Massachusetts Financial Services Co.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Massachusetts Financial Services Co. reported 909 stock positions worth $309.6 billion. Its top holding was Microsoft (MSFT) at 4.2% of the portfolio, followed by Nvidia (NVDA, 4.0%) and Alphabet Class A (GOOGL, 2.5%). Compared with Q3 2025, it opened 98 new positions, sold out of 41, added to 270 and reduced 539. The biggest buy was Totalenergies (TTE, shares +21398%) and the biggest sale Meta Platforms Class A (META, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000912938
- Portfolio Value
- $309.6B (Q4 2025)
- SEC Filing
- 0000912938-26-000025 ↗ filed Jan 22, 2026
Holdings Value
Holdings 909 stocks · $309.6B
| MSFT Microsoft Corp. | 4.23% | 27,071,322 | $13.1B | Reduce -10.7% |
| NVDA Nvidia Corp. | 4.05% | 67,153,414 | $12.5B | Reduce -6.4% |
| GOOGL Alphabet Inc. Class A | 2.55% | 25,189,635 | $7.9B | Add +6.4% |
| AAPL Apple Inc. | 2.36% | 26,896,166 | $7.3B | Reduce -5.2% |
| AMZN Amazon.com Inc. | 2.12% | 28,384,589 | $6.6B | Add +0.3% |
| JPM JPMorgan Chase & Co. | 1.62% | 15,519,405 | $5.0B | Reduce -5.5% |
| JNJ Johnson & Johnson | 1.10% | 16,388,566 | $3.4B | Reduce -6.7% |
| MA Mastercard Inc. Class A | 1.08% | 5,871,070 | $3.4B | Reduce -5.9% |
| CI The Cigna Group | 1.05% | 11,805,083 | $3.2B | Add +8.3% |
| META Meta Platforms Inc. Class A | 1.03% | 4,823,902 | $3.2B | Reduce -37.1% |
| UBS UBS Group AG-Reg | 1.03% | 68,622,440 | $3.2B | Reduce -11.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.00% | 10,147,238 | $3.1B | Reduce -35.6% |
| AON Aon PLC Class A | 0.97% | 8,545,036 | $3.0B | Reduce -2.4% |
| PGR Progressive Corp. | 0.94% | 12,779,665 | $2.9B | Add +0.2% |
| ACN Accenture PLC Class A | 0.93% | 10,693,994 | $2.9B | Add +5.4% |
| MCK McKesson Corp. | 0.91% | 3,446,123 | $2.8B | Reduce -12.2% |
| AVGO Broadcom Inc. | 0.90% | 8,068,226 | $2.8B | Reduce -5.3% |
| NDAQ Nasdaq Inc. | 0.87% | 27,627,767 | $2.7B | Add +4.8% |
| TTE Totalenergies SE | 0.85% | 40,380,511 | $2.6B | Add +21398.0% |
| RTX RTX Corp. | 0.84% | 14,162,409 | $2.6B | Reduce -10.8% |
| FNV Franco-Nevada Corp. | 0.78% | 11,688,537 | $2.4B | Add +0.2% |
| KKR KKR & Co. Inc. | 0.77% | 18,652,960 | $2.4B | Reduce -4.4% |
| XOM Exxon Mobil Corp. | 0.75% | 19,255,555 | $2.3B | Reduce -1.5% |
| MS Morgan Stanley | 0.71% | 12,458,302 | $2.2B | Reduce -7.4% |
| LIN Linde PLC | 0.70% | 5,115,711 | $2.2B | Reduce -1.5% |
| APH Amphenol Corp. Class A | 0.69% | 15,913,076 | $2.2B | Reduce -14.2% |
| CB Chubb Ltd. | 0.69% | 6,886,593 | $2.1B | Reduce -4.3% |
| AXP American Express Co. | 0.69% | 5,807,459 | $2.1B | Reduce -10.6% |
| ADI Analog Devices Inc. | 0.69% | 7,894,320 | $2.1B | Reduce -6.4% |
| KLAC KLA Corp. | 0.68% | 1,740,082 | $2.1B | Reduce -7.4% |
