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 (311)
- Research
THRYVE WEALTH MANAGEMENT LLC's $202.09M 2025Q4 Build Opened 94 New Positions
THRYVE WEALTH MANAGEMENT LLC reported $202.09M for 2025Q4, with QQQ at 20.05% and top-5 concentration at 45.44%.
- Research
Cosmic Management, LLC's $324.63M 2025Q4 Filing Is a 4-Position Bet: FIG at 46.68%
Cosmic Management, LLC reported $324.63M for 2025Q4, with FIG at 46.68% and top-5 concentration at 100.01%.
- Research
Dodge & Cox's $185.26B Q4 Portfolio: Value Tilts Stay Intact While Mega-Cap Tech Remains Secondary
Dodge & Cox closed 2025Q4 with $185.26B across 222 positions and a 74.75 WhaleScore, pairing steady scale with broad value-style exposure across financials, healthcare, and energy.
- Research
Swiss National Bank's $168.01B Q4 Book Stays Anchored to U.S. Mega-Cap Tech
Swiss National Bank reported $168.01B in Q4 2025 with NVDA, AAPL, and MSFT as the top three holdings. The filing shows persistent U.S. mega-cap concentration despite slight quarter-over-quarter AUM cooling.
- Research
American Century's $198.97B Q4 Book: NVIDIA Weight Climbs, But Risk Stays Managed
AMERICAN CENTURY COMPANIES INC reported $198.97B in Q4 2025, led by an $11.81B NVIDIA stake, while keeping top-10 concentration at 33.4% across a 500-position portfolio.
- Research
PRIMECAP's $132.11B Q4 Setup: Healthcare-Semiconductor Barbell Gets Heavier
PRIMECAP reported $132.11B in Q4 2025 with Eli Lilly and Micron alone at 12.9% combined, signaling a barbell between healthcare defensiveness and semiconductor cyclicality.
- Research
Victory Capital's $177.20B Q4 2025 Filing Extends a 58.7% Mid-Year AUM Step-Change
Victory Capital ended Q4 2025 at $177.20B after a +58.7% jump in Q2 and continued gains through year-end. The portfolio pairs mega-cap tech leadership with broad institutional sizing discipline.
- Research
Ovata's $823M Q4 2025 13F: Spotify, Ryanair, and TSM Define a Concentrated Global Book
Ovata used a concentrated, international mix led by Spotify, Ryanair, TSM, and Bitcoin exposure, with converts layered in around the edges.
- Research
Mariner's $1.7B Q4 2025 13F: 65 New Positions and a Mega-Cap Rebuild
Mariner rebuilt around Microsoft, Lam Research, Alphabet, Costco, and Bitcoin exposure, with 65 new positions in a single quarter.
- Research
JPMorgan's $1.6T Q4 2025 13F: 39 New Buys, 39 Exits, and a Sharper Risk Budget
JPMorgan rotated into names like LITE and RKLB while slashing broad ETFs and cyclical winners, producing one of the cleanest 39-for-39 resets in the mega-filer group.
- Research
Goldman Sachs' $811B Q4 2025 13F: 51 New Positions and a Sharp Media Rotation
Goldman opened 51 positions, dropped 51 more, and paired a 769% Netflix increase with fresh Fox exposure, signaling a deliberate media and rates-sensitive reshuffle.
- Research
Bank of America's $1.4T Q4 2025 13F: An ETF Reset With a Chase Into Netflix
Bank of America opened 32 positions, exited 32 more, and lifted Netflix 831% while dialing back SPY, HYG, and other blunt beta tools.
- Research
Vanguard, BlackRock, and State Street in Q4 2025: The Overlap Map That Defines the Passive Baseline
Three giant 13F filings point to the same conclusion: market leadership is so concentrated that the overlap between passive giants has become the baseline every active manager must be measured against.
- Research
State Street's $3.0T Q4 2025 13F: Benchmark Overlap, 20 New Positions, and What Actually Matters
State Street's latest 13F mirrors the passive giants where it should, but the new-position list and rapid jumps in Netflix and ServiceNow still offer useful clues about where benchmark pressure was strongest.
- Research
FMR's $2.0T Q4 2025 13F: NVIDIA at 10.3%, 51 New Positions, and a Different Kind of Mega-Filer
FMR's latest 13F is still huge, but unlike the passive giants it shows sharper concentration, a 51-position reset, and a top holding in NVIDIA worth more than 10% of the disclosed book.
- Research
Vanguard's $6.9T Q4 2025 13F: A 912% Netflix Jump Inside the Ultimate Benchmark Machine
Vanguard's latest 13F shows massive moves in Netflix and ServiceNow, but the main signal is still how benchmark-heavy capital keeps concentrating in the same market leaders.
- Research
BlackRock's $5.9T Q4 2025 13F: Netflix Surged 903%, but the Real Story Is Passive Power
BlackRock's latest 13F shows massive increases in Netflix and ServiceNow, but the filing reads less like a stock-picking manifesto and more like a map of benchmark gravity at enormous scale.
- Research
Susquehanna’s $868B Reported 13F Value Is Really an Options Market-Making Footprint
Susquehanna International Group’s Q4 2025 filing reported $868.03B in 13F value, but the book reads like an options market maker’s hedge inventory, not a traditional stock picker’s portfolio.
- Research
Norway's $935B Sovereign Wealth Fund Keeps Loading NVIDIA and Apple: Inside Norges Bank's Q4 2025 13F
Norges Bank's U.S. equity portfolio reached $934.76B in Q4 2025, with NVIDIA ($62.2B), Apple ($52.3B), and Microsoft ($50.7B) as the three pillars of a 1,577-position portfolio.
- Research
Citadel's $666B Q4 Portfolio: SPY and Tesla Lead a 15,000-Position Machine
Citadel Advisors closed Q4 2025 with $665.87B in AUM across 15,403 positions. SPY ($39.5B), QQQ ($36.3B), and Tesla ($34.5B) dominate — but the diversification math tells a different story.