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
Bridgewater Q1 2026 Preview: After a $2.87B IVV Bet and a +102% QoQ Jump, What Does the Macro Giant Do Next?
Bridgewater ended Q4 2025 with $27.42B in visible 13F AUM, 1,040 holdings, and a surprisingly index-heavy core led by SPY and IVV. Q1 2026 will show whether that reset was tactical or durable.
- Research
Norges Bank Q4 2025: Why a $935B Sovereign Fund Still Stopped at 1,577 Positions
Norges Bank's Q4 2025 13F disclosed $934.76B across just 1,577 positions, showing why sovereign-scale capital can still look highly selective in U.S. equities.
- Research
Norges Bank's $62.24B NVIDIA Stake Anchors a $934.76B U.S. Portfolio
Norway's sovereign wealth fund disclosed a $934.76B U.S. equity portfolio in Q4 2025, led by a $62.24B NVIDIA stake and a tightly curated mega-cap core.
- Research
Norges Bank Q4 2025: $935B Sovereign Fund Holds Just 1,577 Positions
Norway Government Pension Fund Global reported $934.76 billion in US equities across just 1,577 positions in Q4 2025. Here is how the world largest sovereign wealth fund selects its US holdings.
- Research
Dimensional Fund Advisors Q4 2025: Academic factor investing at $476.72B scale
Dimensional Fund Advisors ended 2025 with $476.72B of reported 13F AUM and 13,709 holdings, showing how a Fama-French-style factor process still works at immense scale.
- Learn
What Quarterly AUM Jumps Really Mean: Normal Market Moves vs. New Money vs. Filing Changes
A 10% quarterly AUM move is usually market drift. A 50% move may be new money, a filing-entity reset, or a reporting-basis change. Here is the decision tree investors should use before overreacting to a 13F jump.
- Research
Geode Capital Management’s $1.62T Q4 2025 Filing Reveals Fidelity’s Shadow Index Giant
Geode Capital Management’s Q4 2025 13F highlights how a behind-the-scenes Fidelity sub-adviser concentrated enormous benchmark-driven capital in Nvidia, Apple, Microsoft, and other mega-cap leaders.
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Fairholme Capital Q4 2025: Bruce Berkowitz's 80% Conviction in St. Joe Company
Fairholme Capital Management's $1.43B portfolio reveals extreme conviction, with real estate developer St. Joe Company (JOE) commanding over 80% of assets.
- Research
Scion Asset Q4 2025: Michael Burry's Astonishing 80% Bet on Palantir
Michael Burry's Scion Asset Management revealed a highly concentrated 4-stock portfolio in Q4 2025, with Palantir making up over 80% of the assets.
- Research
Renaissance Technologies Q4 2025: The $64B Quant Giant's Palantir Conviction
Inside Renaissance Technologies' massively dispersed Q4 2025 13F, highlighting their surprising $1.56B top position in Palantir.
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Third Point Q4 2025: Dan Loeb Balances PG&E Activism with NVIDIA Growth
Analyzing Dan Loeb's $7.27 billion 13F for Q4 2025, where distressed utility PG&E shares the top spot with AI leader NVIDIA.
- Learn
Understanding Institutional Cash-to-Equity Shifts Through the 13F Lens
When a fund’s reported 13F value falls during a rising market, something important may be happening outside the visible equity book. Here is how to read that signal.
- Learn
Reading Between the Lines of 13F Amendments: What Revised Filings Reveal
An amended 13F is more than paperwork. It can reveal corrected positions, newly visible holdings, or a very different picture than the original filing suggested.
- Learn
How Window Dressing Distorts 13F Data — And How to Spot It
Quarter-end portfolio cleanup can make a 13F look smarter than the manager really was. Learn how to spot window dressing before you mistake cosmetic buying for conviction.
- Research
Nomura’s New $19.23B SATS Position Dominated Its Q4 2025 13F
Nomura reported $75.14B in Q4 2025 13F AUM, but one new position — SATS 3.875 11/30/30 at $19.23B — accounted for 25.96% of the filing. That makes this a balance-sheet-style bank filing, not a plain-vanilla hedge fund portfolio.
- Research
Harris Associates’ $79.12B Q4 2025 13F Rebounded 26.8% as Oakmark Spread Value Across 167 Positions
Harris Associates reported $79.12B in Q4 2025 13F AUM, up 26.8% from Q3, while keeping top-five concentration at just 16.6% — a broad Oakmark-style value rebound rather than a single-theme bet.
- Research
Why CalSTRS Added $2.03B of IVV While Letting Nvidia Stay No. 1 in a $99.96B Q4 Book
California State Teachers Retirement System pushed its Q4 2025 13F AUM to $99.96B, kept mega-cap leaders at the core, and added a new $2.03B IVV position to reinforce large-cap beta.
- Research
PEAK6 LLC Q4 2025: The $107.52B Filing That Was Really an Options Book
PEAK6 LLC's Q4 2025 13F reported $107.52B of value, but roughly 97.5% of the disclosed book was puts, making the headline figure a poor proxy for true economic AUM.
- Research
DZ Bank's $9.74B Nvidia Position Recasts Its $115.79B 13F
DZ BANK AG Deutsche Zentral Genossenschafts Bank ended 2025Q4 with $115.79B in reported 13F AUM, led by a striking $9.74B NVIDIA stake and a top book dominated by U.S. mega-cap technology.
- Research
Clearbridge Investments' $6.24B Nvidia Stake Defines a $124.90B Q4 Reset
Clearbridge Investments closed 2025Q4 with $124.90B in reported 13F AUM, 500 positions, and a top disclosed book led by a new $6.24B Nvidia stake.