| GD General Dynamics Corp. | 0.68% | 6,265,295 | $2.1B | Reduce -1.1% |
| BA The Boeing Co. | 0.68% | 9,669,304 | $2.1B | Add +0.8% |
| COP Conocophillips | 0.68% | 22,336,728 | $2.1B | Reduce -3.8% |
| MDT Medtronic PLC | 0.65% | 20,947,960 | $2.0B | Reduce -0.7% |
| HWM Howmet Aerospace Inc. | 0.65% | 9,810,474 | $2.0B | Reduce -15.6% |
| AEM Agnico Eagle Mines Ltd. | 0.64% | 11,672,706 | $2.0B | Reduce -0.3% |
| WTW Willis Towers Watson PLC | 0.63% | 5,977,816 | $2.0B | Reduce -3.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.63% | 26,929,829 | $1.9B | Reduce -6.0% |
| A Agilent Technologies Inc. | 0.62% | 14,147,601 | $1.9B | Add +13.8% |
| PLD Prologis Inc. | 0.62% | 14,992,070 | $1.9B | Reduce -7.8% |
| DUK Duke Energy Corp. | 0.61% | 16,044,472 | $1.9B | Reduce -4.9% |
| PCG P G & E Corp. | 0.60% | 115,610,105 | $1.9B | Reduce -6.3% |
| BDX Becton Dickinson and Co. | 0.59% | 9,486,694 | $1.8B | Add +3.7% |
| ABT Abbott Laboratories | 0.59% | 14,519,346 | $1.8B | Reduce -3.8% |
| TMO Thermo Fisher Scientific Inc. | 0.58% | 3,087,666 | $1.8B | Add +5.1% |
| PNC PNC Financial Services Group | 0.58% | 8,535,855 | $1.8B | Reduce -0.8% |
| C Citigroup Inc. | 0.57% | 15,204,930 | $1.8B | Reduce -7.5% |
| UNP Union Pacific Corp. | 0.57% | 7,605,933 | $1.8B | Reduce -5.0% |
| ETN Eaton Corp. PLC | 0.57% | 5,503,013 | $1.8B | Reduce -24.5% |
| NXPI NXP Semiconductors NV | 0.55% | 7,849,741 | $1.7B | Add +1.6% |
| D Dominion Energy Inc. | 0.53% | 27,956,036 | $1.6B | Reduce -3.0% |
| MRSH Marsh & McLennan Cos | 0.52% | 8,662,457 | $1.6B | Reduce -8.6% |
| WFC Wells Fargo & Co. | 0.52% | 17,174,896 | $1.6B | Reduce -3.8% |
| V Visa Inc. Class A | 0.51% | 4,535,199 | $1.6B | Reduce -16.7% |
| CRH CRH PLC | 0.50% | 12,439,954 | $1.6B | Add +0.6% |
| LOW Lowe's Cos Inc. | 0.50% | 6,374,029 | $1.5B | Reduce -3.5% |
| SCHW Schwab (charles) Corp. | 0.50% | 15,366,868 | $1.5B | Reduce -10.1% |
| TRV The Travelers Cos Inc. | 0.49% | 5,188,555 | $1.5B | Reduce -3.5% |
| ABBV Abbvie Inc. | 0.48% | 6,564,258 | $1.5B | Reduce -21.5% |
| CDNS Cadence Design SYS Inc. | 0.48% | 4,794,286 | $1.5B | Reduce -9.8% |
| PM Philip Morris International | 0.48% | 9,301,112 | $1.5B | Add +36.3% |
| CHKP Check Point Software Tech | 0.48% | 7,937,229 | $1.5B | Add +28.6% |
| MAR Marriott International Class A | 0.47% | 4,732,764 | $1.5B | Reduce -3.8% |
| TD Toronto-Dominion Bank | 0.46% | 15,210,762 | $1.4B | Add +25.9% |
| SO The Southern Co. | 0.46% | 16,300,985 | $1.4B | Reduce -17.7% |
| PFE Pfizer Inc. | 0.45% | 55,873,002 | $1.4B | Reduce -3.0% |
| XEL Xcel Energy Inc. | 0.45% | 18,814,767 | $1.4B | Reduce -3.6% |
| HON Honeywell International Inc. | 0.43% | 6,846,799 | $1.3B | Reduce -4.8% |
| TRU Transunion | 0.43% | 15,540,471 | $1.3B | Reduce -15.0% |
