Updated May 15, 2026 · 633 articles
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Educational guides about 13F filings, insider trading, institutional investing, and how to track smart money moves.
Homebuilder 13Fs: DHI, Lennar, Pulte, NVR Reading Guide
D.R. Horton, Lennar, PulteGroup, and NVR anchor US homebuilder 13F positioning. Interest-rate cycles, geographic concentration, land-bank strategy, and capital-allocation discipline drive distinctive institutional patterns.
Sarah MitchellRestaurant Chain 13Fs: MCD, SBUX, CMG Reading Guide
McDonald's, Starbucks, Chipotle Mexican Grill, Yum! Brands, and Darden Restaurants anchor US restaurant chain 13F positioning. Same-store sales cycles, unit growth, franchise-vs-company-operated mix, and labor cost dynamics drive distinctive institutional patterns.
Sarah MitchellCruise Line 13Fs: CCL, RCL, NCLH Decoder & Yield Patterns
Carnival Corporation, Royal Caribbean, and Norwegian Cruise Line anchor US cruise 13F positioning. Net yield trajectory, occupancy cycles, fuel cost dynamics, and post-COVID demand recovery drive distinctive institutional patterns.
Sarah MitchellCasino 13Fs: LVS, WYNN, MGM Decoder & Macau-Vegas Split
Las Vegas Sands, Wynn Resorts, MGM Resorts, and Caesars Entertainment anchor US casino 13F positioning. Macau-vs-Vegas revenue split, regulatory-license cycles, and capital-intensity dynamics drive distinctive institutional patterns.
Sarah MitchellHospital Operator 13Fs: HCA, UHS, Tenet Healthcare Decoder
HCA Healthcare, Universal Health Services, Tenet Healthcare, and Community Health Systems anchor US hospital-operator 13F positioning. Medicare-and-Medicaid reimbursement cycles, payor-mix dynamics, and labor-cost cycles drive distinctive institutional patterns.
Sarah MitchellTobacco 13Fs: PM, MO, BTI Reading Guide & Yield Patterns
Philip Morris International, Altria, and British American Tobacco anchor US tobacco 13F positioning. Sustainable 5-9% dividend yields, declining volume cycles, and ESG-exclusion frameworks drive distinctive institutional patterns. Income managers concentrate; ESG-mandated funds exclude.
Sarah MitchellAerospace & Defense 13Fs: LMT, NOC, GD, RTX Reading Guide
Lockheed Martin, Northrop Grumman, General Dynamics, RTX, and Boeing anchor US aerospace and defense 13F positioning. Multi-year defense budget cycles, FMS export wins, and program milestones drive distinctive institutional positioning patterns.
Sarah MitchellREIT 13F Reading: Vanguard, Equinix, Prologis, Realty Income
Equinix, Prologis, American Tower, Realty Income, and Simon Property Group anchor the REIT institutional positioning landscape. Vanguard Real Estate ETF (VNQ) shows the passive baseline; active managers concentrate selectively on data-center, industrial, and net-lease subsectors.
Sarah MitchellCyclical Equipment 13Fs: DE, CAT, ITW, NUE Reading
Deere, Caterpillar, Illinois Tool Works, and Nucor sit at the center of US industrial-cycle 13F positioning. State Farm Mutual holds CAT at 8.13% portfolio. Capital World holds DE at 0.94%. Clearbridge holds WMB at 1.48%. Here's the framework for reading cyclical-equipment institutional positioning.
Sarah MitchellAI-Power 13F Thesis: TLN, CEG, VST, NEE Reading Guide
MFN Partners holds Talen Energy at 20% portfolio. AI data-center power demand drives Talen, Constellation Energy, Vistra Corp, and NextEra Energy 13F positioning. Here's the structural framework for reading the AI-power thesis across electric-utility 13Fs.
Sarah MitchellWarrants in 13Fs: OXY/WS, BAC Warrants Reading
MFN Partners holds OXY warrants at 5.11% portfolio. Berkshire held Bank of America warrants from the 2011 financing before exercising. Warrants in 13F filings reflect long-dated leveraged equity exposure with distinctive structural characteristics. Here's the framework.
Sarah MitchellReading Spin-Off Concentration in 13Fs: XPO/RXO, GE/SOLV, FNF/FG
XPO spun off RXO in 2022 and GXO in 2021. GE spun off Solventum (SOLV) from 3M in 2024. Fidelity National Financial spun off F&G in 2022. Spin-off concentration in 13Fs creates distinctive holder structures requiring different reading rules.
Sarah MitchellAlt-Asset Platform 13Fs: KKR, Blackstone, Apollo, Ares Reading
KKR, Blackstone, Apollo, Ares Management operate publicly listed alternative-asset platforms. Their 13F holder books reflect institutional confidence in the multi-decade transition from carry-revenue to fee-revenue plus insurance-platform integration. Here's the framework.
Sarah MitchellSingle-Executive Thematic 13Fs: Brad Jacobs, Ackman, Klarman
MFN Partners runs 65% of its $4.77B 13F across three Brad Jacobs-led companies. Pershing Square concentrates in Bill Ackman's selected names. Baupost holds Seth Klarman's value-discipline picks. Single-executive thematic 13Fs require different reading rules than diversified active books.
Sarah MitchellDual-ETF S&P 500 Allocation: Why Kedalion Holds IVV + SPYM
Kedalion Capital holds 56% IVV and 39% SPYM — two separate S&P 500 ETFs at near-identical expense ratios. The dual allocation enables tax-loss harvesting between positions, account-level diversification, and reduced market-impact during rebalancing. Here's the structural logic.
Sarah MitchellCybersecurity Vendor 13Fs: PANW, CRWD, FTNT, S, ZS Reading
The AI cybersecurity threat cycle drives institutional positioning into Palo Alto Networks (PANW), CrowdStrike (CRWD), Fortinet (FTNT), SentinelOne (S), Zscaler (ZS). Morgan Stanley holds PANW at 0.34% portfolio. Jennison holds CRWD at 1.55% portfolio. Here's the framework.
Sarah MitchellManaged Care 13Fs: UNH, ELV, HUM, CI Post-v28 Repricing
The 2024 v28 Medicare Advantage repricing reshaped institutional positioning across UnitedHealth, Elevance, Humana, and Cigna. Dodge & Cox holds Humana at 1.08% portfolio in value-discipline overweight. Wellington and Capital World hold UNH overweight. Here's the framework.
Sarah MitchellSemi-Equipment 13F Reading: AMAT, LRCX, KLAC, ASML
The AI capex cycle flows through semiconductor equipment suppliers. Applied Materials, Lam Research, KLA Corp, ASML, and Tokyo Electron capture economics on every new fab capacity addition. Capital Research, Arrowstreet, and other institutional managers concentrate in these names at meaningful weights.
Sarah MitchellExchange Operator 13Fs: NYSE Parent (ICE), CME, Cboe, Nasdaq
ICE, CME Group, Cboe Global Markets, and Nasdaq operate the regulated US exchange infrastructure. Their 13F holders include concentrated quality-discipline managers like Harris Associates, PineStone, and BLS Capital. Reading exchange-operator 13Fs requires understanding regulated-monopoly economics.
Sarah MitchellPure-Beta Wealth Manager 13Fs: Kedalion, Matson, Constellation
Kedalion holds 96% in S&P 500 ETFs. Matson Money holds 14% IVV plus broad ETF spread. Constellation Investments runs 96%+ ETFs. Pure-beta wealth managers run 13Fs that look unlike anything an active manager files. Here's how to read them.
Sarah Mitchell