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
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Five Shades of Conviction: How $750B in Wealth Managers Diverge on Tech, Industrials, and Concentration
Wick, Mengis, Nuveen, Amundi, and Stenger Family Office all filed large Q4 2025 books, but they used very different structures to express risk.
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Mega-Cap Tech Is Everybody's Core, but the Weights Range From 16.9% to 51.2%
Vanguard, FMR, Morgan Stanley, and Banque Transatlantique all treat mega-cap tech as core exposure in Q4 2025, but the concentration levels are nowhere near the same.
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Ovata's 12.1% Options Sleeve Shows What Most ETF Allocators Are Not Doing in Q4 2025
Ovata Capital used listed options and concentrated thematic exposures in Q4 2025, a sharp contrast with ETF allocators like SHP Wealth, TD Capital, and Bank of Hawaii.
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Semiconductor Conviction Spectrum: From Oak Grove's 50% Bet to Mariner's Measured Exposure
Four institutional investors reveal divergent semiconductor strategies in Q4 2025: Oak Grove Capital's concentrated 50.2% conviction play versus Mariner's balanced 10% allocation and conservative positions from NWF and TD Capital.
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SHP, TD Capital, and Bank of Hawaii Show How ETF Allocators Split Between 39% and 51% Top-Five Concentration
Three Q4 2025 filings show the same ETF label can mean very different things: SHP runs a concentrated model core, TD balances broad beta with bonds, and Bank of Hawaii leans global.
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Avoro Capital's Biotech Conviction Play: $10.2B Concentrated Bet on Healthcare Innovation
Avoro Capital Advisors manages $10.2B with 34 holdings focused exclusively on biotech and healthcare. The fund's concentrated portfolio—with top-5 holdings representing 48.7% of AUM—reflects deep conviction in transformative therapies.
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Aristides Capital's High-Conviction Portfolio: $565M with 77.5 WhaleScore
Aristides Capital LLC's Q4 2025 filing reveals a disciplined $565.4M portfolio across 273 holdings with a WhaleScore of 77.50. The fund demonstrates institutional-grade conviction in a diversified small/mid-cap strategy balancing growth exposure with risk management.
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World Investment Advisors: $6.16B Platform Diversified Across 1,468 Holdings
A deep dive into World Investment Advisors' diversified investment platform managing $6.16B across 1,468 holdings, with core positions in mega-cap tech and broad index exposure.
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Tempo Wealth's Q4 2025 Filing Put Parker-Hannifin at the Center of an Advisor Mix Built With ETFs
Tempo Wealth reported a one-quarter Q4 2025 book led by Parker-Hannifin and Progressive, but the surrounding structure was unmistakably ETF-driven.