T. Rowe Price Investment Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 19, 2026), T. Rowe Price Investment Management, Inc. reported 895 stock positions worth $158.2 billion. Its top holding was Microsoft (MSFT) at 3.3% of the portfolio, followed by Nvidia (NVDA, 3.2%) and Apple (AAPL, 2.8%). Compared with Q3 2025, it opened 81 new positions, sold out of 63, added to 260 and reduced 442. The biggest buy was Alphabet Class A (GOOGL, shares +46%) and the biggest sale Cigna (CI, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001897612
- Portfolio Value
- $158.2B (Q4 2025)
- SEC Filing
- 0001897612-26-000299 ↗ filed Feb 19, 2026
Holdings Value
Holdings 895 stocks · $158.2B
| MSFT Microsoft Corp. | 3.30% | 10,783,696 | $5.2B | Reduce -11.7% |
| NVDA Nvidia Corp. | 3.15% | 26,765,538 | $5.0B | Reduce -11.6% |
| AAPL Apple Inc. | 2.83% | 16,466,197 | $4.5B | Reduce -14.8% |
| GOOGL Alphabet Inc. Class A | 2.72% | 13,737,125 | $4.3B | Add +45.8% |
| AMZN Amazon.com Inc. | 2.59% | 17,746,116 | $4.1B | Reduce -16.3% |
| PTC PTC Inc. | 2.02% | 18,384,246 | $3.2B | Add +3.4% |
| BDX Becton Dickinson and Co. | 1.76% | 14,378,219 | $2.8B | Reduce -11.4% |
| YUM Yum! Brands Inc. | 1.47% | 15,366,926 | $2.3B | Reduce -2.2% |
| COR Cencora Inc. | 1.43% | 6,700,091 | $2.3B | Add +160.1% |
| ABT Abbott Laboratories | 1.42% | 17,887,109 | $2.2B | Add +0.7% |
| CNP Centerpoint Energy Inc. | 1.41% | 58,286,690 | $2.2B | Add +13.2% |
| RVTY Revvity Inc. | 1.37% | 22,447,103 | $2.2B | Reduce -0.2% |
| NI Nisource Inc. | 1.36% | 51,504,257 | $2.2B | Add +19.1% |
| META Meta Platforms Inc. Class A | 1.22% | 2,912,930 | $1.9B | Reduce -13.4% |
| AVGO Broadcom Inc. | 1.20% | 5,476,269 | $1.9B | Add +72.3% |
| AMD Advanced Micro Devices | 1.14% | 8,413,929 | $1.8B | Reduce -17.0% |
| IR Ingersoll-Rand Inc. | 1.09% | 21,791,309 | $1.7B | Add +18.6% |
| SBUX Starbucks Corp. | 1.03% | 19,447,854 | $1.6B | Add +65.9% |
| AEE Ameren Corporation | 1.00% | 15,885,476 | $1.6B | Add +2.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.96% | 5,887,538 | $1.5B | Add +123.5% |
| LSCC Lattice Semiconductor Corp. | 0.92% | 19,788,585 | $1.5B | Reduce -4.8% |
| MA Mastercard Inc. Class A | 0.91% | 2,524,059 | $1.4B | Add +31.6% |
| PPL PPL Corp. | 0.89% | 40,357,717 | $1.4B | Add +12.2% |
| APH Amphenol Corp. Class A | 0.87% | 10,162,140 | $1.4B | Reduce -16.7% |
| UNH Unitedhealth Group Inc. | 0.86% | 4,109,029 | $1.4B | Add +141.9% |
| V Visa Inc. Class A | 0.85% | 3,845,454 | $1.3B | Add +6.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.82% | 4,539,510 | $1.3B | Add +0.1% |
| LLY Eli Lilly & Co. | 0.75% | 1,100,864 | $1.2B | Add +0.6% |
| CNQ Canadian Natural Resources | 0.73% | 34,178,745 | $1.2B | Reduce -17.4% |
| WTW Willis Towers Watson PLC | 0.73% | 3,505,195 | $1.2B | Add +23.4% |
| CYTK Cytokinetics Inc. | 0.71% | 17,716,372 | $1.1B | Reduce -7.2% |
| A Agilent Technologies Inc. | 0.70% | 8,143,863 | $1.1B | Reduce -0.1% |
| KKR KKR & Co. Inc. | 0.69% | 8,605,648 | $1.1B | Add +10957.5% |
| AUR Aurora Innovation Inc. | 0.67% | 274,809,541 | $1.1B | Add +6.6% |
