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.
Humana Holder Read: Dodge & Cox at 1.08% Portfolio Bet
Humana sits at the center of the post-2024 Medicare Advantage repricing cycle. Dodge & Cox — the deep-value institutional manager — holds HUM at $1.97 billion and 1.08% portfolio weight, the largest active overweight in the book. The Dodge & Cox value-discipline call on managed-care.
Alex RiveraIntercontinental Exchange: Harris Associates Runs 3.2% Portfolio
ICE — the parent of NYSE plus a global derivatives, mortgage technology, and fixed-income trading franchise — sits at the center of US market infrastructure. Harris Associates (Oakmark Funds parent) holds $2.52 billion at 3.19% portfolio weight — one of the highest single-fund-family active conviction positions in any exchange operator.
Alex RiveraM&A-Driven 13F Positions: Deal Consideration Equity Stakes
MUFG holds 76% of its US 13F in US Bancorp from the 2022 Union Bank sale. Chevron's 2025 Hess acquisition produced legacy founder-family positions. Strategic-stake equity consideration from M&A deals creates a distinctive 13F category requiring different reading rules.
Sarah MitchellReading the 13F Holder Tail: Beyond the Top 10
The top 10 holders of a stock are usually passive index funds plus a handful of mega-cap-tracking active managers. The real active conviction lives in ranks 30-100 of the holder table. Here's how to read past the index sleeve for the discretionary signal.
Sarah MitchellCross-Checking 13F + 13D + Form 4 + 990-PF: The Full Picture
Each SEC and IRS filing captures different information at different thresholds. Reading institutional ownership correctly requires cross-referencing Form 13F-HR (institutional holdings), Schedule 13D/G (5%+ beneficial), Form 4 (insider transactions), and IRS 990-PF (foundation endowment). Here's the framework.
Sarah MitchellSovereign Pre-IPO Stakes: PIF, Temasek, SoftBank Vision
Saudi PIF holds Uber at 46% of its US 13F — the 2016 pre-IPO investment. Temasek holds BlackRock at 17% strategic. SoftBank Vision Fund's UK entity holds Coupang at 68%. Sovereign pre-IPO strategic stakes appear at extreme concentrations across US 13F filings.
Sarah MitchellStrategic Bank Stakes: MUFG/USB, BNP/BAML, Mizuho/JPM Reading
MUFG holds 75.93% of its 13F in US Bancorp from the 2022 Union Bank sale. Other Japanese and European banks hold strategic stakes in US banks. These structural cross-bank positions require different reading rules than active institutional positioning.
Sarah MitchellReading International Quality 13Fs: BLS, PineStone, EdgePoint
BLS Capital (Denmark) runs 95% of $2.94B in 10 quality compounders. PineStone (Quebec) runs 67% in 10 names. EdgePoint (Toronto) runs 68% in deep-value contrarian. International quality-discipline managers run distinctively concentrated US-equity books.
Sarah MitchellBLS Capital Q1 2026: $2.9B Danish Quality Compounder Book
BLS Capital Fondsmaeglerselskab — Denmark's largest independent equity manager — files a $2.94 billion Q1 2026 13F dominated by global quality compounders. Yum China (YUMC) at 18.88% portfolio, S&P Global at 12.75%, Otis at 11.51%, AutoZone at 10.08%. The Scandinavian quality-discipline book at scale.
Marcus ChenUS Bancorp: MUFG Holds 75.9% of Its US 13F in USB
MUFG Bank Ltd., the US subsidiary of Mitsubishi UFJ Financial Group, holds $2.31 billion in US Bancorp at 75.93% of its reported US 13F portfolio. The position dates to the 2022 MUFG Union Bank divestiture, where MUFG sold its US retail bank to US Bancorp and received USB shares as partial consideration.
Alex RiveraBlackRock Holder Read: Temasek Owns 16.82% of Its 13F in BLK
BlackRock's institutional book carries a singular foreign-strategic-investor concentration: Temasek Holdings of Singapore holds $5.13 billion in BLK at 16.82% of its US 13F portfolio. The position dates to Temasek's strategic investment in BlackRock's growth as a global asset-management platform.
Alex RiveraApril Retail Beat: Buffett Owns Amex at 20.46% of His Portfolio
April retail sales beat at +0.5% extends the consumer-discretionary tape. American Express sits in Berkshire Hathaway at $56.09 billion — 20.46% of Berkshire's entire $274 billion portfolio. The 1991 founder position from the Salomon Brothers scandal era is now the second-largest Berkshire holding after Apple.
Alex RiveraReading 13F Holder Shifts Through Operational Cycles
UNH lost institutional conviction holders through the 2024 Change Healthcare cyber breach. Pfizer's Fisher Asset Management 1% portfolio bet anchored through the post-COVID revenue cliff. Visa's holders held through Durbin and CCCA legislative cycles. Here's how to read holder-table shifts as cycle signals.
Sarah MitchellVisa-Mastercard Duopoly: Reading the Payments Network in 13Fs
Mastercard Foundation holds 96.84% of its 13F in MA. PineStone runs 6.36% in MA. Schroder runs 1.93%. Mitsubishi UFJ AM runs 2.74x index in V. Payment-network duopoly stocks attract structurally different institutional concentration patterns. Here's why and how to read them.
Sarah MitchellBerkshire's Long-Term Compounders: KO, AXP, BAC, AAPL Reading
Berkshire Hathaway holds Coca-Cola at 10.20% portfolio (1988 entry), Bank of America at 10.38% (2011 entry), American Express at substantial concentration (1991 entry), and Apple at the largest weight (2016 entry). Reading Buffett's long-term compounders requires understanding what each position represents.
Sarah MitchellPost-Merger Form 4: When Insiders Switch Tickers
John Hess now files Form 4 transactions in Chevron stock — not Hess Corp — following the 2025 merger. Pinpointing post-merger insider activity requires tracking the conversion ratio and the new ticker. Here's the framework.
Sarah MitchellCharitable Foundation 13Fs: Mastercard Foundation, Gates, Buffett
The Mastercard Foundation holds $32.6 billion in MA at 96.84% of its 13F. The Gates Foundation Trust, Buffett's Susan Thompson Foundation, and other large charitable foundations file similar concentrated structures. Reading them requires understanding the founding-gift mechanics and perpetual endowment mandates.
Sarah MitchellHartford Funds Q1 2026: $1.2B Mostly in Its Own ETFs
Hartford Funds Management's $1.15 billion Q1 2026 13F holds primarily Hartford-branded ETFs: HTRB at 37.97% portfolio, HCRB at 15.74%, RODM at 8.66%. This is the textbook fund-of-fund structure where an asset-management arm holds its own product family for client mandates.
Marcus ChenJohn Hess Sells $36M of CVX Post-Merger; 8.58% Beneficial Stake
John Hess — former CEO of Hess Corp, now a major Chevron shareholder following the 2025 merger — sold $36 million of CVX on May 6, 2026 at $183-185 per share. The cumulative Form 4 sell ledger across the merger transition spans $1.37 billion. Schedule 13G/A shows 8.58% beneficial ownership.
Alex RiveraVertex Pharma: Capital Group Holds $20.7B Across Two 13F Filers
Vertex Pharmaceuticals' institutional book shows Capital World Investors at $11.33 billion (1.55% portfolio) and Capital Research Global Investors at $9.43 billion (1.46% portfolio). Combined Capital Group complex at $20.76 billion makes the firm the largest single-family active conviction on VRTX.
Alex Rivera