Everyone's talking about SoftBank dumping $6B of NVIDIA. Nobody's looking at what the other 499 funds actually did. I checked.

Q4 2025 13F filings just came in. I aggregate these across roughly 500 institutional filers - about $55 trillion in combined AUM (\~80% of all US institutional AUM) One fund exiting NVIDIA is a headline. What the other 499 did is data. **The exits that matter** Full liquidations - every share sold, position taken to zero. |**Fund**|**Stock**|**Value Sold**|**Portfolio Weight → 0%**| |:-|:-|:-|:-| || |SoftBank|NVDA|$6.0B|23.1% → 0%| |Saudi PIF|TTWO|$2.9B|15.2% → 0%| |Vanguard|K (Kellanova)|$2.7B|0.0% → 0%| |BlackRock|K (Kellanova)|$2.5B|0.0% → 0%| |Wellington|UL (Unilever)|$2.1B|0.4% → 0%| |BlackRock|COOP (Mr Cooper)|$1.8B|0.0% → 0%| |Jefferies|VGT (Vanguard IT ETF)|$1.7B|7.9% → 0%| |KeyBank|K (Kellanova)|$1.6B|5.7% → 0%| |Canada Pension|INFA (Informatica)|$1.6B|1.1% → 0%| |Vanguard|COOP (Mr Cooper)|$1.4B|0.0% → 0%| SoftBank didn't just trim NVIDIA - 23.1% of their portfolio, gone. But this is also SoftBank's *second* time doing this. They sold their entire NVDA stake in 2019 too. Those shares would be worth $150B+ today. The one that should concern you more: Kellanova (K) appears three times. Vanguard, BlackRock, and KeyBank all independently exited the same stock in the same quarter. That's not one fund's thesis change - that's a pattern. **Where institutions actually agree** Consensus = what percentage of holders are buying or adding, not selling. |**Stock**|**Filers**|**Consensus**|**Net Direction**| |:-|:-|:-|:-| || |Q (Qnity Electronics)|265|100%|Every holder added| |SOLS (Solstice Adv Materials)|229|100%|Every holder added| |TTE (TotalEnergies)|198|100%|Every holder added| |NOW (ServiceNow)|358|92.9%|323 increased, 19 exited| |NFLX (Netflix)|379|92.4%|346 increased, 25 exited| |TPL (Texas Pacific Land)|238|91.9%|210 increased, 14 exited| |BN (Brookfield)|237|91.0%|197 increased, 12 exited| The names with 100% consensus aren't the usual suspects. Q, SOLS, and TTE - every single holder added more. Not most. All of them. Netflix: 379 filers, 346 increased positions. ServiceNow: 358 filers, 323 increased. That's not passive holding. That's coordinated accumulation across hundreds of institutions. **So what about NVIDIA?** NVIDIA: 395 filers, 52% consensus, $2.7 trillion in institutional value. 203 funds increased their positions. 183 sold. Smart money sentiment: 33.5 out of 100. That's essentially a coin flip. SoftBank's exit is the loudest trade in Q4 - but across the full institutional universe, NVIDIA is split almost exactly down the middle. This isn't a stampede for the exits. It's a disagreement among the biggest pools of capital on the planet. For context: Netflix has 92.4% consensus. ServiceNow has 92.9%. NVIDIA has 52%. The "everyone is piling into AI" narrative doesn't match what the filings actually show. 13F data is 45+ days old and only covers US equity longs - no shorts, options, or international. Research filter, not a trade signal. Data from [holdingsintel.com](https://www.holdingsintel.com/) where I aggregate and score these filings across 500 filers. Disclosure: I hold no positions in any stocks mentioned. Happy to pull the institutional data on any specific fund or ticker if you're curious.