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.
Patient Investing: Time Horizon as an Edge
A longer time horizon is one of the few durable edges in markets. Here's why patience pays, how it shows up in a 13F, and why it's so rare.
Sarah MitchellTotal Shareholder Yield: Beyond the Dividend
Dividend yield is only half the story. Total shareholder yield adds buybacks — here's why it reframes how you read a fund's income and capital-return tilt.
Sarah MitchellCyclical vs Defensive: A Fund's Economic Tilt
Whether a 13F leans cyclical or defensive reveals a fund's implicit economic view. Here's the split, what each tilt signals, and how to read shifts between them.
Marcus ChenThe Value-Investing Lineage: Graham to Buffett to Today
Value investing has a family tree — from Graham to Buffett to the Sequoia school. Here's how that shared DNA shows up across value managers' 13Fs.
Marcus ChenMid-Cap Investing: The Overlooked Middle Ground
Between megacaps and small-caps lies the mid-cap sweet spot. Here's what mid-cap investing is, why managers favor it, and how a mid-cap 13F reads.
Sarah MitchellValue Traps: When Cheap Stocks Stay Cheap
The biggest risk in value investing isn't overpaying — it's the value trap, a cheap stock that's cheap for a reason. Here's how to spot one in a value 13F.
Sarah MitchellGiverny Q1 2026: A Sequoia-Lineage Quality Book
David Poppe's Giverny Capital holds a concentrated quality-compounder book — Berkshire, Alphabet, Heico — and trimmed Berkshire and Ametek in Q1 2026.
Marcus ChenSmead Q1 2026: A Contrarian Bet on Energy and Malls
Smead Capital's contrarian value book leans hard into energy, mall REITs, and homebuilders. In Q1 2026 it trimmed the whole book ~13% on outflows, thesis intact.
Marcus ChenAriel Q1 2026: John Rogers' Patient Mid-Cap Value Book
Ariel Investments' contrarian mid-cap value book — MSG Entertainment, JLL, Affiliated Managers — held steady in Q1 2026, true to John Rogers' patient style.
Marcus ChenCurrency Exposure: The Hidden Layer in Foreign Holdings
When a fund owns foreign stocks or ADRs, its dollar returns carry a currency effect a 13F never shows. Here's how FX exposure hides in international holdings.
Sarah MitchellFund-of-Funds 13Fs: A Secondhand Signal
A fund-of-funds invests in other funds, not stocks directly — so its 13F is a derivative signal. Here's why their holdings aren't direct stock picks.
Marcus ChenLiquidity: How Big Funds Move (and Get Stuck in) Stocks
Liquidity is the invisible constraint on what large funds can own. Here's how it drives megacap clustering, small-cap diversification, and hidden exit risk in 13Fs.
Marcus ChenWhen a 13F Is Mostly One Company (Control Stakes)
Some 13Fs are 90%+ a single stock — not a wild bet, but a parent reporting its own public subsidiary. Here's how to spot and read a control-stake filing.
Marcus ChenSmall-Cap Investing: Reading a Small-Cap 13F
Small-cap funds fish in under-covered waters with hundreds of tiny positions. Here's what small-cap investing is and why a small-cap 13F looks so different.
Sarah MitchellGARP: Growth at a Reasonable Price, Explained
Many funds refuse to choose between value and growth — they practice GARP, buying growers at sensible prices. Here's what GARP is and how its 13F reads.
Sarah MitchellDisruptive-Innovation Investing: Betting on the Future
Some funds buy tomorrow's winners — unprofitable innovators in AI, genomics, and fintech. Here's what disruptive-innovation investing is and how its 13F reads.
Sarah MitchellSustainable Growth Advisers Q1 2026: Quality Growth
SGA's concentrated quality-growth book is led by Nvidia, Amazon, and Microsoft, with a sharp Broadcom add the standout move in its Q1 2026 filing.
Marcus ChenRoyce Q1 2026: A Hyper-Diversified Small-Cap Book
Royce & Associates spreads its $10B across hundreds of small-cap names — no position above 1.4%. A look at deep diversification in small-cap value investing.
Marcus ChenGeneration IM Q1 2026: Al Gore's Fund Doubles Amazon
Al Gore's Generation Investment Management doubled its Amazon stake in Q1 2026 within a concentrated sustainable-quality book led by Microsoft and Danaher.
Marcus ChenHow Market Drawdowns Show Up in 13F Data
In a selloff, a 13F's value falls from prices and from selling — two very different things. Here's how to read share counts to tell what a manager actually did.
Marcus Chen