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
AQR Capital’s Q4 2025 Filing: 16,900+ Positions and the Momentum Machine in Full Swing
Cliff Asness’s AQR Capital disclosed $190.6B across 16,934 holdings in its Q4 2025 13F—one of the broadest institutional books in the market. Massive momentum-driven adds in NOW (+953%), NFLX (+691%), and CMG (+342%) reveal a factor engine firing on all cylinders.
- Research
T. Rowe Price Q4 2025: 4,500 Positions, One Massive Netflix Bet
T. Rowe Price’s Q4 2025 13F reveals a +686% surge in Netflix shares alongside a sprawling 4,500-position book. We break down the conviction moves hiding inside one of America’s largest active managers.
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Millennium Management Q4 2025: Izzy Englander’s Multi-Pod Giant Reveals Equity Rotation Patterns
Millennium Management’s Q4 2025 13F filing shows $237.8M in public equity holdings — a tiny slice of the firm’s $60B+ AUM — with 145 new positions and 145 exits reflecting the multi-pod hedge fund’s rapid-fire rotation strategy.
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Two Sigma’s Q4 2025 Sector Rotation: Dumping Financials, Loading Tech and Biotech ETFs
Two Sigma Investments executed a massive sector rotation in Q4 2025, exiting $583M in financials while building $403M positions in tech ETFs. With 168 new positions and 168 exits, the quant fund’s algorithmic signals point to a decisive shift.
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Vanguard's $6.9 Trillion Q4 2025 Filing: 17,686 Positions and the Index Giant That Owns 6% of Everything
Vanguard Group's Q4 2025 13F reveals $6.9 trillion across 17,686 positions with NVDA at 6.1%, AAPL at 5.6%, and MSFT at 5.0% — a near-perfect mirror of market-cap weighting that grew 3.3% QoQ.
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Wellington Management's $571B Q4 2025 Filing Hides a Healthcare Conviction Bet Beneath the Mega-Cap Surface
Wellington Management held $570.7B across 1,878 positions in Q4 2025. Eli Lilly and Merck sit at #7 and #8, giving healthcare a 4.1% share of the top-12 — unusual for a fund this size.
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Invesco Q4 2025 Portfolio Analysis: The QQQ Parent’s $652B 13F Book Extends a 76% Two-Year Climb
Invesco’s Q4 2025 13F shows a $652.20B disclosed portfolio led by NVIDIA, Microsoft, and Apple, but the bigger story is a broad book that has grown 76% since Q3 2023.
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Citadel’s $666B Q4 Filing: Griffin Swapped a $43B QQQ CUSIP for a $36B Replacement While Ramping NFLX 1,598%
Citadel Advisors hit $666B in Q4 2025, up from $657B. The headline move: exiting a $43B QQQ position under CUSIP 04609e107 and opening a $36B replacement under 46090E103, while simultaneously ramping Netflix shares from 5.6M to 95.1M.
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Susquehanna’s $868B Options Book Added Gold and Ramped Netflix 857% in Q4 2025
Susquehanna International Group’s Q4 2025 13F reveals an $868B portfolio dominated by put-hedged ETF positions, with a massive 857% increase in Netflix shares and new gold exposure via AGQ, IAU, and Royal Gold.
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LPL Financial's $366B Q4 2025 Filing: The Advisor Aggregator That Grew 63% in Six Quarters
LPL Financial's 13F grew from $224B to $366B in six quarters — a 63% surge. With 5,869 positions led by index ETFs, LPL's filing is a proxy for independent advisor sentiment.
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AllianceBernstein's $317B Q4 2025 Filing: 3,258 Positions and a Flat Quarter That Tells Its Own Story
AllianceBernstein held $317B across 3,258 positions in Q4 2025 — essentially unchanged from Q3. Nvidia, Microsoft, and Apple anchor the top, but the portfolio barely moved.
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Gates Foundation Trust Rebuilt to $35.4B in Q4 2025 After a $8B Q3 — BRK/B Still Leads at 27.6%
The Gates Foundation Trust recovered from $8B in Q3 to $35.4B in Q4 2025 across 23 holdings. Berkshire Hathaway remains the top position at 27.6%, Waste Management at 18.0%.
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TCI Fund Management Put 27% of $53.6B Into GE Aerospace in Q4 2025 — a Nine-Stock Portfolio Built on Monopoly Economics
Chris Hohn's TCI Fund Management held just 9 positions worth $53.6B in Q4 2025. GE Aerospace topped the book at 27.3%, followed by Visa at 18.1% and Microsoft at 15.1%.
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Pershing Square Ran $15.5B Through Just 11 Names in Q4 2025 — and Brookfield Led the Way
Bill Ackman's Pershing Square held only 11 positions worth $15.5B at year-end 2025. Brookfield Corp topped the book at 18.1%, followed by Uber at 15.9% and Amazon at 14.3%.
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STATE STREET CORP's Q4 2025 Filing Still Ran Through NVDA, AAPL, and MSFT
STATE STREET CORP looked diversified on the surface in Q4 2025, but NVDA, AAPL, MSFT still anchored the real risk budget. The top five positions reached 22.1% of reported value across 500 fetched lines.
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Amundi's Q4 2025 Filing Keeps a Mega-Cap Core While Quietly Rebuilding the Optionality Sleeve
Amundi's top holdings still read like a global mega-cap core, but the more revealing part of the filing is the new convertible and optionality sleeve around that foundation.
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Nuveen's Q4 2025 Filing Kept a Broad Core but Turned Aggressive on Netflix and ServiceNow
Nuveen still looks like a diversified mega-cap allocator in Q4 2025, but the filing also shows sharper risk-on behavior through outsized Netflix and ServiceNow increases.
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State Street, Northern Trust, and BNY Mellon Show the Custodian-Bank Breadth Spectrum in Q4 2025
State Street, Northern Trust, and Bank of New York Mellon all hold the same mega-cap leaders, but their top-ten concentration ranges from 27.7% to 31.4%.
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Giant Filers Spread Top-Ten Exposure From 26% to 36% in Q4 2025
JPMorgan, Vanguard, Capital World Investors, and FMR all own the market leaders, but their top-ten concentration ranges from 26.3% to 36.4%, creating very different portfolio behavior.
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Legal & General's $451B Q4 Portfolio: NVIDIA and Apple Neck-and-Neck at the Top, a $102B AUM Swing, and Netflix Up 916%
Britain's largest asset manager holds NVIDIA at $32B and Apple at $30B in an unusually close #1/#2 race. AUM crashed $102B between Q3 and Q4 2024, then recovered. Netflix shares surged 916% — the fourth mega-filer to make this trade in Q4.