Google Q4 13F Holdings: Standing Pat on Space, Exiting Biotech
As of December 31, 2025, $Alphabet(GOOG)$
The portfolio displayed a unique "passive appreciation, active retreat" feature in Q4 2025 — core space holdings saw explosive stock price gains pushing portfolio value to new highs, while Alphabet itself was a net seller, particularly executing a major withdrawal from the biotech sector.
Alphabet's holdings are still highly concentrated in four frontier technology sectors: Space, Biotech, Semiconductors, and Information Technology, reflecting a long-term bet on disruptive innovation.
Top 10 Holdings Changes
The top 10 holdings remained largely consistent with Q3, with reductions seen only in $Revolution Medicines, Inc.(RVMD)$ and $Maze Therapeutics(MAZE)$ . No positions within the top 10 were increased during the quarter; changes in portfolio weighting were driven solely by stock price performance.
- $AST SpaceMobile (ASTS.US)$ & $Planet Labs PBC (PL.US)$: The combined weighting of these two space stocks surged from 35.43% in Q3 to 49.6% in Q4, accounting for nearly half the portfolio. This shift was not driven by active accumulation but was a passive result of price surges of 55% and 46%, respectively. Alphabet did not sell a single share of these core holdings, signaling strong long-term conviction.
- RVMD Paradox: Although Alphabet trimmed its RVMD position by approximately 19% (-788,175 shares) in Q4, its portfolio weighting actually rose from 8.01% to 10.33%. This indicates that the stock's price appreciation outpaced the reduction in shares, completely offsetting the impact of the sale.
- $Arm Holdings (ARM.US)$ Falls Out of Favor: ARM's weighting dropped from 11.52% to 8.31%, marking the largest decline among the top 10. Although Alphabet retained its full position, ARM's stock performance significantly underperformed the space sector in Q4, resulting in a passive reduction in portfolio weight.
- MAZE Unwind Underway: MAZE's weighting dipped by 0.37%, a result achieved only after slashing the position by 42.44% (-1,023,888 shares). Had Alphabet not sold, MAZE's weighting would have increased due to price appreciation; the actual decline underscores a determination to accelerate the exit.
Key Trading Activities: Zero Purchases, Major Retreat
Q4 was Alphabet's most conservative quarter in recent years as an institutional investor — zero new positions, zero additions, 8 liquidations, and 3 reductions, reflecting a pure "net seller" stance.
According to Whalewisdom data, Alphabet exited 8 positions entirely in Q4. All were biotech companies, including $Alector (ALEC.US)$, $Barinthus Biotherapeutics (BRNS.US)$, $Dianthus Therapeutics (DNTH.US)$, $Foghorn Therapeutics (FHTX.US)$, $Fractyl Health (GUTS.US)$, Metsera, $Taysha Gene Therapies (TSHA.US)$ , and $TScan Therapeutics (TCRX.US)$.
The three reduced positions were also exclusively biotech firms: in addition to the previously mentioned top 10 holdings RVMD and MAZE, the list included $Monte Rosa Therapeutics (GLUE.US)$.
Strategic Analysis
Alphabet's Q4 investment strategy can be summarized by three keywords:
1. Let Winners Run
The decision to stand pat on ASTS and PL suggests Alphabet believes the space economy boom is just beginning. Despite substantial price gains, Alphabet opted to hold rather than take profits.
2. De-risking
Liquidating 8 biotech stocks and reducing exposure to RVMD and MAZE signals extreme caution regarding the 2026 biotech funding environment, regulatory landscape, or potential valuation bubbles.
3. Cash Build-up
Net sales with zero purchases implies that Alphabet may be building cash reserves for Google's AI investments, stock buybacks, or other strategic initiatives.
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