| LPLA LPL Financial Holdings Inc. | 0.43% | 3,719,447 | $1.3B | Add +14.7% |
| BLK BlackRock Inc. | 0.40% | 1,167,999 | $1.3B | Reduce -3.8% |
| SPOT Spotify Technology SA | 0.40% | 2,151,807 | $1.2B | Reduce -26.4% |
| PCAR Paccar Inc. | 0.39% | 10,998,211 | $1.2B | Reduce -3.2% |
| TTWO Take-Two Interactive Softwre | 0.38% | 4,641,579 | $1.2B | Reduce -6.0% |
| KVUE Kenvue Inc. | 0.38% | 68,486,378 | $1.2B | Reduce -21.6% |
| CVX Chevron Corp. | 0.37% | 7,567,858 | $1.2B | Reduce -17.1% |
| HUM Humana Inc. | 0.37% | 4,496,775 | $1.2B | Add +28.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.37% | 3,967,117 | $1.1B | Reduce -2.5% |
| RBA RB Global Inc. | 0.36% | 10,892,186 | $1.1B | Add +1.5% |
| PEP Pepsico Inc. | 0.36% | 7,701,362 | $1.1B | Reduce -6.0% |
| TXN Texas Instruments Inc. | 0.36% | 6,344,486 | $1.1B | Reduce -6.0% |
| QGEN Qiagen N.V. | 0.35% | 24,205,881 | $1.1B | Add +1.1% |
| STE Steris PLC | 0.35% | 4,218,307 | $1.1B | Reduce -13.0% |
| GE General Electric filed as GE AEROSPACE | 0.34% | 3,435,764 | $1.1B | Reduce -4.0% |
| GEV GE Vernova Inc. | 0.34% | 1,616,649 | $1.1B | Reduce -15.8% |
| VST Vistra Corp. | 0.34% | 6,530,095 | $1.1B | Reduce -8.1% |
| CAT Caterpillar Inc. | 0.34% | 1,835,924 | $1.1B | Add +0.3% |
| CNI Canadian Natl Railway Co. | 0.34% | 10,584,719 | $1.0B | Reduce -9.2% |
| ADSK Autodesk Inc. | 0.34% | 3,509,562 | $1.0B | Reduce -1.0% |
| GS Goldman Sachs Group Inc. | 0.33% | 1,160,528 | $1.0B | Reduce -12.3% |
| NOC Northrop Grumman Corp. | 0.32% | 1,762,358 | $1.0B | Reduce -3.5% |
| WAT Waters Corp. | 0.32% | 2,624,715 | $996.9M | Reduce -2.4% |
| DHR Danaher Corp. | 0.32% | 4,333,056 | $991.9M | Add +104.8% |
| SHOP Shopify Inc. Class A | 0.31% | 5,892,833 | $948.6M | Add +6.4% |
| EFX Equifax Inc. | 0.30% | 4,344,531 | $942.7M | Add +35.8% |
| ARES Ares Management Corp. Class A | 0.30% | 5,705,599 | $922.2M | Add +26.3% |
| BSX Boston Scientific Corp. | 0.28% | 9,085,528 | $866.3M | Reduce -12.4% |
| ITW Illinois Tool Works | 0.28% | 3,488,816 | $859.3M | Reduce -6.6% |
| GWRE Guidewire Software Inc. | 0.28% | 4,258,486 | $856.0M | Reduce -11.6% |
| ELV Elevance Health Inc. | 0.27% | 2,360,858 | $827.6M | Reduce -3.3% |
Options reported separately and not counted above: WELL calls ($184.3M), EEM puts ($26.0M), EEM calls ($10.2M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $316.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,324,380 | $229.6M | Reduce -1.6% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 908,279 | $44.3M | No change |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 686,615 | $28.2M | Add +5.9% |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | 200,000 | $10.1M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,462,000 | $4.6M | No change |
Total filed on the 13F, all lines: $309.9B.
