Massachusetts Financial Services Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Massachusetts Financial Services Co. reported 851 stock positions worth $322.5 billion. Its top holding was Microsoft (MSFT) at 4.9% of the portfolio, followed by Nvidia (NVDA, 4.1%) and Apple (AAPL, 2.2%). Compared with Q2 2025, it opened 60 new positions, sold out of 89, added to 358 and reduced 430. The biggest buy was Nvidia (NVDA, shares +25%) and the biggest sale Visa Class A (V, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000912938
- Portfolio Value
- $322.5B (Q3 2025)
- SEC Filing
- 0000912938-25-000200 ↗ filed Oct 29, 2025
Holdings Value
Holdings 851 stocks · $322.5B
| MSFT Microsoft Corp. | 4.87% | 30,328,654 | $15.7B | Add +0.8% |
| NVDA Nvidia Corp. | 4.15% | 71,720,593 | $13.4B | Add +25.0% |
| AAPL Apple Inc. | 2.24% | 28,380,412 | $7.2B | Add +13.0% |
| AMZN Amazon.com Inc. | 1.93% | 28,307,008 | $6.2B | Reduce -6.8% |
| GOOGL Alphabet Inc. Class A | 1.78% | 23,673,950 | $5.8B | Reduce -9.7% |
| META Meta Platforms Inc. Class A | 1.75% | 7,673,338 | $5.6B | Reduce -14.6% |
| JPM JPMorgan Chase & Co. | 1.61% | 16,415,684 | $5.2B | Reduce -5.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.36% | 15,759,419 | $4.4B | Add +3.6% |
| MA Mastercard Inc. Class A | 1.10% | 6,239,000 | $3.5B | Reduce -2.1% |
| JNJ Johnson & Johnson | 1.01% | 17,561,352 | $3.3B | Reduce -2.5% |
| UBS UBS Group AG-Reg | 0.98% | 77,353,590 | $3.2B | Add +21.0% |
| PGR Progressive Corp. | 0.98% | 12,751,492 | $3.1B | Reduce -1.2% |
| CI The Cigna Group | 0.97% | 10,901,749 | $3.1B | Reduce -7.4% |
| AON Aon PLC Class A | 0.97% | 8,757,686 | $3.1B | Reduce -2.2% |
| MCK McKesson Corp. | 0.94% | 3,924,282 | $3.0B | Reduce -1.5% |
| AVGO Broadcom Inc. | 0.87% | 8,520,644 | $2.8B | Add +41.6% |
| ETN Eaton Corp. PLC | 0.85% | 7,289,428 | $2.7B | Reduce -10.5% |
| RTX RTX Corp. | 0.82% | 15,868,870 | $2.7B | Reduce -0.6% |
| FNV Franco-Nevada Corp. | 0.81% | 11,667,204 | $2.6B | Reduce -0.3% |
| KKR KKR & Co. Inc. | 0.79% | 19,506,838 | $2.5B | Reduce -1.7% |
| ACN Accenture PLC Class A | 0.78% | 10,147,796 | $2.5B | Add +12.8% |
| LIN Linde PLC | 0.77% | 5,193,983 | $2.5B | Reduce -21.0% |
| NDAQ Nasdaq Inc. | 0.72% | 26,368,803 | $2.3B | Reduce -3.3% |
| APH Amphenol Corp. Class A | 0.71% | 18,536,443 | $2.3B | Reduce -7.9% |
| HWM Howmet Aerospace Inc. | 0.71% | 11,616,761 | $2.3B | Reduce -17.4% |
| XOM Exxon Mobil Corp. | 0.68% | 19,541,574 | $2.2B | Reduce -1.0% |
| COP Conocophillips | 0.68% | 23,224,586 | $2.2B | Reduce -1.1% |
| GD General Dynamics Corp. | 0.67% | 6,334,965 | $2.2B | Reduce -1.8% |
| AXP American Express Co. | 0.67% | 6,494,312 | $2.2B | Reduce -11.8% |
| MS Morgan Stanley | 0.66% | 13,457,214 | $2.1B | Reduce -1.9% |