| FTI Technipfmc PLC | 0.65% | 23,232,013 | $1.0B | Reduce -20.1% |
| PLNT Planet Fitness Inc. Class A | 0.63% | 9,236,173 | $1.0B | Add +1.6% |
| MTD Mettler-Toledo International | 0.61% | 691,565 | $964.2M | Add +0.5% |
| MTSI Macom Technology Solutions H | 0.58% | 5,400,028 | $924.9M | Reduce -1.4% |
| VIK Viking Holdings Ltd. | 0.57% | 12,540,219 | $895.5M | Reduce -0.4% |
| ESAB Esab Corp. | 0.57% | 8,006,238 | $894.5M | Add +0.6% |
| DLTR Dollar Tree Inc. | 0.56% | 7,143,569 | $878.7M | Reduce -14.4% |
| AIZ Assurant Inc. | 0.55% | 3,621,858 | $872.3M | Reduce -6.2% |
| LLYVK Liberty Live Holdings Class C | 0.54% | 10,315,091 | $857.8M | Add +5.6% |
| TYL Tyler Technologies Inc. | 0.54% | 1,888,475 | $857.3M | Add +2.4% |
| FWONK Liberty Media Corp. Class C | 0.53% | 8,559,125 | $843.2M | Reduce -0.3% |
| DPZ Domino's Pizza Inc. | 0.53% | 2,008,278 | $837.1M | Add +0.4% |
| MSCI MSCI Inc. | 0.52% | 1,446,291 | $829.8M | Add +13.2% |
| BURL Burlington Stores Inc. | 0.52% | 2,828,877 | $817.1M | Add +15.8% |
| VEEV Veeva Systems Inc. Class A | 0.51% | 3,585,205 | $800.3M | Reduce -8.2% |
| ELAN Elanco Animal Health Inc. | 0.50% | 35,227,418 | $797.2M | Add +11.8% |
| TMO Thermo Fisher Scientific Inc. | 0.49% | 1,328,845 | $770.0M | Add +2183.2% |
| SPGI S&P Global Inc. | 0.48% | 1,446,633 | $756.0M | Add +2256.7% |
| COO The Cooper Cos Inc. | 0.47% | 9,047,117 | $741.5M | Reduce -7.9% |
| KDP Keurig Dr Pepper Inc. | 0.46% | 25,978,817 | $727.7M | New |
| NYT New York Times Co. Class A | 0.46% | 10,478,896 | $727.4M | Reduce -2.2% |
| IONS Ionis Pharmaceuticals Inc. | 0.46% | 9,108,019 | $720.5M | Reduce -30.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.44% | 1,753,640 | $697.3M | Reduce -19.3% |
| ACLX Arcellx Inc. | 0.44% | 10,560,425 | $688.5M | Add +66.2% |
| MPWR Monolithic Power Systems Inc. | 0.41% | 724,494 | $656.7M | Reduce -3.5% |
| KEYS Keysight Technologies Inc. | 0.41% | 3,188,308 | $647.8M | Reduce -4.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.40% | 2,093,115 | $636.1M | Add +168.6% |
| MCHP Microchip Technology Inc. | 0.40% | 9,919,171 | $632.0M | Add +4.7% |
| TXT Textron Inc. | 0.39% | 7,128,233 | $621.4M | Reduce -13.2% |
| WDAY Workday Inc. Class A | 0.39% | 2,844,337 | $610.9M | Reduce -29.7% |
| FERG Ferguson Enterprises Inc. | 0.38% | 2,724,193 | $606.5M | Reduce -0.9% |
| TRU Transunion | 0.38% | 7,046,378 | $604.2M | Reduce -0.1% |
| CCC CCC Intelligent Solutions Ho | 0.38% | 74,672,379 | $593.6M | Add +11.8% |
| ULTA Ulta Beauty Inc. | 0.37% | 974,223 | $589.4M | Add +0.3% |
| ODFL Old Dominion Freight Line | 0.36% | 3,680,719 | $577.1M | Add +11.0% |
| PCTY Paylocity Holding Corp. | 0.36% | 3,770,975 | $575.1M | Reduce -0.5% |
| MLM Martin Marietta Materials | 0.36% | 917,565 | $571.3M | Reduce -12.9% |
| CBOE Cboe Global Markets Inc. | 0.35% | 2,228,571 | $559.4M | Reduce -6.4% |
| RJF Raymond James Financial Inc. | 0.35% | 3,457,716 | $555.3M | Reduce -5.1% |
| BAH Booz Allen Hamilton Holdings | 0.35% | 6,528,226 | $550.7M | Add +38.4% |
