Updated May 15, 2026 · 798 articles
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Educational guides about 13F filings, insider trading, institutional investing, and how to track smart money moves.
Cybersecurity 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 MitchellM&A-Driven 13F Positions: Deal Consideration Equity Stakes
MUFG holds 76% of its US 13F in US Bancorp from the 2022 Union Bank sale. Chevron's 2025 Hess acquisition produced legacy founder-family positions. Strategic-stake equity consideration from M&A deals creates a distinctive 13F category requiring different reading rules.
Sarah MitchellReading the 13F Holder Tail: Beyond the Top 10
The top 10 holders of a stock are usually passive index funds plus a handful of mega-cap-tracking active managers. The real active conviction lives in ranks 30-100 of the holder table. Here's how to read past the index sleeve for the discretionary signal.
Sarah MitchellCross-Checking 13F + 13D + Form 4 + 990-PF: The Full Picture
Each SEC and IRS filing captures different information at different thresholds. Reading institutional ownership correctly requires cross-referencing Form 13F-HR (institutional holdings), Schedule 13D/G (5%+ beneficial), Form 4 (insider transactions), and IRS 990-PF (foundation endowment). Here's the framework.
Sarah MitchellSovereign Pre-IPO Stakes: PIF, Temasek, SoftBank Vision
Saudi PIF holds Uber at 46% of its US 13F — the 2016 pre-IPO investment. Temasek holds BlackRock at 17% strategic. SoftBank Vision Fund's UK entity holds Coupang at 68%. Sovereign pre-IPO strategic stakes appear at extreme concentrations across US 13F filings.
Sarah MitchellStrategic Bank Stakes: MUFG/USB, BNP/BAML, Mizuho/JPM Reading
MUFG holds 75.93% of its 13F in US Bancorp from the 2022 Union Bank sale. Other Japanese and European banks hold strategic stakes in US banks. These structural cross-bank positions require different reading rules than active institutional positioning.
Sarah MitchellReading International Quality 13Fs: BLS, PineStone, EdgePoint
BLS Capital (Denmark) runs 95% of $2.94B in 10 quality compounders. PineStone (Quebec) runs 67% in 10 names. EdgePoint (Toronto) runs 68% in deep-value contrarian. International quality-discipline managers run distinctively concentrated US-equity books.
Sarah MitchellReading 13F Holder Shifts Through Operational Cycles
UNH lost institutional conviction holders through the 2024 Change Healthcare cyber breach. Pfizer's Fisher Asset Management 1% portfolio bet anchored through the post-COVID revenue cliff. Visa's holders held through Durbin and CCCA legislative cycles. Here's how to read holder-table shifts as cycle signals.
Sarah MitchellVisa-Mastercard Duopoly: Reading the Payments Network in 13Fs
Mastercard Foundation holds 96.84% of its 13F in MA. PineStone runs 6.36% in MA. Schroder runs 1.93%. Mitsubishi UFJ AM runs 2.74x index in V. Payment-network duopoly stocks attract structurally different institutional concentration patterns. Here's why and how to read them.
Sarah MitchellBerkshire's Long-Term Compounders: KO, AXP, BAC, AAPL Reading
Berkshire Hathaway holds Coca-Cola at 10.20% portfolio (1988 entry), Bank of America at 10.38% (2011 entry), American Express at substantial concentration (1991 entry), and Apple at the largest weight (2016 entry). Reading Buffett's long-term compounders requires understanding what each position represents.
Sarah MitchellPost-Merger Form 4: When Insiders Switch Tickers
John Hess now files Form 4 transactions in Chevron stock — not Hess Corp — following the 2025 merger. Pinpointing post-merger insider activity requires tracking the conversion ratio and the new ticker. Here's the framework.
Sarah MitchellCharitable Foundation 13Fs: Mastercard Foundation, Gates, Buffett
The Mastercard Foundation holds $32.6 billion in MA at 96.84% of its 13F. The Gates Foundation Trust, Buffett's Susan Thompson Foundation, and other large charitable foundations file similar concentrated structures. Reading them requires understanding the founding-gift mechanics and perpetual endowment mandates.
Sarah MitchellHealthcare Cybersecurity in 13Fs: UNH, MRK, JNJ Risk Reading
Healthcare-payor and pharma R&D data is one of the highest-value targets in the AI cybersecurity threat cycle. UNH lost $2B+ in the 2024 Change Healthcare breach. Pharma R&D and clinical-trial data are next. Here's how institutional positioning reflects the risk.
Sarah Mitchell13F Filing Thresholds: $100M, 5%, 13D vs 13G Decoder
Section 13(f) requires Form 13F-HR for $100+ million in US-listed securities. Section 13(d) requires 13D filings above 5% beneficial ownership. Section 13(g) is passive 5% threshold. Each form captures different information at different thresholds. Here's the framework.
Sarah MitchellStrategic Minerals in 13F: Antimony, Rare Earths, Lithium Reading
Paulson holds Perpetua Resources at 24% portfolio — a US antimony mine pre-production. MP Materials and Lynas hold rare-earths positioning. Albemarle and SQM offer lithium exposure. Strategic-minerals 13F positions reflect US-China supply-chain tension. Here's how to read them.
Sarah MitchellNASH and Specialty Biotech in 13Fs: MDGL, ASND, ARGX, KRYS
Paulson holds Madrigal at 30% of portfolio. Avoro holds MDGL plus ASND, ARGX, KRYS at 12-10% each. NASH, rare-disease, and protein-degradation specialty biotech show up across multiple concentrated 13Fs. Here's how to read them.
Sarah Mitchell