| WTW Willis Towers Watson PLC | 0.66% | 6,183,708 | $2.1B | Reduce -0.9% |
| DUK Duke Energy Corp. | 0.65% | 16,869,572 | $2.1B | Reduce -1.8% |
| ADI Analog Devices Inc. | 0.64% | 8,433,070 | $2.1B | Reduce -3.1% |
| BA The Boeing Co. | 0.64% | 9,596,278 | $2.1B | Reduce -2.1% |
| SPOT Spotify Technology SA | 0.63% | 2,923,813 | $2.0B | Reduce -12.0% |
| CB Chubb Ltd. | 0.63% | 7,193,680 | $2.0B | Reduce -1.3% |
| KLAC KLA Corp. | 0.63% | 1,879,717 | $2.0B | Reduce -0.5% |
| ABT Abbott Laboratories | 0.63% | 15,096,907 | $2.0B | Add +5.8% |
| MDT Medtronic PLC | 0.62% | 21,086,499 | $2.0B | Add +0.5% |
| AEM Agnico Eagle Mines Ltd. | 0.61% | 11,712,397 | $2.0B | Add +5.4% |
| ABBV Abbvie Inc. | 0.60% | 8,361,387 | $1.9B | Reduce -3.0% |
| MRSH Marsh & McLennan Cos | 0.59% | 9,474,359 | $1.9B | Reduce -2.1% |
| UNP Union Pacific Corp. | 0.59% | 8,006,454 | $1.9B | Reduce -1.4% |
| SO The Southern Co. | 0.58% | 19,810,199 | $1.9B | Reduce -2.6% |
| CDNS Cadence Design SYS Inc. | 0.58% | 5,314,407 | $1.9B | Add +16.0% |
| PLD Prologis Inc. | 0.58% | 16,268,008 | $1.9B | Reduce -1.4% |
| PCG P G & E Corp. | 0.58% | 123,420,731 | $1.9B | Add +0.7% |
| V Visa Inc. Class A | 0.58% | 5,446,356 | $1.9B | Reduce -35.6% |
| D Dominion Energy Inc. | 0.55% | 28,820,116 | $1.8B | Reduce -1.4% |
| NXPI NXP Semiconductors NV | 0.55% | 7,728,322 | $1.8B | Reduce -6.2% |
| PNC PNC Financial Services Group | 0.54% | 8,608,984 | $1.7B | Reduce -2.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.54% | 28,646,927 | $1.7B | Reduce -0.9% |
| BDX Becton Dickinson and Co. | 0.53% | 9,150,584 | $1.7B | Add +7.5% |
| C Citigroup Inc. | 0.52% | 16,434,633 | $1.7B | Reduce -6.7% |
| LOW Lowe's Cos Inc. | 0.51% | 6,602,063 | $1.7B | Reduce -1.7% |
| SCHW Schwab (charles) Corp. | 0.51% | 17,084,112 | $1.6B | Reduce -7.2% |
| A Agilent Technologies Inc. | 0.49% | 12,434,385 | $1.6B | Reduce -6.0% |
| XEL Xcel Energy Inc. | 0.49% | 19,526,873 | $1.6B | Add +4.3% |
| TRU Transunion | 0.47% | 18,275,380 | $1.5B | Reduce -19.6% |
| NFLX Netflix Inc. | 0.47% | 1,269,979 | $1.5B | Reduce -16.3% |
| HON Honeywell International Inc. | 0.47% | 7,194,883 | $1.5B | Reduce -12.4% |
| TRV The Travelers Cos Inc. | 0.47% | 5,375,032 | $1.5B | Reduce -1.8% |
| WFC Wells Fargo & Co. | 0.46% | 17,859,680 | $1.5B | Add +7.4% |
| CRH CRH PLC | 0.46% | 12,361,185 | $1.5B | Reduce -3.5% |
| PFE Pfizer Inc. | 0.46% | 57,588,660 | $1.5B | Reduce -23.7% |
| TMO Thermo Fisher Scientific Inc. | 0.44% | 2,936,998 | $1.4B | Add +25.4% |
| KVUE Kenvue Inc. | 0.44% | 87,352,677 | $1.4B | Reduce -4.2% |
| CVX Chevron Corp. | 0.44% | 9,125,735 | $1.4B | Add +32.1% |
| BLK BlackRock Inc. | 0.44% | 1,213,561 | $1.4B | Add +13.4% |
