Concentration: The Magnificent Seven and Beyond
VOO's top 10 holdings account for 36.35% of the entire fund, and the top 25 represent roughly half of the portfolio. This level of concentration is higher than historical norms for the S&P 500 and is driven almost entirely by the market-cap dominance of mega-cap technology companies.
The so-called "Magnificent Seven" — Apple, Microsoft, NVIDIA, Amazon, Alphabet, Meta, and Tesla — alone represent over 30% of VOO. When you buy VOO, roughly a third of your investment goes into seven technology-adjacent companies. The other two-thirds is spread across ~511 additional stocks, many of which individually represent less than 0.1% of the fund.
This concentration is neither good nor bad in isolation — it's simply a reflection of where the market cap is. The S&P 500 is market-cap-weighted, so larger companies automatically receive larger allocations. If you're concerned about this concentration, our VOO vs VTI comparison discusses how the total market index dilutes this effect slightly, and our complete guide to VOO provides broader context on how the index is constructed.
Sector Analysis
Technology dominates at 33.14%, more than the next two sectors (Financial Services and Communication Services) combined. This tech weighting has been a tailwind for VOO over the past decade as companies like NVIDIA, Apple, and Microsoft have delivered outsized returns.
The sector allocation shifts over time as company valuations change. In 2010 when VOO launched, Technology was closer to 18% of the S&P 500 and Financials were the largest sector. The current technology-heavy allocation reflects the growth of cloud computing, AI infrastructure, smartphones, and digital advertising over the past 15 years.
Notably absent from VOO are direct crypto, cannabis, and most SPACs — the S&P 500 committee applies profitability and liquidity requirements that filter these out. For investors who want exposure to dividend-paying value stocks with less tech concentration, funds like SCHD offer a complementary approach. See our VOO vs SCHD comparison for details.
How Holdings Change Over Time
The S&P 500 reconstitutes quarterly. Companies can be added or removed based on changes in market capitalization, profitability, or corporate actions like mergers and spinoffs. When a stock is added to or removed from the index, VOO automatically adjusts its portfolio to match.
Recent notable changes include the addition of companies that crossed the market-cap threshold or met profitability requirements after periods of rapid growth. These changes happen seamlessly — VOO shareholders don't need to take any action, and the fund's 0.03% expense ratio covers all rebalancing costs.
For investors interested in how VOO stacks up against alternatives that track the same stocks, our VOO vs SPY and VOO vs IVV comparisons cover the differences in fees, structure, and execution. And if you're ready to invest, our guide to buying VOO walks through the process step by step. You can also use our returns calculator to see how these holdings have driven historical performance, or the dividend income calculator to project your income from these companies' quarterly payouts.
Frequently Asked Questions
VOO holds approximately 518 stocks as of March 2026. This is slightly more than 500 because some S&P 500 companies have multiple share classes (e.g., Alphabet has both GOOGL and GOOG), and each class is counted as a separate holding.
VOO's top 10 holdings as of February 2026 are: NVIDIA (7.31%), Apple (6.63%), Microsoft (4.95%), Amazon (3.47%), Alphabet Class A (3.08%), Broadcom (2.56%), Alphabet Class C (2.46%), Meta Platforms (2.40%), Tesla (1.92%), and Berkshire Hathaway (1.57%). Together they represent about 36.4% of the fund.
Technology is VOO's largest sector at approximately 33.14% of the portfolio. Financial Services (12.10%) and Communication Services (10.76%) are the second and third largest sectors.
Technology represents about a third of VOO's portfolio, and the top 10 stocks account for over 36% of the fund. This concentration reflects the current market — these companies have the largest market capitalizations. While concentration increases risk if the tech sector underperforms, VOO simply mirrors the S&P 500 as it is. Investors concerned about concentration can pair VOO with sector-specific or small-cap funds for broader diversification.