| VLTO Veralto Corp. | 0.34% | 5,461,464 | $544.9M | Reduce -20.8% |
| TFX Teleflex Inc. | 0.34% | 4,356,754 | $531.7M | Reduce -4.7% |
| LNG Cheniere Energy Inc. | 0.33% | 2,703,952 | $525.6M | Reduce -22.8% |
| MCK McKesson Corp. | 0.33% | 637,074 | $522.6M | Reduce -60.2% |
| PCVX Vaxcyte Inc. | 0.33% | 11,296,333 | $521.2M | Add +35.9% |
| AVY Avery Dennison Corp. | 0.33% | 2,842,346 | $517.0M | Reduce -13.6% |
| EQT Eqt Corp. | 0.32% | 9,414,156 | $504.6M | Reduce -0.3% |
| ROST Ross Stores Inc. | 0.31% | 2,704,092 | $487.1M | Reduce -32.8% |
| BIRK Birkenstock Holding PLC | 0.31% | 11,886,454 | $486.2M | Add +11.9% |
| PFSI Pennymac Financial Services | 0.30% | 3,603,567 | $475.1M | Reduce -3.7% |
| ULS Ul Solutions Inc. Class A | 0.29% | 5,878,995 | $463.6M | Add +10.2% |
| POOL Pool Corp. | 0.29% | 2,001,987 | $458.0M | Add +3831.9% |
| MANH Manhattan Associates Inc. | 0.28% | 2,580,241 | $447.2M | Add +35.2% |
| COLB Columbia Banking System Inc. | 0.28% | 15,830,890 | $442.5M | Reduce -8.9% |
| HOLX Hologic Inc. | 0.28% | 5,932,301 | $441.9M | Reduce -72.5% |
| CRM Salesforce Inc. | 0.28% | 1,659,329 | $439.6M | Add +23.6% |
| VSEC Vse Corp. | 0.27% | 2,518,084 | $435.1M | Add +0.2% |
| ZS Zscaler Inc. | 0.27% | 1,928,098 | $433.7M | Reduce -14.6% |
| BNTX Biontech SE-ADR | 0.27% | 4,484,599 | $426.9M | Reduce -7.2% |
| RDDT Reddit Inc. Class A | 0.27% | 1,855,572 | $426.5M | Reduce -7.4% |
| MKC McCormick & Co.-Non VTG SHRS | 0.26% | 6,070,612 | $413.5M | Add +0.2% |
| ROP Roper Technologies Inc. | 0.26% | 912,958 | $406.4M | Reduce -68.5% |
| CASY Casey's General Stores Inc. | 0.26% | 731,308 | $404.2M | Reduce -22.5% |
| XPO Xpo Inc. | 0.25% | 2,959,760 | $402.3M | Add +0.1% |
| ZM Zoom Communications Inc. | 0.25% | 4,637,903 | $400.2M | Add +7.9% |
| WH Wyndham Hotels & Resorts Inc. | 0.25% | 5,188,239 | $392.0M | Add +12.7% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $1.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 · principal | 1,191,092 | $655K | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D · principal | 1,054,337 | $547K | New |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A · principal | 202,127 | $74K | Add +0.3% |
Total filed on the 13F, all lines: $158.2B.
Portfolio Sells Q3 2025 → Q4 2025
| CI The Cigna Group | Reduce -99.9% | 0.00% | −0.66 |
| ROP Roper Technologies Inc. | Reduce -68.5% | 0.26% | −0.63 |
| DHR Danaher Corp. | Reduce -81.9% | 0.17% | −0.62 |
| HOLX Hologic Inc. | Reduce -72.5% | 0.28% | −0.61 |
| MSFT Microsoft Corp. | Reduce -11.7% | 3.30% | −0.57 |
| DTE DTE Energy Company | Reduce -99.6% | 0.00% | −0.53 |
| CMG Chipotle Mexican Grill Inc. | Reduce -98.4% | 0.01% | −0.48 |
| MCK McKesson Corp. | Reduce -60.2% | 0.33% | −0.43 |
| VMC Vulcan Materials Co. | Reduce -92.0% | 0.03% | −0.31 |
| NVDA Nvidia Corp. | Reduce -11.6% | 3.15% | −0.30 |
| META Meta Platforms Inc. Class A | Reduce -13.4% | 1.22% | −0.29 |
| AMZN Amazon.com Inc. | Reduce -16.3% | 2.59% | −0.26 |
| LMT Lockheed Martin Corp. | Reduce -95.5% | 0.01% | −0.25 |
| WDAY Workday Inc. Class A | Reduce -29.7% | 0.39% | −0.21 |
