Updated Feb 22, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Third Point Cut 15.8M PG&E Shares and Doubled Union Pacific to $419M: Inside Loeb's Q4 2025 Railroad Pivot
Dan Loeb's Third Point sold 15.8 million PG&E shares (-32%) — unwinding the decade's most famous utility activist bet — and simultaneously doubled Union Pacific to $419M (+107%). With $719M across three railroads and 14 new positions including Chipotle and Alibaba, the $7.3B Q4 2025 filing reveals an activist fund pivoting from utilities to transport infrastructure.
Alex RiveraLone Pine Exited META and Deployed $6.4B Across 14 New Stocks: Inside the Tiger Cub's Most Radical Portfolio Reconstruction
Stephen Mandel's Lone Pine Capital dumped its entire $971M Meta Platforms position and opened 14 new positions worth $6.4B in Q4 2025. The portfolio went from 25 to 32 holdings with a strikingly flat concentration — no single stock above 6.82%. A breakdown of the most dramatic single-quarter transformation by any Tiger Cub this filing season.
Marcus ChenPoint72 Bet $1.1B on a Single Biotech While Soros Built a $10.9B Healthcare Empire: How 7 Whale Funds Played the Sector in Q4 2025
Healthcare was the quiet consensus trade of Q4 2025. Point72 put $4.3B (11.3% of its portfolio) into healthcare led by a $1.1B BridgeBio bet. Soros deployed $10.9B across 37 positions. DE Shaw held 31 healthcare names worth $10.9B. But the approaches diverged wildly — from biotech moonshots to managed care defensives. A cross-fund breakdown.
Sarah MitchellElliott Nearly Doubled to $22.6B in One Quarter: The Activist Playbook Behind $6.9B in New Campaign Positions
Elliott nearly doubled its 13F from $11.7B to $22.6B in Q4 2025, deploying $6.9B across activist targets Phillips 66, Suncor, and Southwest Airlines. Gold hedge held firm at $5.8B as the world's most active activist reloaded for parallel campaigns.
Alex RiveraCoatue's $15.7B Capital Deployment: Laffont Built a Semiconductor Equipment Empire While Dumping CoreWeave
Philippe Laffont deployed $15.7B across 27 new positions — including a $3.2B semiconductor equipment cluster in LRCX and AMAT — while fully exiting CoreWeave. Coatue's AUM hit an all-time high of $39.96B with top-10 concentration dropping 14.5 points.
Marcus ChenThe AI Chip Divide: Micron Surged 77% in Institutional Holdings While ARM Declined — Q4 2025 Semiconductor Breakdown
Institutional investors added 883 new positions in Micron and 856 in AMD during Q4 2025, but NVIDIA barely grew despite being a $3 trillion position. ARM was the only major semiconductor to lose value. Here's where 5,578 institutions stand on the AI chip trade.
Sarah MitchellHealthcare Surged 12.7% While Defensives Flatlined: Inside the Q4 2025 Institutional Sector Rotation
The 100 largest institutional investors shifted $49.5 trillion across sectors in Q4 2025. Healthcare was the clear winner at +12.7%, Communication Services gained 8.2%, while Consumer Defensive and Utilities barely moved. Here's the full sector-by-sector breakdown.
Marcus ChenInsiders Put $12 Billion of Their Own Money In During Q4 2025: The 10 Companies Executives Bought Most Aggressively
Nearly 1,700 corporate insiders collectively spent $12 billion buying their own companies' stock in Q4 2025. From a $7.6 billion biotech mega-deal to a DoorDash board member's $100 million conviction bet, here's where executives put their money where their mouth is.
Alex RiveraPoint72 Added 880 Holdings and Rebuilt QQQ to $1.56B: Reading the $89B Q4 2025 Reset
Point72's Q4 2025 13F grew to $89.4B with 880 additional holdings, major QQQ rebuild, and lower concentration in the top bucket.
Sarah MitchellTiger Global +42.47% but 13-Point De-Crowding: The Q4 2025 Mega-Cap Rebalance
Tiger Global's Q4 2025 13F rose 42.47% in value while top-10 concentration dropped 13.06 points, led by large new stakes in MSFT, AMZN, TTWO, and TSM.
Alex RiveraSoros Added 59 Positions and a $415M XOP Bet: Inside the Q4 2025 Breadth Expansion
Soros Fund Management expanded 13F value by 22.93% in Q4 2025, added 59 holdings, and launched a $415M XOP position while keeping Amazon as the top core holding.
Marcus ChenLone Pine's $5.3B Quarter: Portfolio Jumped 64% While Holdings Doubled from 15 to 32
Lone Pine Capital's Q4 2025 13F shows a dramatic scale-up with breadth expansion, a full META exit, and a new CVNA position entering the top three.
Alex RiveraD. E. Shaw Dropped a $3.81B QQQ Line and Added $3.15B to SPY + AMD While Top-10 Concentration Fell
D.E. Shaw's Q4 2025 13F highlights de-crowding: a $3.81B QQQ line exit offset by larger SPY and AMD allocations, with top-10 concentration declining to 15.97%.
Sarah MitchellAppaloosa Cut Alibaba Weight by 21.2 Points While Doubling 13F Size and More Than Doubling Holdings Breadth
Appaloosa's Q4 2025 13F shows a dramatic concentration reset: Alibaba weight fell from 32.07% to 10.88% as portfolio value rose 92.67% and holdings breadth more than doubled.
Alex RiveraMillennium Rolled $16.6B of QQQ Exposure in One Quarter as Walmart Jumped Into the Top Bucket
Millennium's Q4 2025 13F reveals a $16.6B QQQ sleeve rollover, a $4.23B build in Walmart, and a portfolio that grew to $237.8B while top-10 concentration moved higher.
Marcus ChenCitadel's $666B Q4 2025 Rebalance: Cutting Index Hedges, Adding Alphabet and Semis
Citadel Advisors ended Q4 2025 with a $665.9B 13F portfolio, up 1.33% QoQ, while reducing top-position concentration. The filing shows a clear rebalance: heavier Alphabet and semiconductor exposure, paired with lower SPY/QQQ index hedge weight.
Marcus ChenThoma Bravo Put 95.4% Into One Stock: Inside the $9.7B SailPoint Concentration in Q4 2025
THOMA BRAVO, L.P. filed a highly concentrated Q4 2025 13F: 95.4% in SailPoint, 99.1% in top two names, and only three reported holdings. We break down what changed from Q3, why MeridianLink disappeared, and how to read sponsor-style filings versus hedge-fund-style filings.
Marcus ChenNo Q4 Filing: Burry Ended Scion After Concentrating 96.7% Into PLTR+NVDA Puts
Scion filed no Q4 2025 13F by Feb 19, 2026. Burry's final filing concentrated 96.7% into PLTR/NVDA put exposure, then the fund deregistered seven days later—an extreme final act with unusual conviction and timing.
Marcus ChenViking Global's Amazon Boomerang: Halvorsen Sold 3.9M Shares in Q3, Bought Them Back in Q4
Viking Global's Q4 2025 13F reveals a portfolio in violent transition: Amazon re-entered after Q3 exit, Meta dumped for Alphabet, banks slashed 60%, and 21 new positions opened. Inside the $37.7B fund's 56% turnover rate.
Marcus Chen