Updated May 13, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Rothblatt's UTHR May Exercise-and-Sell: $13M at 4x Strike
United Therapeutics CEO Martine Rothblatt exercised 9,500 options at $146 and immediately sold 27 lots at $574-580 across May 11, 2026, generating roughly $13.4 million. The structure was M plus S, not discretionary selling on a directional view.
Alex RiveraJoe Mansueto's MORN May Drip: 35 Sales, Still Owns 37.5%
Morningstar founder Joe Mansueto filed 35 Form 4 sales in the first 12 days of May 2026, draining about $5 million at $176-180 per share. The drip is programmatic. His 37.5% beneficial stake is untouched.
Alex RiveraGameStop's $56B EBAY Bid Rejected: The Holder Mismatch
GameStop CEO Ryan Cohen's unsolicited $56 billion takeover proposal for eBay was rejected with a six-point public letter. Beneath the headline, the two holder bases barely overlap, and GME's own filings suggest a story far smaller than the bid.
Alex RiveraSAP Ships AI Agents: US Active Holders Lead vs Index Complexes
SAP rolled out a new enterprise AI agent platform and unified automation layer for its Business Suite this week. For a German large-cap with a US ADR, the more interesting fact is the 13F holder mix: this is one of the few mega-cap enterprise software names where active managers dominate the top of the holder list.
Alex RiveraMarket-Maker 13F Holdings: Why They Aren't Investment Conviction
Susquehanna, Jane Street, Citadel, Wolverine, Optiver, and similar names show up at the top of many 13F holder lists. Their declared positions are large, frequent, and not what they look like. Treating market-maker inventory as investment conviction is the most common 13F-reading error in retail research.
Sarah MitchellSenate's Crypto Bill Lands on COIN: Holders Are 72% Mechanical
The Senate Banking Committee released its crypto market structure bill ahead of expected ethics-rule wrangling. The bill matters for Coinbase. The COIN cap table tells you who actually owns the stock — and the answer is mostly market-maker inventory and index complexes, not long-only active conviction.
Alex RiveraCoreWeave April Sale: NVIDIA Still Owns 11.5%, Magnetar 14.9%
CoreWeave's April 27 Form 4 from Chief Development Officer Brannin McBee documents a familiar post-IPO founder mechanic. The more interesting filings on CoreWeave's docket are happening at the institutional layer — a 14.9% Magnetar block, an 11.5% NVIDIA strategic stake, and a fresh 8.1% Goldman 13G filed last week.
Alex RiveraLilly's Oral GLP-1 Reads Out: Founding Endowment Holds 9.7%
Eli Lilly's oral GLP-1 candidate orforglipron published fresh maintenance-phase data — patients who stopped weekly obesity injections kept the weight off on the daily pill. The pipeline story is well-covered. What gets less attention: the largest holder of LLY isn't BlackRock or Vanguard. It's a private endowment.
Alex RiveraCharles Schwab Founder Sells Through Q2 Price Drop: No Pause
Charles Schwab's founder didn't pause his sale program when the stock dropped 13% between February and late April. He kept printing 35K-55K share lines at progressively lower prices. The cadence itself is the read — and so is what didn't change in the 13G tape.
Alex RiveraSequential 13G Filings: Real Move or Reporting-Entity Transfer?
Reading institutional ownership well means knowing why a 13G/A filing changed. Sometimes the stake actually moved. Sometimes it's the same shares moving between two reporting entities under the same parent. Here's how to tell the difference using the same SEC filings everyone else looks at.
Sarah MitchellAnthony Wood's ROKU April Drip: FMR Still Holds 10.5%
Roku CEO Anthony Wood's April Form 4 lines show the same convert-Class-B-then-drip mechanic visible across other founder-led tech names. The question worth asking isn't how much the CEO sold; it's who built the other side of those tickets — and the 13G/A tape says it was Fidelity at 10.5% and a freshly reseeded Vanguard at 5.26%.
Alex RiveraMatthew Prince April NET Sell: Class B Convert-Drip
Cloudflare CEO Matthew Prince's April Form 4 shows the by-now familiar founder pattern: convert a tranche of Class B super-voting shares to Class A, then drip-sell the result into the open market. The dollar figure is small. The mechanic — and what it implies about the 7.7% beneficial stake left behind — is what matters.
Alex RiveraPayPal Pays $30M DEI Settlement: Who Owns PYPL Now
PayPal agreed to a $30 million settlement over its DEI investment program. The headline is the regulatory cost — the more interesting tape is what 13F and 13G filings reveal about who holds PYPL today, and how the institutional base has shifted in the two quarters leading up to this announcement.
Alex RiveraSchedule 13G/A Exit Filings: What They Reveal to Investors
Schedule 13G/A amendments marked as exits aren't bureaucratic housekeeping — they're often the cleanest read available on when a large strategic or institutional holder gives up on a position. Here's how to find them and what they actually mean.
Sarah MitchellHow to Spot a 10b5-1 Plan on Form 4: Pattern Recognition Guide
Not every CEO selling stock is bearish. Most executive sales today run through Rule 10b5-1 plans — pre-scheduled trading schedules that look identical to discretionary trades on the surface. Here's how to tell them apart from the Form 4 data alone.
Sarah MitchellRIA Aggregator 13Fs vs Active Manager 13Fs: A Reader's Guide
Two 13F filings can have the same headline AUM but tell completely different stories. RIA aggregator filings reflect pooled client allocations; active manager filings reflect a portfolio manager's view. Knowing which is which keeps you from over-reading either.
Sarah MitchellKen Duda's ANET April Sales: Plan Cadence Meets Vanguard 13G
Arista Networks CTO Ken Duda exercised and sold ANET stock on April 17 at $161-$165 — the latest tick in a programmatic monthly cycle. Vanguard's fresh 6.25% 13G filing two weeks later is the more telling document on the cap table.
Alex RiveraJohn Hess's $36M CVX Sale: Post-Merger Disposal Pattern
Hess Corp CEO John Hess sold roughly $36M of Chevron stock on May 6 at $183-$185. The transaction is the latest in a quarterly disposal pattern that started after the CVX-HES merger closed in July 2025.
Alex RiveraPaul Mahon's UTHR May Sale: Monthly Exercise Cadence Decoded
United Therapeutics EVP Paul Mahon's May 7 Form 4 reads as a $5M open-market sale at $585-$597 — but the full transaction tape shows a programmatic monthly exercise-and-sell pattern, not a discretionary view on the stock.
Alex RiveraHighTower Advisors 2026Q1: How $94B of RIA Money Allocates
HighTower Advisors holds $94.2B across 3,796 reported positions — the canonical snapshot of how a top US RIA aggregator builds a mass-affluent equity book. Top 10 is barely 22% of the book, half of it ETFs.
Marcus Chen