% | 18,405,261 | $1.7B | Reduce -10.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.53% | 28,897,707 | $1.7B | Reduce -1.5% |
| AVGO Broadcom Inc. | 0.53% | 6,017,340 | $1.7B | Add +115.5% |
| D Dominion Energy Inc. | 0.53% | 29,238,667 | $1.7B | Reduce -0.4% |
| PNC PNC Financial Services Group | 0.52% | 8,864,015 | $1.7B | Reduce -6.7% |
| PM Philip Morris International | 0.51% | 8,897,599 | $1.6B | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.51% | 8,620,371 | $1.6B | Reduce -2.6% |
| A Agilent Technologies Inc. | 0.50% | 13,227,387 | $1.6B | Add +10.7% |
| C Citigroup Inc. | 0.48% | 17,611,924 | $1.5B | Reduce -2.4% |
| LOW Lowe's Cos Inc. | 0.47% | 6,718,891 | $1.5B | Reduce -3.7% |
| BDX Becton Dickinson and Co. | 0.47% | 8,514,446 | $1.5B | Add +24.4% |
| TRV The Travelers Cos Inc. | 0.47% | 5,474,134 | $1.5B | Reduce -6.5% |
| TXN Texas Instruments Inc. | 0.46% | 6,918,262 | $1.4B | Reduce -7.3% |
| CDNS Cadence Design SYS Inc. | 0.45% | 4,582,619 | $1.4B | Reduce -5.7% |
| BSX Boston Scientific Corp. | 0.44% | 12,859,158 | $1.4B | Reduce -22.2% |
| PEP Pepsico Inc. | 0.44% | 10,377,126 | $1.4B | Reduce -4.6% |
| TTWO Take-Two Interactive Softwre | 0.43% | 5,525,176 | $1.3B | Add +3.1% |
| WFC Wells Fargo & Co. | 0.42% | 16,635,681 | $1.3B | Add +54.9% |
| AEM Agnico Eagle Mines Ltd. | 0.42% | 11,109,908 | $1.3B | Reduce -17.3% |
| VRSK Verisk Analytics Inc. | 0.41% | 4,186,042 | $1.3B | Reduce -5.2% |
| XEL Xcel Energy Inc. | 0.41% | 18,719,520 | $1.3B | Add +10.3% |
| STE Steris PLC | 0.40% | 5,250,844 | $1.3B | Reduce -3.5% |
| MAR Marriott International Class A | 0.40% | 4,590,815 | $1.3B | Reduce -4.5% |
| CNI Canadian Natl Railway Co. | 0.39% | 11,823,661 | $1.2B | Reduce -2.5% |
| GWRE Guidewire Software Inc. | 0.38% | 5,083,897 | $1.2B | Reduce -1.4% |
| VST Vistra Corp. | 0.38% | 6,175,553 | $1.2B | Add +4.4% |
| QGEN Qiagen N.V. | 0.37% | 24,525,073 | $1.2B | Reduce -3.1% |
| CRM Salesforce Inc. | 0.37% | 4,316,629 | $1.2B | Reduce -33.0% |
| CRH CRH PLC | 0.37% | 12,803,346 | $1.2B | Add +24.3% |
| LNG Cheniere Energy Inc. | 0.36% | 4,687,388 | $1.1B | Add +0.6% |
| GS Goldman Sachs Group Inc. | 0.36% | 1,604,822 | $1.1B | Reduce -13.7% |
| FISV Fiserv Inc. | 0.36% | 6,547,478 | $1.1B | Reduce -21.0% |
| BLK BlackRock Inc. | 0.36% | 1,070,435 | $1.1B | Add +7.4% |
| PCAR Paccar Inc. | 0.35% | 11,543,156 | $1.1B | Reduce -1.8% |
| CHKP Check Point Software Tech | 0.34% | 4,853,288 | $1.1B | Reduce -1.8% |
| RBA RB Global Inc. | 0.34% | 10,021,503 | $1.1B | Reduce -2.1% |
| GEV GE Vernova Inc. | 0.34% | 1,996,019 | $1.1B | Add +3.0% |
| MDLZ Mondelez International Inc. Class A | 0.33% | 15,491,048 | $1.0B | Reduce -9.3% |
| CVX Chevron Corp. | 0.31% | 6,907,452 | $989.1M | Reduce -4.1% |
| HLT Hilton Worldwide Holdings Inc. | 0.31% | 3,700,507 | $985.6M | Reduce -23.5% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 2,342,780 | $949.9M | Reduce -2.2% |
| TT Trane Technologies PLC | 0.30% | 2,168,790 | $948.7M | Add +4.4% |
| WAB Wabtec Corp. | 0.30% | 4,497,166 | $941.5M | Reduce -4.7% |
| ITW Illinois Tool Works | 0.30% | 3,797,055 | $938.8M | Add +12.3% |
| NOC Northrop Grumman Corp. | 0.30% | 1,858,575 | $929.3M | Reduce -4.0% |
| ADSK Autodesk Inc. | 0.29% | 2,980,384 | $922.6M | Reduce -0.7% |
| LPLA LPL Financial Holdings Inc. | 0.29% | 2,442,182 | $915.7M | Add +61.1% |
| VMC Vulcan Materials Co. | 0.29% | 3,510,786 | $915.7M | Reduce -0.6% |
| NTRS Northern Trust Corp. | 0.29% | 7,214,278 | $914.7M | Reduce -8.1% |
| ELV Elevance Health Inc. | 0.29% | 2,328,610 | $905.7M | Reduce -4.0% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $296.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,371,880 | $229.3M | Add +1.2% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 909,082 | $40.2M | Add +0.2% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 607,745 | $22.9M | Add +37.9% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,462,000 | $4.4M | No change |
Total filed on the 13F, all lines: $315.1B.
