Latest research, educational guides, and news from the world of institutional investing.
Chris Davis allocates 32%+ to financial stocks—led by a monster 9.4% Capital One position—while trimming Big Tech. A deep dive into the third-generation value investor's Q4 2025 playbook.
Carl Icahn's Q4 2025 13F reveals extreme energy concentration — IEP and CVR Energy alone account for 70% of his $8.45B portfolio, with zero technology exposure and just 13 holdings.
While most institutional giants chase the Magnificent Seven, this 95-year-old value fund puts financials, defense, and healthcare in its top 5 holdings — and its $185B AUM keeps growing.
Baker Bros Advisors surged 67.8% to $17.08B in Q4 2025 by injecting $6.9B across 19 new biotech positions while maintaining a 100% healthcare portfolio — the largest pure-play biotech fund in 13F filing history.
Bill Harnisch’s Peconic Partners exploded from $140M to $4.2B in Q4 2025 by going all-in on Quanta Services, Dycom, and MasTec — the companies building the power lines and fiber networks behind AI, broadband, and clean energy.
Carlyle Group’s Q4 2025 13F shows 99% of its $13.6B portfolio in just two recent IPOs — Medline (healthcare, $9B) and StandardAero (aerospace, $4.4B) — the clearest snapshot of PE-to-public transition in any 13F filing.
Berkshire Hathaway’s Q4 2025 13F reveals extreme portfolio concentration — the top 10 holdings account for 88.3% of the $274.2 billion portfolio, with Apple and American Express alone commanding 43%.
David Abrams — Seth Klarman's former protégé — held 32 million LOAR shares worth $2.2B at 38.4% of portfolio in Q4 2025 while deploying $1.33B into Lithia Motors and Asbury Automotive, the two largest US auto dealership chains. 12 holdings, 3 stocks = 62% of the portfolio.
Masayoshi Son exited a $6B NVIDIA position (51% of portfolio) and deployed $10B+ into Intel ($3.2B direct investment), a Bitcoin treasury company ($781M), and Taiwan Semiconductor ($603M) — all to fund a $40B OpenAI commitment. SoftBank’s Q4 2025 13F reveals the most radical portfolio rotation of the filing season.
Nelson Peltz’s Trian Fund holds just 7 stocks worth $3.98B — with 69% concentrated in Janus Henderson and GE Aerospace. The Q4 2025 filing arrives as Peltz takes his #1 holding private for $7.4B while slashing Invesco 80%.
ValueAct's 13F portfolio surged from $3.1B to $7.0B in Q4 2025 — a 125% increase in a single quarter. Mason Morfit doubled the firm's positions from 8 to 16, deploying $3.4B into new stakes including Amazon ($783M), BlackRock ($744M), Roblox ($484M), Disney ($350M), and a $564M Live Nation complex across three tickers.
Akre Capital rebuilt its portfolio from 11 to 18 holdings in Q4 2025, deploying $2.65B into Moody’s, Airbnb, FICO, and Roper Technologies while increasing Brookfield by 40% — the most aggressive single-quarter expansion in the fund’s recent history.
Brad Gerstner cut Broadcom from $246M to $11M, exited Alibaba entirely, and deployed $2.4B into 8 new positions including Microsoft, Amazon, Snowflake, and CoreWeave — reshaping Altimeter's $6.7B portfolio around an AI infrastructure super cycle thesis.
Chris Hohn's TCI Fund Management more than doubled its US equity portfolio to $53.6B with just 9 holdings in Q4 2025. GE Aerospace alone is a $14.6B bet — the largest new position any hedge fund added last quarter.
The Gates Foundation Trust sold 2.36M Berkshire and 1.5M Microsoft shares in Q4 2025 — its only two trades — as Bill Gates's 20-year sunsetting plan systematically unwinds a $35.4B blue-chip portfolio.
David Einhorn announced Greenlight Capital will close to new investors on July 1, 2026, calling the US equity market 'the most expensive we've seen since we began managing money.' The fund returned 9% in 2025 (vs S&P 500 +17.9%), but macro investments — primarily gold (+64%) and copper (+40%) — contributed 14.5% alpha. The Q4 2025 13F reveals GRBK still dominates at 21%, GPK surged 79%, and Einhorn's net long exposure is just 39%.
Gold surged 60% in 2025 while oil crashed 15%. Seven whale funds split into three camps: gold bulls (Einhorn, Bridgewater), energy concentrated (Icahn at 76%, Berkshire at $31B), and the macro hedge (Soros shorting energy with $578M in puts while buying gold miners). The data reveals the widest commodity positioning gap since 2020.
Stanley Druckenmiller exited Meta after one quarter, re-entered Brazil (EWZ) with $247M in shares plus call options, and deployed $914M into new macro ETF positions — financials, equal-weight, and index calls. Duquesne's AUM hit $4.49B with a 43% turnover rate.
Paulson & Co. surged from $520M and 3 holdings to $3.26B and 9 positions in Q4 2025 — a 527% AUM explosion driven by a near-billion-dollar Madrigal Pharma bet and four gold/antimony miners worth $1.3B.
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.