Updated May 23, 2026 · 2142 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
The Mega-Bet: When a Fund Puts a Third in One Stock
Some hedge funds put 30% or more of their book in a single stock - by conviction, not control. That outsized bet is the purest signal of conviction, and of risk. Here is how to read it.
Sarah MitchellHow to Spot a Defensive 13F: Reading a Risk-Off Book
No single line proves a manager has turned cautious, but a constellation - cash, staples, utilities, gold, trimmed growth - does. Here is how to read a risk-off posture in a 13F.
Sarah MitchellHow to Read an Income Fund's 13F: Yield Over Growth
Income-focused funds buy for distributions, not appreciation - clustering in MLPs, utilities, and REITs. Reading their 13Fs means judging by yield and cash flow, not growth.
Sarah MitchellWhat a T-Bill ETF in a 13F Signals: Cash and Caution
When a stock manager's largest holding is a Treasury-bill ETF, it is parking cash in plain sight. Here is how to read a cash-equivalent position in a 13F.
Sarah MitchellConfluence Q1 2026: A Dividend Book With Cash on Top
Confluence Investment Management's largest holding is a Treasury-bill ETF, atop a broad book of dividend payers - Lockheed, Chevron, Hershey - a cautious, income-focused portfolio.
Marcus ChenVeritas Q1 2026: A Quality Book Halved by Outflows
Veritas Asset Management cut nearly every top holding 24-40% in Q1 2026 as its book fell 39.6% to $5.9B - the footprint of outflows - with Mastercard the lone add.
Marcus ChenSamlyn Q1 2026: A Long-Short Tilt Into Financials
Samlyn Capital raised LPL 47%, JPMorgan 111%, and Primerica 323% in Q1 2026 while trimming Capital One and Morgan Stanley - a long-short rotation into financials and platforms.
Marcus ChenEnergy Income Partners Q1 2026: A Pure Pipeline Book
Energy Income Partners' $6.2B book is built entirely on midstream pipelines and regulated utilities - Enterprise Products, Energy Transfer, MPLX - a pure energy-income strategy.
Marcus ChenKensico Q4 2025: A Third of the Book in One Stock
Kensico Capital holds 36% of its $5.9B book in AppLovin and opened a new 18% Howmet stake - two names exceed half the portfolio - while re-risking into FICO, Amazon, and Microsoft.
Marcus ChenSequoia Fund Q4 2025: Trimming Megacaps, Holding Quality
Ruane, Cunniff & Goldfarb - the Sequoia Fund manager - trimmed Alphabet, Schwab, and TSMC while holding its distinctive quality core flat: Formula One, Capital One, Elevance, ICE.
Marcus ChenHow a Sector Specialist Rotates Within Its Own Sector
A sector-specialist fund rarely leaves its sector - it rotates within it, between sub-industries. Reading those intra-sector moves is a finer signal than 'bullish or bearish on tech.'
Sarah MitchellWhen a Fund's Position Count Jumps: Reading Re-Risking
When a fund's number of holdings suddenly jumps - say 17 to 38 in a quarter - it often signals a manager re-engaging and putting cash to work. Here is how to read the expansion.
Sarah MitchellWhat a Gold ETF in a 13F Signals: Reading the Hedge
When an equity manager holds a gold ETF among its largest positions, it is usually making a deliberate statement about inflation and market risk. Here is how to read it.
Sarah MitchellHow to Read an Event-Driven Fund's 13F
Event-driven funds bet on specific corporate catalysts - mergers, spinoffs, restructurings - and often park a huge index ETF on top. Here is how to read past the overlay to the real bets.
Sarah MitchellTocqueville Q1 2026: Diversified Quality With a Gold Hedge
Tocqueville's broad 500-name quality book is anchored by Home Depot and megacaps, with a gold-ETF hedge in the top ten - a low-turnover, resilience-minded portfolio.
Marcus ChenMagellan Q1 2026: Pivoting From Megacaps to Tower REITs
Magellan trimmed Amazon, Microsoft, and TSMC in Q1 2026 while boosting cell-tower REITs Crown Castle 59% and American Tower 40% - a global manager's defensive infrastructure pivot.
Marcus ChenCarronade Q1 2026: An Event-Driven Book Under an ETF
Carronade Capital's 13F is 77% an S&P 500 ETF overlay, with a concentrated event-driven sleeve beneath - Viasat, Talen Energy, Comcast - all added to in Q1 2026.
Marcus ChenYacktman Q1 2026: Defensive Value, Energy and Staples
Yacktman's $7.5B book is anchored by Canadian Natural Resources and consumer staples, mostly held flat - disciplined defensive value in a growth-dominated market.
Marcus ChenWhale Rock Q1 2026: Platforms Over Hardware in Tech
Whale Rock raised Alphabet 27% to its top holding while trimming SanDisk, Celestica, TTM, and Corning - a tech-growth fund rotating from hardware toward platforms.
Marcus ChenAppaloosa Q4 2025: Tepper Re-Risks Into Tech and Semis
David Tepper's Appaloosa doubled its position count to 38, opened new Amazon, Micron, and TSMC stakes, and boosted Meta 62% while trimming its Alibaba anchor.
Marcus Chen