| VEEV Veeva Systems Inc. Class A | Reduce -8.2% | 0.51% | −0.21 |
| DKNG Draftkings Inc. Class A | Reduce -39.9% | 0.25% | −0.18 |
| SEE Sealed Air Corp. | Reduce -100.0% | 0.00% | −0.18 |
| AAPL Apple Inc. | Reduce -14.8% | 2.83% | −0.18 |
| GLW Corning Inc. | Reduce -81.4% | 0.05% | −0.18 |
| LNG Cheniere Energy Inc. | Reduce -22.8% | 0.33% | −0.17 |
| DUOL Duolingo | Reduce -39.3% | 0.09% | −0.17 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -19.3% | 0.44% | −0.17 |
| OTIS Otis Worldwide Corp. | Reduce -91.8% | 0.01% | −0.16 |
| INTU Intuit Inc. | Reduce -94.6% | 0.01% | −0.15 |
| BFAM Bright Horizons Family Solut | Sold out | 0.00% | −0.15 |
| ZS Zscaler Inc. | Reduce -14.6% | 0.27% | −0.14 |
| MKTX Marketaxess Holdings Inc. | Reduce -91.5% | 0.01% | −0.13 |
| P Everpure Inc. Class A | Reduce -22.8% | 0.23% | −0.13 |
| BWXT BWX Technologies Inc. | Reduce -36.1% | 0.21% | −0.13 |
| TER Teradyne Inc. | Reduce -100.0% | 0.00% | −0.12 |
| ALC Alcon Inc. | Reduce -58.3% | 0.10% | −0.12 |
| EFX Equifax Inc. | Reduce -35.0% | 0.16% | −0.12 |
| CART Maplebear Inc. | Reduce -91.3% | 0.01% | −0.11 |
| AXS Axis Capital Holdings Ltd. | Reduce -89.7% | 0.01% | −0.11 |
| VLTO Veralto Corp. | Reduce -20.8% | 0.34% | −0.11 |
| ASND Ascendis Pharma A/S | Reduce -37.5% | 0.22% | −0.10 |
| CADE Cadence Bank | Reduce -87.4% | 0.02% | −0.10 |
| MTCH Match Group Inc. | Reduce -100.0% | 0.00% | −0.10 |
| DSGX The Descartes Systems Grp | Reduce -85.0% | 0.02% | −0.10 |
| BDX Becton Dickinson and Co. | Reduce -11.4% | 1.76% | −0.09 |
| ONON On Holding AG Class A | Reduce -74.4% | 0.04% | −0.09 |
| EXE Expand Energy Corp. | Reduce -36.1% | 0.20% | −0.09 |
| OR Or Royalties Inc. | Reduce -32.4% | 0.14% | −0.09 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -100.0% | 0.00% | −0.09 |
| MIR Mirion Technologies Inc. | Reduce -29.9% | 0.22% | −0.08 |
| PTON Peloton Interactive Inc. Class A | Reduce -57.6% | 0.03% | −0.08 |
| TOST Toast Inc. Class A | Reduce -32.9% | 0.16% | −0.08 |
| CNQ Canadian Natural Resources | Reduce -17.4% | 0.73% | −0.08 |
| TTD Trade Desk Inc./the Class A | Reduce -35.5% | 0.08% | −0.08 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +45.8% | 2.72% | +1.32 |
| COR Cencora Inc. | Add +160.1% | 1.43% | +0.94 |
| KKR KKR & Co. Inc. | Add +10957.5% | 0.69% | +0.69 |
| AVGO Broadcom Inc. | Add +72.3% | 1.20% | +0.56 |
| UNH Unitedhealth Group Inc. | Add +141.9% | 0.86% | +0.50 |
| TMO Thermo Fisher Scientific Inc. | Add +2183.2% | 0.49% | +0.47 |
| AJG Arthur J Gallagher & Co. | Add +123.5% | 0.96% | +0.46 |
| KDP Keurig Dr Pepper Inc. | New | 0.46% | +0.46 |
| SPGI S&P Global Inc. | Add +2256.7% | 0.48% | +0.46 |
| SBUX Starbucks Corp. | Add +65.9% | 1.03% | +0.43 |
| POOL Pool Corp. | Add +3831.9% | 0.29% | +0.28 |
| TSM Taiwan Semiconductor-SP ADR | Add +168.6% | 0.40% | +0.27 |
| MA Mastercard Inc. Class A | Add +31.6% | 0.91% | +0.24 |
| LLY Eli Lilly & Co. | Add +0.6% | 0.75% | +0.24 |
| NI Nisource Inc. | Add +19.1% | 1.36% | +0.21 |
| DYN Dyne Therapeutics Inc. | Add +523.7% | 0.22% | +0.20 |
