Updated Feb 24, 2026 · 608 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
Canadian Oil at #1 in a PepsiCo-and-P&G Portfolio: Inside Yacktman's $7.1B Consumer Brand Fortress
Yacktman's Q4 2025 13F reveals Canadian Natural Resources at #1 (8.9%) in a portfolio famous for PepsiCo, P&G, and Coca-Cola. Inside the $7.1B consumer-value strategy with +146% unrealized gains on oil.
Sarah MitchellPzena Hits $33.4B Record AUM With Auto Parts at #1 and 13.8% of Baxter — Inside the Deep Value Machine's Q4 2025 Filing
Pzena Investment Management hit an all-time high $33.4B AUM in Q4 2025 with Magna International as its #1 holding. The deep value firm owns 13.8% of Baxter International, 11.7% of Skyworks, and 11.3% of Amdocs — with zero FAANG stocks in its top 25.
Alex RiveraSmead Capital's $4.8B Anti-AI Portfolio: 27.5% Housing, Zero Magnificent Seven, and a 15.5x P/E vs the Market's 27.7x
Smead Capital's Q4 2025 13F reveals a $4.8B portfolio with 27.5% in housing, 20.6% in banks, and just 2.2% in tech. At 15.5x P/E vs the S&P 500's 27.7x, Bill Smead is betting that overlooked value sectors will deliver the same alpha they did after similar discounts in 2015, 2020, and 2022.
Marcus ChenQ4 2025 13F: Bank Exposure Signals Institutions Can't Hide
A non-tech research note on interpreting bank exposure changes in Q4 2025 13F filings: rotation patterns, funding sources, and a checklist to avoid common 13F traps.
Marcus ChenCapital One at 9.4% and Five Other Banks: Inside Chris Davis's $22B Financials-First Q4 2025 Portfolio
Chris Davis allocates 32%+ to financial stocks—led by a monster 9.4% Capital One position—while trimming Big Tech. A deep dive into the third-generation value investor's Q4 2025 playbook.
Alex Rivera70% of Icahn's $8.45B Sits in Two Energy Companies: Inside the Most Concentrated Non-Tech 13F in Q4 2025
Carl Icahn's Q4 2025 13F reveals extreme energy concentration — IEP and CVR Energy alone account for 70% of his $8.45B portfolio, with zero technology exposure and just 13 holdings.
Marcus ChenZero Tech in the Top 5: How Dodge & Cox Built a $185B Portfolio That Ignores Silicon Valley
While most institutional giants chase the Magnificent Seven, this 95-year-old value fund puts financials, defense, and healthcare in its top 5 holdings — and its $185B AUM keeps growing.
Sarah MitchellBaker Bros Deployed $6.9B Into Pure Biotech in One Quarter: Inside the $17B Healthcare-Only Portfolio That Owns Zero Tech Stocks
Baker Bros Advisors surged 67.8% to $17.08B in Q4 2025 by injecting $6.9B across 19 new biotech positions while maintaining a 100% healthcare portfolio — the largest pure-play biotech fund in 13F filing history.
Marcus ChenHarnisch Put 91% of Peconic’s $4.2B Into Three Infrastructure Stocks After Returning 79% in 2025: The Power Grid Play That Crushed the S&P 500
Bill Harnisch’s Peconic Partners exploded from $140M to $4.2B in Q4 2025 by going all-in on Quanta Services, Dycom, and MasTec — the companies building the power lines and fiber networks behind AI, broadband, and clean energy.
Alex RiveraCarlyle’s 13F Reveals a $9B Medline Stake and a $4.4B StandardAero Hold: Inside the PE Giant’s 99%-Concentrated Two-Stock Portfolio
Carlyle Group’s Q4 2025 13F shows 99% of its $13.6B portfolio in just two recent IPOs — Medline (healthcare, $9B) and StandardAero (aerospace, $4.4B) — the clearest snapshot of PE-to-public transition in any 13F filing.
Sarah MitchellBerkshire Hathaway’s Top 10 Holdings in Q4 2025: 88% of $274B in Just Ten Stocks
Berkshire Hathaway’s Q4 2025 13F reveals extreme portfolio concentration — the top 10 holdings account for 88.3% of the $274.2 billion portfolio, with Apple and American Express alone commanding 43%.
