Updated Mar 22, 2026 · 608 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
Victory Capital's $177.20B Q4 2025 Filing Extends a 58.7% Mid-Year AUM Step-Change
Victory Capital ended Q4 2025 at $177.20B after a +58.7% jump in Q2 and continued gains through year-end. The portfolio pairs mega-cap tech leadership with broad institutional sizing discipline.
Marcus ChenBaillie Gifford's $120.34B Q4 Reset: Growth Conviction Stayed, AUM Fell 10.9%
Baillie Gifford closed Q4 2025 at $120.34B after a -10.9% QoQ AUM move, while top holdings remained concentrated in global growth names like NVDA, MELI, and AMZN.
Alex RiveraCalPERS' $174.90B Q4 Blueprint: One Giant Index Core, Then AI Mega-Caps
CalPERS reported $174.90B in Q4 2025, with VOO at 11.89% and a top-10 concentration of 47.0%, combining passive core exposure with concentrated mega-cap growth.
Sarah MitchellMarshall Wace’s $109.85B Q4 2025 Surprise: A 22.13% IVV Position Towers Over Mega-Cap Bets
Marshall Wace ended Q4 2025 at $109.85B with a 22.13% IVV position, while NVDA, AMZN, AAPL, and MSFT sit far smaller, reshaping how to read the fund’s risk posture.
Alex RiveraMFS Runs a $310.12B Book Without a 5% Position: Why Breadth Is the Signal in Q4 2025
Massachusetts Financial Services closed Q4 2025 with $310.12B and 500 positions, but no single name above 4.30%. The portfolio shows deliberate risk spreading across mega-cap compounders instead of concentrated bets.
Sarah MitchellD. E. Shaw's $182.42B Q4 Pivot: A Quant Giant Scaling Risk, Not Concentration
D. E. Shaw reported $182.42B in Q4 2025 with 5,839 holdings and only 18.8% in its top 10 positions, signaling breadth-first scaling.
Alex RiveraNorthwestern Mutual’s $158.12B Q4 2025 Playbook: Why a 15.01% IVV Core Changes the Risk Math
Northwestern Mutual Wealth Management finished Q4 2025 at $158.12B, with 500 positions and a 15.01% IVV anchor that signals a rules-based, ETF-heavy allocation framework.
Sarah MitchellJanus Henderson's $223B Q4 2025 13F: Apple at #5 Is Their Loudest Active Call
Janus Henderson demoted Apple to fifth place behind NVIDIA, Microsoft, Amazon, and Alphabet — a 2.9% underweight versus passive benchmarks that reveals the firm's biggest active conviction.
Alex RiveraOvata's $823M Q4 2025 13F: Spotify, Ryanair, and TSM Define a Concentrated Global Book
Ovata used a concentrated, international mix led by Spotify, Ryanair, TSM, and Bitcoin exposure, with converts layered in around the edges.
Marcus ChenMariner's $1.7B Q4 2025 13F: 65 New Positions and a Mega-Cap Rebuild
Mariner rebuilt around Microsoft, Lam Research, Alphabet, Costco, and Bitcoin exposure, with 65 new positions in a single quarter.
Marcus ChenJPMorgan's $1.6T Q4 2025 13F: 39 New Buys, 39 Exits, and a Sharper Risk Budget
JPMorgan rotated into names like LITE and RKLB while slashing broad ETFs and cyclical winners, producing one of the cleanest 39-for-39 resets in the mega-filer group.
Marcus ChenGoldman 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 ChenVanguard, 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 Chen