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The Goldman Sachs Group (NYSE:GS), is an investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The Goldman Sachs Group, Inc. reported net revenues of $39.16 billion and net earnings of $8.35 billion for the year ended December 31, 2010.

Goldman Sachs reported $226 Billion total assets in its last 13F filing. Put options on SPDR S&P 500 ETF (NYSEARCA:SPY), iShares Trust Russell 2000 Index Fund (NYSEARCA:IWM), Apple Inc. (NASDAQ:AAPL) and Powershares QQQ Trust (QQQQ) are some of the biggest positions of Goldman Sachs. Other than these, here are the 15 largest positions in Goldman Sachs Group’s portfolio at the end of December:

GOLDMAN SACHS GROUP's Top 15 Holdings

Stock

Value in Millions (NYSEARCA:USD)
As of Dec 31,2010

Return
Since Dec 31,2010

SPDR S&P 500 ETF (SPY)

9,163.0

3.4%

APPLE INC. (AAPL)

3,377.0

9.6%

ISHARES TRUST RUSSELL 2000 INDEX FUND (IWM)

3,160.3

1.9%

MICROSOFT CORPORATION (NASDAQ:MSFT)

2,769.5

-7.4%

SPDR GOLD TRUST GS (NYSEARCA:GLD)

2,020.7

0.1%

ISHARES TRUST MSCI EMERGING MARKETS INDEX (NYSEARCA:EEM)

1,985.8

-2.8%

PEPSICO INC. (NYSE:PEP)

1,679.6

-1.1%

GOOGLE INC. (NASDAQ:GOOG)

1,619.3

-4.0%

DOLLAR GENERAL CORP (NYSE:DG)

1,609.4

-6.6%

JPMORGAN CHASE & CO. (NYSE:JPM)

1,601.3

6.9%

SCHLUMBERGER LTD. (NYSE:SLB)

1,589.9

2.5%

BANK OF AMERICA CORP. (NYSE:BAC)

1,522.7

6.8%

QUALCOMM INCORPORATED (NASDAQ:QCOM)

1,498.1

8.4%

GENERAL ELECTRIC CO (NYSE:GE)

1,445.1

9.7%

ISHARES TRUST MSCI EAFE INDEX FUND (NYSEARCA:EFA)

1,362.3

0.1%

Value Weighted Return of Top 15 Holdings

36,404.1

2.1%

SPY

N/A

3.4%

Goldman’s largest stock positions have gained 2.1% since the end of 2010, vs. a 3.4% gain for the SPY. GE has shown one of the best performances in Goldman's portfolio since the end of December. Goldman had $1.4 billion in GE shares at the end of December. GE has gained 9.7% in the last 75 days, beating the SPY by 6.3 percentage points. Warren Buffett, Fairholme’s Bruce Berkowitz, Legg Mason Capital's Bill Miller and Bridgewater Associates’ Ray Dalio are other investors of GE. SPDR S&P 500 ETF was Goldman’s biggest investment at the end of December 2010. Goldman has $9.1 billion invested in SPY.

J P MORGAN CHASE & CO

JP Morgan (JPM) is one of the most respected financial institutions in the world which is serving institutional investors, financial advisors and affluent individuals around the World. JP Morgan is also the largest provider of AAA rated liquidity funds and #1 ranked hedge fund manager according to two leading publications, Pensions & Investments and Absolute Return and Alpha. JP Morgan's 2010 net income was $17.4 billion, an increase of 48% compared with a year ago.

JP Morgan has had about 4,000 securities in its 13F portfolio with a total value of $213 billion as of December 31st, 2010. Here are the 15 largest holdings:

J P MORGAN CHASE & CO's Top 15 Holdings

Stock

Value in Millions (USD)
As of Dec 31,2010

Return
Since Dec 31,2010

SPDR S&P 500 ETF (SPY)

7,760.6

3.4%

YANZHOU COAL MINING CO., LTD. (NYSE:YZC)

4,993.7

3.9%

APPLE INC. (AAPL)

4,476.6

9.6%

EXXON MOBIL CORP. (NYSE:XOM)

4,338.0

13.3%

MICROSOFT CORPORATION (MSFT)

3,942.9

-7.4%

BANK OF AMERICA CORP. (BAC)

