These Funds Hold the Largest Stakes in Alphabet Stock

Key Takeaways

• With shares having risen 69% in the past 12 months, Alphabet has become the second-largest company in the world.
• The fund with the largest weighting to Alphabet is the Provident Trust Strategy Fund, followed by the Fidelity OTC Portfolio.
• Four of the 10 funds with the largest weightings are focused on environmental, social, and governance investing.

Shares of Google parent company Alphabet GOOGL/GOOG surged in the past year on continued investor enthusiasm for everything related to artificial intelligence, including the release of the company’s cutting-edge large language model Gemini 3. This rise has boosted some of the funds with the largest investments in Alphabet stock.

The fund most heavily invested in Alphabet is the $215 million Provident Trust Strategy Fund PROVX, which allocates 24.9% of its assets to the stock. Next is the $2.8 billion Fidelity OTC K6 Portfolio FOKFX, which has 15.2% of its assets in Alphabet.

The technology giant, which also oversees YouTube and Waymo, has seen its stock rise 68.5% over the past 12 months. That’s well above the gains of the US stock market, which rose 18.1% over the same period. The stock surpassed Apple’s AAPL market cap on Jan. 7 to become the second-largest company on earth, behind chipmaker Nvidia NVDA.

Shares Surge on AI Boom

Alphabet’s stock benefited from multiple developments in the second half of 2025. In late November, it was reported that the company was likely in talks with Facebook parent Meta Platforms META to use Alphabet’s TPU chips for its AI. “We view the rumored deal as significant,” wrote Morningstar analyst Malik Ahmed Khan. “It would be the first time TPUs would be placed outside of Google Cloud, opening up another revenue stream for Alphabet if the firm scales external TPU sales and placing it in direct competition with the likes of Nvidia.”

Earlier that month, Alphabet released its new Gemini 3 large language model, another contributor to the stock’s recent success. Khan describes the model as “a major step up from prior models, and it really positioned Alphabet as an AI leader, not a laggard.”

Also among the company’s tailwinds was the ruling in September 2025 that it will not have to sell off Chrome and Android as part of an antitrust suit. The firm’s strong earnings in the third quarter were also a boon to shares.

Which Funds Have the Biggest Allocations to Alphabet?

A screen of large-cap US stock funds, excluding sector funds and those with fewer than $100 million in assets, reveals the portfolios with the largest holdings of Alphabet. All weighting numbers in this article combine both A- and C-class share classes of the stock. This data reflects the most recently reported positions, and funds may have since reduced, eliminated, or added Alphabet. For instances in which more than one fund followed the same strategy, only the fund with the lowest expense ratio is listed.

All but one of the top 10 holders of Alphabet stock were in the large-cap blend category, with the Fidelity OTC fund in the large-cap growth category. The list features six actively managed funds and four index funds.

The actively managed Provident Trust Strategy Fund topped the list with a 24.9% weighting to Alphabet, the largest holding in its portfolio. The benchmark for the Provident fund’s large-cap blend category, the Morningstar US Large-Mid Cap Index has a 5.7% weighting to Alphabet. The Provident fund has returned 15.5% over the past 12 months, putting it in the 65th percentile of the large-cap blend category. Funds in the category averaged 16.4% over the same period, while the Morningstar US Large-Mid Cap Index returned 18.2%. Of the fund’s 15.5% return, 14.2 percentage points (92%) came from its Alphabet shares.

The fund with the second-largest allocation to Alphabet is the Fidelity OTC Portfolio, which has a 15.2% weighting to the stock. Alphabet is the fund’s largest position, ahead of its 14.2% allocation to Nvidia. Its Alphabet holding is nearly twice the size of that in the Morningstar US Large-Mid Cap Broad Growth Index, which has an 8% weighting to the stock.

The fund’s September quarterly review described Alphabet as continuing to “execute on its artificial intelligence strategy and produce solid financial results,” as well as noting how “regulatory headwinds eased following an antitrust ruling in September that allowed Google to keep key assets, including its Chrome browser and Android ecosystem, further boosting the stock.”

Fidelity OTC Portfolio’s 19.3% return over the past 12 months puts it in the 23rd percentile of the large-cap growth category. Funds in the category averaged a 15.9% return over the same period, while the Morningstar US Large-Mid Broad Growth Index returned 16.1%. Of the fund’s 19.3% return, 7.4 points (38%) came from its Alphabet shares.

The largest of these funds is the Bronze-rated $5.2 billion iShares ESG MSCI KLD 400 ETF DSI, which has a 10.6% weighting to Alphabet, its third-largest holding after Nvidia and Microsoft MSFT. The fund has returned 18.7% over the past year, putting it in the 23rd percentile of the large-cap blend category. Alphabet was the largest contributor to that return, accounting for 5.2 points.

Three other ESG-focused funds made the list: the $1.1 billion iShares ESG MSCI USA Leaders ETF SUSL, the $722 million Wahed FTSE USA Sharia ETF HLAL, and the $556 million dollar XTrackers MSCI USA Selection Equity ETF USSG.