Portfolio Sells Q1 2025 → Q2 2025
| V Visa Inc. Class A | Reduce -24.0% | 0.95% | −0.34 |
| AON Aon PLC Class A | Reduce -8.9% | 1.01% | −0.29 |
| AAPL Apple Inc. | Reduce -3.3% | 1.64% | −0.28 |
| FISV Fiserv Inc. | Reduce -21.0% | 0.36% | −0.25 |
| CRM Salesforce Inc. | Reduce -33.0% | 0.37% | −0.20 |
| COP Conocophillips | Reduce -5.6% | 0.67% | −0.20 |
| GOOGL Alphabet Inc. Class A | Reduce -18.5% | 1.47% | −0.19 |
| LLY Eli Lilly & Co. | Reduce -73.8% | 0.05% | −0.18 |
| PGR Progressive Corp. | Reduce -4.3% | 1.09% | −0.18 |
| KVUE Kenvue Inc. | Reduce -5.8% | 0.61% | −0.17 |
| IT Gartner Inc. | Reduce -65.5% | 0.08% | −0.17 |
| MRSH Marsh & McLennan Cos | Reduce -4.2% | 0.67% | −0.15 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -36.6% | 0.18% | −0.14 |
| CP Canadian Pacific Kansas City | Reduce -45.2% | 0.20% | −0.14 |
| JNJ Johnson & Johnson | Reduce -1.5% | 0.87% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -2.5% | 0.68% | −0.13 |
| LIN Linde PLC | Reduce -7.8% | 0.98% | −0.12 |
| BSX Boston Scientific Corp. | Reduce -22.2% | 0.44% | −0.12 |
| DD Dupont DE Nemours Inc. | Reduce -29.9% | 0.18% | −0.11 |
| ABBV Abbvie Inc. | Reduce -2.6% | 0.51% | −0.11 |
| PEP Pepsico Inc. | Reduce -4.6% | 0.44% | −0.11 |
| CB Chubb Ltd. | Reduce -5.7% | 0.67% | −0.11 |
| MCK McKesson Corp. | Reduce -13.4% | 0.93% | −0.10 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.10 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.2% | 0.30% | −0.09 |
| CTVA Corteva Inc. | Reduce -43.2% | 0.17% | −0.09 |
| DUK Duke Energy Corp. | Reduce -5.2% | 0.64% | −0.09 |
| MSCI MSCI Inc. | Reduce -43.8% | 0.11% | −0.09 |
| CVX Chevron Corp. | Reduce -4.1% | 0.31% | −0.09 |
| MDT Medtronic PLC | Reduce -5.8% | 0.58% | −0.08 |
| AZEK The Azek Co. Inc. | Reduce -92.7% | 0.01% | −0.08 |
| MRVL Marvell Technology Inc. | Reduce -78.5% | 0.03% | −0.08 |
| X United States Steel Corp. | Sold out | 0.00% | −0.08 |
| HES Hess Corp. | Reduce -26.7% | 0.12% | −0.07 |
| UBS UBS Group AG-Reg | Reduce -14.1% | 0.69% | −0.07 |
| CMG Chipotle Mexican Grill Inc. | Reduce -55.4% | 0.06% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -3.7% | 0.47% | −0.07 |
| XYZ Block Inc. | Reduce -71.3% | 0.04% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -68.5% | 0.02% | −0.07 |
| AEM Agnico Eagle Mines Ltd. | Reduce -17.3% | 0.42% | −0.07 |
| SBAC SBA Communications Corp. | Reduce -54.7% | 0.05% | −0.06 |
| CHD Church & Dwight Co. Inc. | Reduce -15.1% | 0.15% | −0.06 |
| UNP Union Pacific Corp. | Reduce -2.9% | 0.59% | −0.06 |
| ELV Elevance Health Inc. | Reduce -4.0% | 0.29% | −0.06 |
| HUBS HubSpot Inc. | Reduce -27.9% | 0.12% | −0.06 |
| SO The Southern Co. | Reduce -4.0% | 0.59% | −0.05 |
| MDLZ Mondelez International Inc. Class A | Reduce -9.3% | 0.33% | −0.05 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -23.5% | 0.31% | −0.05 |
| QCOM Qualcomm Inc. | Reduce -68.2% | 0.02% | −0.05 |
| AJG Arthur J Gallagher & Co. | Reduce -4.8% | 0.28% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| AVGO Broadcom Inc. | Add +115.5% | 0.53% | +0.37 |
