Updated Mar 7, 2026 · 608 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
State Street, Northern Trust, and BNY Mellon Show the Custodian-Bank Breadth Spectrum in Q4 2025
State Street, Northern Trust, and Bank of New York Mellon all hold the same mega-cap leaders, but their top-ten concentration ranges from 27.7% to 31.4%.
Marcus ChenGiant Filers Spread Top-Ten Exposure From 26% to 36% in Q4 2025
JPMorgan, Vanguard, Capital World Investors, and FMR all own the market leaders, but their top-ten concentration ranges from 26.3% to 36.4%, creating very different portfolio behavior.
Marcus ChenAmeriprise's $443B Q4 Filing Makes It the Fifth Mega-Filer to Build Netflix 900%+ in One Quarter — With the Lowest Top-5 Concentration We've Seen
Ameriprise Financial's 11,224-position portfolio has the lowest top-5 concentration of any mega-filer at 14.8%. Netflix shares surged 943%, confirming an institutional consensus trade across $2.7 trillion in combined AUM. Salesforce built 82%.
Alex RiveraLegal & General's $451B Q4 Portfolio: NVIDIA and Apple Neck-and-Neck at the Top, a $102B AUM Swing, and Netflix Up 916%
Britain's largest asset manager holds NVIDIA at $32B and Apple at $30B in an unusually close #1/#2 race. AUM crashed $102B between Q3 and Q4 2024, then recovered. Netflix shares surged 916% — the fourth mega-filer to make this trade in Q4.
Marcus ChenCapital Research Global's $542B Q4 Filing: Netflix Up 800%, Applied Materials Built to $8.4B, and $1B in MicroStrategy
The second Capital Group division to file a massive Netflix build in Q4 2025. Capital Research Global also doubled its Applied Materials position, holds $26B in Eli Lilly, and opened a $1B position in MicroStrategy — the Bitcoin proxy.
Alex RiveraRoyal Bank of Canada's $615B Q4 Filing Holds 29,036 Positions — Including $12.5B of Its Own Stock and Rival Toronto-Dominion
Canada's largest bank filed a U.S. 13F with 29,036 positions, three S&P 500 ETFs in its top 5, $12.5B of its own stock (RY), and $11.9B of competitor Toronto-Dominion. Netflix shares surged 893% in one quarter.
Marcus ChenCapital International Investors' $638B Portfolio Puts Broadcom at #1 and Built a $2.5B Netflix Position in One Quarter
While most mega-filers lead with NVIDIA, Capital International Investors bets biggest on Broadcom at 7.7% of portfolio. They also increased Netflix shares by 710% in Q4 2025, added $3.4B in TotalEnergies, and exited Disney entirely.
Marcus ChenFranklin Templeton's $408B Q4 Portfolio: Microsoft Over NVIDIA, Citigroup at $4B, and Cisco Built 18% — The Global Active Manager That Bets Differently
Franklin Resources — the parent of Franklin Templeton, one of the world's oldest fund families — files $408B with 14,263 positions. Its Q4 2025 13F has Microsoft over NVIDIA at #1, a massive $4B Citigroup bet, Cisco built 18%, and Exxon in the top 10. This is active management that refuses to follow the momentum crowd.
Sarah MitchellDimensional Fund Advisors' $477B Q4 Portfolio: The Factor Investing Pioneer Holds 13,709 Stocks and Not a Single ETF
DFA — the firm that brought academic factor research to real portfolios — files 13,709 positions without a single ETF or index fund. Its Q4 2025 13F reveals a 17.9% top-5 concentration with Berkshire Hathaway, Exxon, and Visa in the top 15 — the anti-momentum portfolio built on Nobel Prize-winning research.
Marcus ChenWells Fargo's $549B Q4 Filing Did the Opposite of Every Other Bank: It Doubled Its SPY Position to $20 Billion While Peers Were Dumping It
While Bank of America cut SPY by 55% and Goldman Sachs slashed it by $11B, Wells Fargo went the other direction — increasing its SPY stake by 75.5% to $19.7B. The 4th-largest U.S. bank also made SPY its #1 holding, cut small caps 21%, and loaded $11.4B into QQQ.
