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.
Warsh Fed Chair: Berkshire Owns 10% of Bank of America
Kevin Warsh as Federal Reserve chair would re-rate bank net interest margin assumptions across the institutional book. The single most levered position to that re-rate sits at Berkshire Hathaway, which holds 10.38% of its portfolio in Bank of America.
Alex RiveraTarget (TGT) Tape: Active Managers Underweight Into Retail Beat
Commerce Department reported April retail sales up 0.5% — better than consensus. Target should be the levered beneficiary in a consumer-discretionary 13F screen. Open the book, however, and the conviction layer is conspicuously thin.
Alex RiveraCloset Indexing in Active 13Fs: How to Spot It in Top Holdings
Some active managers charge active-management fees while holding portfolios that closely track the S&P 500. The 13F is the cleanest place to see it — and three structural fingerprints reveal closet indexing across nearly every fund family.
Sarah MitchellWhy P&C Insurance 13Fs Look Different From Asset Managers
State Farm Mutual's top 13F position is Caterpillar at 8.13% portfolio — not Nvidia. Berkshire Hathaway, Allstate, and other property-and-casualty insurance balance sheets file 13Fs that look nothing like mainstream active equity. Here's why, and how to read them.
Sarah MitchellMitsubishi UFJ AM Q1 2026: $149B Book Tracks US Index Tightly
Mitsubishi UFJ Asset Management's $149 billion US 13F holds the seven mega-cap names at near-index weights — and unlike most large active managers, Tesla is in the top 10. The Japanese asset manager runs a book that hews closely to S&P 500 exposure for institutional clients.
Marcus ChenNeuberger Berman Q1 2026: $131B Book With IVV in the Top 10
Neuberger Berman files a $131.41 billion Q1 2026 book that, at first glance, reads as a standard active-mega-cap allocation. Position 9 — IVV, the S&P 500 ETF, at 1.23% portfolio — gives away that some of the book runs on an ETF beta sleeve rather than pure stock-picking.
Marcus ChenState Farm's $127B 13F: Industrials and Defensives, Not Tech
State Farm Mutual Automobile Insurance Company's Q1 2026 13F is a window into how a US property-and-casualty balance sheet allocates surplus equity capital. The top holding is Caterpillar at 8.13% — not Nvidia, not Microsoft. The rest of the book follows the same industrial-and-defensive logic.
Marcus ChenZoom Founder Yuan's Class A Now at 36,796 — AQR Holds 0.55%
Eric Yuan's April 13-14 sales took his direct Class A holdings of Zoom to just 36,796 shares — a number that looks like an exit but isn't, given the founder's Class B economics. Meanwhile AQR's 0.55% portfolio overweight reads as the active conviction signal.
Alex RiveraDDOG CTO Le-Quoc Cashless Exercise Hidden in Form 4 M Codes
Datadog's CTO and co-founder Alexis Le-Quoc filed a Form 4 covering Class A sales at $130-133 in late April. The Table I S codes are not the whole story — paired Table II M codes show the cashless exercise pattern that converts option strike economics into open-market sales.
Alex RiveraCLARITY Act and MSTR: Tidal Holds 6.08% Portfolio Stake
The crypto industry is making its loudest CLARITY Act push of the year. Strategy (MSTR) — formerly MicroStrategy — sits at the center of the institutional crypto-equity book. The top 6 holders are mostly market makers; the real active conviction is at Tidal Investments at 6.08% portfolio.
Alex RiveraHormuz Oil Crisis: Reading Exxon's 4,970-Institution Holder Book
Tensions in the Strait of Hormuz are pushing crude prices and energy-sector volatility higher. Exxon Mobil's 13F book has 4,970 institutional holders. Strip out the index sleeve and the real active overweight signal is at Franklin Resources, MFS, and Nuveen.
Alex RiveraTMUS Coverage JV: SoftBank Still Holds 37% of Its 13F in T-Mobile
AT&T, T-Mobile and Verizon announced a three-way coverage JV. The most interesting T-Mobile holder isn't a US asset manager — it's SoftBank Group, still sitting on a $5.79 billion stake that represents 37.42% of SoftBank's entire 13F portfolio.
Alex RiveraHow to Read a Quant Fund's 13F: Factor Models in Plain Sight
Renaissance Technologies, Two Sigma, Arrowstreet Capital, Marshall Wace — quantitative equity managers run 13F books that look nothing like discretionary stock-picker filings. Here's how to read what their factor models are telling you, position by position.
Sarah MitchellNewport Trust's 12% AT&T Stake Isn't Conviction — Why
Newport Trust Company shows up in the top holders of AT&T at 12.77% of portfolio, Ford at 3.95%, Boeing, Honeywell, and a dozen other legacy industrials. Read those numbers as institutional conviction and you'll misread the entire 13F. Here's what they actually mean.
Sarah MitchellArrowstreet Q1 2026: Semi-Equipment Hides in the Top 10
Arrowstreet Capital filed a $184.75 billion Q1 2026 book that reads, at the top, like every other quant mega-cap allocation. Look at positions 8 through 10 and the real call shows up: Lam Research and ASML both inside the top 10, both at multiples of their index weights.
Marcus ChenMFS Q1 2026: $297B Book Reads Like a 1924 Mutual Fund Still Would
MFS, the firm that invented the open-end mutual fund in 1924, runs a $297.52 billion 13F book with 500 positions and a top-10 concentration of just 21%. The shape is what a balanced active-equity book is supposed to look like — and almost no one runs it anymore.
Marcus ChenClearbridge Q1 2026: 25% of $114B Sits in 10 Mega-Caps Plus WMB
Clearbridge Investments runs a 500-position book that looks growth-equity on the surface and concentrated underneath. Top 10 stocks absorb $29 billion of the $114.89 billion AUM, and the only non-tech name in that block is Williams Companies pipeline infrastructure.
Marcus ChenKurtz Sells CRWD at $549; Jennison Holds 1.55% Overweight
George Kurtz unloaded a granular block of CrowdStrike between $541 and $549 on May 12. The CEO's cumulative ledger is now over $700 million. The institutional book reaction is the more interesting tell — Jennison Associates is still 1.55% portfolio overweight.
Alex RiveraRoku Founder Wood Drains Class A on May 11 Pop — Class B Intact
Anthony Wood ran his Class A position at Roku to zero across four days in May after the stock cleared $128. Read the Form 4 wrong and you'd conclude the founder exited. Read it right and the 16.2 million Class B shares — and the voting control — are still there.
Alex RiveraJPM Wins Tech IB Lead — But 5,277 Holders Are All Index-Weight
JPMorgan's early-stage banking bet is paying off in tech IB league tables, Reuters reports. The catch: with 5,277 institutional holders and almost every one of them sitting near 1% portfolio weight, no active manager is positioned for the IB rebound specifically.
Alex Rivera