Updated Jun 1, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Tender Offers and Going Private, Explained
A tender offer is a direct bid to buy shares from investors at a premium, often the first step in taking a company private and erasing it from the 13F data you track.
Sarah MitchellWolf Packs: How Activists Swarm a Stock Together
A wolf pack is a loose swarm of activist investors who build stakes in the same target at the same time, concentrating pressure on a board without formally acting as a group that SEC rules would force to file jointly.
Sarah Mitchell2-and-20 and High-Water Marks: Hedge Fund Fees
The classic 2-and-20 fee, the carried interest that makes managers rich, the high-water mark that protects investors, and the hurdle rate few funds use — explained for anyone reading 13F data.
Sarah MitchellPoison Pills: How Boards Block Hostile Takeovers
A poison pill, or shareholder rights plan, lets a board make a hostile takeover prohibitively expensive by flooding the market with discounted shares the moment a buyer crosses a set ownership threshold.
Sarah MitchellThird Point Q1 2026: Loeb Cut the 13F Book 71%
Dan Loeb's Third Point shrank its reported U.S. equity book from $7.27 billion to $2.08 billion in Q1 2026, a 71.4% reduction, trimming nearly every position and concentrating 19.4% of the portfolio into Amazon.
Marcus ChenLi Lu's Himalaya Q1 2026: Alphabet Is 45% of the Book
Li Lu's Himalaya Capital ran nearly 45% of its $3.20B 13F portfolio in Alphabet in Q1 2026, kept its top five names at 82% of assets, cut Bank of America 71%, and opened new stakes in Tencent Music and S&P Global.
Marcus ChenApple Chairman Levinson Sells $15.6M AAPL at Record $311
Apple board chairman Arthur Levinson sold 50,000 AAPL shares at a record-high $311.02 on May 27, 2026 and gifted another 65,000 shares the same day, weeks before WWDC 2026 — while still holding roughly 7.9 million shares.
Alex RiveraMicrochip Founder Sanghi Sells $36.9M MCHP Before Earnings
Microchip co-founder and CEO Steve Sanghi sold 416,581 MCHP shares for about $36.9 million on April 23, 2026 — roughly two weeks before the chipmaker reported a 35% year-over-year revenue jump — while keeping a stake of about 9.5 million shares.
Alex RiveraCloudflare's Zatlyn Exercises and Sells $5.4M in NET Stock
Cloudflare President Michelle Zatlyn exercised 25,641 options and sold the matching block for roughly $5.4 million on May 27, 2026 — one day before NET jumped 8% — while retaining about 1.36 million shares through derivative holdings.
Alex RiveraWhy Some Stocks Cost $1,000+: Splits and 13F Reading
A $1,500 share price doesn't make a stock expensive, and a stock split doesn't make you richer. Learn what per-share price means and how splits can distort 13F share counts.
Sarah MitchellMeasuring 13F Concentration: Top-Heavy vs Diversified
Two funds can hold the same number of stocks yet run completely different risk profiles. Learn how to measure portfolio concentration from a 13F and why it matters.
Sarah MitchellWhy a Fund's 13F AUM Drops: Price Moves vs. Selling
A fund's reported 13F value can fall sharply without the manager selling a single share. Learn how to tell mark-to-market price moves apart from real selling.
Sarah MitchellCloudflare CEO Matthew Prince Sells $32.6M in NET Stock
Cloudflare founder-CEO Matthew Prince sold $32.6 million of Class A stock over three days in May 2026 under a 10b5-1 plan, converting Class B shares to fund the sales while keeping a 7.7% stake.
Alex RiveraArista CEO Jayshree Ullal Sells $216M in ANET Stock
Arista Networks CEO Jayshree Ullal sold about $216 million of stock across five sessions in April 2026 under a 10b5-1 plan, then exercised options in May — while remaining a major holder.
Alex RiveraMonolithic Power Founder Hsing Sells $59.3M in MPWR
Monolithic Power founder-CEO Michael Hsing sold $59.3 million of stock in a single session on May 18, 2026 under a 10b5-1 plan, cashing in on the AI power-chip rally near $1,500 a share.
Alex RiveraCrowdStrike CEO Kurtz Sells $20.8M in CRWD Into Rally
CrowdStrike CEO George Kurtz sold about $20.8 million of stock across May 2026 under a 10b5-1 plan, with the prearranged trades capturing a sharp rally toward fresh highs.
Alex RiveraSanders Capital Q1 2026 13F: 44 Bets, Amazon Doubled
Sanders Capital runs a $83.93B book in just 44 names. In Q1 2026 it doubled its Amazon stake while trimming the semiconductor winners that had led the portfolio.
Marcus ChenBoston Partners Q1 2026 13F: Deep Value, Maximum Spread
Boston Partners runs one of the most diversified value books in the 13F universe — its top holding is barely 2% of $95.47B. In Q1 2026 it made a rare $1.41B conviction bet on Cencora.
Marcus ChenBaillie Gifford Q1 2026 13F: Trimming Growth, Buying Energy
Baillie Gifford's reported 13F book fell to $97.89B in Q1 2026, a 18.7% drop, as the famed growth shop trimmed its mega-cap winners and rotated into energy and old-economy value.
Marcus Chen