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2023 Q4 Smart Money Report
What institutional investors did with their portfolios in 2023 Q4. Data from SEC 13F filings across 551+ tracked funds.
Updated December 31, 2023
Biggest New Positions
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
 BlackRock Finance, Inc. |  MICROSOFT CORP | $202.7B | +5.2% | 98 |
| BlackRock Finance, Inc. |  APPLE INC | $200.7B | +5.1% | 98 |
 STATE STREET CORP | APPLE INC | $112.8B | +5.5% | 98 |
| STATE STREET CORP | MICROSOFT CORP | $111.9B | +5.4% | 98 |
| BlackRock Finance, Inc. |  AMAZON COM INC | $95.3B | +2.4% | 83 |
| BlackRock Finance, Inc. |  NVIDIA CORPORATION | $89B | +2.3% | 83 |
| BlackRock Finance, Inc. |  ALPHABET INC | $58B | +1.5% | 73 |
| BlackRock Finance, Inc. |  META PLATFORMS INC | $55.8B | +1.4% | 73 |
| STATE STREET CORP | AMAZON COM INC | $52.4B | +2.5% | 83 |
| BlackRock Finance, Inc. |  ALPHABET INC | $50.1B | +1.3% | 73 |
Notable Exits
Positions completely sold this quarter, ranked by previous value.
| Fund | Stock | Previous Value |
|---|---|---|
 BAKER BROS. ADVISORS LP |  SEAGEN INC | $9.5B |
 MANUFACTURERS LIFE INSURANCE COMPANY, THE | CLCLOUDFLARE INC | $4.7B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | OKOKTA INC | $4B |
 PUBLIC INVESTMENT FUND |  ACTIVISION BLIZZARD INC | $3.5B |
 DODGE & COX |  VMWARE INC | $3.3B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | UNUNITY SOFTWARE INC | $3.2B |
| PEPentwater Capital Management LP | ACTIVISION BLIZZARD INC | $2.8B |
| PEPentwater Capital Management LP | SEAGEN INC | $2.7B |
 Capital World Investors |  BUNGE LIMITED | $2.2B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | UBUBER TECHNOLOGIES INC | $2.1B |
Top Double-Downs
Funds increasing positions into price weakness - contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
 Parallax Volatility Advisers, L.P. |  ENERGY SELECT SECTOR SPDR | +817.9Kx | -6.4% | 520,830,207 |
| KAKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC |  BJ'S WHOLESALE CLUB HOLDINGS | +376.9Kx | -6.6% | 248,702,123 |
 UBS Group AG |  PEDEVCO CORP | +100.8Kx | -23.8% | 239,491,485 |
 Point72 Asset Management, L.P. |  AMYLYX PHARMACEUTICALS INC | +59.8Kx | -19.6% | 117,268,062 |
 Russell Investments Group, Ltd. |  BABCOCK & WILCOX ENTERPRISES | +14.0Kx | -65.3% | 91,321,556 |
 Schonfeld Strategic Advisors LLC | ENERGY SELECT SECTOR SPDR | +44.0Kx | -6.4% | 28,043,596 |
 CITADEL ADVISORS LLC | YSYATSEN HLDG LTD | +7754x | -26.8% | 20,781,681 |
 NATIONAL BANK OF CANADA /FI/ |  MARAVAI LIFESCIENCES HLDGS I | +5100x | -34.5% | 17,593,706 |
| CITADEL ADVISORS LLC |  BRITISH AMERICAN TOB-SP ADR | +30.9Kx | -4.5% | 13,846,218 |
| Point72 Asset Management, L.P. |  LUCID GROUP INC | +5079x | -24.7% | 12,538,487 |
Highest Conviction Moves
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
| SCSCS Capital Management LLC |  VANGUARD INTERMEDIATE-TERM T | Increased | $1.1B | 100 |
 THOMA BRAVO, L.P. |  NASDAQ OMX GROUP/THE | New | $4.2B | 100 |
 Egerton Capital (UK) LLP | AMAZON.COM INC | Increased | $706.4M | 100 |
 BROOKFIELD Corp /ON/ |  BROOKFIELD CORP /CAD/ | Increased | $1.3B | 100 |
 TCI Fund Management Ltd | MICROSOFT CORP | New | $4B | 100 |
 Varma Mutual Pension Insurance Co |  ISHARES TR | Increased | $1.8B | 100 |
 Mubadala Investment Co PJSC |  GLOBALFOUNDRIES INC | New | $28.5B | 100 |
| SCSCS Capital Management LLC |  VANGUARD TOTAL STOCK MARKET VIPERS | Increased | $1B | 100 |
 Rafferty Asset Management, LLC |  ISHARES 20 PLUS YEAR TREASURY BD | Increased | $3.6B | 100 |
 EdgePoint Investment Group Inc. |  NORFOLK SOUTHERN CORP | Increased | $804.7M | 100 |
Fund Spotlight
This quarter's top-ranked fund: GREENLIGHT CAPITAL INC
AUM
$2B
Positions
40
Avg Conviction
25
Best & Worst Trades
Top 5 winners and losers by estimated P&L.
Top Winners
GPAEFSteward Partners Investment Advisory, LLCNVDABLACKROCK ADVISORS LLC
QNCXVanguard Global Advisers, LLCQNCXBelvedere Trading LLCQNCXVANGUARD CAPITAL MANAGEMENT LLCTop Losers
NVVEPrivate Advisor Group, LLC
RNAZMILLENNIUM MANAGEMENT LLC
EVFMSIMPLEX TRADING, LLC
FRCBCOMMONWEALTH EQUITY SERVICES, LLC
ATXINEW YORK STATE COMMON RETIREMENT FUNDCongress × 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