Alex RiveraBNY Mellon Files 33,186 Positions in Its Q4 13F — More Than Any Other Filer in Our Database. Here's What the Oldest U.S. Bank Reveals About the Market.
Bank of New York Mellon's $568B Q4 2025 13F has more positions than any other institutional filer we track — 33,186. Founded by Alexander Hamilton in 1784, the custody bank's portfolio is less an investment thesis and more a census of American equity ownership.
Sarah MitchellWellington Management's $571B Q4 Portfolio: The Stock Picker's Stock Picker Built a $14B Eli Lilly Position While Everyone Else Was Chasing AI
Wellington Management is the largest pure active manager in our database — no ETFs, no index funds. Its Q4 2025 13F reveals a $571B portfolio where healthcare rivals tech for attention: Lilly at $14.4B, Merck at $9.1B, and a Meta trim of 18% that goes against the passive consensus.
Marcus ChenBank of America's $1.375T Q4 Filing: SPY Cut in Half, NVIDIA Trimmed 22%, and $26B in Vanguard ETFs Nobody Talks About
Bank of America's Q4 2025 13F reveals the last uncovered megabank: a $1.375 trillion portfolio with 28,105 positions, a 12.9% top-5 concentration that makes it the most diversified major bank filing, and a massive Vanguard ETF allocation that signals where Merrill Lynch clients actually park their money.
Marcus ChenUBS Group’s $616.68B Q4 2025 13F Looks Rebuilt: Every Top Holding Shows Up as New
UBS Group AG’s Q4 2025 13F reported $616.68B, but the bigger signal is structural: the top of the U.S. portfolio reads like a rebuilt book, suggesting Credit Suisse integration and account migration effects still matter.
Sarah MitchellCapital World Investors' $735.30B 13F Put Broadcom Ahead of NVIDIA
Capital World Investors ended Q4 2025 with $735.30B across 574 positions, led by Broadcom instead of NVIDIA — a revealing look at how one of the world's largest active stock pickers is positioning for a broader market.
Sarah MitchellGoldman Sachs' $811B Q4 Portfolio Puts Tesla in the Top 5 — Ahead of Alphabet, Amazon, and Meta
Goldman Sachs' Q4 2025 13F reveals an $811B portfolio where Tesla at $18.3B ranks #5 — above Alphabet, Amazon, and Meta. NVIDIA leads at $41.8B, but the real story is Goldman's $28.4B SPY position and what the flat QoQ growth signals.
Marcus ChenJPMorgan's $1.59 Trillion Q4 Filing: NVIDIA Reclaims #1 as Broadcom Crashes the Top 5
JPMorgan Chase's Q4 2025 13F reveals a $1.59T portfolio where NVIDIA reclaimed the #1 spot at $85B, Broadcom surged into the top 5 at $32.5B, and Alphabet's two classes combined to $51.8B. The AI infrastructure thesis is deepening.
Alex RiveraMorgan Stanley's $1.68 Trillion Portfolio Has 8,095 Stocks. Here's Where the Real Bets Are.
Morgan Stanley's Q4 2025 13F reveals an ultra-diversified $1.68T portfolio across 8,095 positions — but the top-5 concentration is just 15.3%. We break down where the wealth management giant is actually placing conviction bets.
Sarah MitchellFidelity's $1.96 Trillion Q4 Portfolio: Trimming Meta by $4.3 Billion While Doubling Down on Alphabet
FMR LLC's Q4 2025 13F reveals a $1.96T portfolio across 5,359 positions. The world's third-largest asset manager cut Meta by $4.3B and NVIDIA by $2.8B — but added $5.3B to Alphabet's two share classes. Here's what the rotation signals.
Marcus Chen