Updated Mar 20, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
How ETF Exposure Changes What a 13F Is Really Saying
ETF-heavy 13Fs often reflect allocation plumbing rather than stock-picking conviction. This guide shows how to tell the difference.
Sarah MitchellHow AUM Scale Changes Manager Behavior
AUM is not just size. It changes how quickly a manager can move, where they can invest, and what kind of ideas can matter.
Sarah MitchellHow 13D and 13G Filings Differ for Investors
13D and 13G filings both track ownership, but the intent, urgency, and signal value are very different.
Sarah MitchellGoldman Sachs' $811B Q4 2025 13F: 51 New Positions and a Sharp Media Rotation
Goldman opened 51 positions, dropped 51 more, and paired a 769% Netflix increase with fresh Fox exposure, signaling a deliberate media and rates-sensitive reshuffle.
Marcus ChenBank of America's $1.4T Q4 2025 13F: An ETF Reset With a Chase Into Netflix
Bank of America opened 32 positions, exited 32 more, and lifted Netflix 831% while dialing back SPY, HYG, and other blunt beta tools.
Marcus Chen13F Filing Season Playbook: What Matters on Each Deadline
Filing season is only useful if you know which deadlines matter and which position changes deserve your attention first.
Sarah MitchellPaycom's Chad Richison Has Kept Selling Stock. The 2026 Story Is Why Context Matters
Paycom founder Chad Richison disclosed a fresh run of stock sales in mid-2025, but the more important question for investors is how those sales line up with Paycom's slower 2026 outlook and the broader payroll software reset.
Alex RiveraWhat Top-Ten Overlap Between Passive Giants Really Tells You
When passive giants share most of their top ten, the overlap is not a boring coincidence. It is a market-structure signal that helps define the baseline every active portfolio should be judged against.
Sarah MitchellHow to Compare Vanguard, BlackRock, and State Street 13Fs Without Getting Fooled
Comparing passive giants by raw dollar positions will usually tell you what is biggest in the market, not who is making the most differentiated decision. The right comparison starts elsewhere.
Sarah MitchellWhy a New Position in a Mega-Fund 13F May Not Be a New Bet
A new holding in a trillion-dollar 13F can look like a stock-picking signal. In practice, it often reflects benchmark changes, wrapper shifts, or position-size thresholds rather than a fresh thesis.
Sarah MitchellVanguard, BlackRock, and State Street in Q4 2025: The Overlap Map That Defines the Passive Baseline
Three giant 13F filings point to the same conclusion: market leadership is so concentrated that the overlap between passive giants has become the baseline every active manager must be measured against.
Marcus ChenState Street's $3.0T Q4 2025 13F: Benchmark Overlap, 20 New Positions, and What Actually Matters
State Street's latest 13F mirrors the passive giants where it should, but the new-position list and rapid jumps in Netflix and ServiceNow still offer useful clues about where benchmark pressure was strongest.
Marcus ChenFMR's $2.0T Q4 2025 13F: NVIDIA at 10.3%, 51 New Positions, and a Different Kind of Mega-Filer
FMR's latest 13F is still huge, but unlike the passive giants it shows sharper concentration, a 51-position reset, and a top holding in NVIDIA worth more than 10% of the disclosed book.
Marcus ChenVanguard's $6.9T Q4 2025 13F: A 912% Netflix Jump Inside the Ultimate Benchmark Machine
Vanguard's latest 13F shows massive moves in Netflix and ServiceNow, but the main signal is still how benchmark-heavy capital keeps concentrating in the same market leaders.
Marcus ChenBlackRock's $5.9T Q4 2025 13F: Netflix Surged 903%, but the Real Story Is Passive Power
BlackRock's latest 13F shows massive increases in Netflix and ServiceNow, but the filing reads less like a stock-picking manifesto and more like a map of benchmark gravity at enormous scale.
Marcus ChenHow to Read Index-Manager 13Fs Without Mistaking Scale for Skill
Big 13F filings from index managers can look like genius stock-picking. Most of the time, they are a map of benchmark exposure, cash flows, and rebalancing pressure instead.
Sarah MitchellInsider Trading and Form 4: What It Tells You About a Company
Form 4 filings track insider buys, sells, and exercises at public companies. Learn how to interpret insider transactions and what they signal about company outlook.
Sarah MitchellUnderstanding Portfolio Concentration: When Fewer Holdings Signal Stronger Conviction
Some of the best-performing institutional investors hold concentrated portfolios. Learn what portfolio concentration reveals and when it matters most.
Sarah MitchellWhat Is a 13F Filing? A Beginner's Guide to Tracking Institutional Holdings
13F filings reveal what the world's largest institutional investors own. Learn how to read them, when they're filed, and how to use them for smarter investing.
Sarah MitchellSusquehanna’s $868B Reported 13F Value Is Really an Options Market-Making Footprint
Susquehanna International Group’s Q4 2025 filing reported $868.03B in 13F value, but the book reads like an options market maker’s hedge inventory, not a traditional stock picker’s portfolio.
Marcus Chen