--- title: "Fundamental Analysis Methodology - Institutional Holdings Strategy" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/38769928.md" description: "The previous issue introduced how to analyze a company's fundamentals by tracking institutional holdings through 13F filings. This issue continues the discussion on institutional holding strategies, which will help us understand the shareholding structure of institutional shareholders and also familiarize us with the techniques of institutional portfolio holdings. The Q4 13F filing deadline has just passed. The SEC requires institutions with assets exceeding $100 million to disclose both long and call/put option positions, so the information we can obtain is quite comprehensive. Again, using BMNR as an example, I'll share my analysis framework..." datetime: "2026-02-18T12:20:33.000Z" locales: - [en](https://longbridge.com/en/topics/38769928.md) - [zh-CN](https://longbridge.com/zh-CN/topics/38769928.md) - [zh-HK](https://longbridge.com/zh-HK/topics/38769928.md) author: "[lyhalfway](https://longbridge.com/zh-CN/profiles/3372973.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/38769928.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38769928.md) # Fundamental Analysis Methodology - Institutional Holdings Strategy The previous issue introduced how to analyze a company's fundamentals by tracking institutional holdings through 13F filings. This issue continues the discussion on institutional holding strategies, which helps us understand the shareholding structure of institutional shareholders and familiarize ourselves with their portfolio holding techniques. The Q4 13F filing deadline has just passed. The SEC requires institutions with assets over $100 million to disclose both their long stock positions and their call/put option positions, so the information we can obtain is quite comprehensive. Using BMNR as an example again, I'll share my analytical framework. As shown in the chart of BMNR's institutional holdings exceeding 1 million shares, I will analyze from two dimensions: institution type and holding strategy. 1\. Classification by Institution Type: Which Institutions are Dominant 1\. Prime Brokers and Hedge Funds Representative Institutions: Clear Street Group (+14.31M shares), Hudson Bay (+2.14M shares), Millennium Management (+1.19M shares) Key Actions: Clear Street increased its holdings from 2.88M shares in Q3 to 17.2M shares, becoming the absolute largest holder. This indicates dozens of aggressive mid-sized hedge funds collectively went long on BMNR through Clear Street's channel in Q4. Institutional Preference: Extremely high preference for volatility and momentum; these are the main drivers of stock price fluctuations. 2\. Investment Banks and Wealth Management Representative Institutions: Morgan Stanley (+2.5M shares), Goldman Sachs (+4.46M shares), Bank of America (+2.98M shares), UBS (+1.1M shares) Key Actions: Morgan Stanley (12.19M shares): the largest named long. Bank of America's new position of 3.16M shares represents long-term allocation by high-net-worth clients. Goldman Sachs (5.22M shares): while buying the stock, also allocated 2.5M Put options for protection, a typical risk-hedged long position. Institutional Preference: Preference for certainty, using portfolio strategies to achieve hedging. 3\. Structured Product Issuers Representative Institutions: Marex Group (+8.5M shares), Bank of Montreal (BMO) (+1.37M shares) Holding Strategy: Marex (10.02M shares) is the counterparty to the 2x leveraged ETF (BMNU). As long as retail investors buy the ETF, it must buy the underlying stock. BMO holds 2.49M shares of stock + 2.45M Put options (1:1 ratio), which is the underlying asset for a typical principal-protected wealth management product. Institutional Preference: Mechanical hedging, risk-free arbitrage. 4\. Volatility Market Makers Representative Institutions: Susquehanna (SIG), Citadel Advisors, Jane Street, Cantor Fitzgerald Holding Strategy: SIG reduced its stock position (-4.3M shares) but saw a surge in option positions (12.92M Call / 11.51M Put), focusing on option volatility trading. Citadel increased its stock position (+3.4M shares) while holding a large number of options, showing more confidence in liquidity than SIG. Institutional Preference: Gamma trading, not betting on direction, but betting on amplitude. 5\. Actively Managed Funds Representative Institution: ARK Holding Strategy: During the weak Q4 market, ARK increased its position by 27% to 9.45M shares against the trend. Institutional Preference: Preference for **disruptive innovation** and **long-term exponential growth**. 6\. Passive Index Funds Representative Institutions: BlackRock (+5.64M shares), Vanguard (+1.88M shares), State Street, Geode Holding Strategy: BlackRock and Vanguard increased their holdings based on Russell index weight adjustments. Institutional Preference: Market-cap weighted; the higher the stock price, the more they buy. 7\. Retreating Active Funds Representative Institutions: FMR LLC (Fidelity) (-2.61M shares), Pantera (-920k shares) Holding Strategy: Fidelity's reduction may indicate traditional fund managers believe the valuation is too high. Institutional Preference: Valuation sensitive. II. Classification by Holding Characteristics: Analysis of Holding Strategies 1\. Stock Only Typical Institutions: Clear Street, Morgan Stanley, ARK, BlackRock, Vanguard, Marex Holding Characteristics: Massive stock positions, no option protection. High-Conviction Long: e.g., ARK and Clear Street believe the reward far outweighs the risk; ETF Mandatory Allocation: e.g., Marex (leveraged ETF) and BlackRock (index ETF). 