Market Insights

John Armitage exited 9 positions including META ($397M) and Progressive, then opened 10 new ones led by a $1.36B Amazon bet at 14.8% of portfolio. More than half of Egerton’s $9.2B portfolio is entirely new.

Tom Steyer’s Farallon Capital cut its HYG put position by 80% — from $3.17B to $645M — while deploying billions into Revolution Medicines, Natera, and BridgeBio. The $42B fund also dumped 77% of its Bitcoin ETF.

Eric Mandelblatt's Soroban Capital deployed $9.2B in a single quarter — tripling AUM from $5.15B to $14.33B — while building a rare tech-utility barbell with MSFT and AMZN at the top and nine regulated utilities underneath.

STATE STREET CORP reported $2980.91B in Q4 2025 13F assets with top-10 concentration at 31.36%. We break down what changed and what retail investors can act on.

BlackRock, Inc. reported $5916.35B in Q4 2025 13F assets with top-10 concentration at 30.44%. We break down what changed and what retail investors can act on.

VANGUARD GROUP INC reported $6897.68B in Q4 2025 13F assets with top-10 concentration at 31.23%. We break down what changed and what retail investors can act on.

Pershing Square expanded its 13F portfolio by 25.2% quarter-over-quarter in Q4 2025, adding Amazon and Meta as major new positions while Brookfield became the top holding.

Josh Donfeld's Castle Hook Partners exited Bitcoin entirely, built a 35% gold allocation, added $8.3B in equity puts, and grew 13F AUM 74% to $24.1B in Q4 2025 — the most dramatic macro pivot of filing season.

Yacktman's Q4 2025 13F reveals Canadian Natural Resources at #1 (8.9%) in a portfolio famous for PepsiCo, P&G, and Coca-Cola. Inside the $7.1B consumer-value strategy with +146% unrealized gains on oil.

Pzena Investment Management hit an all-time high $33.4B AUM in Q4 2025 with Magna International as its #1 holding. The deep value firm owns 13.8% of Baxter International, 11.7% of Skyworks, and 11.3% of Amdocs — with zero FAANG stocks in its top 25.

Smead Capital's Q4 2025 13F reveals a $4.8B portfolio with 27.5% in housing, 20.6% in banks, and just 2.2% in tech. At 15.5x P/E vs the S&P 500's 27.7x, Bill Smead is betting that overlooked value sectors will deliver the same alpha they did after similar discounts in 2015, 2020, and 2022.

A non-tech research note on interpreting bank exposure changes in Q4 2025 13F filings: rotation patterns, funding sources, and a checklist to avoid common 13F traps.

Chris Davis allocates 32%+ to financial stocks—led by a monster 9.4% Capital One position—while trimming Big Tech. A deep dive into the third-generation value investor's Q4 2025 playbook.

Carl Icahn's Q4 2025 13F reveals extreme energy concentration — IEP and CVR Energy alone account for 70% of his $8.45B portfolio, with zero technology exposure and just 13 holdings.

While most institutional giants chase the Magnificent Seven, this 95-year-old value fund puts financials, defense, and healthcare in its top 5 holdings — and its $185B AUM keeps growing.

Baker Bros Advisors surged 67.8% to $17.08B in Q4 2025 by injecting $6.9B across 19 new biotech positions while maintaining a 100% healthcare portfolio — the largest pure-play biotech fund in 13F filing history.

Bill Harnisch’s Peconic Partners exploded from $140M to $4.2B in Q4 2025 by going all-in on Quanta Services, Dycom, and MasTec — the companies building the power lines and fiber networks behind AI, broadband, and clean energy.

Carlyle Group’s Q4 2025 13F shows 99% of its $13.6B portfolio in just two recent IPOs — Medline (healthcare, $9B) and StandardAero (aerospace, $4.4B) — the clearest snapshot of PE-to-public transition in any 13F filing.

13F filing season happens four times a year, 45 days after each quarter ends. Learn the exact deadlines, what to watch for, and how to use 13F Insight to track institutional portfolio changes as they're filed.

Whale Scores rank institutional investors on a 0-100 scale using three factors: AUM size, portfolio concentration, and filing activity. Learn how to interpret them and find high-conviction money managers.