Updated May 24, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Momentum Investing: Betting That Trends Continue
Momentum investing buys what's already winning, betting that recent trends persist, the philosophical opposite of value. Learn why this behaviorally driven pattern has been so persistent, the violent reversal risk built into it, how it complements value, and how it shows up in a 13F.
Sarah MitchellPharmacy Benefit Managers (PBMs): The Healthcare Middlemen
Pharmacy benefit managers sit between drugmakers, insurers, and pharmacies, deciding what your plan covers and what pharmacies get paid. Learn how PBMs make money, why their rebate and spread-pricing model draws regulatory fire, and why healthcare investors take big positions in them.
Sarah MitchellBattleground Stocks: When Smart Money Disagrees
Some stocks become battlegrounds, names where serious investors take large, opposing bets and back conflicting views with real money. Learn what creates a battleground, how high short interest beside heavy ownership reveals one, and why a contrarian manager's outsized stake is an invitation to dig in.
Sarah MitchellGross vs Net Exposure: How Much Is a Fund Really Betting?
A hedge fund's assets tell you little about its real market risk, that lives in gross and net exposure. Learn how gross (longs plus shorts) measures total risk and leverage, how net (longs minus shorts) shows directional lean, and why a 13F, showing only longs, can badly mislead.
Sarah MitchellUranium and Nuclear Energy Investing Explained
After a decade in the wilderness, nuclear power is back as an investment theme, driven by AI data-center demand, clean-energy needs, and energy security. Learn the chain from uranium miners to reactor builders and SMRs, the supply-demand case behind it, and the commodity and political risks.
Sarah MitchellLogan Capital 13F (2026 Q1): Broadly Diversified Growth
Logan Capital runs growth with a diversified hand, about 273 positions with no name above 6%, led by Apple, Broadcom, Amazon and Microsoft. A look at broad large-cap-growth exposure as a strategy, the steady asset base, and a quiet quarter whose biggest move was a KLA trim.
Marcus ChenDisciplined Growth 13F (2026 Q1): Concentrated, Contrarian Growth
Disciplined Growth Investors, a Minneapolis firm, runs concentrated, long-horizon growth with a contrarian streak, just 61 positions led by Plexus, Garmin, Pure Storage and a sizable Viasat bet. A look at conviction sizing in specialized tech and industrial growth, and the quarter's light pruning.
Marcus ChenHardman Johnston 13F (2026 Q1): A Nuclear-Sized Cameco Bet
Hardman Johnston, a global growth manager, made a nuclear-sized statement in 2026 Q1: it built Cameco into a 17.6% top position with a 3,911% share increase, funded by trimming ASML, Taiwan Semiconductor and Nvidia. A vivid case of conviction expressed through thematic concentration.
Marcus ChenGlenview Capital 13F (2026 Q1): An Activist's Healthcare Book
Larry Robbins' Glenview Capital still builds around healthcare: its 2026 Q1 long book is anchored by a 14.8% CVS stake, with Cigna lifted 79% and Teva cut 60%, a sharpened managed-care bet, plus a fresh push into AMD and Amazon. A look at how a concentrated activist reshapes a book.
Marcus ChenConviction Buys vs Forced Selling: Reading Intent in a 13F
A fund's shrinking assets and trimmed positions look bearish, but often aren't, the manager may just be raising cash for redemptions. Learn to tell forced, flow-driven selling from genuine conviction in a 13F, why buying against a falling asset base is the clearest signal of all.
Sarah MitchellHow Interest Rates Affect Stock Prices
Buffett likened interest rates to gravity for asset prices. Learn the channels through which rates move stocks, discounting future cash, competition from bond yields, debt costs, and the economy, why growth and income stocks are most sensitive, and how a 13F reveals rate exposure.
Sarah MitchellBid-Ask Spreads and Liquidity: The Hidden Cost of Trading
Every trade has two prices, the bid and the ask, and the gap between them is a real, often invisible cost. Learn how the bid-ask spread measures liquidity, why it widens in small caps, why scale and small-cap investing are in tension, and what a 13F reveals about a manager's liquidity risk.
Sarah MitchellEqual-Weight vs Cap-Weight: How Much of Each Stock?
How much of each stock you own can matter as much as which stocks you pick. Learn how cap-weighting concentrates a portfolio in the largest companies, how equal-weighting tilts toward smaller and cheaper names with built-in rebalancing, and how a 13F reveals which a manager uses.
Sarah MitchellToll-Booth Businesses: Getting Paid for the Flow
A toll road earns the same fee whether the cargo is cheap or expensive, it just needs traffic. Learn why fee-based, toll-booth business models, pipelines, payment networks, exchanges, produce such steady cash flows, what still threatens them, and why they anchor income portfolios.
Sarah MitchellMLPs and K-1 Forms: The Structure Behind Pipeline Yields
Many big energy-infrastructure names are master limited partnerships, not ordinary corporations, which avoids double taxation but issues a Schedule K-1 instead of a 1099. Learn how the MLP structure works, the tax and paperwork trade-offs behind those high pipeline yields, and how MLPs appear in a 13F.
Sarah MitchellCambiar Investors 13F (2026 Q1): A Flat Relative-Value Book
Cambiar Investors runs relative value with a level hand: its 2026 Q1 book holds 145 names with the top ten all within a hair of 2.7% each. A diversified, cross-sector basket of relatively cheap stocks, with marginal adds to Delta, Uber and Elevance, balance as the whole strategy.
Marcus ChenChamplain 13F (2026 Q1): Buying Quality Tech as Assets Shrink
Champlain Investment Partners' SMID book shrank about 20% on outflows in 2026 Q1, but underneath it the firm bought decisively, Veeva up 81% of shares, Synopsys 39%, a new EOG stake. A clear rotation toward quality software, and a lesson in reading conviction against a falling asset base.
Marcus ChenConestoga Capital 13F (2026 Q1): A Small-Cap Growth Specialist
Conestoga Capital focuses on small-cap growth, the niche, under-followed companies index funds can't reach. Its 2026 Q1 book of quality small-caps, RBC Bearings, Casella, Balchem, is evenly weighted by discipline, with broad trims signaling outflows and a new FirstService stake.
Marcus ChenTortoise Capital 13F (2026 Q1): A Pure Energy-Infrastructure Book
Tortoise Capital doesn't dabble in energy, it specializes. Its 2026 Q1 13F is a pure midstream book of pipelines, processing, and LNG export, led by Targa, Williams and Energy Transfer, with a Cheniere add. Learn why the fee-based toll-road model draws a specialist, and the sector-bet risk.
Marcus ChenMarket-Cap Tiers: Why a Company's Size Matters
A company's market cap shapes how its stock behaves, who owns it, and what edge is even possible. Learn the size tiers from mega- to micro-cap, the small-cap risk-and-opportunity trade-off, why scale pushes big funds toward megacaps, and how a 13F reveals the game a manager plays.
Sarah Mitchell