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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Charles Schwab IM Q4 2025: A Mega-Cap Core, 27 New Positions, and a Quiet Netflix Surge
Charles Schwab Investment Management kept Nvidia, Apple, and Microsoft at the top in Q4 2025 while quietly ramping Netflix and ServiceNow exposure beneath the surface.
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Communication Services in 2025Q4: Institutional Ownership Stayed Hyper-Concentrated in Alphabet and Meta
Across covered large-cap communication-services names, institutional value remained concentrated in Alphabet and Meta, while Netflix, Disney and telecom incumbents formed the second tier.
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Swedbank Q4 2025 13F: Nvidia and Microsoft Lead a Larger U.S. Book
Swedbank AB's Q4 2025 13F shows $103.37B in reported value, led by NVDA and a diversified institutional tail.
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FIL Ltd Q4 2025 13F: Canadian Banks and Mega-Cap Tech Share the Book
FIL Ltd's Q4 2025 13F shows $133.60B in reported value, led by MSFT and a diversified institutional tail.
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Energy Sector Q4 2025: Covered Institutional Capital Still Ran Through Exxon and Chevron
Across covered large-cap energy names, Q4 2025 institutional value remained heavily concentrated in Exxon and Chevron, with Vanguard and BlackRock anchoring the sector map.
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Technology Sector Q4 2025: Covered Institutional Value Still Runs Through Apple, Nvidia and Microsoft
Across covered large-cap technology names, Q4 2025 institutional value still concentrated heavily in Apple, Nvidia and Microsoft, with Vanguard and BlackRock anchoring the holder base.
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Consumer Defensive Sector Q4 2025: Walmart, Costco and Staples Still Own the Shelf
Across covered large-cap consumer defensive names, institutional capital stayed concentrated in Walmart, Costco, Procter & Gamble, Coca-Cola and Philip Morris.
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Financial Services Sector Q4 2025: Card Networks and Big Banks Set the Pace
Visa, Mastercard and JPMorgan anchor the covered institutional book in financial services, with Berkshire still standing out through BAC and AXP.
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Healthcare Sector Q4 2025: Lilly Dominates the Covered Institutional Book
Across covered large-cap healthcare names, Eli Lilly accounts for the single largest pool of institutional value in 13F data for 2025Q4.
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Victory Capital Q1 2026 Preview: The $177B Portfolio’s Biggest New Push Was Not Just Nvidia
Victory Capital kept mega-cap tech on top in Q4 2025, but the sharper signal was in the secondary moves: large increases in Netflix, Constellation Energy, TSMC and new positions like IQVIA. The next filing will show whether that diversification continues.
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Raymond James Q1 2026 Preview: ETFs, XLK and XLE Are Telling the Story in a $321B Portfolio
Raymond James used Q4 2025 to keep broad ETF exposure high through VOO, AGG, SPY and IEFA while also adding to sector sleeves such as XLK and XLE. The next filing will show whether that balanced ETF-heavy structure remains the preferred setup.
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Principal Financial Q1 2026 Preview: A Slight AUM Dip Hid Big Moves in Netflix and Brookfield
Principal’s Q4 2025 filing looked slightly weaker on headline AUM, but the internal rotation was more revealing: Brookfield became a top-ten position, Netflix surged, and the fund cut back in parts of real estate. The next filing will show whether that shift keeps going.
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Nuveen Q1 2026 Preview: A $381.9B Giant Added Credit and Bond ETFs Without Abandoning AI
Nuveen’s Q4 2025 filing stayed large-cap and AI-heavy at the top, but the more revealing addition was a sizable fixed-income sleeve through NXUS and NHYB. The next filing will show whether those credit and bond ETFs remain central or fade back out.
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Janus Henderson Q1 2026 Preview: A $223B Growth Book Added Intuitive Surgical and Biotech Risk
Janus Henderson kept Nvidia and Microsoft on top in Q4 2025, but the more interesting signal was underneath: new exposure to Intuitive Surgical, Protagonist Therapeutics and other growth-healthcare names. The next filing will show whether that rotation keeps building.
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Fisher Asset Management Q1 2026 Preview: Why a $20B Bond ETF Sleeve Now Matters More Than One Stock
Fisher’s Q4 2025 filing was still packed with mega-cap tech, but the bigger tell was a giant Treasury and investment-grade corporate bond sleeve built through IEF and VCIT. The next filing will show whether that duration bet was tactical or structural.
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Dodge & Cox Q1 2026 Preview: Brookfield, TransUnion and PDD Broke a Flat Quarter
Dodge & Cox’s Q4 2025 filing barely moved on headline AUM, but the underlying changes were more interesting: fresh positions in Brookfield, TransUnion and PDD inside a still-diversified value book. The next filing will show whether those adds were conviction moves or just incremental reshuffling.
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CalPERS Q1 2026 Preview: The $174.9B Pension Book Leaned Harder Into VOO and Mega-Cap Tech
CalPERS used Q4 2025 to keep broad-market exposure high through VOO while still adding to Nvidia, Microsoft, Alphabet and Broadcom. The next filing will show whether the pension giant keeps that simple beta-heavy structure or rotates again.
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AQR Q1 2026 Preview: A $190.6B Quant Giant Just Added 69 New Positions
AQR’s Q4 2025 filing kept expanding, with AUM rising to $190.63B, 69 new names, and a dramatic Bristol Myers build inside an already broad book. The next filing will show whether the quant giant keeps pressing this expansion or starts normalizing the roster again.
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American Century Q1 2026 Preview: Netflix, CEG and New Adds Changed the Shape of a $199B Book
American Century’s Q4 2025 filing kept Nvidia and Microsoft on top, but the more revealing changes were the big Netflix increase, fresh utility and industrial additions, and a continued AI-heavy core. The next filing will show whether those side bets keep scaling.
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AllianceBernstein Q1 2026 Preview: Intuitive Surgical and Netflix Rose as the Next Watchlist Names
AllianceBernstein kept Nvidia, Microsoft and Amazon on top in Q4 2025, but new exposure to Intuitive Surgical and aggressive increases in Netflix and ServiceNow made the next filing more interesting than another mega-cap recap. Here is what to watch.