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.
Uber's Strangest Holder Table: Saudi PIF at 46%, Ackman at 16%
Uber's 2,544-institution holder book carries two of the most concentrated single-stock positions in the US 13F universe. Saudi Arabia's Public Investment Fund holds UBER at 45.97% of its US 13F portfolio. Bill Ackman's Pershing Square Capital holds it at 15.90%. Together they define UBER's institutional shape.
Alex RiveraCisco AI Layoffs: .9B Broadcom Stake at Capital Group
Cisco's 4,000-job layoff announcement positions networking-and-cybersecurity for AI-driven restructuring. The thesis benefits Broadcom directly. The institutional book on AVGO is dominated by Capital Group — three separate Capital vehicles run AVGO at 4.91%-6.09% portfolio weight, combined $97.9 billion.
Alex RiveraForm 4 Cumulative Sell Ledgers: Founder Exit Misread Guide
Joe Mansueto's Form 4 ledger shows $1.95 billion in cumulative Morningstar sales. Charles Schwab's shows $2.87 billion in SCHW sales. Each looks like a founder exit until you read the Schedule 13G/A. Here's how to reconcile the two.
Sarah MitchellGold Royalty Companies in 13F: FNV, OR, RGLD, WPM Explained
Franco-Nevada, Wheaton Precious Metals, Royal Gold, and Osisko Gold Royalties appear in many institutional 13Fs as capital-light precious-metals exposure. Reading them requires understanding royalty/streaming economics — they are not gold miners. Here's the framework.
Sarah MitchellCanadian-Mandate Active 13Fs: PineStone, EdgePoint, Mawer
Canadian-domiciled active equity managers run 13F books that look structurally different from US peers. PineStone holds 67.4% in top 10, no Nvidia. EdgePoint runs 21% in Canadian-listed names. Mawer holds dual-listed compounders. Here's why and how to read them.
Sarah MitchellEdgePoint Q4 2025: B Canadian Contrarian Book, QSR + DLTR
EdgePoint Investment Group filed a $12.18 billion Q4 2025 13F that reads as the textbook Canadian value-contrarian shape: Restaurant Brands at 9.33%, Dollar Tree at 8.74%, Mattel at 7.71%. Top 10 carries Franco-Nevada, JLL, and other names US-active peers shy away from.
Marcus ChenPineStone Q1 2026: $14.2B Canadian Book in 10 Quality Compounders
PineStone Asset Management runs a $14.23 billion concentrated US-equity book filed from Quebec. Top 10 holdings absorb 67.4% of AUM in quality compounders: TSM, GOOGL, MSFT, Moody's, Mastercard, AutoZone, CME, TJX, Sherwin-Williams, MSCI. Zero NVDA, zero AAPL.
Marcus ChenCharles Schwab Founder April Sales: $22M Trim at $90-92
Charles R. Schwab — founder of the namesake brokerage — sold approximately $22 million of SCHW across late April at $90.00-91.86 per share. Cumulative Form 4 sells now total $2.87 billion. Buys total $31.6 million. The 56 million share Table II position remains intact.
Alex RiveraMorningstar Founder Mansueto Trims at $176-180; 37.5% Stake Holds
Morningstar founder Joe Mansueto sold approximately $3.3 million of MORN between May 7 and May 12 at $175.96-180.00. The $1.95 billion cumulative ledger sounds large until you read the Schedule 13G/A — Mansueto retains 37.5% of the company at 14.9 million shares. The founder is not exiting.
Alex RiveraAI Cybersecurity Threat Cycle: Palo Alto's Top Active Holders
AI-generated phishing, deepfake-driven social-engineering, and automated vulnerability discovery are dominating cybersecurity headlines this week. Palo Alto Networks is the largest US-listed pure-play cybersecurity name. The institutional book carries the conviction layer underneath the headline cycle.
Alex RiveraApril Building Materials Spike: Home Depot's Active Holder Tilt
April US retail sales beat at +0.5% was driven primarily by autos and building materials. Home Depot is the levered building-materials read, and the institutional book carries two distinctive Capital Group overweights at 0.72% and 0.76% portfolio weight.
Alex RiveraWells Fargo Holders If Warsh Gets the Fed: Wellington at 4x Index
Yesterday's piece covered Berkshire's 10.38% Bank of America position as the levered bet on a hawkish-bias Fed. Wells Fargo's holder book reveals a different conviction signature: Wellington Management at 1.18% portfolio, roughly 4x the WFC index weight, is the largest active overweight.
Alex RiveraReading Activist 13Fs: Campaign Inventory vs Stock Picks
Carl Icahn's 13F shows 49% in Icahn Enterprises and 21% in CVR Energy. Trian's 13F concentrates in current targets. ValueAct's filings document active engagement positions. Activist 13Fs are structurally different from mainstream active manager filings — they are public campaign inventory, not stock-pick screens.
Sarah MitchellOutside-Director Form 4: Why Tim Cook's Nike Trades Show Up
Tim Cook's Form 4 filings include both Apple transactions (as CEO) and Nike transactions (as outside director). Most retail readers miss the second set because they search by company, not by insider. This guide explains how cross-company Form 4 reporting works and why the outside-director purchases are often the most informative signals.
Sarah MitchellFounder-Family Trust 13Fs: Hershey, Stryker, Greenleaf
Hershey Trust holds 96.35% of its 13F in Hershey Class B voting stock. Greenleaf Trust holds 51.45% of its 13F in Stryker. Walton Family Holdings concentrates in Walmart. These extreme concentrations are structural — and they reveal a category of 13F that requires different reading rules than mainstream active manager filings.
Sarah MitchellAbrams Capital Q1 2026: 22% in Auto Dealers, 40% in Aerospace
David Abrams runs one of the most concentrated value-discipline books in US equity. The Q1 2026 13F lands 39.59% in Loar Holdings (aerospace), 22.49% combined in two auto dealers (Lithia + Asbury), and the rest scattered across high-conviction value names. Total positions: 12.
Marcus ChenHershey Trust's $10B Q4 2025: 96% of Book in HSY Voting Stock
Hershey Trust Company holds $9.94 billion of Hershey Class B voting stock at 96.35% of its 13F portfolio. The remaining 3.65% is HSY Class A common. The Milton Hershey School trust's 13F is the most extreme single-name concentration in our database.
Marcus ChenStryker Heiress Trims SYK; Family Trust at 51% Portfolio
Ronda Stryker, granddaughter of Stryker Corporation's founder, sold $91.7 million of SYK in February at $361-369. The cumulative ledger is now $1.85 billion. Read the Form 4 alongside the family trust's Schedule 13D and the concentration story changes — the heiress retains a 4% beneficial stake while Greenleaf Trust holds SYK at 51.45% of its portfolio.
Alex RiveraTim Cook Bought Nike Twice — $58.97 in Dec, $42.43 in April
Tim Cook sits on Nike's board. His Form 4 reports two open-market Nike purchases: 50,000 shares at $58.97 in December 2025, and 25,000 more at $42.43 in April 2026. The Apple CEO is averaging down on Nike inside his outside-board fiduciary capacity — and most retail readers will miss that the signal exists.
Alex RiveraHormuz Tape Meets Chevron: Berkshire's 7.24% Conviction Position
If the Hormuz tanker corridor tension persists, integrated oil majors get a sustained free-cash-flow tailwind. The single largest conviction position in Chevron is Berkshire Hathaway at 7.24% of its $274 billion portfolio. The second is Fisher Asset Management at 1.54%.
Alex Rivera