Latest research, educational guides, and news from the world of institutional investing.
A famous fund name on a 13F can be useful, but copying the trade blindly is where retail investors get into trouble. Here is how delay, liquidity, and sizing distort the signal.
Quarter-end portfolio cleanup can make a 13F look smarter than the manager really was. Learn how to spot window dressing before you mistake cosmetic buying for conviction.
Nomura reported $75.14B in Q4 2025 13F AUM, but one new position — SATS 3.875 11/30/30 at $19.23B — accounted for 25.96% of the filing. That makes this a balance-sheet-style bank filing, not a plain-vanilla hedge fund portfolio.
Loomis Sayles, long associated with fixed income and the Dan Fuss legacy, suddenly reported $82.47B in Q4 2025 13F assets after showing just $84.1M in Q3. The filing looks less like an overnight risk binge and more like a reporting-footprint reset.
Kenneth Duda's latest Arista sale landed after a strong Q4 report, a higher 2026 outlook, and a fresh push to sell AI networking as the company's next growth engine.
Carvana CEO Ernest Garcia III had 4,537 shares withheld for taxes on April 1, leaving him with 910,345 directly held shares. The filing arrived after Carvana posted record 2025 results, approved a 5-for-1 split, and then ran into a rough April reset for the stock.
Jay Schottenstein's latest American Eagle filing pushed his directly held Class A position to zero, but the same Form 4 still showed 2.24 million indirect shares in Table II. The timing lands weeks after AEO reported record holiday-quarter revenue and then watched the stock slide anyway.
Harris Associates reported $79.12B in Q4 2025 13F AUM, up 26.8% from Q3, while keeping top-five concentration at just 16.6% — a broad Oakmark-style value rebound rather than a single-theme bet.
GQG Partners reported $60.72B in Q4 2025 13F AUM across just 87 positions, with 51.3% of the portfolio concentrated in its top 10 holdings — a classic Rajiv Jain conviction profile.
Balyasny Asset Management reported $78.78B in Q4 2025 13F AUM, but its top five U.S. long positions made up only 13.9% of the book — a clear sign of platform-level diversification.
California State Teachers Retirement System pushed its Q4 2025 13F AUM to $99.96B, kept mega-cap leaders at the core, and added a new $2.03B IVV position to reinforce large-cap beta.
Pictet Asset Management Holding SA kept its Q4 2025 13F book near record highs while refining, rather than abandoning, a quality-growth and healthcare-heavy portfolio.
PEAK6 LLC's Q4 2025 13F reported $107.52B of value, but roughly 97.5% of the disclosed book was puts, making the headline figure a poor proxy for true economic AUM.
Stifel Financial Corp reported $111.17B of Q4 2025 13F AUM, but the more important signal was how diversified the platform stayed while adding tactical risk around the edges.
DZ BANK AG Deutsche Zentral Genossenschafts Bank ended 2025Q4 with $115.79B in reported 13F AUM, led by a striking $9.74B NVIDIA stake and a top book dominated by U.S. mega-cap technology.
Manufacturers Life Insurance Company, The finished 2025Q4 with $121.70B in reported 13F AUM and a holdings count that fell to 2,850 even as Microsoft, Nvidia, and Amazon led the visible equity book.
Clearbridge Investments closed 2025Q4 with $124.90B in reported 13F AUM, 500 positions, and a top disclosed book led by a new $6.24B Nvidia stake.
Salesforce Chair and CEO Marc Benioff's long-term selling strategy highlights systematic diversification while retaining massive multi-class voting power.
When mega-filers load up on SPY or QQQ, are they hedging, or just parking cash? Here's how to distinguish macro positioning from genuine conviction.
Qualys CEO Sumedh Thakar executes a planned 10b5-1 sale in early 2026, coinciding with a record-setting Q4 earnings report that saw the cybersecurity leader beat analyst expectations.