Marcus Chen
Senior Market Analyst
Senior Market Analyst at 13F Insight. Covers institutional portfolio strategy, 13F filings, and smart money trends.
A note from Marcus
Hi, I'm Marcus. I spent six years on the buy side staring at 13F filings for a hedge fund, and the thing that bothered me most wasn't the work — it was knowing that the average investor never gets to see what I was looking at, even though it's all public.
That's why I'm here. Every research piece you'll see under my name comes from real SEC data, run through real institutional logic, and translated into something you can actually act on. I write long when the data deserves it and short when it doesn't.
If you ever spot a number that looks off, email me. I'd rather be corrected than wrong.
Articles by Marcus Chen (542)
- Research
Hershey Trust's $10B Q4 2025: 96% of Book in HSY Voting Stock
Hershey Trust Company holds $9.94 billion of Hershey Class B voting stock at 96.35% of its 13F portfolio. The remaining 3.65% is HSY Class A common. The Milton Hershey School trust's 13F is the most extreme single-name concentration in our database.
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Mitsubishi UFJ AM Q1 2026: $149B Book Tracks US Index Tightly
Mitsubishi UFJ Asset Management's $149 billion US 13F holds the seven mega-cap names at near-index weights — and unlike most large active managers, Tesla is in the top 10. The Japanese asset manager runs a book that hews closely to S&P 500 exposure for institutional clients.
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Neuberger Berman Q1 2026: $131B Book With IVV in the Top 10
Neuberger Berman files a $131.41 billion Q1 2026 book that, at first glance, reads as a standard active-mega-cap allocation. Position 9 — IVV, the S&P 500 ETF, at 1.23% portfolio — gives away that some of the book runs on an ETF beta sleeve rather than pure stock-picking.
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State Farm's $127B 13F: Industrials and Defensives, Not Tech
State Farm Mutual Automobile Insurance Company's Q1 2026 13F is a window into how a US property-and-casualty balance sheet allocates surplus equity capital. The top holding is Caterpillar at 8.13% — not Nvidia, not Microsoft. The rest of the book follows the same industrial-and-defensive logic.
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Arrowstreet Q1 2026: Semi-Equipment Hides in the Top 10
Arrowstreet Capital filed a $184.75 billion Q1 2026 book that reads, at the top, like every other quant mega-cap allocation. Look at positions 8 through 10 and the real call shows up: Lam Research and ASML both inside the top 10, both at multiples of their index weights.
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MFS Q1 2026: $297B Book Reads Like a 1924 Mutual Fund Still Would
MFS, the firm that invented the open-end mutual fund in 1924, runs a $297.52 billion 13F book with 500 positions and a top-10 concentration of just 21%. The shape is what a balanced active-equity book is supposed to look like — and almost no one runs it anymore.
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Clearbridge Q1 2026: 25% of $114B Sits in 10 Mega-Caps Plus WMB
Clearbridge Investments runs a 500-position book that looks growth-equity on the surface and concentrated underneath. Top 10 stocks absorb $29 billion of the $114.89 billion AUM, and the only non-tech name in that block is Williams Companies pipeline infrastructure.
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TD Asset's $123B 13F: A Canadian-Anchored Book Read
TD Asset Management's 2026Q1 13F discloses a $123.3B book where the second-largest position is parent-company TD Bank. The structure is a Canadian institutional book — half mega-cap US tech, half Canadian banks, energy, and rails.
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Envestnet's $373B TAMP 13F: Reading the Advisor Book
Envestnet Asset Management's 2026Q1 13F discloses a $373.6B book spread across 4,703 positions — the largest visible TAMP (turnkey asset management platform) disclosure. The structure reveals how thousands of independent advisors actually allocate.
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Sumitomo Mitsui Trust's $154B 13F: A Gold Slice on Mega-Cap
Sumitomo Mitsui Trust Group filed its 2026Q1 13F disclosing a $154.5B US equity book. The top of the book is conventional mega-cap — NVDA, AAPL, MSFT — but the 1.1% GLDM gold ETF position at $1.72B is the structural feature that distinguishes a Japanese trust bank book from a US peer.
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Northwestern Mutual Wealth's $162.4B 13F: Equal-Weight S&P Bet
Northwestern Mutual Wealth Management's 2026Q1 13F shows a $162.4B book built on ETFs — but the $5.2B Invesco S&P 500 Equal Weight (RSP) position at 3.3% is the structural tell that distinguishes this RIA from index-cap-weighted peers.
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Creative Planning's $147.4B 13F: How an RIA Builds Allocation
Creative Planning, the Peter Mallouk-led RIA, filed a $147.4B 13F for 2026Q1. The book reads like a model portfolio: IVV at 11.4%, BND at 6.5%, VEA at 5.6%. It's the asset-allocation industry's largest visible playbook.
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Swiss National Bank's $173.8B US Equity Book: A Currency Hedge
The Swiss National Bank's 2026Q1 13F discloses a $173.8B US equity book that looks exactly like what it is — a foreign-reserve hedge structured as a passive S&P 500 mega-cap portfolio. NVDA at 7.2% and AAPL at 6.3% are the franc-suppression policy expressed in equities.
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Bridgewater Q1 2026 13F Preview: The Dalio Watchlist — What 1,040 Holdings Actually Tell You
Bridgewater's Q4 2025 13F showed a +102.2% QoQ jump, $27.42B AUM, and an ETF-heavy top book. Here's what to watch in its Q1 2026 filing due May 15.
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SoftBank Vision Fund Q4 2025: 88% of $9.99B in Coupang + Grab
SB Investment Advisers' Q4 2025 13F-HR shows $9.99B across 10 names, with 88% concentrated in Coupang (68.3%) and Grab Holdings (20.1%). The long tail is busted-IPO biotech and frontier tech.
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Bain Capital Q4 2025 13F: $4.62B, COHR at 39%, Healthcare Heavy
Bain Capital Investors discloses a $4.62B Q4 13F-HR concentrated in 7 names: COHR at 39%, four mid-cap healthcare names at 54%, NTNX at 6%. The book reads like a public-equity wrapper around Bain's PE conviction list.
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Harvard Management Q4 2025: $2.08B 13F-HR with 12.78% in IBIT
Harvard's investment office surfaced a $2.08B 13F-HR for Q4 2025 after years of 13F-NT filings — and the 19-position portfolio reads as a deliberate barbell: 12.78% in IBIT (spot Bitcoin) and 11.94% in GLD (gold), wrapped around a mega-cap tech core.
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UBS Group Q1 2026 13F: $666B Book Adds QQQ, Builds Gold
Swiss banking group UBS filed a 2026Q1 13F-HR with $666 billion in reported US equity value. Two threads stand out in the QoQ deltas: a fresh top-five QQQ position at $10.5B, and a 21% increase in GLD share count — the inflation hedge moving alongside the growth-ETF add.
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LPL Financial Q1 2026 13F: $377B in Client ETFs, QQQ Added
LPL Financial's first-quarter 2026 13F-HR is the largest broker-dealer custody view in our data set: $376.6B in reported value, dominated by index ETFs held on behalf of platform clients rather than discretionary stock picks. The Q1 file added QQQ as a fresh top-three position.
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Legal & General Q1 2026 13F: $432B Book, NVDA at 7.2%
UK insurer Legal & General Group's first-quarter 2026 13F-HR shows a $432.4 billion US equity book that runs an unusually concentrated mega-cap tech overlay for an insurance balance sheet. NVDA tops the list at 7.23% of reported value; AAPL sits at 6.73%.