Updated May 15, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Abbott Labs: Capital Research 0.79% MedTech Bet
AI cybersecurity headlines push capital flow scrutiny across all sectors. Abbott Laboratories — the diversified medical-devices, diagnostics, nutrition, and pharma franchise — carries Capital Research Global Investors at $4.07 billion and 0.79% portfolio weight. A medtech-quality concentration thesis.
Alex RiveraHormuz Cycle: EOG Resources Holders Led by Capital World 1.02%
The Strait of Hormuz tape extends US shale-and-energy exposure. EOG Resources — one of the largest US independent shale producers — carries Capital World Investors at $7.50 billion and 1.02% portfolio weight. The cleanest single-fund active conviction on the US shale franchise economics.
Alex RiveraCyclical Equipment 13Fs: DE, CAT, ITW, NUE Reading
Deere, Caterpillar, Illinois Tool Works, and Nucor sit at the center of US industrial-cycle 13F positioning. State Farm Mutual holds CAT at 8.13% portfolio. Capital World holds DE at 0.94%. Clearbridge holds WMB at 1.48%. Here's the framework for reading cyclical-equipment institutional positioning.
Sarah MitchellAI-Power 13F Thesis: TLN, CEG, VST, NEE Reading Guide
MFN Partners holds Talen Energy at 20% portfolio. AI data-center power demand drives Talen, Constellation Energy, Vistra Corp, and NextEra Energy 13F positioning. Here's the structural framework for reading the AI-power thesis across electric-utility 13Fs.
Sarah MitchellWarrants in 13Fs: OXY/WS, BAC Warrants Reading
MFN Partners holds OXY warrants at 5.11% portfolio. Berkshire held Bank of America warrants from the 2011 financing before exercising. Warrants in 13F filings reflect long-dated leveraged equity exposure with distinctive structural characteristics. Here's the framework.
Sarah MitchellReading Spin-Off Concentration in 13Fs: XPO/RXO, GE/SOLV, FNF/FG
XPO spun off RXO in 2022 and GXO in 2021. GE spun off Solventum (SOLV) from 3M in 2024. Fidelity National Financial spun off F&G in 2022. Spin-off concentration in 13Fs creates distinctive holder structures requiring different reading rules.
Sarah MitchellAlt-Asset Platform 13Fs: KKR, Blackstone, Apollo, Ares Reading
KKR, Blackstone, Apollo, Ares Management operate publicly listed alternative-asset platforms. Their 13F holder books reflect institutional confidence in the multi-decade transition from carry-revenue to fee-revenue plus insurance-platform integration. Here's the framework.
Sarah MitchellSingle-Executive Thematic 13Fs: Brad Jacobs, Ackman, Klarman
MFN Partners runs 65% of its $4.77B 13F across three Brad Jacobs-led companies. Pershing Square concentrates in Bill Ackman's selected names. Baupost holds Seth Klarman's value-discipline picks. Single-executive thematic 13Fs require different reading rules than diversified active books.
Sarah MitchellMFN Partners Q1 2026: 47% in XPO, 20% in Talen — Brad Jacobs Bet
MFN Partners Management runs a $4.77 billion Q1 2026 13F dominated by concentrated bets on the Brad Jacobs logistics-and-rollup thesis. XPO Logistics at 46.55% portfolio, Talen Energy at 20.06%, QXO (Jacobs' new vehicle) at 9.54%, plus RXO at 8.61%. The book is essentially the Brad Jacobs portfolio.
Marcus ChenKKR Holder Read: Capital International 0.76% + Wellington 0.60%
KKR has transformed from a private-equity firm into a diversified alternative-asset platform with public-equity listed shares. The 13F holder book reveals concentrated active conviction at multiple large diversified managers — Capital International at 0.76% portfolio, Wellington at 0.60%, Fidelity at moderate weights.
Alex RiveraApril Retail + Deere: Capital World at 0.94% Portfolio Bet
April retail sales acceleration plus the broader rural-economy normalization extends the case for agricultural-equipment recovery. Deere & Company sits at the center of US agricultural-and-construction-equipment economics. Capital World Investors holds DE at $6.91 billion, 0.94% portfolio weight.
Alex RiveraOccidental Hormuz Trade: Berkshire 3.97% + Dodge & Cox 2.65%
Occidental Petroleum sits at the intersection of US shale oil, Permian basin economics, and Berkshire Hathaway's energy thesis. Buffett holds OXY at 3.97% of Berkshire's $274B portfolio. Dodge & Cox holds at 2.65% portfolio. The dual-conviction holder structure anchors OXY institutional positioning.
Alex RiveraDual-ETF S&P 500 Allocation: Why Kedalion Holds IVV + SPYM
Kedalion Capital holds 56% IVV and 39% SPYM — two separate S&P 500 ETFs at near-identical expense ratios. The dual allocation enables tax-loss harvesting between positions, account-level diversification, and reduced market-impact during rebalancing. Here's the structural logic.
Sarah MitchellCybersecurity Vendor 13Fs: PANW, CRWD, FTNT, S, ZS Reading
The AI cybersecurity threat cycle drives institutional positioning into Palo Alto Networks (PANW), CrowdStrike (CRWD), Fortinet (FTNT), SentinelOne (S), Zscaler (ZS). Morgan Stanley holds PANW at 0.34% portfolio. Jennison holds CRWD at 1.55% portfolio. Here's the framework.
Sarah MitchellManaged Care 13Fs: UNH, ELV, HUM, CI Post-v28 Repricing
The 2024 v28 Medicare Advantage repricing reshaped institutional positioning across UnitedHealth, Elevance, Humana, and Cigna. Dodge & Cox holds Humana at 1.08% portfolio in value-discipline overweight. Wellington and Capital World hold UNH overweight. Here's the framework.
Sarah MitchellSemi-Equipment 13F Reading: AMAT, LRCX, KLAC, ASML
The AI capex cycle flows through semiconductor equipment suppliers. Applied Materials, Lam Research, KLA Corp, ASML, and Tokyo Electron capture economics on every new fab capacity addition. Capital Research, Arrowstreet, and other institutional managers concentrate in these names at meaningful weights.
Sarah MitchellExchange Operator 13Fs: NYSE Parent (ICE), CME, Cboe, Nasdaq
ICE, CME Group, Cboe Global Markets, and Nasdaq operate the regulated US exchange infrastructure. Their 13F holders include concentrated quality-discipline managers like Harris Associates, PineStone, and BLS Capital. Reading exchange-operator 13Fs requires understanding regulated-monopoly economics.
Sarah MitchellPure-Beta Wealth Manager 13Fs: Kedalion, Matson, Constellation
Kedalion holds 96% in S&P 500 ETFs. Matson Money holds 14% IVV plus broad ETF spread. Constellation Investments runs 96%+ ETFs. Pure-beta wealth managers run 13Fs that look unlike anything an active manager files. Here's how to read them.
Sarah MitchellKedalion Capital Q1 2026: $3.5B Almost Entirely in IVV + SPYM
Kedalion Capital Management LLP's Q1 2026 13F holds $3.48 billion across just 3 ETF positions: IVV at 56.89%, SPYM at 39.32%, HYG at 3.79%. The book is essentially pure S&P 500 ETF tracking — the cleanest single-strategy beta-allocation 13F at scale.
Marcus ChenApplied Materials: Capital Research Holds AMAT at 1.56% Portfolio
Cisco's AI restructuring extends the semi-capex narrative across the equipment-and-materials supply chain. Applied Materials sits in this category with Capital Research Global Investors at $10.07 billion and 1.56% portfolio weight — the largest single-fund active conviction position on US semi-equipment.
Alex Rivera