2,593.3

6.8%

CITIGROUP INC (NYSE:C)

2,494.9

-4.0%

CHEVRON CORPORATION (NYSE:CVX)

2,248.5

11.3%

VANGRD EMRG MKT ETF (NYSEARCA:VWO)

2,199.4

-3.0%

PROCTER & GAMBLE CO. (NYSE:PG)

2,073.9

-3.9%

WELLS FARGO & CO. (NYSE:WFC)

2,034.2

3.7%

ISHARES TRUST RUSSELL 2000 INDEX FUND (IWM)

1,915.4

1.9%

INTERNATIONAL BUSINESS MACHINES CORP. (NYSE:IBM)

1,856.0

10.4%

MERCK & CO., INC (NYSE:MRK)

1,828.4

-9.1%

CISCO SYSTEMS, INC. (NASDAQ:CSCO)

1,767.6

-6.8%

Value Weighted Return of Top 15 Holdings

46,523.3

3.0%

SPY

N/A

3.4%

JP Morgan’s largest stock picks have gained 3.0% since the end of 2010, vs. 3.4% gain for the SPY. XOM has shown one of the best performances in JP Morgan's portfolio since the end of December. JP Morgan had $4.3 billion in XOM shares at the end of December. XOM has gained 13.3% in the last 75 days, beating the SPY by 9.9 percentage points. More than 100 hedge funds snatched XOM. The investment bank owns nearly $4 billion worth of Exxon Mobil shares. Even Warren Buffett has XOM in his stock portfolio. SPDR S&P 500 ETF was Goldman’s biggest investment at the end of December 2010. Goldman has $7.8 billion invested in SPY.

CITIGROUP INC

Citigroup (C) provides broad range of financial prod­ucts and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth man­agement. Citigroup net income for full year 2010 was $10.6 billion, compared to a net loss of $1.6 billion in the full year 2009.

Citigroup has had more than 3,000 securities in its 13F portfolio with a total value of $99 billion as of December 31st 2010. Put options on SPDR S&P 500 ETF (SPY), CROWN HOLDINGS INC (NYSE:CCK), and SPDR Gold Trust (GLD) are some of the biggest positions of Citigroup. Other than these, here are the 10 largest positions in Citigroup’s portfolio at the end of December:

CITIGROUP INC's Top 10 Holdings

Stock

Value in Millions (USD)
As of Dec 31,2010

Return
Since Dec 31,2010

ISHARES TRUST RUSSELL 2000 INDEX FUND (IWM)

5,226.2

1.9%

CARNIVAL CORPORATION COMMON STOCK (NYSE:CCL)

2,855.9

-13.1%

SPDR S&P 500 ETF (SPY)

2,131.9

3.4%

SPDR S&P 500 ETF (SPY) Puts

1,936.4

3.4%

SPDR GOLD TRUST GS (Call Option) (GLD)

1,566.8

0.1%

NABORS INDS INC NEW (Call Option) (NYSE:NBR)

1,086.4

15.6%

POSCO (SOUTH KOREA) (NYSE:PKX)

1,055.0

0.0%

ISHARES INC.-MSCI BRAZIL INDEX REGISTERED SHARES (Call Option) (NYSEARCA:EWZ)

963.8

-4.4%

PROCTER & GAMBLE CO. (PG)

803.8

-3.9%

APPLE INC. (Call Option) (AAPL)

720.6

9.6%

Value Weighted Return of Top 10 New Holdings

18,347.0

0.2%

SPY

N/A

3.4%

Citigroup's largest stock picks have gained 0.2% since the end of 2010, vs. 3.4% gain for the SPY. NBR has shown one of the best performances in Citigroup's portfolio since the end of December. Citigroup had $1.1 billion in NBR shares at the end of December. NBR has gained 15.6% in the last 75 days, beating the SPY by 12.2 percentage points. IWM fund was Citigroup’s biggest investment at the end of December 2010. Citigroup has $5.2 billion invested in IWM. Passport Capital’s John Burbank and Perry Capital's Richard Perry have put options on IWM.

Disclosure: I am long SPY, MSFT, C.

Additional disclosure: I am long physical gold.

Source: Top Stock Holdings of Goldman Sachs, JP Morgan and Citigroup