Latest research, educational guides, and news from the world of institutional investing.
Nike co-founder Phil Knight converted 4.5M NKE Class B shares to Class A in December 2025, continuing a pattern of annual share conversions for estate or trust planning.
Lilly Endowment, the 10%-plus owner of Eli Lilly, has reported $111B+ in career Form 4 sell transactions. The December 2025 filing continues decades of systematic diversification.
United Therapeutics CEO Martine Rothblatt exercised options and sold UTHR shares worth ~$1.5M across December 17-19, 2025 at prices around $505-$511 per share.
Microsoft CEO Satya Nadella sold approximately 149,000 shares of MSFT worth $75M in September 2025, following a stock award of 308,870 shares.
Tesla CEO Elon Musk purchased over 1.3 million TSLA shares worth approximately $96 million in September 2025 open-market buys, per Form 4 filings.
LPL Financial's 13F grew from $224B to $366B in six quarters — a 63% surge. With 5,869 positions led by index ETFs, LPL's filing is a proxy for independent advisor sentiment.
Citigroup's 13F shrank from 14,658 to 12,467 positions while AUM barely changed ($224B to $227B). The bank is simplifying its equity book without losing scale.
AllianceBernstein held $317B across 3,258 positions in Q4 2025 — essentially unchanged from Q3. Nvidia, Microsoft, and Apple anchor the top, but the portfolio barely moved.
The Gates Foundation Trust recovered from $8B in Q3 to $35.4B in Q4 2025 across 23 holdings. Berkshire Hathaway remains the top position at 27.6%, Waste Management at 18.0%.
Chris Hohn's TCI Fund Management held just 9 positions worth $53.6B in Q4 2025. GE Aerospace topped the book at 27.3%, followed by Visa at 18.1% and Microsoft at 15.1%.
Bill Ackman's Pershing Square held only 11 positions worth $15.5B at year-end 2025. Brookfield Corp topped the book at 18.1%, followed by Uber at 15.9% and Amazon at 14.3%.
The same ticker can mean benchmark exposure in one portfolio and concentrated conviction in another. Context is everything.
Some quarters are just maintenance. Others are portfolio resets. Here is how to tell the difference in 13F data.
Joe Mansueto sold Morningstar stock in February 2026, but the platform's 13D/G cross-check still pointed to beneficial ownership above 36%.
A first filing is a snapshot, not a pattern. Here is how to get useful signal from a new filer without pretending you already know its style.
ETF-heavy top holdings are not empty signal. They often tell you the actual allocation framework of the portfolio.
Dennis Polk sold about $3.0M of TD SYNNEX stock on January 12, 2026, just days after the company reported record fiscal 2025 results.
Balu Balakrishnan sold Power Integrations stock across late January and early February 2026 as the company reported Q4 2025 results and announced a restructuring plan.
Holdings count is not a trivia field. It changes how you should interpret concentration, diversification, and the usefulness of a manager's top positions.
Richard Fairbank sold about $46.2M of Capital One stock across late October and early November 2025 as Capital One moved from merger approval to Discover integration.