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Visualizing BlackRock’s Top Equity Holdings

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BlackRock Top 25 Equity Holdings 2023

Visualizing BlackRock’s Top 25 Equity Holdings

Founded just 34 years ago in 1988, BlackRock has quickly become the world’s largest asset manager with over $9 trillion in assets under management (AUM).

Given this status, BlackRock’s equity portfolio may provide useful insights to investors. To learn more, we’ve visualized the firm’s top 25 equity holdings as of Q1 2023. At that time, these 25 positions were worth over $1 trillion, and they represented about 30% of BlackRock’s overall equity portfolio.

Top 25 Data

The following table shows the data we used to create this infographic. These figures come from BlackRock’s latest 13F filing, which was released on May 12.

ℹ️ The 13F is a mandatory, quarterly report that is filed by institutional investment managers with over $100 million in AUM.
RankNameSectorValue of Holdings (USD billions)
1AppleInformation Technology$171
2MicrosoftInformation Technology$155
3AmazonConsumer Discretionary$63
4NvidiaInformation Technology$51
5Google (Class A)Communications$44
6Google (Class C)Communications$38
7TeslaConsumer Discretionary$37
8UnitedHealth GroupHealth Care$35
9MetaCommunications$32
10Berkshire Hathaway (Class B)Finance$32
11Johnson & JohnsonHealth Care$31
12Exxon MobilEnergy$30
13iShares Core S&P 500 ETFETF$29
14VisaFinance$28
15JPMorgan Chase & CoFinance$25
16Procter & Gamble CoConsumer Staples$24
17MastercardFinance$24
18Home DepotConsumer Discretionary$23
19Eli Lilly And CoHealth Care$23
20Merck & CoHealth Care$22
21AbbVieHealth Care$22
22ChevronEnergy$22
23PepsiCoConsumer Staples$20
24Coca-Cola CoConsumer Staples$19
25BroadcomInformation Technology$19

As expected, BlackRock’s top equity holdings include America’s most established tech companies: Apple, Microsoft, Amazon, and Google.

BlackRock also has large positions in Nvidia and Broadcom, which happen to be America’s two largest semiconductor companies. Given Nvidia’s incredible YTD performance (198% as of June 19th), this position has likely grown even bigger.

Altogether, tech stocks make up 39% of this top 25 list. The next biggest sector would be healthcare, at 13% of the total value.

Ownership Stakes

How much of a controlling stake does BlackRock have in these companies? We answer this question in the following table, which again uses Q1 2023 data.

Name% OwnershipQuarter 1st Owned
Merck & Co8.24%Q3 2007
UnitedHealth Group8.02%Q4 2008
Berkshire Hathaway (Class B)7.98%Q3 2007
PepsiCo7.96%Q3 2007
AbbVie7.86%Q1 2013
Home Depot7.60%Q3 2007
Nvidia7.44%Q3 2007
Microsoft7.22%Q3 2007
Coca-Cola Co7.20%Q3 2007
Broadcom7.16%Q3 2009
Google (Class A)7.09%Q3 2007
Chevron7.02%Q3 2007
Eli Lilly And Co6.90%Q3 2007
Mastercard6.89%Q3 2007
Procter & Gamble Co6.86%Q3 2007
Exxon Mobil6.83%Q3 2007
JPMorgan Chase & Co6.59%Q3 2007
Visa6.55%Q2 2008
Apple6.54%Q3 2007
Johnson & Johnson6.46%Q3 2007
Google (Class C)6.13%Q2 2014
Amazon5.93%Q4 2008
Tesla5.70%Q3 2010
Meta5.69%Q2 2012

Google’s Class C shares (Ticker: GOOG) do not offer voting rights.

When it comes to shareholder voting, BlackRock has historically voted on behalf of its clients to “advance their long-term economic interests.” Given its massive size, some people believe that BlackRock has too much influence on major corporations.

In 2021, it was reported that BlackRock would begin allowing some institutional clients to cast their own votes at shareholder meetings.

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Investor Education

How MSCI Builds Thematic Indexes: A Step-by-Step Guide

From developing an index objective to choosing relevant stocks, this graphic breaks down how MSCI builds thematic indexes using examples.

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Title text says “How MSCI builds thematic indexes” and funnel is pictured with the following labels from top to bottom: global parent universe, relevance filter, and false positive control.

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The following content is sponsored by MSCI

How MSCI Builds Thematic Indexes: A Step-by-Step Guide

Have you ever wondered how MSCI builds its thematic indexes?

To capture long-term, structural trends that could drive business performance in the future, the company follows a systematic approach. This graphic from MSCI breaks down each step in the process used to create its thematic indexes.

Step 1: Develop an Index Objective

MSCI first builds a broad statement of what the theme aims to capture based on extensive research and insights from industry experts.

Steps 2 and 3: List Sub-Themes, Generate Keyword List

Together with experts, MSCI creates a list of sub-themes or “seedwords” to identify aligned business activities. 

The team then assembles a collection of suitable documents describing the theme. Natural language processing efficiently analyzes word frequency and relevance to generate a more detailed set of keywords contextually similar to the seedwords.

Step 4: Find Relevant Companies

By analyzing financial reports, MSCI picks companies relevant to the theme using two methods:

  1. Direct approach: Revenue from a company’s business segment is considered 100% relevant if the segment name matches a theme keyword. Standard Industrial Classification (SIC) codes from these directly-matched segments make up the eligible SIC code list used in the indirect approach.
  2. Indirect approach: If a segment name doesn’t match theme keywords, MSCI will:
    • Analyze the density of theme keywords mentioned in the company’s description. A minimum of two unique keywords is required.
    • The keyword density determines a “discount factor” to reflect lower certainty in theme alignment.
    • Revenue from business segments with an eligible SIC code, regardless of how they are named, is scaled down by the discount factor.

The total percentage of revenue applicable to the theme from both approaches determines a company’s relevance score.

Step 5: Select the Stocks

Finally, MSCI narrows down the stocks that will be included:

  • Global parent universe: The ACWI Investable Market Index (IMI) is the starting point for standard thematic indexes.
  • Relevance filter: The universe is filtered for companies with a relevance score of at least 25%.
  • False positive control: Eligible companies that are mapped to un-related GICS sub-industries are removed.

Companies with higher relevance scores and market caps have a higher weighting in the index, with the maximum weighting for any one issuer capped at 5%. The final selected stocks span various sectors. 

MSCI Thematic Indexes: Regularly Updated and Rules-Based

Once an index is built, it is reviewed semi-annually and updated based on:

  • Changes to the parent index
  • Changes at individual companies
  • Theme developments based on expert input

Theme keywords are reviewed yearly in May. Overall, MSCI’s thematic index construction process is objective, scalable, and flexible. The process can be customized based on the theme(s) you want to capture.

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Learn more about MSCI’s thematic indexes.

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