Latest research, educational guides, and news from the world of institutional investing.
Form 4 filings show Micron CEO Sanjay Mehrotra sold about $27.5M of MU shares from October 1 to November 7, 2025, after a heavy exercise window and into a record revenue cycle.
Franklin Resources — the parent of Franklin Templeton, one of the world's oldest fund families — files $408B with 14,263 positions. Its Q4 2025 13F has Microsoft over NVIDIA at #1, a massive $4B Citigroup bet, Cisco built 18%, and Exxon in the top 10. This is active management that refuses to follow the momentum crowd.
DFA — the firm that brought academic factor research to real portfolios — files 13,709 positions without a single ETF or index fund. Its Q4 2025 13F reveals a 17.9% top-5 concentration with Berkshire Hathaway, Exxon, and Visa in the top 15 — the anti-momentum portfolio built on Nobel Prize-winning research.
While Bank of America cut SPY by 55% and Goldman Sachs slashed it by $11B, Wells Fargo went the other direction — increasing its SPY stake by 75.5% to $19.7B. The 4th-largest U.S. bank also made SPY its #1 holding, cut small caps 21%, and loaded $11.4B into QQQ.
Bank of New York Mellon's $568B Q4 2025 13F has more positions than any other institutional filer we track — 33,186. Founded by Alexander Hamilton in 1784, the custody bank's portfolio is less an investment thesis and more a census of American equity ownership.
Wellington Management is the largest pure active manager in our database — no ETFs, no index funds. Its Q4 2025 13F reveals a $571B portfolio where healthcare rivals tech for attention: Lilly at $14.4B, Merck at $9.1B, and a Meta trim of 18% that goes against the passive consensus.
Schwab Investment Management's Q4 2025 13F reveals $644B across 3,592 positions — the fewest holdings of any top-10 filer by AUM. The portfolio's distinctive feature: $24B in Schwab-branded ETFs (FNDX, FNDF, SCHR) sitting alongside the usual mega-cap tech. This is Main Street's money, managed.
Invesco runs the $300B QQQ ETF — the world's most famous Nasdaq tracker. But the company's own $652B 13F filing is far more diversified than its flagship product, with Tesla +14%, Cisco surging into the top 15, and a Netflix position that exploded 836% in shares.
Bank of America's Q4 2025 13F reveals the last uncovered megabank: a $1.375 trillion portfolio with 28,105 positions, a 12.9% top-5 concentration that makes it the most diversified major bank filing, and a massive Vanguard ETF allocation that signals where Merrill Lynch clients actually park their money.
Irwin Jacobs co-founded Qualcomm, pioneered CDMA technology that powers every 3G/4G/5G phone on Earth, and filed 5,491 insider transactions — nearly all sells and gifts. His methodical exit from the company he built is a masterclass in founder wealth management.
MicroStrategy's founder filed 2,774 insider transactions over two decades — all sells, zero purchases. His final trade in April 2024 left him with exactly zero personal shares. The company he built now holds half a million Bitcoin worth over $50 billion.
UBS Group's Q4 2025 13F reveals the flattest portfolio in institutional finance: $617B across 8,980 positions with a 12.5% top-5 concentration. The Swiss wealth giant holds $6.8B of its own shares, keeps gold in its top 15, and cut SPY from #1 to #4.
Capital World Investors' Q4 2025 13F reveals a $735B portfolio with only 574 positions — and Broadcom at #1 ($42.7B), ahead of NVIDIA. Philip Morris ranks #5 at $21.2B while Amazon barely cracks the top 15. This is what conviction looks like at scale.
Northern Trust's Q4 2025 13F shows $784B across 4,441 positions with a top-10 that mirrors the S&P 500 almost exactly. When a $1.5T custody bank files, it's less about conviction and more about where America's pension and institutional money actually sits.
Susquehanna International Group's Q4 2025 13F reveals an $868B portfolio dominated by ETFs and options-linked positions. SPY alone is $77B (8.9%), Tesla ranks #3 at $38.8B, and SPDR Gold sits in the top 10. This is what a market maker's portfolio looks like.
Goldman Sachs' Q4 2025 13F reveals an $811B portfolio where Tesla at $18.3B ranks #5 — above Alphabet, Amazon, and Meta. NVIDIA leads at $41.8B, but the real story is Goldman's $28.4B SPY position and what the flat QoQ growth signals.
JPMorgan Chase's Q4 2025 13F reveals a $1.59T portfolio where NVIDIA reclaimed the #1 spot at $85B, Broadcom surged into the top 5 at $32.5B, and Alphabet's two classes combined to $51.8B. The AI infrastructure thesis is deepening.
Morgan Stanley's Q4 2025 13F reveals an ultra-diversified $1.68T portfolio across 8,095 positions — but the top-5 concentration is just 15.3%. We break down where the wealth management giant is actually placing conviction bets.
FMR LLC's Q4 2025 13F reveals a $1.96T portfolio across 5,359 positions. The world's third-largest asset manager cut Meta by $4.3B and NVIDIA by $2.8B — but added $5.3B to Alphabet's two share classes. Here's what the rotation signals.
The Rankin family controls 44% of Hyster-Yale and has filed more insider transactions than most Fortune 500 CEO teams combined — across three public companies they built from a coal business.