| VST Vistra Corp. | 0.43% | 7,106,465 | $1.4B | Add +15.1% |
| MAR Marriott International Class A | 0.40% | 4,921,767 | $1.3B | Add +7.2% |
| CHKP Check Point Software Tech | 0.40% | 6,170,455 | $1.3B | Add +27.1% |
| TTWO Take-Two Interactive Softwre | 0.40% | 4,936,406 | $1.3B | Reduce -10.7% |
| TXN Texas Instruments Inc. | 0.38% | 6,751,306 | $1.2B | Reduce -2.4% |
| STE Steris PLC | 0.37% | 4,846,124 | $1.2B | Reduce -7.7% |
| GEV GE Vernova Inc. | 0.37% | 1,918,959 | $1.2B | Reduce -3.9% |
| RBA RB Global Inc. | 0.36% | 10,726,926 | $1.2B | Add +7.0% |
| PEP Pepsico Inc. | 0.36% | 8,194,433 | $1.2B | Reduce -21.0% |
| ADSK Autodesk Inc. | 0.35% | 3,544,520 | $1.1B | Add +18.9% |
| PCAR Paccar Inc. | 0.35% | 11,366,547 | $1.1B | Reduce -1.5% |
| NOC Northrop Grumman Corp. | 0.34% | 1,825,250 | $1.1B | Reduce -1.8% |
| PM Philip Morris International | 0.34% | 6,825,908 | $1.1B | Reduce -23.3% |
| GWRE Guidewire Software Inc. | 0.34% | 4,816,106 | $1.1B | Reduce -5.3% |
| CNI Canadian Natl Railway Co. | 0.34% | 11,660,891 | $1.1B | Reduce -1.4% |
| LPLA LPL Financial Holdings Inc. | 0.33% | 3,242,353 | $1.1B | Add +32.8% |
| GE General Electric filed as GE AEROSPACE | 0.33% | 3,580,892 | $1.1B | Add +4.7% |
| QGEN Qiagen N.V. | 0.33% | 23,940,960 | $1.1B | Reduce -2.4% |
| HLT Hilton Worldwide Holdings Inc. | 0.33% | 4,067,494 | $1.1B | Add +9.9% |
| GS Goldman Sachs Group Inc. | 0.33% | 1,323,467 | $1.1B | Reduce -17.5% |
| BSX Boston Scientific Corp. | 0.31% | 10,367,293 | $1.0B | Reduce -19.4% |
| ITW Illinois Tool Works | 0.30% | 3,736,010 | $974.2M | Reduce -1.6% |
| TD Toronto-Dominion Bank | 0.30% | 12,081,305 | $965.9M | Add +7.0% |
| MDLZ Mondelez International Inc. Class A | 0.29% | 15,147,646 | $946.3M | Reduce -2.2% |
| LNG Cheniere Energy Inc. | 0.29% | 4,000,319 | $940.0M | Reduce -14.7% |
| CRM Salesforce Inc. | 0.28% | 3,875,239 | $918.4M | Reduce -10.2% |
| HUM Humana Inc. | 0.28% | 3,488,261 | $907.5M | Add +273.2% |
| TT Trane Technologies PLC | 0.28% | 2,118,434 | $893.9M | Reduce -2.3% |
| CAT Caterpillar Inc. | 0.27% | 1,830,414 | $873.4M | Add +1851.8% |
| APTV Aptiv PLC | 0.27% | 10,090,642 | $870.0M | Reduce -15.7% |
| ORLY O'reilly Automotive Inc. | 0.26% | 7,914,525 | $853.3M | Reduce -13.5% |
Options reported separately and not counted above: EEM puts ($25.4M), EEM calls ($9.9M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $307.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,377,380 | $235.0M | Add +0.2% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 908,279 | $42.7M | Reduce -0.1% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 648,615 | $25.5M | Add +6.7% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,462,000 | $4.5M | No change |
Total filed on the 13F, all lines: $322.8B.
