Research & Analysis

Mariner rebuilt around Microsoft, Lam Research, Alphabet, Costco, and Bitcoin exposure, with 65 new positions in a single quarter.

JPMorgan rotated into names like LITE and RKLB while slashing broad ETFs and cyclical winners, producing one of the cleanest 39-for-39 resets in the mega-filer group.

Goldman opened 51 positions, dropped 51 more, and paired a 769% Netflix increase with fresh Fox exposure, signaling a deliberate media and rates-sensitive reshuffle.

Bank of America opened 32 positions, exited 32 more, and lifted Netflix 831% while dialing back SPY, HYG, and other blunt beta tools.

Three giant 13F filings point to the same conclusion: market leadership is so concentrated that the overlap between passive giants has become the baseline every active manager must be measured against.

State Street's latest 13F mirrors the passive giants where it should, but the new-position list and rapid jumps in Netflix and ServiceNow still offer useful clues about where benchmark pressure was strongest.

FMR's latest 13F is still huge, but unlike the passive giants it shows sharper concentration, a 51-position reset, and a top holding in NVIDIA worth more than 10% of the disclosed book.

Vanguard's latest 13F shows massive moves in Netflix and ServiceNow, but the main signal is still how benchmark-heavy capital keeps concentrating in the same market leaders.

BlackRock's latest 13F shows massive increases in Netflix and ServiceNow, but the filing reads less like a stock-picking manifesto and more like a map of benchmark gravity at enormous scale.

Susquehanna International Group filed Q4 2025 with $868.03B in AUM — making it the 10th largest 13F filer. But its options-heavy, market-making DNA sets it apart from traditional asset managers.

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.

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.

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.

Wick, Mengis, Nuveen, Amundi, and Stenger Family Office all filed large Q4 2025 books, but they used very different structures to express risk.

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.

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.

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.

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.

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.

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.