Updated May 12, 2026 · 460 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
Fairfax Financial's 2025Q4 13F: Prem Watsa's Deep-Value Tape
Fairfax Financial's $2.08B US-listed 13F reads as a textbook deep-value contrarian book — Orla Mining at 20%, Occidental at 12%, and BlackBerry still anchoring at 6.35% of the holdings stack.
Marcus ChenSequoia Capital's 2025Q4 13F: $14B Vintage Class Coming Public
Sequoia's public 13F portfolio doubled the holding count and reset to a six-name IPO-vintage stack in 2025Q4 — DoorDash, Klarna, Unity, Instacart, PDD, and Figma now make up 95% of a $14B book.
Marcus ChenBasic Materials Sector 2025Q4: Where Active 13F Money Sits
The Basic Materials sector's 2025Q4 13F snapshot is bifurcated. Wheaton Precious Metals draws the deepest active-manager interest at $29B of reported institutional value; the second tier of metals, packaging, and steel names trails materially. This research piece maps the sponsorship.
Marcus ChenGeneration IM Q4 2025: 33-Name Quality Book, MSFT at 14%
Al Gore's Generation Investment Management reported $14.42B at Q4 2025 across just 33 positions. MSFT at 13.85% and DHR at 12.05% define the book — sustainability lens applied to quality compounders, not pure-play clean energy.
Marcus ChenPoint72 Q4 2025: $89B AUM Jump, Tech-Heavy Book with ETF Hedges
Steve Cohen's Point72 reported $89.42B at Q4 2025 — up 49.6% QoQ on a position count jump from 2,263 to 3,862. Tech-heavy book stapled to $4.5B in SPY + QQQ ETF hedges.
Marcus ChenWhy First Eagle Just Put $16.6B in One MSTR Convert
First Eagle Investment Management's Q1 2026 13F lists a $16.59B position in MicroStrategy's zero-coupon 2029 convertible notes — 21.95% of the $75.57B portfolio. The equity book underneath remains the classic First Eagle value tape. The convertible is a layered, separable bet, and reading the filing requires treating it as two distinct portfolios under one CIK.
Marcus ChenAdage Capital's $66B Q4: 905 Holdings, Mega-Cap Anchored
Adage Capital Partners filed Q4 2025 at $66.08B across 905 positions. The top 10 sums to 33.2% of the book and reads like an S&P 500 mega-cap pull. The active expression lives in the 895-name tail — a structural feature of how the fund is built, not a bug.
Marcus ChenAlkeon Capital Q4 2025: $63B Rebuild, 47% in SPY+QQQ
Alkeon Capital Management filed its Q4 2025 13F at $63.13B — an 83.7% rebound from Q3's $34.36B. The headline number isn't the AUM swing. It's that SPY and QQQ together account for 47.03% of the entire reported portfolio. The active book underneath tells a quieter and more specific story about semis, cloud, and AI capex.
Marcus ChenGreenhaven Q4 2025: GM Cut 34%, Baxter +70%, SLB New
Edgar Wachenheim's Greenhaven Associates ran a 30-stock $6.17B book in Q4 2025. The quarter: GM share count cut 34%, Baxter shares up 70%, SLB initiated, four homebuilders still anchor the top five.
Marcus ChenGeneral Atlantic Q4 2025: Chime +38%, Akero Exit, Biotech Adds
General Atlantic's Q4 2025 13F runs 13 names and $2.87B — a thin slice of a much larger PE book. The quarter's signal: Chime added 38%, Akero exited, biotech deepens, Webull near-zero.
Marcus ChenPineStone Q4 2025: 43 Names, $16.1B AUM, Compounder Bias
PineStone Asset Management ran a 43-stock $16.09B book in Q4 2025 with TSM, GOOGL, and MSFT at the apex. The quarter's tape: rotation into GOOGL and Moody's, a 19.8% trim of AutoZone.
Marcus ChenMirae Asset Q4 2025: A $36B Korean Tech-Heavy Global Book
Mirae Asset Global Investments — Korea's largest asset manager — reported a $36.04B US-listed equity book in its Q4 2025 13F, anchored by a 7.4% Nvidia position, a 5.5% Apple stake, and an unusually dense semiconductor sleeve totaling roughly 15% of disclosed AUM across NVDA, AVGO, AMD, TSM, MU, TXN, LRCX, and QCOM.
Marcus ChenWindacre Doubled to $9.3B in 2025Q4: Top Bets Are ROP, FNF, AMZN
Windacre Partnership LLC reports a $9.32B long-equity book in 2025Q4, up 109.8% from a 6-position $4.44B cash-heavy stance in 2025Q3. The new 13-position portfolio is led by Roper, Fidelity National Financial, and Amazon, with no single position above 15% — a quality-focused construction we unpack against the broader hedge fund universe.
Marcus ChenAltimeter Capital 2025Q4: 23% NVDA Bet, Top Four Are 58% of Book
Brad Gerstner's Altimeter Capital reported $6.66B in 2025Q4 13F value across just 18 positions, with NVIDIA at 22.68% of book and the top four positions accounting for 57.91% of AUM. We unpack the concentration profile, the AUM swing pattern, and how Altimeter compares to the focused-tech peer set.
Marcus ChenThoma Bravo's Q1 2026 13F Is 95.5% SailPoint — and Nothing Else
Thoma Bravo's Q1 2026 13F is the cleanest single-position post-IPO retained-equity disclosure of the cycle: 95.5% in SailPoint (SAIL), with N-able and ServiceTitan filling the rest.
Marcus ChenCarlyle's Q1 2026 13F Is a PE Exit Pipeline in Plain View
Carlyle Group's Q1 2026 13F is a $10.62B portfolio where Medline and StandardAero alone account for 99.0% of disclosed value. The filing is best read as a PE exit pipeline tracker, not a public-equity research book.
Marcus ChenVanguard UK 2026Q1: $115.74B First-File With AZN Tilt
Vanguard Asset Management Ltd, the UK-domiciled Vanguard sleeve, appears in our 13F dataset for the first time at $115.74B across 2,395 positions — with AstraZeneca wedged into the top 5 alongside NVDA and AAPL.
Marcus ChenAllianz Asset Mgmt 2025Q4: $99B Book Anchored on IVV ETF
Allianz Asset Management GmbH's 2025Q4 13F runs $98.88B across 3,553 positions, anchored on IVV at 6.16%. NVDA 5.05% is the largest single-stock active overweight.
Marcus ChenSanders Capital 2025Q4: 44 Holdings, $87B AUM, AI Stack Bets
Lewis Sanders's $86.82B fund runs 44 deep with GOOG/TSM at 22.7% of book. The 2025Q4 13F implicitly bets AI economic rent lives at foundry, search, and storage, not training.
Marcus ChenPRIMECAP's $132B Contrarian Book: LLY 7.5% Anchors Q1
PRIMECAP filed $132.11B for Q4 2025 across just 319 positions — an 8-quarter low. Eli Lilly anchors the book at 7.54% as healthcare conviction reaches 14.6% of the portfolio ahead of the May 15 13F.
Marcus Chen