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Reduce -37.1% | 1.03% | −0.72 |
| MSFT Microsoft Corp. | Reduce -10.7% | 4.23% | −0.64 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -35.6% | 1.00% | −0.37 |
| ETN Eaton Corp. PLC | Reduce -24.5% | 0.57% | −0.28 |
| NFLX Netflix Inc. | Reduce -46.9% | 0.20% | −0.27 |
| MDLZ Mondelez International Inc. Class A | Reduce -84.6% | 0.04% | −0.25 |
| SPOT Spotify Technology SA | Reduce -26.4% | 0.40% | −0.23 |
| VEEV Veeva Systems Inc. Class A | Reduce -78.2% | 0.04% | −0.18 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.17 |
| FISV Fiserv Inc. | Reduce -75.2% | 0.02% | −0.16 |
| SU Suncor Energy Inc. | Reduce -56.8% | 0.12% | −0.13 |
| CSGP Costar Group Inc. | Reduce -57.3% | 0.07% | −0.13 |
| SO The Southern Co. | Reduce -17.7% | 0.46% | −0.12 |
| AMT American Tower Corp. | Reduce -64.4% | 0.06% | −0.12 |
| AJG Arthur J Gallagher & Co. | Reduce -89.9% | 0.01% | −0.12 |
| ABBV Abbvie Inc. | Reduce -21.5% | 0.48% | −0.12 |
| NVDA Nvidia Corp. | Reduce -6.4% | 4.05% | −0.10 |
| DXCM Dexcom Inc. | Reduce -85.8% | 0.02% | −0.10 |
| CDNS Cadence Design SYS Inc. | Reduce -9.8% | 0.48% | −0.09 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.09 |
| VST Vistra Corp. | Reduce -8.1% | 0.34% | −0.09 |
| TYL Tyler Technologies Inc. | Reduce -52.9% | 0.06% | −0.08 |
| TEAM Atlassian Corp. Class A | Reduce -80.4% | 0.02% | −0.08 |
| TT Trane Technologies PLC | Reduce -24.0% | 0.20% | −0.07 |
| MRSH Marsh & McLennan Cos | Reduce -8.6% | 0.52% | −0.07 |
| CVX Chevron Corp. | Reduce -17.1% | 0.37% | −0.07 |
| GWRE Guidewire Software Inc. | Reduce -11.6% | 0.28% | −0.07 |
| CDW CDW Corp. | Reduce -53.8% | 0.05% | −0.07 |
| HOOD Robinhood Markets Inc. Class A | Reduce -33.3% | 0.08% | −0.06 |
| VRSK Verisk Analytics Inc. | Reduce -25.9% | 0.14% | −0.06 |
| V Visa Inc. Class A | Reduce -16.7% | 0.51% | −0.06 |
| LIN Linde PLC | Reduce -1.5% | 0.70% | −0.06 |
| SNPS Synopsys Inc. | Reduce -43.6% | 0.07% | −0.06 |
| KVUE Kenvue Inc. | Reduce -21.6% | 0.38% | −0.06 |
| HWM Howmet Aerospace Inc. | Reduce -15.6% | 0.65% | −0.06 |
| CP Canadian Pacific Kansas City | Reduce -33.7% | 0.12% | −0.06 |
| HD Home Depot Inc. | Reduce -70.6% | 0.02% | −0.06 |
| TEL Te Connectivity PLC | Reduce -31.7% | 0.15% | −0.05 |
| ICLR Icon PLC | Reduce -32.7% | 0.14% | −0.05 |
| EA Electronic Arts Inc. | Reduce -48.8% | 0.06% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -43.4% | 0.07% | −0.05 |
| LNG Cheniere Energy Inc. | Reduce -3.3% | 0.24% | −0.05 |
| DIS The Walt Disney Co. | Reduce -54.9% | 0.04% | −0.05 |
| JCI Johnson Controls Internation | Reduce -56.3% | 0.05% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -41.5% | 0.15% | −0.05 |
| TPG TPG Inc. | Reduce -55.8% | 0.05% | −0.04 |
| NOW ServiceNow Inc. | Reduce -37.8% | 0.05% | −0.04 |
| TRU Transunion | Reduce -15.0% | 0.43% | −0.04 |
| CRM Salesforce Inc. | Reduce -26.6% | 0.24% | −0.04 |
| DUK Duke Energy Corp. | Reduce -4.9% | 0.61% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| TTE Totalenergies SE | Add +21398.0% | 0.85% | +0.85 |
