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.
When No Holding Dominates: Reading a Flat 13F Book
Some funds have no anchor position - the largest holding is only 5% and the weights stay flat across the book. That structure is a signal about strategy. Here is how to read it.
Sarah MitchellReading a Macro Investor's 13F: Themes, Not Stock Picks
A global-macro investor's 13F looks nothing like a stock-picker's - ETFs used as exposure dials, convertibles, eclectic sector bets. Here is how to read a top-down book.
Sarah MitchellHow to Read a Contrarian Fund That Bets Against the Crowd
Some managers build their edge by owning what everyone else avoids and fading the most crowded trades. Here is how to spot a contrarian 13F and weigh its anti-consensus bets.
Sarah MitchellHow to Read a Hard-Asset Fund's 13F: Land and Royalties
Some funds build their entire 13F around land, royalties, gold, and Bitcoin - bets on scarcity and inflation rather than earnings growth. Here is how to read these distinctive portfolios.
Sarah MitchellGilder Gagnon Q1 2026: A Diffuse Growth Book, Core Held
Gilder Gagnon Howe spreads its $8.3B book across 252 growth names, holding its Nvidia-Netflix-Cloudflare core flat in Q1 2026 while the activity stays in the long tail.
Marcus ChenAxiom Q1 2026: A Growth Book Tilts to AI and Industrials
Axiom Investors raised Nvidia 21%, GE Aerospace 19%, and JPMorgan 9% in Q1 2026 while cutting Amazon and Morgan Stanley - a global-growth rotation toward AI and industrials.
Marcus ChenCauseway Q1 2026: An International Value Book Goes Global
Causeway Capital's $8.2B book leans into foreign-listed value names plus Carnival, Canadian Pacific, and Alibaba - an international value manager's deliberately global tilt.
Marcus ChenEgerton Q1 2026: A 24-Stock Book Triples Alphabet
Egerton Capital tripled Alphabet, doubled Moody's, and opened a new Nvidia position in Q1 2026 while cutting Amazon 60% - high-conviction moves in a 24-stock long-short book.
Marcus ChenSoros Q1 2026: An Opportunistic Macro Book in Motion
Soros Fund Management raised its S&P 500 ETF 316%, Taiwan Semiconductor 156%, and CoreWeave 91% in Q1 2026 while rotating energy ETFs - a flexible macro book across stocks, ETFs, and credit.
Marcus ChenHorizon Kinetics Q1 2026: Half a Book in One Land Stock
Horizon Kinetics holds 51% of its $9.2B book in Texas Pacific Land, plus a Bitcoin trust and royalty names - Murray Stahl's contrarian bet on scarcity and inflation.
Marcus ChenWhen a Fund Owns Another Famous Investor's Vehicle
Some 13Fs list another investor's publicly traded vehicle - like Markel holding Berkshire Hathaway - as a top position. Here is what these 'investor-of-investor' stakes signal.
Sarah MitchellWhy Concentrated Funds' 13F Values Swing the Most
A fund with a handful of large positions can see its reported 13F value lurch 20% or more in a quarter without trading at all. Here is why concentration amplifies the swings - and the noise.
Sarah MitchellThe One Buy Among Many Sells: Reading the Exception
When a fund trims most of its book in a quarter but adds to a single name, that lone purchase is often its clearest conviction signal. Here is why the exception matters more than the cuts.
Sarah MitchellWhen a Fund Trims Everything: De-Gross, Outflows, or Fear
Seeing a manager cut nearly every holding in one quarter looks alarming, but there are three very different causes - and only one of them is bearish. Here is how to tell them apart.
Sarah MitchellCantillon Q1 2026: A Uniform Trim That Signals De-Risking
Cantillon cut nearly every top holding by the same 12% in Q1 2026 - the signature of a deliberate de-grossing - with a sharper 49% cut to Applied Materials as the lone stock-specific call.
Marcus ChenFundsmith Q1 2026: Terry Smith's 'Do Nothing' Book Sells
Fundsmith trimmed every top holding - Marriott, Stryker, Visa, Alphabet - in Q1 2026 as its book nearly halved to $12.8B, the footprint of outflows, not a change in view.
Marcus ChenPolen Capital Q1 2026: A Growth Book Cut in Half
Polen Capital's book fell 38% in Q1 2026 to $14.5B, down from ~$40B two years earlier, as it cut Amazon 55% and most megacaps, adding only ServiceNow.
Marcus ChenMarkel Q1 2026: A 'Baby Berkshire' That Owns Berkshire
Markel's equity book holds Berkshire Hathaway as its largest exposure, alongside Alphabet, Brookfield, and Deere - a Buffett-style buy-and-hold portfolio, all held flat.
Marcus ChenSaudi PIF Q1 2026: A $12B Book in Just Three Stocks
Saudi Arabia's PIF holds its $12B US 13F in just four positions - Uber, Electronic Arts, and Lucid - strategic stakes reflecting ride-hailing, gaming, and EV bets.
Marcus ChenARK Q1 2026: Cathie Wood Bets on the Next Disruptors
Cathie Wood's ARK raised Tempus AI 27%, Robinhood 25%, and Circle in Q1 2026 - leaning into AI, fintech, and crypto disruptors as its book shrank to $12.9B.
Marcus Chen