Insights

Morningstar Founder Mansueto Sells $6.1M MORN Under 10b5-1

Morningstar founder Joe Mansueto sold roughly $6.1M of MORN across May 5-15 under a 10b5-1 plan adopted November 2025. He still beneficially owns 37.5% of the company.

Charles Schwab Sells $22M of SCHW in 7 Trading Days

The Schwab founder sold roughly $22M of SCHW across April 23-May 1 at prices from $90 to $91.86. He remains a 10% beneficial owner with 54.4M directly-held Class A shares plus 56.1M via family trusts.

Publicis Buys LiveRamp at $38.50: RAMP Holder File Read

Publicis is paying $38.50 per share in cash for LiveRamp, a 29.8% premium. With 288 institutional holders and a year-end close, the ownership file is now a merger-arb problem, not a fundamental one.

NextEra to Buy Dominion for $67B: NEE Holder Stack Read

NextEra is paying $67B in stock for Dominion at a fixed 0.8138 exchange ratio. The combined book stretches across NEE's 3,166 holders and D's institutional roster — here is who is set up to gain and who has to swap exposure.

Regeneron Fianlimab Trial Fails: What 1,455 REGN Holders Now See

Regeneron's fianlimab+Libtayo combo missed its primary PFS endpoint vs Keytruda at p=0.0627. The data angle is in who has to defend the position — and who already trimmed.

May 17, 2026

How to Read WhaleScore: 13F Filer Quality Composite

WhaleScore combines AUM, portfolio concentration, holdings count, and filer-type classification into a 0-100 composite. This explainer walks through each input, the score bands, and the five misreadings that send first-time users astray.

Form 4 Insider Trading: What It Tells You About a Company

Form 4 reports corporate insider transactions within 2 business days of execution. This explainer covers transaction codes, the dual-class Table I trap, cluster buying patterns, and 10b5-1 plan sales — plus how to use Form 4 data on 13F Insight.

What Is a 13D Filing? A Guide to Activist Investor Positions

Crossing 5% ownership of a public company triggers a Schedule 13D filing within 10 days. This explainer covers Item 4 intent, the 13D vs 13G distinction, amendment patterns, and how to read 13D filings on 13F Insight.

How to Track Hedge Fund Portfolios Using 13F Data

13F filings are the only consistent window into hedge fund positioning. This explainer walks through the five-step workflow — picking funds, reading the baseline, tracking quarter-over-quarter changes, cross-referencing 13D/Form 4 — plus the gaps 13F cannot fill.

13F Filing Season Guide: Deadlines and What to Watch

Four times a year, managers running over $100M in equity assets file Form 13F-HR with the SEC. This guide covers the 45-day rule, what's inside the filing, the 13F-HR vs 13F-NT distinction, and the reading order to use during filing season.

Portfolio Concentration: When Fewer 13F Holdings Mean More

Whether a top 13F holding represents real conviction depends on portfolio concentration. This explainer covers top-N concentration, holdings count, and how to read them against real examples from Pershing Square, Berkshire Hathaway, and Vanguard Group.

What Is AUM? The Three Numbers That Get Called the Same Thing

Assets under management means different things in different contexts: the firm's marketing number, the Form ADV regulatory number, and the 13F reported value are not the same. This explainer walks through what 13F AUM actually measures, and the five misreadings that get retail investors into trouble.

Consensus Holdings: Reading Where Active Funds Agree

Consensus holdings are stocks owned by many institutional investors at the same time, with real portfolio weight. This explainer walks through how to compute them, how to use the 13F Insight consensus tool, and the three traps retail readers fall into.

May 17News

Gates Foundation Trust Sells Last $3.7B of Microsoft in Q1

The Gates Foundation Trust's Q1 2026 13F-HR, filed May 15, shows zero Microsoft shares — ending a position that one quarter earlier was worth $3.7B and made up 10.5% of the portfolio. The foundation is now a four-name industrial stack led by Berkshire and Waste Management.

May 16, 2026

May 16Learn

Dual-Class Shares and Insider Form 4 Filings

Many tech founders hold Class B shares with superior voting rights that don't appear in standard stock screeners. Understanding the dual-class structure helps investors read Form 4 Table II correctly and avoid underestimating an insider's real economic interest in their company.

May 16Learn

What Is a Rule 10b5-1 Trading Plan?

A Rule 10b5-1 trading plan lets corporate insiders sell shares on a prearranged schedule without violating insider trading rules. Understanding how these plans work helps investors correctly interpret insider Form 4 filings and separate mechanical selling from discretionary conviction shifts.

May 16News

Roku Founder Wood Sells $9.7M at $128-131

Roku founder and CEO Anthony Wood sold 75,000 Class A shares worth $9.7M on May 11, 2026 at prices from $128-131 per share under a prearranged 10b5-1 plan, while retaining 16.2 million Class B shares. FMR LLC holds 10.5% of the company.

May 16News

CrowdStrike CEO Sells at $560 Under 10b5-1 Plan

CrowdStrike CEO George Kurtz sold CRWD shares at $557-565 on May 14, 2026 under a Rule 10b5-1 prearranged plan — the latest in a multi-year pattern of programmatic selling at what are now post-outage recovery highs. Institutional investors Jennison Associates and Citadel remain large holders.