Portfolio Sells Q2 2025 → Q3 2025
| V Visa Inc. Class A | Reduce -35.6% | 0.58% | −0.38 |
| META Meta Platforms Inc. Class A | Reduce -14.6% | 1.75% | −0.36 |
| CI The Cigna Group | Reduce -7.4% | 0.97% | −0.26 |
| LIN Linde PLC | Reduce -21.0% | 0.77% | −0.21 |
| VRSK Verisk Analytics Inc. | Reduce -38.6% | 0.20% | −0.21 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -6.8% | 1.93% | −0.19 |
| SPOT Spotify Technology SA | Reduce -12.0% | 0.63% | −0.18 |
| WAB Wabtec Corp. | Reduce -55.2% | 0.13% | −0.17 |
| FISV Fiserv Inc. | Reduce -29.2% | 0.19% | −0.17 |
| NFLX Netflix Inc. | Reduce -16.3% | 0.47% | −0.17 |
| PM Philip Morris International | Reduce -23.3% | 0.34% | −0.17 |
| KVUE Kenvue Inc. | Reduce -4.2% | 0.44% | −0.17 |
| TGT Target Corp. | Reduce -83.9% | 0.03% | −0.16 |
| TRU Transunion | Reduce -19.6% | 0.47% | −0.16 |
| NOW ServiceNow Inc. | Reduce -55.4% | 0.10% | −0.15 |
| AJG Arthur J Gallagher & Co. | Reduce -51.3% | 0.13% | −0.15 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -99.9% | 0.00% | −0.15 |
| CTVA Corteva Inc. | Reduce -87.6% | 0.02% | −0.15 |
| HON Honeywell International Inc. | Reduce -12.4% | 0.47% | −0.14 |
| PFE Pfizer Inc. | Reduce -23.7% | 0.46% | −0.13 |
| BSX Boston Scientific Corp. | Reduce -19.4% | 0.31% | −0.12 |
| HWM Howmet Aerospace Inc. | Reduce -17.4% | 0.71% | −0.12 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -60.8% | 0.06% | −0.12 |
| PGR Progressive Corp. | Reduce -1.2% | 0.98% | −0.12 |
| HES Hess Corp. | Sold out | 0.00% | −0.12 |
| TEAM Atlassian Corp. Class A | Reduce -40.0% | 0.10% | −0.11 |
| HUBS HubSpot Inc. | Reduce -86.9% | 0.01% | −0.11 |
| DD Dupont DE Nemours Inc. | Reduce -60.1% | 0.08% | −0.10 |
| MSCI MSCI Inc. | Reduce -84.5% | 0.02% | −0.09 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.09 |
| DIS The Walt Disney Co. | Reduce -44.4% | 0.09% | −0.09 |
| CRM Salesforce Inc. | Reduce -10.2% | 0.28% | −0.09 |
| ROP Roper Technologies Inc. | Reduce -89.6% | 0.01% | −0.09 |
| EL Estee Lauder Companies Class A | Reduce -92.3% | 0.01% | −0.09 |
| VMC Vulcan Materials Co. | Reduce -38.7% | 0.21% | −0.09 |
| NKE Nike Inc. Class B | Reduce -99.9% | 0.00% | −0.08 |
| MRSH Marsh & McLennan Cos | Reduce -2.1% | 0.59% | −0.08 |
| PEP Pepsico Inc. | Reduce -21.0% | 0.36% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -10.5% | 0.85% | −0.08 |
| AXP American Express Co. | Reduce -11.8% | 0.67% | −0.08 |
| SUI Sun Communities Inc. | Reduce -75.6% | 0.02% | −0.08 |
| ORCL Oracle Corp. | Reduce -66.4% | 0.05% | −0.07 |
| AMT American Tower Corp. | Reduce -16.3% | 0.18% | −0.07 |
| TXN Texas Instruments Inc. | Reduce -2.4% | 0.38% | −0.07 |
| LNG Cheniere Energy Inc. | Reduce -14.7% | 0.29% | −0.07 |
| CDW CDW Corp. | Reduce -28.8% | 0.11% | −0.07 |
| EXE Expand Energy Corp. | Reduce -24.8% | 0.13% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -17.0% | 0.17% | −0.07 |
| DXCM Dexcom Inc. | Reduce -15.1% | 0.12% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +25.0% | 4.15% | +1.27 |
| AAPL Apple Inc. | Add +13.0% | 2.24% | +0.60 |
| AVGO Broadcom Inc. | Add +41.6% | 0.87% | +0.34 |
