Citigroup (C.US) Q4 13F Disclosure: NVIDIA (NVDA.US) is the largest holding, significantly reducing holdings in Bank of America (BAC.US)

According to disclosures from the U.S. Securities and Exchange Commission (SEC), Citigroup (C.US) submitted its fourth-quarter 13F filing covering holdings as of December 31, 2025.

Based on the latest data, Citigroup’s fourth-quarter portfolio remains primarily invested in U.S. stocks and ETFs, supplemented by a certain amount of options and debt instruments for adjustment purposes. Notably, NVIDIA (NVDA.US) is its largest holding, accounting for 3.04% of the portfolio; the SPDR S&P 500 ETF (SPY.US) ranks second at 2.56%; and Microsoft (MSFT.US) is third at 2.53%. Additionally, iShares Russell 2000 ETF Put Options (IWM.US) and Tesla (TSLA.US) put options are among the top five holdings, representing 2.05% and 2.02% of the portfolio, respectively.

Regarding new positions, Citigroup added several debt and convertible securities in the fourth quarter. These include debt or preferred securities of companies such as Xpeng Energy (EVRG.US), Snowflake (SNOW.US), Nutanix (NTNX.US), Align Technology (ALGN.US), Mara Holdings (MARA.US), and IonQ Inc. (IONQ.US). The size of individual new positions generally ranges from approximately 5 million to 13 million shares, with a relatively small overall proportion of the total portfolio.

Notably, Citigroup also initiated a new position in energy company TotalEnergies (TTE.US), holding about 6.86 million shares, with a market value of approximately $448 million, representing about 0.20% of the portfolio.

Meanwhile, Citigroup completely liquidated some small-cap and low-liquidity stocks in the fourth quarter. These include stocks mainly in healthcare, consumer discretionary, financials, and industrials sectors, such as MHUAF.US, Revelation Biosciences (REVB.US), Kewaunee Scientific (KEQU.US), Broadway Financial (BYFC.US), Southwest Capital (CSWC.US), Reading International-A (RDI.US), and Rain Enhancement Technologies (RAIN.US). All these positions were reduced to zero during this quarter.

In terms of increased holdings, Citigroup significantly added to certain ETFs and debt instruments in the fourth quarter. The largest increase was in the Consumer Staples ETF (XLP.US), with an addition of approximately 17.63 million shares, boosting its holding percentage from 0.18% last quarter to 0.78%.

Additionally, Citigroup substantially increased its holdings in multiple debt and preferred securities, including securities of Akamai (AKAM.US), JD.com (JD.US), CMS Energy (CMS.US), JetBlue Airways (JBLU.US), GPN (GPN.US), Southwest Airlines (LUV.US), Lantheus (LNTH.US), and TripAdvisor (TRIP.US). The size of individual increases generally ranges from 7 million to 12 million shares, with notable growth, though their overall portfolio share remains limited.

In individual stocks, Stellantis (STLA.US) also saw some accumulation, with holdings increasing by about 7.41 million shares, raising its percentage from 0.07% to 0.11%.

On the reduction side, Citigroup decreased several financial stocks, index, and options holdings in the fourth quarter. Notably, it sharply reduced its position in Bank of America (BAC.US) by approximately 29.29 million shares, a decrease of 54.86%, lowering its portfolio share from 1.23% to 0.59%.

In options, Citigroup also scaled back several hedging positions. For example, its holdings of iShares iBoxx High Yield Corporate Bond ETF (HYG.US) put options decreased by about 21.87 million shares, a 42.31% reduction; IWM.US put options were cut by approximately 5.17 million shares, with the position decreasing from 2.59% to 2.05%. The most significant reduction was in industrial sector ETF put options (XLI.US), with a decrease of over 90%.

Citigroup also reduced holdings in Grab Holdings (GRAB.US), SPDR S&P Regional Banking ETF (KRE.US), and NIO (NIO.US), with declines mostly between 70% and 90%. Several smaller debt and preferred securities positions were also further scaled down during this quarter.