The question of how major asset managers like BlackRock, Fidelity Investments, Vanguard Group, and PIMCO have rebalanced their allocations between equities (especially tech/AI) and fixed income in 2025 is a critical one for understanding institutional sentiment. While 13F filings provide valuable insights into equity holdings, they do not directly disclose fixed income positions, making a full picture of rebalancing challenging without broader fund flow data.
Based on available 2025 data, a clear, uniform shift from tech/AI equities to fixed income at the expense of the former is not strongly evident across these major players.
Key Observations from 2025 Filings and AUM Data:
- BlackRock's Asset Under Management (AUM) Trends: BlackRock's SEC filings as of September 30, 2025, indicate growth in both equity and fixed income AUM. From December 31, 2024, to September 30, 2025, Equity AUM saw net inflows of $94,072 million and a significant market change increase of $944,792 million. Fixed Income AUM also experienced positive net inflows of $80,628 million and a market change increase of $104,153 million. This suggests that both asset classes have seen substantial growth, with equities benefiting more from market appreciation, rather than a broad rebalancing away from equities into fixed income.1
- Mixed Signals in Tech/AI Equity Holdings:
- For specific tech-related stocks, the 13F filings show varied activity. For instance, BlackRock's 13G/A filing on April 23, 2025, showed a decrease in Seagate Technology Holdings plc (STX) shares by 15.39%,2 while a July 17, 2025, filing indicated a significant increase in Gevo, Inc. (GEVO) shares by 238.70%.3
- Fidelity's filings also present a mixed picture, with a 13G/A filing on August 6, 2025, showing a substantial increase in CytomX Therapeutics, Inc. (CTMX) shares by 331.97%,4 but a decrease in Postal Realty Trust, Inc. (PSTL) shares by 20.38%.5
- Vanguard's 13F data similarly shows both increases and decreases in various equity holdings throughout 2025.6
- While Fintel data shows some funds managed by BlackRock (e.g., iShares Expanded Tech Sector ETF) and Fidelity (e.g., Fidelity MSCI Information Technology Index ETF) holding tech stocks like C3.ai, Inc., the changes observed are often at the individual stock level within these ETFs, not necessarily indicating a strategic shift by the parent asset manager in their overall tech exposure.7
- PIMCO's Fixed Income Focus: As a specialist in fixed income, PIMCO's 2025 filings predominantly reflect activity within various bond funds and fixed income-related instruments, such as PIMCO Income Fund and PIMCO Low Duration Income Fund.8 This is consistent with their core investment strategy and does not inherently signal a rebalancing from equities, which are not their primary focus.
In summary, while there are continuous adjustments in individual equity positions, the aggregate data for major asset managers like BlackRock does not clearly indicate a widespread rebalancing out of tech/AI equities and into fixed income in 2025. Instead, both asset classes appear to be attracting inflows and experiencing market-driven growth.
