Updated May 1, 2026 · 460 articles
Research
Quarterly deep analysis of institutional holdings, hedge fund strategies, and market trends from SEC 13F filings.
Concentrated vs. Broad Whale Books: How Five Giant Filers Approached Q4 2025
A five-filer comparison shows why Berkshire looked like a conviction allocator while the giant diversified managers kept much broader top books in 2025Q4.
Marcus ChenPartners Value Investments Ran a 2025Q4 Filing That Was 92.9% Brookfield
Partners Value Investments L.P. reported a $10.70B book for 2025Q4 with BN and BAM absorbing nearly all of the economic weight. It is a useful example of how a corporate-family filing can still deliver a very strong concentration signal.
Marcus ChenH&H International Rebuilt a 2025Q4 Book Around a 50.3% Apple Weight
H&H International Investment, LLC ended 2025Q4 with $17.49B in 13F assets, and Apple alone represented 50.3% of the filing. The top five names took 89.5% of weight, making the quarter one of the sharper concentrated rebounds in the whale-score cohort.
Marcus ChenSaudi Arabia's Public Investment Fund Cut Down to a Two-Name Core in 2025Q4
Public Investment Fund's 2025Q4 filing shrank to five positions and concentrated 85.2% of assets in Uber and Electronic Arts. That makes the quarter more useful as a conviction map than as a broad market survey.
Marcus ChenNewlands Ran a 17-Stock Growth Book in Q4, With Meta Still at 33.3%
Newlands Management Operations LLC ended 2025Q4 with $19.40B in 13F assets and a very narrow growth stack led by Meta, Robinhood, and Alphabet. The top five names consumed 74.4% of the portfolio, leaving almost no room for filler positions.
Marcus ChenBrookfield Built a 2025Q4 Filing Where BAM Alone Took 77.4% of Weight
Brookfield Corp /ON/ reported an $80.76B 13F book for 2025Q4, and Brookfield Asset Management dominated the filing at 77.4% of weight. The remaining positions matter, but they read more like supporting pieces than co-equal bets.
Marcus ChenLilly Endowment Kept 100% of Its 13F Book in Eli Lilly in 2026Q1
Lilly Endowment reported an $84.52B 13F portfolio for 2026Q1, and every dollar of it still sat in Eli Lilly. The filing is unusually simple, which is exactly why it makes such a strong case study in institutional concentration.
Marcus Chen70 New Positions At Wellington, 41 At Capital World: The Q4 2025 Whale Rotation Scoreboard
The most useful 2025Q4 question was not just who owned the biggest stocks. It was which large managers rotated the hardest beneath the surface. This scoreboard compares four major 13F portfolios side by side.
Marcus ChenFour Whale Funds Put More Than $138B Into Broadcom In Q4 2025
Broadcom remained the clearest single-stock anchor across several major 13F portfolios in 2025Q4. The weight, not just the dollar total, explains why AVGO kept showing up at the top of institutional books.
Marcus ChenThree Whale Funds Held More Than $14B Of Netflix After Aggressive Q4 2025 Adds
Capital World Investors, Capital Research Global Investors, and Wellington all expanded Netflix exposure in 2025Q4. The combined value reached more than $14B, but the intensity of the adds differed sharply.
Marcus ChenFour Whale Funds Put Nearly $493B Into The AI Mega-Cap Five In Q4 2025
Across four major 13F managers, Apple, Microsoft, Nvidia, Broadcom, and Amazon absorbed nearly $493B of disclosed capital in 2025Q4. The basket was broad, but it was not evenly distributed.
Marcus ChenAmeriprise Q1 2025 Historical Ownership Review: The Diversified Base Before Later Growth Acceleration
AMERIPRISE FINANCIAL INC in 2025Q1 offers a cleaner historical baseline for understanding how the portfolio was positioned before later 2025 shifts became louder.
Marcus ChenInvesco Q1 2025 Historical Ownership Review: The Broad Book Before Later Tesla and Meta Reinforcement
Invesco Ltd. in 2025Q1 offers a cleaner historical baseline for understanding how the portfolio was positioned before later 2025 shifts became louder.
Marcus ChenWellington Management Q2 2025 Historical Ownership Review: The Pre-Rotation Snapshot Before Later Defensive Adds
WELLINGTON MANAGEMENT GROUP LLP's 2025Q2 filing provides a clean baseline for understanding how the portfolio was positioned before later 2025 quarter-end changes took more of the attention.
Marcus ChenCapital World Investors Q2 2025 Historical Ownership Review: The Broad Core Before Later Edge Rotation
Capital World Investors's 2025Q2 filing provides a clean baseline for understanding how the portfolio was positioned before later 2025 quarter-end changes took more of the attention.
Marcus ChenALLIANCEBERNSTEIN L.P. Q2 2025 Historical Ownership Review: What the Growth Book Looked Like Before Later AI Trims
ALLIANCEBERNSTEIN L.P.'s 2025Q2 filing provides a clean baseline for understanding how the portfolio was positioned before later 2025 quarter-end changes took more of the attention.
Marcus ChenBerkshire Hathaway Q2 2025 Historical Ownership Review: What the Portfolio Looked Like Before the 2025 Rebuild
BERKSHIRE HATHAWAY INC's 2025Q2 filing provides a clean baseline for understanding how the portfolio was positioned before later 2025 quarter-end changes took more of the attention.
Marcus ChenALLIANCEBERNSTEIN L.P. Q3 2025 Historical Ownership Review: What the Portfolio Looked Like Before Q4
ALLIANCEBERNSTEIN L.P.'s 2025Q3 filing offers a clean baseline for understanding how its better-known Q4 positioning evolved.
Marcus ChenCapital International Investors Q3 2025 Historical Ownership Review: What the Portfolio Looked Like Before Q4
Capital International Investors's 2025Q3 filing offers a clean baseline for understanding how its better-known Q4 positioning evolved.
Marcus Chen