| CNP Centerpoint Energy Inc. | Add +13.2% | 1.41% | +0.19 |
| MDLN Medline Inc. Class A | New | 0.19% | +0.19 |
| IR Ingersoll-Rand Inc. | Add +18.6% | 1.09% | +0.16 |
| RBA RB Global Inc. | Add +6120490.0% | 0.16% | +0.16 |
| PCVX Vaxcyte Inc. | Add +35.9% | 0.33% | +0.15 |
| BURL Burlington Stores Inc. | Add +15.8% | 0.52% | +0.14 |
| APGE Apogee Therapeutics Inc. | Add +189522.2% | 0.13% | +0.13 |
| SCI Service Corp. International | Add +124.0% | 0.24% | +0.13 |
| WTW Willis Towers Watson PLC | Add +23.4% | 0.73% | +0.13 |
| IMNM Immunome Inc. | Add +59.4% | 0.18% | +0.12 |
| ACLX Arcellx Inc. | Add +66.2% | 0.44% | +0.12 |
| ELAN Elanco Animal Health Inc. | Add +11.8% | 0.50% | +0.12 |
| HLT Hilton Worldwide Holdings Inc. | Add +0.1% | 0.82% | +0.10 |
| RYAN Ryan Specialty Holdings Inc. | Add +79.9% | 0.25% | +0.10 |
| V Visa Inc. Class A | Add +6.7% | 0.85% | +0.10 |
| MTD Mettler-Toledo International | Add +0.5% | 0.61% | +0.09 |
| WST West Pharmaceutical Services | Add +67.5% | 0.20% | +0.09 |
| NP Neptune Insurance Holdi Class A | New | 0.08% | +0.08 |
| CRM Salesforce Inc. | Add +23.6% | 0.28% | +0.08 |
| CTRE Caretrust REIT Inc. | Add +108.5% | 0.15% | +0.08 |
| MSCI MSCI Inc. | Add +13.2% | 0.52% | +0.08 |
| DASH DoorDash Inc. Class A | New | 0.08% | +0.08 |
| ODFL Old Dominion Freight Line | Add +11.0% | 0.36% | +0.08 |
| PPL PPL Corp. | Add +12.2% | 0.89% | +0.08 |
| NTRA Natera Inc. | Add +2768561.1% | 0.07% | +0.07 |
| MIDD Middleby Corp. | Add +4256.3% | 0.07% | +0.07 |
| ULS Ul Solutions Inc. Class A | Add +10.2% | 0.29% | +0.06 |
| BAH Booz Allen Hamilton Holdings | Add +38.4% | 0.35% | +0.06 |
| PLNT Planet Fitness Inc. Class A | Add +1.6% | 0.63% | +0.06 |
| AUB Atlantic Union Bankshares Co. | New | 0.06% | +0.06 |
| BTSG Brightspring Health Services | Add +21.7% | 0.14% | +0.05 |
| JBTM JBT Marel Corp. | Add +53.5% | 0.13% | +0.05 |
| PRAX Praxis Precision Medicines I | New | 0.05% | +0.05 |
| WSC Willscot Holdings Corp. | Add +334.3% | 0.07% | +0.05 |
Notes & Other Activity Q3 2025 → Q4 2025
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 · principal | New | 1,191,092 | $655K |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D · principal | New | 1,054,337 | $547K |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A · principal | Add +0.3% | 202,127 | $74K |
| DIS The Walt Disney Co. | COM | Reduce -100.0% | 0 | $0 |
| DELL Dell Technologies -C | CL C | New | 0 | $0 |
| DOX Amdocs Ltd. | SHS | New | 0 | $0 |
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 | 736 | $152.4B | AMZN, MSFT, NVDA, GOOGL, AVGO |
| Q1 2026 | 641 | $145.1B | AMZN, MSFT, AAPL, META, NVDA |
| Q4 2025Amended | 895 | $158.2B | MSFT, NVDA, AAPL, GOOGL, AMZN |
| Q3 2025 | 878 | $163.5B | MSFT, NVDA, AAPL, AMZN, PTC |
| Q2 2025 | 683 | $158.4B | MSFT, AMZN, NVDA, PTC, ROP |
| Q1 2025 | 655 | $151.0B | MSFT, PTC, AMZN, ROP, BDX |
| Q4 2024 | 631 | $161.9B | MSFT, AMZN, FTV, PTC, NVDA |
| Q3 2024 | 621 | $165.8B | MSFT, NVDA, FTV, AMZN, PTC |
| Q2 2024 | 619 | $158.4B | MSFT, GOOGL, AMZN, PTC, NVDA |
| Q1 2024 | 619 | $163.4B | MSFT, FTV, GOOGL, UNH, AMZN |