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)
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Wells Fargo Q1 2026 13F: NFLX +892%, HOOD +277%, AMD -64%
Wells Fargo's Q1 2026 13F reports $467.90B in top-500 holdings — a nearly flat aggregate that hides a steep NFLX/NOW/HOOD build and a 64% AMD trim under the surface.
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Invesco Q1 2026 13F: NFLX +823%, BDX +299%, .89B AUM
Invesco grew its top-500 13F book to $544.89B in Q1 2026, up 2.8% QoQ. Behind the headline: an 823% share increase in Netflix, 299% in Becton Dickinson, and trims to ORCL/CRM/LITE.
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Dodge & Cox 2025Q3: $185B Value Book Across 219 Names
Dodge & Cox filed its 2025Q3 13F at $185.33 billion across 219 positions. The book is the textbook expression of disciplined value: no top holding exceeds 4.3% weight, and the top 10 sit at just 27% of the portfolio.
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Sanders Capital 2025Q3: $81B Across 47 Names, TSM at Top
Lewis Sanders' Sanders Capital filed a 2025Q3 13F at $81.29 billion across 47 positions. The top five names take 43% of the book. The most striking allocation: TSM at 11.1% portfolio weight — larger than the GOOG, META, or MSFT stake.
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Lilly Endowment 2025Q4: A $99B Single-Stock Bet on LLY
Lilly Endowment Inc filed a 2025Q4 13F-HR reporting a single position: 92.2 million shares of Eli Lilly worth $99.08 billion. The portfolio is, by design, the founder's company stock. The QoQ swings are pure share-price translation.
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HighTower Advisors 2026Q1: How $94B of RIA Money Allocates
HighTower Advisors holds $94.2B across 3,796 reported positions — the canonical snapshot of how a top US RIA aggregator builds a mass-affluent equity book. Top 10 is barely 22% of the book, half of it ETFs.
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Mubadala 2025Q4 13F: 90% GlobalFoundries + Bitcoin ETF
Abu Dhabi sovereign wealth Mubadala's $17.48B US 13F is 90% concentrated in one position — GlobalFoundries — with a $630M iShares Bitcoin ETF stake, Arm, NextDecade LNG, and four quantum-computing names rounding out the tail.
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Fairfax Financial's 2025Q4 13F: Prem Watsa's Deep-Value Tape
Fairfax Financial's $2.08B US-listed 13F reads as a textbook deep-value contrarian book — Orla Mining at 20%, Occidental at 12%, and BlackBerry still anchoring at 6.35% of the holdings stack.
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Sequoia Capital's 2025Q4 13F: $14B Vintage Class Coming Public
Sequoia's public 13F portfolio doubled the holding count and reset to a six-name IPO-vintage stack in 2025Q4 — DoorDash, Klarna, Unity, Instacart, PDD, and Figma now make up 95% of a $14B book.
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Basic Materials Sector 2025Q4: Where Active 13F Money Sits
The Basic Materials sector's 2025Q4 13F snapshot is bifurcated. Wheaton Precious Metals draws the deepest active-manager interest at $29B of reported institutional value; the second tier of metals, packaging, and steel names trails materially. This research piece maps the sponsorship.
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Generation IM Q4 2025: 33-Name Quality Book, MSFT at 14%
Al Gore's Generation Investment Management reported $14.42B at Q4 2025 across just 33 positions. MSFT at 13.85% and DHR at 12.05% define the book — sustainability lens applied to quality compounders, not pure-play clean energy.
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Point72 Q4 2025: $89B AUM Jump, Tech-Heavy Book with ETF Hedges
Steve Cohen's Point72 reported $89.42B at Q4 2025 — up 49.6% QoQ on a position count jump from 2,263 to 3,862. Tech-heavy book stapled to $4.5B in SPY + QQQ ETF hedges.
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Why First Eagle Just Put $16.6B in One MSTR Convert
First Eagle Investment Management's Q1 2026 13F lists a $16.59B position in MicroStrategy's zero-coupon 2029 convertible notes — 21.95% of the $75.57B portfolio. The equity book underneath remains the classic First Eagle value tape. The convertible is a layered, separable bet, and reading the filing requires treating it as two distinct portfolios under one CIK.
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Adage Capital's $66B Q4: 905 Holdings, Mega-Cap Anchored
Adage Capital Partners filed Q4 2025 at $66.08B across 905 positions. The top 10 sums to 33.2% of the book and reads like an S&P 500 mega-cap pull. The active expression lives in the 895-name tail — a structural feature of how the fund is built, not a bug.
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Alkeon Capital Q4 2025: $63B Rebuild, 47% in SPY+QQQ
Alkeon Capital Management filed its Q4 2025 13F at $63.13B — an 83.7% rebound from Q3's $34.36B. The headline number isn't the AUM swing. It's that SPY and QQQ together account for 47.03% of the entire reported portfolio. The active book underneath tells a quieter and more specific story about semis, cloud, and AI capex.
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Greenhaven Q4 2025: GM Cut 34%, Baxter +70%, SLB New
Edgar Wachenheim's Greenhaven Associates ran a 30-stock $6.17B book in Q4 2025. The quarter: GM share count cut 34%, Baxter shares up 70%, SLB initiated, four homebuilders still anchor the top five.
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General Atlantic Q4 2025: Chime +38%, Akero Exit, Biotech Adds
General Atlantic's Q4 2025 13F runs 13 names and $2.87B — a thin slice of a much larger PE book. The quarter's signal: Chime added 38%, Akero exited, biotech deepens, Webull near-zero.
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PineStone Q4 2025: 43 Names, $16.1B AUM, Compounder Bias
PineStone Asset Management ran a 43-stock $16.09B book in Q4 2025 with TSM, GOOGL, and MSFT at the apex. The quarter's tape: rotation into GOOGL and Moody's, a 19.8% trim of AutoZone.
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Mirae Asset Q4 2025: A $36B Korean Tech-Heavy Global Book
Mirae Asset Global Investments — Korea's largest asset manager — reported a $36.04B US-listed equity book in its Q4 2025 13F, anchored by a 7.4% Nvidia position, a 5.5% Apple stake, and an unusually dense semiconductor sleeve totaling roughly 15% of disclosed AUM across NVDA, AVGO, AMD, TSM, MU, TXN, LRCX, and QCOM.
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Windacre Doubled to $9.3B in 2025Q4: Top Bets Are ROP, FNF, AMZN
Windacre Partnership LLC reports a $9.32B long-equity book in 2025Q4, up 109.8% from a 6-position $4.44B cash-heavy stance in 2025Q3. The new 13-position portfolio is led by Roper, Fidelity National Financial, and Amazon, with no single position above 15% — a quality-focused construction we unpack against the broader hedge fund universe.