| NDAQ Nasdaq Inc. | Add +33.5% | 0.77% | +0.26 |
| NFLX Netflix Inc. | Add +9.3% | 0.65% | +0.21 |
| MA Mastercard Inc. Class A | Add +25.6% | 1.14% | +0.21 |
| WFC Wells Fargo & Co. | Add +54.9% | 0.42% | +0.17 |
| KLAC KLA Corp. | Add +11.2% | 0.54% | +0.15 |
| VST Vistra Corp. | Add +4.4% | 0.38% | +0.15 |
| GEV GE Vernova Inc. | Add +3.0% | 0.34% | +0.14 |
| LPLA LPL Financial Holdings Inc. | Add +61.1% | 0.29% | +0.13 |
| DXCM Dexcom Inc. | Add +106.8% | 0.18% | +0.11 |
| KKR KKR & Co. Inc. | Add +4.0% | 0.84% | +0.10 |
| RTX RTX Corp. | Add +9.3% | 0.74% | +0.10 |
| RBLX Roblox Corp. Class A | Add +47.0% | 0.16% | +0.10 |
| CW Curtiss-Wright Corp. | New | 0.09% | +0.09 |
| AXON Axon Enterprise Inc. | Add +22.8% | 0.18% | +0.08 |
| ROP Roper Technologies Inc. | Add +555.4% | 0.10% | +0.08 |
| JHX James Hardie Ord | Add +241.1% | 0.11% | +0.08 |
| CRH CRH PLC | Add +24.3% | 0.37% | +0.07 |
| TT Trane Technologies PLC | Add +4.4% | 0.30% | +0.07 |
| HOOD Robinhood Markets Inc. Class A | Add +48.9% | 0.10% | +0.07 |
| MELI MercadoLibre Inc. | New | 0.06% | +0.06 |
| CVNA Carvana Co. | New | 0.06% | +0.06 |
| NXPI NXP Semiconductors NV | Add +1.3% | 0.57% | +0.06 |
| TTWO Take-Two Interactive Softwre | Add +3.1% | 0.43% | +0.06 |
| XP XP Inc. Class A | New | 0.06% | +0.06 |
| GE General Electric | Add +1.5% | 0.28% | +0.06 |
| NVT Nvent Electric PLC | Add +146.0% | 0.07% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +31.1% | 0.11% | +0.05 |
| EXAS Exact Sciences Corp. | New | 0.05% | +0.05 |
| ARMK Aramark | Add +6.1% | 0.25% | +0.05 |
| AMCR Amcor PLC | New | 0.04% | +0.04 |
| DG Dollar General Corp. | Add +15369.9% | 0.04% | +0.04 |
| BLK BlackRock Inc. | Add +7.4% | 0.36% | +0.04 |
| BWXT BWX Technologies Inc. | New | 0.04% | +0.04 |
| VIK Viking Holdings Ltd. | Add +69.3% | 0.08% | +0.04 |
| CPNG Coupang Inc. | Add +25.4% | 0.10% | +0.04 |
| SRAD Sportradar Group AG-A | New | 0.04% | +0.04 |
| TRU Transunion | Add +4.8% | 0.64% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | Add +14.1% | 0.15% | +0.04 |
| WING Wingstop Inc. | Add +44.5% | 0.07% | +0.03 |
| NUE Nucor Corp. | New | 0.03% | +0.03 |
| ENTG Entegris Inc. | New | 0.03% | +0.03 |
| NXST Nexstar Media Group Inc. | New | 0.03% | +0.03 |
| A Agilent Technologies Inc. | Add +10.7% | 0.50% | +0.03 |
| CDW CDW Corp. | Add +13.3% | 0.18% | +0.03 |
| CCJ Cameco Corp. | Add +15.2% | 0.06% | +0.03 |
| ALAB Astera Labs Inc. | New | 0.03% | +0.03 |
| NET Cloudflare Inc. Class A | Add +108.2% | 0.04% | +0.03 |
| EXE Expand Energy Corp. | Add +15.9% | 0.20% | +0.03 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.03% | +0.03 |
Notes & Other Activity Q1 2025 → Q2 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +1.2% | 3,371,880 | $229.3M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Add +0.2% | 909,082 | $40.2M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +37.9% | 607,745 | $22.9M |
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 |