What institutional investors did with their portfolios in 2025 Q4. Data from SEC 13F filings across 500+ tracked funds.
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
| NOMURA HOLDINGS INC | ECHOSTAR CORP | $19.2B | +25.6% | 98 |
| Carlyle Group Inc. | MEDLINE INC C | $9B | +66.7% | 100 |
| VANGUARD GROUP INC | TOTALENERGIES SE | $5.3B | +0.1% | 44 |
| NATIXIS | VANGUARD INDEX FDS | $5.2B | +18.4% | 98 |
| Walleye Capital LLC | ISHARES TR | $4.5B | +13.9% | 98 |
| Capital International Investors | TOTALENERGIES SE | $3.4B | +0.5% | 62 |
| Amundi | ALIBABA GROUP HLDG LTD | $2.9B | +0.8% | 62 |
| MARSHALL WACE, LLP | VANGUARD INDEX FDS | $2.9B | +2.6% | 83 |
| DEUTSCHE BANK AG\ | TOTALENERGIES SE | $2.6B | +0.9% | 62 |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | TOTALENERGIES SE | $2.6B | +0.9% | 62 |
Positions completely sold this quarter, ranked by previous value.
| Fund | Stock | Previous Value |
|---|---|---|
| SOFTBANK GROUP CORP. | NVIDIA Corp | $6B |
| PUBLIC INVESTMENT FUND | Take-Two Interactive Software Inc | $2.9B |
| VANGUARD GROUP INC | KELLANOVA | $2.7B |
| BlackRock, Inc. |
Funds increasing positions into price weakness — contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | CAESARS ENTERTAINMENT INC NE | +2.5Mx | -15.6% | 3,853,658,288 |
| BlackRock, Inc. | HYPERSCALE DATA INC C | +221.7Kx | -57.8% | 1,281,045,422 |
| BARCLAYS PLC | TENAYA THERAPEUTICS INC C |
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | Meta Platforms Inc | New | $1.8B | 100 |
| Pentwater Capital Management LP | Boeing Co/The | Increased |
This quarter's top-ranked fund: UBS Group AG
Top 5 winners and losers by estimated P&L.
We publish a new Smart Money Report every quarter. Subscribe to get it delivered the day it drops.
No spam. Unsubscribe anytime. One email per quarter.
Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer
| KELLANOVA |
| $2.5B |
| WELLINGTON MANAGEMENT GROUP LLP | UNILEVER PLC | $2.1B |
| BlackRock, Inc. | MR COOPER GROUP INC | $1.8B |
| Jefferies Financial Group Inc. | VANGUARD WORLD FD | $1.7B |
| KEYBANK NATIONAL ASSOCIATION/OH | KELLANOVA | $1.6B |
| CANADA PENSION PLAN INVESTMENT BOARD | INFORMATICA INC | $1.6B |
| VANGUARD GROUP INC | MR COOPER GROUP INC | $1.4B |
| +185.0Kx |
| -55.7% |
| 1,030,379,747 |
| Clear Street Group Inc. | OCEANPAL INC C | +665.6Kx | -15.2% | 1,011,771,280 |
| MORGAN STANLEY | FIDELITY WISE ORIGIN BITCOIN | +346.3Kx | -23.3% | 807,125,030 |
| NATIONAL BANK OF CANADA /FI/ | Etsy Inc | +279.0Kx | -25.5% | 712,231,266 |
| PEAK6 LLC | Coinbase Global Inc | +181.5Kx | -30.7% | 556,506,312 |
| UBS Group AG | ANGEL STUDIOS INC C | +289.0Kx | -15.7% | 453,879,314 |
| BARCLAYS PLC | LINEAGE CELL THERAPEUTICS IN | +348.5Kx | -10.6% | 369,925,754 |
| BARCLAYS PLC | MICROBOT MED INC C | +59.4Kx | -35.9% | 213,382,500 |
| $1.4B |
100 |
| Corient Private Wealth LLC | Microsoft Corp | Increased | $5.2B | 100 |
| SRS Investment Management, LLC | Netflix Inc | Increased | $1.4B | 100 |
| AXIOM INVESTORS LLC /DE | Alphabet Inc | Increased | $1.1B | 100 |
| Carlyle Group Inc. | MEDLINE INC C | New | $9B | 100 |
| H&H International Investment, LLC | NVIDIA Corp | Increased | $1.3B | 100 |
| EDGEWOOD MANAGEMENT LLC | Netflix Inc | Increased | $1.1B | 100 |
| Pentwater Capital Management LP | Kenvue Inc | Increased | $978.4M | 100 |
| Pentwater Capital Management LP | Electronic Arts Inc | Increased | $2.2B | 100 |