Updated May 23, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Why 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 ChenConsensus Selling: When Many Funds Trim the Same Stock
Investors study consensus buying to find institutional favorites. The mirror image - when many independent managers trim the same name in one quarter - is a signal too, and a trickier one to read.
Sarah MitchellTrim vs Exit: Why Cutting a Winner Isn't Bearish
A fund reducing a position is not the same as a fund leaving it. Confusing a trim with an exit is one of the most common 13F reading errors. Here is how to tell them apart.
Sarah MitchellWhen a 13F Is Mostly One Stock: Reading Controlling Stakes
Some institutions report a 13F where a single company is 80% or 90% of the book. That is almost never a stock pick - it's a controlling or strategic stake. Here is how to read those filings.
Sarah MitchellHow a Spot-Bitcoin ETF Shows Up in Institutional 13Fs
Since spot-Bitcoin ETFs launched, they have started appearing in the 13Fs of hedge funds, pensions, and even sovereign wealth funds. Here is how to read those positions - and what they do and don't signal.
Sarah MitchellMubadala Q1 2026: A Sovereign Fund's $19B Chip Bet
Abu Dhabi's Mubadala holds 92% of its US 13F in GlobalFoundries (~$19B), with smaller bets on Arm, Micron, and a spot-Bitcoin ETF - a sovereign fund's chip-and-AI tilt.
Marcus ChenElliott Q1 2026: A 32-Stock Activist Book, Heavy on Energy
Elliott's concentrated 32-position 13F is anchored by activist energy stakes in Phillips 66 and Suncor, with a trimmed Southwest position and a growing HP Enterprise stake.
Marcus ChenEpoch Q1 2026: Playing Defense, Adding AbbVie, Cutting Semis
Epoch trimmed Applied Materials 25%, Meta 19%, and JPMorgan 11% in Q1 2026 while adding AbbVie - a value-income manager playing defense as its book shrank to $16.5B.
Marcus ChenEARNEST Partners Q1 2026: A $24B Book With No Megacaps
EARNEST Partners runs a $24B book with no megacaps up top - Moog, Woodward, GATX, Reinsurance Group - a diversified mid-cap industrial and specialty portfolio.
Marcus ChenO'Shaughnessy Q1 2026: Quant Model Adds Across Megacaps
O'Shaughnessy's quant model raised Apple 46%, Alphabet 28%, and Nvidia 26% in Q1 2026 - a systematic, across-the-board megacap tilt as the book doubled to $20B over two years.
Marcus ChenBezos Gifts $311M in Amazon Stock - and Why It's Not a Sale
Jeff Bezos transferred more than 1.25 million Amazon shares in early May 2026, worth roughly $311 million. The Form 4 codes them as gifts, not sales - a distinction that matters for how you read the filing.
Alex RiveraHow Foreign Stocks Show Up in a US 13F - and What's Hidden
Foreign companies appear in US 13Fs through ADRs and US-listed shares, but a global manager's filing captures only its US-listed sleeve. Here is what's in the data and what isn't.
Sarah Mitchell