Marcus ChenAbrams Capital Put 38% of a $5.7B Portfolio Into One Aerospace Stock While Building a $1.3B Auto Dealership Empire: Inside the Klarman Protégé's Q4 2025 Conviction Bet
David Abrams — Seth Klarman's former protégé — held 32 million LOAR shares worth $2.2B at 38.4% of portfolio in Q4 2025 while deploying $1.33B into Lithia Motors and Asbury Automotive, the two largest US auto dealership chains. 12 holdings, 3 stocks = 62% of the portfolio.
Alex RiveraSoftBank Sold $6B in NVIDIA to Fund OpenAI and Bet $3.2B on Intel: Inside Masa Son’s $15.5B Q4 2025 AI Infrastructure Pivot
Masayoshi Son exited a $6B NVIDIA position (51% of portfolio) and deployed $10B+ into Intel ($3.2B direct investment), a Bitcoin treasury company ($781M), and Taiwan Semiconductor ($603M) — all to fund a $40B OpenAI commitment. SoftBank’s Q4 2025 13F reveals the most radical portfolio rotation of the filing season.
Sarah Mitchell69% in Two Stocks and a $7.4B Buyout Pending: Inside Trian’s Ultra-Concentrated Q4 2025 Activist Portfolio
Nelson Peltz’s Trian Fund holds just 7 stocks worth $3.98B — with 69% concentrated in Janus Henderson and GE Aerospace. The Q4 2025 filing arrives as Peltz takes his #1 holding private for $7.4B while slashing Invesco 80%.
Marcus ChenValueAct Deployed $3.9B in One Quarter and Doubled to 16 Holdings: Inside Morfit's $7B Activist Reload With $783M Amazon and a Live Entertainment Empire
ValueAct's 13F portfolio surged from $3.1B to $7.0B in Q4 2025 — a 125% increase in a single quarter. Mason Morfit doubled the firm's positions from 8 to 16, deploying $3.4B into new stakes including Amazon ($783M), BlackRock ($744M), Roblox ($484M), Disney ($350M), and a $564M Live Nation complex across three tickers.
Sarah MitchellAkre Deployed $2.65B Into 8 New Positions After Pruning to Just 11 Holdings: Inside the Compounding Machine Reload of Q4 2025
Akre Capital rebuilt its portfolio from 11 to 18 holdings in Q4 2025, deploying $2.65B into Moody’s, Airbnb, FICO, and Roper Technologies while increasing Brookfield by 40% — the most aggressive single-quarter expansion in the fund’s recent history.
Alex RiveraGerstner Slashed Broadcom 96% and Dumped Alibaba to Build a $6.7B AI Infrastructure Portfolio: Inside Altimeter's Q4 2025 Conviction Rotation
Brad Gerstner cut Broadcom from $246M to $11M, exited Alibaba entirely, and deployed $2.4B into 8 new positions including Microsoft, Amazon, Snowflake, and CoreWeave — reshaping Altimeter's $6.7B portfolio around an AI infrastructure super cycle thesis.
Sarah MitchellHohn Injected $31.9B Into Just 9 Stocks After TCI's Record $18.9B Profit Year: Inside the Most Concentrated $53.6B Portfolio in Hedge Fund History
Chris Hohn's TCI Fund Management more than doubled its US equity portfolio to $53.6B with just 9 holdings in Q4 2025. GE Aerospace alone is a $14.6B bet — the largest new position any hedge fund added last quarter.
Marcus ChenGates Sold $1.9B of Berkshire and Microsoft in Q4 as the Foundation's 20-Year Self-Destruct Accelerates: Inside the $35.4B Blue-Chip Portfolio
The Gates Foundation Trust sold 2.36M Berkshire and 1.5M Microsoft shares in Q4 2025 — its only two trades — as Bill Gates's 20-year sunsetting plan systematically unwinds a $35.4B blue-chip portfolio.
Alex RiveraEinhorn Is Closing Greenlight to New Money After Gold Delivered 14.5% Alpha: Inside the $2.85B Q4 2025 Portfolio With a 21% Homebuilder Bet
David Einhorn announced Greenlight Capital will close to new investors on July 1, 2026, calling the US equity market 'the most expensive we've seen since we began managing money.' The fund returned 9% in 2025 (vs S&P 500 +17.9%), but macro investments — primarily gold (+64%) and copper (+40%) — contributed 14.5% alpha. The Q4 2025 13F reveals GRBK still dominates at 21%, GPK surged 79%, and Einhorn's net long exposure is just 39%.
Sarah Mitchell