Updated Mar 17, 2026 · 608 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
Wellington Management's $571B Portfolio: The Most Balanced Mega-Fund You've Never Analyzed
Wellington Management closed Q4 2025 with $570.66B across 7,580 positions. Unlike peers chasing NVIDIA, Wellington's top holding is just 4.9% of portfolio — true diversification at scale.
Sarah MitchellNorway's $935B Sovereign Wealth Fund Keeps Loading NVIDIA and Apple: Inside Norges Bank's Q4 2025 13F
Norges Bank's U.S. equity portfolio reached $934.76B in Q4 2025, with NVIDIA ($62.2B), Apple ($52.3B), and Microsoft ($50.7B) as the three pillars of a 1,577-position portfolio.
Marcus ChenCitadel's $666B Q4 Portfolio: SPY and Tesla Lead a 15,000-Position Machine
Citadel Advisors closed Q4 2025 with $665.87B in AUM across 15,403 positions. SPY ($39.5B), QQQ ($36.3B), and Tesla ($34.5B) dominate — but the diversification math tells a different story.
Marcus ChenFive Shades of Conviction: How $750B in Wealth Managers Diverge on Tech, Industrials, and Concentration
Wick, Mengis, Nuveen, Amundi, and Stenger Family Office all filed large Q4 2025 books, but they used very different structures to express risk.
Marcus ChenMega-Cap Tech Is Everybody's Core, but the Weights Range From 16.9% to 51.2%
Vanguard, FMR, Morgan Stanley, and Banque Transatlantique all treat mega-cap tech as core exposure in Q4 2025, but the concentration levels are nowhere near the same.
Marcus ChenOvata's 12.1% Options Sleeve Shows What Most ETF Allocators Are Not Doing in Q4 2025
Ovata Capital used listed options and concentrated thematic exposures in Q4 2025, a sharp contrast with ETF allocators like SHP Wealth, TD Capital, and Bank of Hawaii.
Marcus ChenSemiconductor Conviction Spectrum: From Oak Grove's 50% Bet to Mariner's Measured Exposure
Four institutional investors reveal divergent semiconductor strategies in Q4 2025: Oak Grove Capital's concentrated 50.2% conviction play versus Mariner's balanced 10% allocation and conservative positions from NWF and TD Capital.
Marcus ChenSHP, TD Capital, and Bank of Hawaii Show How ETF Allocators Split Between 39% and 51% Top-Five Concentration
Three Q4 2025 filings show the same ETF label can mean very different things: SHP runs a concentrated model core, TD balances broad beta with bonds, and Bank of Hawaii leans global.
Marcus ChenStenger Family Office's Concentrated Tech Strategy: A $484M Deep Dive
Stenger Family Office operates a focused $484M portfolio with 33.9% concentration in top 5 holdings. We analyze the family office's tech-forward conviction strategy and what it signals about institutional capital flows.
Alex RiveraAlpine Global's Concentrated Conviction: IMVT, RIVN, ACHR Mega-Positions
Alpine Global Management's Q4 2025 filing reveals $464M AUM with WhaleScore 80.0, concentrated in three mega-positions (IMVT 14.4%, RIVN 11.2%, ACHR 7.6%) representing 33.2% of portfolio.
Alex RiveraAvoro Capital's Biotech Conviction Play: $10.2B Concentrated Bet on Healthcare Innovation
Avoro Capital Advisors manages $10.2B with 34 holdings focused exclusively on biotech and healthcare. The fund's concentrated portfolio—with top-5 holdings representing 48.7% of AUM—reflects deep conviction in transformative therapies.
Marcus ChenAristides Capital's High-Conviction Portfolio: $565M with 77.5 WhaleScore
Aristides Capital LLC's Q4 2025 filing reveals a disciplined $565.4M portfolio across 273 holdings with a WhaleScore of 77.50. The fund demonstrates institutional-grade conviction in a diversified small/mid-cap strategy balancing growth exposure with risk management.
Marcus ChenWorld Investment Advisors: $6.16B Platform Diversified Across 1,468 Holdings
A deep dive into World Investment Advisors' diversified investment platform managing $6.16B across 1,468 holdings, with core positions in mega-cap tech and broad index exposure.
Marcus ChenTempo Wealth's Q4 2025 Filing Put Parker-Hannifin at the Center of an Advisor Mix Built With ETFs
Tempo Wealth reported a one-quarter Q4 2025 book led by Parker-Hannifin and Progressive, but the surrounding structure was unmistakably ETF-driven.
Marcus ChenIntegrated Investment Consultants Built a Style-Box ETF Core With a UWM Outlier in Q4 2025
Integrated Investment Consultants reported a Q4 2025 filing dominated by style-box ETFs, with UWMC standing out as the largest non-ETF exception.
Marcus ChenAuto-Owners Insurance Co.'s Q4 2025 Filing Rebuilt Into a Five-ETF Reset After a Sharp Q3 Contraction
Auto-Owners came out of a thin Q3 book with a Q4 2025 filing dominated by five ETFs that together made up nearly half the reported portfolio.
Marcus ChenPLATINUM PARAMOUNT INVESTMENT LTD.'s Q4 2025 Filing Is a Two-Stock Bet on On Holding and Restaurant Brands
Platinum Paramount reported only two Q4 2025 positions, with 65.2% in On Holding AG and 34.8% in Restaurant Brands.
Marcus ChenTD Capital Management LLC's Q4 2025 Filing Still Put 39.0% Into Five Mega-Cap Names
TD Capital Management LLC looked diversified on the surface in Q4 2025, but ITOT, VTI, BSV still anchored the real risk budget. The top five positions reached 39.0% of reported value across 500 fetched lines.
Marcus ChenBANK OF HAWAII's Q4 2025 Filing Still Put 39.6% Into Five Mega-Cap Names
BANK OF HAWAII looked diversified on the surface in Q4 2025, but VEA, VUG, IVV still anchored the real risk budget. The top five positions reached 39.6% of reported value across 226 fetched lines.
Marcus ChenRehmann Capital Advisory Group's Q4 2025 Filing Built a 25.7% Top-Five Ladder Around IVE and IVW
Rehmann Capital Advisory Group looked diversified on the surface in Q4 2025, but IVE, IVW, IEFA still anchored the real risk budget. The top five positions reached 25.7% of reported value across 500 fetched lines.
Marcus Chen