| GOOGL Alphabet Inc. Class A | Add +6.4% | 2.55% | +0.76 |
| DHR Danaher Corp. | Add +104.8% | 0.32% | +0.19 |
| AMZN Amazon.com Inc. | Add +0.3% | 2.12% | +0.19 |
| STX Seagate Technology Holdings | Add +1510.1% | 0.18% | +0.17 |
| GILD Gilead Sciences Inc. | Add +3763.8% | 0.17% | +0.16 |
| TD Toronto-Dominion Bank | Add +25.9% | 0.46% | +0.16 |
| MNST Monster Beverage Corp. | Add +7360.7% | 0.15% | +0.15 |
| ACN Accenture PLC Class A | Add +5.4% | 0.93% | +0.15 |
| NDAQ Nasdaq Inc. | Add +4.8% | 0.87% | +0.14 |
| MDLN Medline Inc. Class A | New | 0.14% | +0.14 |
| PM Philip Morris International | Add +36.3% | 0.48% | +0.14 |
| TMO Thermo Fisher Scientific Inc. | Add +5.1% | 0.58% | +0.14 |
| CMCSV Comcast Corp.-Wi | New | 0.13% | +0.13 |
| A Agilent Technologies Inc. | Add +13.8% | 0.62% | +0.13 |
| COHR Coherent Corp. | New | 0.11% | +0.11 |
| LPLA LPL Financial Holdings Inc. | Add +14.7% | 0.43% | +0.09 |
| HUM Humana Inc. | Add +28.9% | 0.37% | +0.09 |
| INTU Intuit Inc. | Add +74.8% | 0.21% | +0.09 |
| MDB Mongodb Inc. | Add +611.3% | 0.10% | +0.09 |
| SNOW Snowflake Inc. | Add +445.6% | 0.11% | +0.09 |
| TKO Tko Group Holdings Inc. | Add +54.9% | 0.22% | +0.09 |
| CNQ Canadian Natural Resources | Add +179.2% | 0.13% | +0.09 |
| CHKP Check Point Software Tech | Add +28.6% | 0.48% | +0.08 |
| CI The Cigna Group | Add +8.3% | 1.05% | +0.07 |
| ARES Ares Management Corp. Class A | Add +26.3% | 0.30% | +0.07 |
| CAT Caterpillar Inc. | Add +0.3% | 0.34% | +0.07 |
| RGEN Repligen Corp. | New | 0.06% | +0.06 |
| BDX Becton Dickinson and Co. | Add +3.7% | 0.59% | +0.06 |
| ABNB Airbnb Inc. Class A | New | 0.06% | +0.06 |
| CRL Charles River Laboratories | New | 0.06% | +0.06 |
| KMB Kimberly-Clark Corp. | Add +50.4% | 0.26% | +0.05 |
| SHOP Shopify Inc. Class A | Add +6.4% | 0.31% | +0.05 |
| NTRA Natera Inc. | Add +1.0% | 0.15% | +0.05 |
| TECH Bio-Techne Corp. | Add +164.4% | 0.08% | +0.05 |
| EFX Equifax Inc. | Add +35.8% | 0.30% | +0.05 |
| LUV Southwest Airlines Co. | New | 0.05% | +0.05 |
| CRH CRH PLC | Add +0.6% | 0.50% | +0.04 |
| IR Ingersoll-Rand Inc. | Add +24176.6% | 0.04% | +0.04 |
| JBL Jabil Inc. | New | 0.04% | +0.04 |
| UBER Uber Technologies Inc. | Add +65.3% | 0.13% | +0.04 |
| CIEN Ciena Corp. | Add +275.8% | 0.05% | +0.04 |
| BIO Bio-Rad Laboratories-A | Add +4534.4% | 0.04% | +0.04 |
| CELH Celsius Holdings Inc. | New | 0.04% | +0.04 |
| CVNA Carvana Co. | Add +28.3% | 0.11% | +0.04 |
| BA The Boeing Co. | Add +0.8% | 0.68% | +0.04 |
| WING Wingstop Inc. | Add +48.1% | 0.11% | +0.03 |
| AMD Advanced Micro Devices | Add +268.4% | 0.04% | +0.03 |
| BTU Peabody Energy Corp. | New | 0.03% | +0.03 |
| BURL Burlington Stores Inc. | Add +17.5% | 0.10% | +0.03 |
Options Activity Q3 2025 → Q4 2025
| WELL Welltower Inc. | call | New | 993,200 | $184.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -1.6% | 3,324,380 | $229.6M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +5.9% | 686,615 | $28.2M |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | New | 200,000 | $10.1M |
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 |