| UBS UBS Group AG-Reg | Add +21.0% | 0.98% | +0.30 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.6% | 1.36% | +0.27 |
| CAT Caterpillar Inc. | Add +1851.8% | 0.27% | +0.26 |
| ANET Arista Networks Inc. | Add +2829.0% | 0.26% | +0.25 |
| HUM Humana Inc. | Add +273.2% | 0.28% | +0.21 |
| AEM Agnico Eagle Mines Ltd. | Add +5.4% | 0.61% | +0.19 |
| APP AppLovin Corp. Class A | Add +39.4% | 0.24% | +0.15 |
| TMO Thermo Fisher Scientific Inc. | Add +25.4% | 0.44% | +0.14 |
| CDNS Cadence Design SYS Inc. | Add +16.0% | 0.58% | +0.13 |
| CVX Chevron Corp. | Add +32.1% | 0.44% | +0.13 |
| MSFT Microsoft Corp. | Add +0.8% | 4.87% | +0.12 |
| PHM Pultegroup Inc. | New | 0.10% | +0.10 |
| INTU Intuit Inc. | Add +520.9% | 0.12% | +0.10 |
| CCEP Coca-Cola Europacific Partne | Add +138.9% | 0.16% | +0.09 |
| TRMB Trimble Inc. | New | 0.09% | +0.09 |
| UBER Uber Technologies Inc. | Add +4471.9% | 0.09% | +0.09 |
| SHOP Shopify Inc. Class A | Add +21.3% | 0.26% | +0.09 |
| XEL Xcel Energy Inc. | Add +4.3% | 0.49% | +0.08 |
| BLK BlackRock Inc. | Add +13.4% | 0.44% | +0.08 |
| SNPS Synopsys Inc. | Add +177.5% | 0.13% | +0.08 |
| VIK Viking Holdings Ltd. | Add +80.3% | 0.16% | +0.08 |
| TPR Tapestry Inc. | Add +250.6% | 0.09% | +0.07 |
| BDX Becton Dickinson and Co. | Add +7.5% | 0.53% | +0.07 |
| LRCX Lam Research Corp. | Add +8.1% | 0.20% | +0.06 |
| ALAB Astera Labs Inc. | Add +46.6% | 0.09% | +0.06 |
| RBLX Roblox Corp. Class A | Add +7.5% | 0.22% | +0.06 |
| ADSK Autodesk Inc. | Add +18.9% | 0.35% | +0.06 |
| CHKP Check Point Software Tech | Add +27.1% | 0.40% | +0.05 |
| GE General Electric | Add +4.7% | 0.33% | +0.05 |
| ELS Equity Lifestyle Properties | Add +114.5% | 0.10% | +0.05 |
| VST Vistra Corp. | Add +15.1% | 0.43% | +0.05 |
| BAP Credicorp Ltd. | Add +7.9% | 0.25% | +0.05 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.05% | +0.05 |
| PFGC Performance Food Group Co. | New | 0.05% | +0.05 |
| MPWR Monolithic Power Systems Inc. | Add +14.7% | 0.16% | +0.05 |
| RCL Royal Caribbean Cruises Ltd. | Add +170.1% | 0.07% | +0.05 |
| NET Cloudflare Inc. Class A | Add +96.3% | 0.09% | +0.05 |
| LPLA LPL Financial Holdings Inc. | Add +32.8% | 0.33% | +0.04 |
| WAT Waters Corp. | Add +44.3% | 0.25% | +0.04 |
| CBRE CBRE Group Inc. Class A | Add +13.5% | 0.22% | +0.04 |
| MDT Medtronic PLC | Add +0.5% | 0.62% | +0.04 |
| WFC Wells Fargo & Co. | Add +7.4% | 0.46% | +0.04 |
| EVRG Evergy Inc. | Add +346.2% | 0.05% | +0.04 |
| CW Curtiss-Wright Corp. | Add +31.5% | 0.12% | +0.04 |
| GLW Corning Inc. | Add +3.5% | 0.10% | +0.04 |
| FLS Flowserve Corp. | Add +104.4% | 0.07% | +0.04 |
| TD Toronto-Dominion Bank | Add +7.0% | 0.30% | +0.04 |
Options Activity Q2 2025 → Q3 2025
| EEM iShares MSCI Emerging Market | put | New | 476,000 | $25.4M |
| EEM iShares MSCI Emerging Market | call | New | 186,000 | $9.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +0.2% | 3,377,380 | $235.0M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Reduce -0.1% | 908,279 | $42.7M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +6.7% | 648,615 | $25.5M |
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 |