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2022 Q4 Smart Money Report
What institutional investors did with their portfolios in 2022 Q4. Data from SEC 13F filings across 551+ tracked funds.
Updated December 31, 2022
Biggest New Positions
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
 PRICE T ROWE ASSOCIATES INC /MD/ |  MICROSOFT CORP | $40.4B | +6.5% | 98 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  APPLE INC | $29.4B | +4.7% | 88 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  AMAZON COM INC | $18.4B | +3.0% | 83 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  UNITEDHEALTH GROUP INC | $16.9B | +2.7% | 83 |
 WELLINGTON MANAGEMENT GROUP LLP | MICROSOFT CORP | $15.3B | +3.1% | 88 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  ALPHABET INC | $13.5B | +2.2% | 83 |
| WELLINGTON MANAGEMENT GROUP LLP | UNITEDHEALTH GROUP INC | $12.7B | +2.5% | 83 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  VISA INC | $10.6B | +1.7% | 73 |
| WELLINGTON MANAGEMENT GROUP LLP |  PFIZER INC | $10.2B | +2.0% | 83 |
| PRICE T ROWE ASSOCIATES INC /MD/ |  ALPHABET INC | $10B | +1.6% | 73 |
Notable Exits
Positions completely sold this quarter, ranked by previous value.
| Fund | Stock | Previous Value |
|---|---|---|
 Optiver Holding B.V. | STSTATE STREET SPDR S&P 500 ETF | $39.8B |
| Optiver Holding B.V. | STSTATE STREET SPDR S&P 500 ETF | $32B |
 HARRIS ASSOCIATES L P | PEPELOTON INTERACTIVE INC | $13.5B |
| Optiver Holding B.V. | ININVESCO QQQ TRUST SERIES I | $5.6B |
 BROOKFIELD Corp /ON/ |  BROOKFIELD ASSET MANAGEMENT | $5.3B |
| Optiver Holding B.V. | ININVESCO QQQ TR | $4.2B |
| Optiver Holding B.V. | ISISHARES TR | $3.7B |
| Optiver Holding B.V. | TETESLA INC COM | $2.9B |
 MANUFACTURERS LIFE INSURANCE COMPANY, THE | ALALARM COM HLDGS INC | $2.8B |
| WPWINDACRE PARTNERSHIP LLC |  NIELSEN HLDGS PLC | $2.7B |
Top Double-Downs
Funds increasing positions into price weakness - contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
 NATIONAL BANK OF CANADA /FI/ |  ITAU UNIBANCO H-SPON PRF ADR | +1.3Mx | -6.8% | 922,440,997 |
| NATIONAL BANK OF CANADA /FI/ |  CARVANA CO | +22.2Kx | -78.0% | 173,148,699 |
 Parallax Volatility Advisers, L.P. |  AMPLIFY ETF TR | +74.9Kx | -18.6% | 139,184,214 |
| NATIONAL BANK OF CANADA /FI/ |  OPENDOOR TECHNOLOGIES INC | +8024x | -63.1% | 50,599,983 |
 FEDERATED HERMES, INC. |  CARRIAGE SERVICES INC | +30.8Kx | -13.9% | 43,002,856 |
| NATIONAL BANK OF CANADA /FI/ |  MARA HOLDINGS INC | +6016x | -68.3% | 41,055,186 |
 UBS Group AG |  HYCROFT MINING HOLDING CORP | +27.3Kx | -10.7% | 29,263,893 |
 Cubist Systematic Strategies, LLC |  ACM RESH INC | +7201x | -38.1% | 27,453,209 |
| FEDERATED HERMES, INC. |  ALLOGENE THERAPEUTICS INC | +6368x | -39.0% | 24,866,015 |
| NATIONAL BANK OF CANADA /FI/ |  MARAVAI LIFESCIENCES HLDGS I | +5280x | -43.7% | 23,078,031 |
Highest Conviction Moves
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
 MetLife Investment Management, LLC |  ISHARES IBOXX INVESTMENT GRA | Increased | $893.4M | 100 |
| SOSquarepoint Ops LLC |  ISHARES TR | Increased | $1.6B | 100 |
 HBK INVESTMENTS L P |  HORIZON THERAPEUTICS PLC | New | $520.7M | 100 |
 EXCHANGE TRADED CONCEPTS, LLC |  ISHARES 0-3 MONTH TREASURY B | Increased | $847.6M | 100 |
 KING STREET CAPITAL MANAGEMENT, L.P. |  VANGUARD S/T CORP BOND ETF | Increased | $341M | 100 |
 Winslow Capital Management, LLC | APPLE INC | Increased | $959.9M | 100 |
 CIBC WORLD MARKETS CORP | MICROSOFT CORP | Increased | $891.3M | 100 |
| WPWINDACRE PARTNERSHIP LLC |  VERISIGN INC | Increased | $312.3M | 100 |
| HBK INVESTMENTS L P |  STORE CAPITAL CORP | Increased | $368.1M | 100 |
 Carlyle Group Inc. |  MKS INC | Increased | $718.7M | 100 |
Best & Worst Trades
Top 5 winners and losers by estimated P&L.
Top Winners
GPAEFSteward Partners Investment Advisory, LLC
NVDABLACKROCK ADVISORS LLC
QNCXVanguard Global Advisers, LLCQNCXBelvedere Trading LLCQNCXROYAL BANK OF CANADATop Losers
FRCBCAISSE DE DEPOT ET PLACEMENT DU QUEBEC
EVFMUS BANCORP \DE\
TWNPQBANK OF AMERICA CORP /DE/
ADNHBALYASNY ASSET MANAGEMENT L.P.FRCBNORDEA INVESTMENT MANAGEMENT ABCongress × Smart Money Overlap
Stocks where members of Congress AND institutional investors both bought — disclosed in Q2 2026. 10 stocks overlapped this quarter.
| Stock | Congress | Funds |
|---|---|---|
 DVNDEVON ENERGY CORP | 1 members | 268 funds |
 TSLATESLA INC | 1 members | 229 funds |
 KVUEKENVUE INC | 1 members | 158 funds |
 SPGSIMON PROPERTY GROUP INC | 1 members | 156 funds |
 COOCOOPER COS INC/THE | 1 members | 150 funds |
 SPHRSPHERE ENTERTAINMENT CO | 1 members | 105 funds |
 TCBITEXAS CAPITAL BANCSHARES INC | 1 members | 104 funds |
 QNTQUANTINUUM INC | 1 members | 90 funds |
 MTNVAIL RESORTS INC | 1 members | 88 funds |
 FOURSHIFT4 PAYMENTS INC-CLASS A | 1 members | 70 funds |
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer