Updated Mar 11, 2026 · 608 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
BlackRock's $5.9 Trillion Q4 2025 Filing Has 50,216 Positions — More Than Any Other 13F Filer on Earth
BlackRock's Q4 2025 13F reports $5.92 trillion across a record 50,216 positions. NVDA leads at 6.13%, but the real story is the breadth: 50,000+ line items mapping every corner of U.S. equities.
Alex RiveraVanguard's $6.9 Trillion Q4 2025 Filing: 17,686 Positions and the Index Giant That Owns 6% of Everything
Vanguard Group's Q4 2025 13F reveals $6.9 trillion across 17,686 positions with NVDA at 6.1%, AAPL at 5.6%, and MSFT at 5.0% — a near-perfect mirror of market-cap weighting that grew 3.3% QoQ.
Marcus ChenLegal & General's $451B Q4 2025 Filing Put 7.1% Into Nvidia — the Highest NVDA Weight Among Non-Concentrated Filers
UK's largest asset manager held $450.9B in Q4 2025 with Nvidia at 7.09% and Apple at 6.66%. The top-3 concentration of 19.3% is notably higher than comparable diversified managers.
Alex RiveraWells Fargo's $549B Q4 2025 Filing Built an ETF Fortress: SPY, IVV, QQQ, and ITOT Control 9.7% of the Book
Wells Fargo's Q4 2025 13F shows $549.1B across 6,616 holdings. Four ETFs (SPY, IVV, QQQ, ITOT) account for $53.8B — a 9.7% allocation to index wrappers that dwarfs the individual stock positions below.
Sarah MitchellWellington Management's $571B Q4 2025 Filing Hides a Healthcare Conviction Bet Beneath the Mega-Cap Surface
Wellington Management held $570.7B across 1,878 positions in Q4 2025. Eli Lilly and Merck sit at #7 and #8, giving healthcare a 4.1% share of the top-12 — unusual for a fund this size.
Marcus ChenUBS Group's $617B Q4 2025 Filing Cut SPY by Half While Quietly Accumulating Its Own Stock
UBS Group AG cut its SPY ETF position by more than half (from $27B to $12.3B) in Q4 2025 while growing its self-owned UBS stock to $6.8B — a restructuring that reshuffled the entire top-15.
Alex RiveraCharles Schwab Investment Management’s Q4 2025 13F Shows a $643.57B Fundamental Indexing Bet Hiding in Plain Sight
Charles Schwab Investment Management’s Q4 2025 13F pairs mega-cap leaders like NVIDIA and Apple with a striking sleeve of in-house fundamental index ETFs, revealing how the manager mixes market-cap exposure with rules-based reweighting.
Alex RiveraInvesco Q4 2025 Portfolio Analysis: The QQQ Parent’s $652B 13F Book Extends a 76% Two-Year Climb
Invesco’s Q4 2025 13F shows a $652.20B disclosed portfolio led by NVIDIA, Microsoft, and Apple, but the bigger story is a broad book that has grown 76% since Q3 2023.
Marcus ChenCitadel’s $666B Q4 Filing: Griffin Swapped a $43B QQQ CUSIP for a $36B Replacement While Ramping NFLX 1,598%
Citadel Advisors hit $666B in Q4 2025, up from $657B. The headline move: exiting a $43B QQQ position under CUSIP 04609e107 and opening a $36B replacement under 46090E103, while simultaneously ramping Netflix shares from 5.6M to 95.1M.
Marcus ChenNorthern Trust’s $784B Custody Book Accumulated Netflix (+883%) and ServiceNow (+400%) in Q4 2025
Northern Trust Corp’s Q4 2025 13F reveals a $784B portfolio with massive accumulation in Netflix (+883% shares) and ServiceNow (+400% shares), while the core remained anchored to NVDA, AAPL, and MSFT.
Alex RiveraSusquehanna’s $868B Options Book Added Gold and Ramped Netflix 857% in Q4 2025
Susquehanna International Group’s Q4 2025 13F reveals an $868B portfolio dominated by put-hedged ETF positions, with a massive 857% increase in Netflix shares and new gold exposure via AGQ, IAU, and Royal Gold.
Marcus ChenLPL Financial's $366B Q4 2025 Filing: The Advisor Aggregator That Grew 63% in Six Quarters
LPL Financial's 13F grew from $224B to $366B in six quarters — a 63% surge. With 5,869 positions led by index ETFs, LPL's filing is a proxy for independent advisor sentiment.
Marcus ChenCitigroup's Q4 2025 Filing Lost 2,200 Positions but Kept $227B — Here's What the Pruning Means
Citigroup's 13F shrank from 14,658 to 12,467 positions while AUM barely changed ($224B to $227B). The bank is simplifying its equity book without losing scale.
Alex RiveraAllianceBernstein's $317B Q4 2025 Filing: 3,258 Positions and a Flat Quarter That Tells Its Own Story
AllianceBernstein held $317B across 3,258 positions in Q4 2025 — essentially unchanged from Q3. Nvidia, Microsoft, and Apple anchor the top, but the portfolio barely moved.
Marcus ChenGates Foundation Trust Rebuilt to $35.4B in Q4 2025 After a $8B Q3 — BRK/B Still Leads at 27.6%
The Gates Foundation Trust recovered from $8B in Q3 to $35.4B in Q4 2025 across 23 holdings. Berkshire Hathaway remains the top position at 27.6%, Waste Management at 18.0%.
Marcus ChenTCI Fund Management Put 27% of $53.6B Into GE Aerospace in Q4 2025 — a Nine-Stock Portfolio Built on Monopoly Economics
Chris Hohn's TCI Fund Management held just 9 positions worth $53.6B in Q4 2025. GE Aerospace topped the book at 27.3%, followed by Visa at 18.1% and Microsoft at 15.1%.
Marcus ChenPershing Square Ran $15.5B Through Just 11 Names in Q4 2025 — and Brookfield Led the Way
Bill Ackman's Pershing Square held only 11 positions worth $15.5B at year-end 2025. Brookfield Corp topped the book at 18.1%, followed by Uber at 15.9% and Amazon at 14.3%.
Marcus ChenSTATE STREET CORP's Q4 2025 Filing Still Ran Through NVDA, AAPL, and MSFT
STATE STREET CORP looked diversified on the surface in Q4 2025, but NVDA, AAPL, MSFT still anchored the real risk budget. The top five positions reached 22.1% of reported value across 500 fetched lines.
Marcus ChenAmundi's Q4 2025 Filing Keeps a Mega-Cap Core While Quietly Rebuilding the Optionality Sleeve
Amundi's top holdings still read like a global mega-cap core, but the more revealing part of the filing is the new convertible and optionality sleeve around that foundation.
Marcus ChenNuveen's Q4 2025 Filing Kept a Broad Core but Turned Aggressive on Netflix and ServiceNow
Nuveen still looks like a diversified mega-cap allocator in Q4 2025, but the filing also shows sharper risk-on behavior through outsized Netflix and ServiceNow increases.
Marcus Chen