Updated May 10, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Fidelity Cut First Solar From 6.1% to 1.7% in One Quarter
Fidelity filed a Schedule 13G/A on May 6, 2026, disclosing 1.7% beneficial ownership of First Solar. The previous filing in February disclosed 6.1%. The 4.4-percentage-point trim across one quarter is roughly 4.7 million shares — among the largest active-manager exits of 2026 in clean-tech equity.
Alex RiveraReading Family Foundation 13Fs: When an Endowment Anchors
The Lilly Endowment holds $84.5B of LLY. Foundations like this anchor the holder file with concentrations no asset manager can match — and they file 13Fs. Reading their distinct flow logic separates structural ownership from active conviction.
Sarah MitchellVita Coco's Roper Sells at $50 — Koch Family Holds 21.6%
Vita Coco CEO Martin Roper executed multiple option exercise + sale sequences at $50 per share through April 2026. The stock has been re-rating, but the structural feature of COCO's holder file is concentration: Koch C James holds 21.62% of beneficial ownership through a private investor structure.
Alex RiveraAn Indiana Foundation Holds More Lilly Than BlackRock Does
Eli Lilly committed an additional $4.5 billion to Indiana manufacturing sites and opened its first dedicated genetic medicine facility. The institutional read on LLY starts with the holder file — and the largest single position is not a money manager. It is the Lilly Endowment, an Indiana foundation, holding $84.5 billion.
Alex RiveraReading Form 4 P-Codes: When Insiders Actually Buy
S-codes and M-codes dominate Form 4 reading because they outnumber other types 50:1. But the P-code — open-market purchase — is the highest-signal individual transaction in the entire SEC insider tape. Most investors never look for it. They should.
Sarah MitchellFMR Holds 10.5% of Roku. Anthony Wood Holds 16M Class B
Anthony Wood's Form 4 Table I shows zero Roku Class A shares directly held. The Class B Table II shows 16,268,111 shares retained. Meanwhile FMR's Schedule 13G/A discloses 10.5% beneficial ownership. The dual-class structure is the entire story.
Alex RiveraSaudi PIF and Tiger Global Anchor Take-Two's GTA VI Bet
Strauss Zelnick is betting $1B on the decade's biggest game launch. The institutional holder file behind that bet has Saudi Arabia's Public Investment Fund at $2.9B and Tiger Global at $1.5B — sovereign-wealth and crossover-venture money, not gaming-sector specialists.
Alex RiveraReading IPO Lockup Expirations: When Form 4 Hits the Tape
An IPO lockup is the contractual agreement that prevents pre-IPO shareholders from selling for 90-180 days after listing. When the lockup expires, the Form 4 tape gets noisy. Reading the calendar plus the holder file lets you separate mechanical insider sales from conviction signal.
Sarah MitchellDatadog CTO's $10.74 Strike Options Met April's $130 Tape
Datadog CTO Alexis Le-Quoc filed Form 4 transactions on April 6 and April 22, 2026 — $10.74 strike options exercised, underlying shares sold across $117-133. The economics are 1,090% per option exercised. The pattern is plan-driven, not view-driven.
Alex RiveraPEAK6 Tops Arm's Holder File — Q1 Beat Sold Off Anyway
Arm Holdings beat Q1 estimates and shares slid. That outcome makes sense the moment you look at ARM's institutional holder file — PEAK6 ($1.2B), Goldman Sachs ($911M), Citadel Advisors ($857M), Barclays ($687M), Walleye Trading ($658M). The file reads as event-driven and options-flow money, not long-only conviction.
Alex RiveraReading 13G to 13D Conversions: Passive-to-Activist Flips
The most informative single signal in beneficial-ownership filings is when an investor converts a previously-13G position to a 13D filing. The conversion is the SEC-required acknowledgment that intent has changed from passive to active.
Sarah MitchellDetecting 10b5-1 Plan Execution: VWAP Signature Decoded
Most CEO Form 4 sales are 10b5-1 plan-driven, not discretionary view-driven exits. Reading the VWAP execution signature is the cleanest way to distinguish plan execution from genuine position reduction.
Sarah MitchellReading Multi-Class Form 4: Table I vs Table II Decoded
Form 4 Table I shows direct holdings; Table II shows derivative securities (Class B, options, RSUs in vesting, family trusts). Reading dual-class structures correctly is the single highest-leverage skill in interpreting executive insider filings.
Sarah MitchellFidelity Crossed 8.7% in Micron as Mehrotra Sold the $540 Tier
Micron CEO Sanjay Mehrotra filed Form 4 sales May 1, 2026 with multi-thousand-share blocks executing across a tight $538-545 price band. The HBM-cycle context plus the 13G threshold-crossing tape make the holder file the more informative read.
Alex Rivera'CoreWeave CDO Sold Everything' Misreads Form 4 by 6.99M Shares
CoreWeave Chief Development Officer Brannin McBee filed Form 4 sales April 27, 2026. The headline Class A figure shows zero direct holdings — but Table II shows 6.99 million derivative shares retained. Reading the dual-class structure correctly is the first-line check.
Alex RiveraEric Yuan Sold $7M of Zoom in Two Days at a $4-Wide VWAP Band
Zoom founder Eric Yuan filed Form 4 sales on April 13-14, 2026, with multi-thousand-share blocks executing across a tight $80-84 price band. Cumulative recorded sales now total $1.30 billion across 1,528 transactions.
Alex RiveraMcDonald's Q1 Lands With Zero Activist 13Ds on the Tape
McDonald's beat Q1 2026 earnings and revenue estimates as the WSJ leads on value-menu wars. The institutional holder file — 3,750 filers, 16 active managers in the top 20 — reveals where conviction sits as MCD presses ahead in fast-food's value tier.
Alex RiveraWhirlpool Q1: Tepper's Appaloosa $282M, Recession Warn
Whirlpool's Q1 2026 print warns Americans are behaving like they're in a recession. The institutional holder file is concentrated and informative — Appaloosa's $282M (David Tepper) and PRIMECAP's $275M anchor an active conviction tier that survives the recession framing.
Alex RiveraCapital Group Held $5.5B in Citi Through the Profit-Target Reset
Citi shares declined as Q1 return targets fell short of Bloomberg's expectations. The institutional holder file — 2,560 filers with Capital World Investors and Fisher Asset Management at $4-5B positions — reveals where conviction sits in the turnaround thesis.
Alex Rivera