Core Insights - Citigroup's investment portfolio remains primarily focused on U.S. stocks and ETFs, with significant positions in NVIDIA, SPDR S&P 500 ETF, and Microsoft [3][4]. Holdings Summary - The top five holdings in Citigroup's portfolio as of Q4 2025 are: - NVIDIA (NVDA): 3.04% - SPDR S&P 500 ETF (SPY): 2.56% - Microsoft (MSFT): 2.53% - iShares Russell 2000 Put Options (IWM): 2.05% - Tesla Put Options (TSLA): 2.02% [3][4]. New Positions - Citigroup established new positions in several debt and convertible securities, including Evercore (EVRG), Snowflake (SNOW), Nutanix (NTNX), Align Technology (ALGN), Mara Holdings (MARA), and IonQ (IONQ), with individual positions generally ranging from 5 million to 13 million shares [5]. - Notably, Citigroup also initiated a position in TotalEnergies (TTE) with approximately 6.86 million shares valued at about $448 million, representing 0.20% of the portfolio [5]. Liquidations - Citigroup completely liquidated positions in several small-cap and illiquid stocks, primarily in healthcare, consumer discretionary, finance, and industrial sectors, including MHUAF, REVB, KEQU, BYFC, CSWC, RDI, and RAIN, reducing these holdings to zero [6][7]. Increased Holdings - Citigroup significantly increased its holdings in certain ETFs and debt instruments, with the Consumer Staples ETF (XLP) seeing the largest increase, growing from 0.18% to 0.78% of the portfolio [8]. - Additional notable increases were observed in debt securities related to Akamai (AKAM), JD.com (JD), CMS Energy (CMS), JetBlue Airways (JBLU), Global Payments (GPN), Southwest Airlines (LUV), and Lantheus (LNTH), with increases generally between 7 million and 12 million shares [8][9]. Decreased Holdings - Citigroup made substantial reductions in several financial stocks, including a 54.86% decrease in Bank of America (BAC), reducing its holdings from 1.23% to 0.59% of the portfolio [10][11]. - The firm also reduced positions in various options, including a 42.31% decrease in iShares iBoxx High Yield Bond ETF Put Options (HYG) and a significant reduction in industrial sector ETF Put Options (XLI) by over 90% [10][11].

Core Insights - Citigroup has submitted its 13F holdings report to the SEC for the fourth quarter ending December 31, 2025, indicating a portfolio primarily focused on U.S. stocks and ETFs, with some allocation to options and debt instruments [1][2]. Holdings Summary - The largest holding in Citigroup's portfolio is NVIDIA (NVDA), accounting for 3.04% of the total [1][2]. - The second-largest holding is the SPDR S&P 500 ETF (SPY), representing 2.56% of the portfolio [1][2]. - Microsoft (MSFT) ranks third with a 2.53% allocation [1][2]. - Other significant positions include iShares Russell 2000 Index ETF put options (IWM) at 2.05% and Tesla (TSLA) put options at 2.02% [1][2]. New Positions - Citigroup has added several debt and convertible securities in Q4, including positions in Evercore Energy (EVRG), Snowflake (SNOW), Nutanix (NTNX), Align Technology (ALGN), Mara Holdings (MARA), and IonQ Inc (IONQ), with individual additions generally ranging from 5 million to 13 million shares [3]. - A notable new position is in the energy company Total (TTE), with approximately 6.86 million shares valued at about $448 million, representing 0.20% of the portfolio [3]. Exits and Reductions - Citigroup has completely exited several small-cap and illiquid stocks, primarily in healthcare, consumer discretionary, finance, and industrial sectors, including MHUAF, REVB, KEQU, BYFC, CSWC, RDI, and RAIN, reducing these holdings to zero [4][5]. - The firm has significantly reduced its positions in financial stocks, notably decreasing its stake in Bank of America (BAC) by approximately 29.29 million shares, a reduction of 54.86%, lowering its portfolio share from 1.23% to 0.59% [8][9]. Increases in Holdings - Citigroup has notably increased its holdings in the Consumer Staples ETF (XLP), raising its position by approximately 17.63 million shares, increasing its portfolio share from 0.18% to 0.78% [6][7]. - The firm has also significantly increased its positions in various debt and preferred securities, including Akamai (AKAM), JD.com (JD), CMS Energy (CMS), JetBlue Airways (JBLU), and others, with increases generally in the range of 7 million to 12 million shares [6][7]. Summary of Changes - Citigroup has made substantial reductions in options positions, including a 42.31% decrease in iShares iBoxx High Yield Bond ETF put options (HYG) and a reduction of over 90% in the industrial sector ETF put options (XLI) [8][9].