2\. Stock + Put Hedge Typical Institutions: Goldman Sachs (2:1), Bank of America, Bank of Montreal (1:1), Mirae (1:1) Holding Characteristics: Holding the stock while buying Put options to hedge risk. 1:1 (BMO): "Structured principal-protected notes," a wealth product for conservative wealthy individuals ensuring no loss of principal. 2:1 (Goldman): "Aggressive long with insurance." Goldman's heavy position of 5M shares indicates extreme bullishness on the future market; buying Puts is only to guard against a Crypto black swan. 3\. Stock + Call + Put Typical Institutions: Citadel, Jane Street Holding Characteristics: Large holdings in stock, Calls, and Puts. Market makers use the stock to dynamically hedge the risk of their options. Earning the Spread: As long as trading is active, they make money. They provide liquidity and are the market's lubricant. 4\. Minimal Stock + Massive Options Typical Institution: Susquehanna (SIG) Holding Characteristics: Only 3.38M shares of stock, but a total of 24M option contracts (12.9M Calls / 11.5M Puts). Pure Volatility Bet: SIG doesn't need to tie up cash buying stock; it dominates the market through synthetic positions. Impact: It is the primary market maker in the options market; its holdings determine the options' Max Pain point. 5\. Low Stock + High Puts Typical Institution: Cantor Fitzgerald Holding Characteristics: Cantor holds 1.4M shares of stock + 5.12M Put options. Cantor holds a massive number of Puts; it may have sold a large volume of bullish structures to clients over-the-counter (OTC) and needs to buy Puts on the exchange to hedge. 6\. Low Stock + Increased Calls Typical Institution: BIT Capital Holding Characteristics: Sold stock, bought Calls (1.19M contracts). Leveraging a small position for a large potential gain, aiming for higher Gamma explosive power. We can see that BMNR has attracted top-tier investment banks, market makers, and ETF funds, which lays the foundation for liquidity. However, the high speculative nature of market makers and hedge funds has turned the company into a chip for Wall Street to bet on volatility, resulting in its Beta coefficient being far higher than its peers. In contrast, the shareholder structure of a mature company is typically like a pyramid: index funds at the bottom, long-term mutual funds (sovereign wealth funds, etc.) in the middle, and pension/insurance funds at the top. The prerequisite for these long-term funds to enter is the company's inclusion in mainstream indices like the Nasdaq, S&P 500, or Russell 2000, which will be the company's future development direction. 13F data is public, and it's convenient to organize the data with AI. Everyone can refer to this framework to analyze companies they are interested in. I hope this is helpful. Wishing all stock investors a Happy New Year! 🎉 ### 相关股票 - [BlackRock (BLK.US)](https://longbridge.com/zh-CN/quote/BLK.US.md) - [UBS Group AG (UBS.US)](https://longbridge.com/zh-CN/quote/UBS.US.md) - [Morgan Stanley (MS.US)](https://longbridge.com/zh-CN/quote/MS.US.md) - [BitMine Immersion Tech (BMNR.US)](https://longbridge.com/zh-CN/quote/BMNR.US.md) - [Clear Street (CLRS.US)](https://longbridge.com/zh-CN/quote/CLRS.US.md) - [Marex (MRX.US)](https://longbridge.com/zh-CN/quote/MRX.US.md) - [Bank of Montreal (BMO.US)](https://longbridge.com/zh-CN/quote/BMO.US.md) - [Goldman Sachs (GS.US)](https://longbridge.com/zh-CN/quote/GS.US.md) - [Signet (SIG.US)](https://longbridge.com/zh-CN/quote/SIG.US.md) - [State Street (STT.US)](https://longbridge.com/zh-CN/quote/STT.US.md) - [BITMINE IMMERSION TECNOLOGIES INC (BMNRD.US)](https://longbridge.com/zh-CN/quote/BMNRD.US.md) - [Fidelity National Information (FIS.US)](https://longbridge.com/zh-CN/quote/FIS.US.md) - [Bank of America (BAC.US)](https://longbridge.com/zh-CN/quote/BAC.US.md) - [BlackRock 2037 Municipal Target Term Trust (BMN.US)](https://longbridge.com/zh-CN/quote/BMN.US.md) - [GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A (GS-A.US)](https://longbridge.com/zh-CN/quote/GS-A.US.md) - [GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C (GS-C.US)](https://longbridge.com/zh-CN/quote/GS-C.US.md) - [GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D (GS-D.US)](https://longbridge.com/zh-CN/quote/GS-D.US.md) - [STATE STREET CORPORATION DEP SHS REP 1/4000 PER PFD NON CUM SER G (STT-G.US)](https://longbridge.com/zh-CN/quote/STT-G.US.md) - [MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A' (MS-A.US)](https://longbridge.com/zh-CN/quote/MS-A.US.md) - [MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E (MS-E.US)](https://longbridge.com/zh-CN/quote/MS-E.US.md) - [MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX (MS-F.US)](https://longbridge.com/zh-CN/quote/MS-F.US.md) - [MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I (MS-I.US)](https://longbridge.com/zh-CN/quote/MS-I.US.md) - [MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K (MS-K.US)](https://longbridge.com/zh-CN/quote/MS-K.US.md) - [MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L (MS-L.US)](https://longbridge.com/zh-CN/quote/MS-L.US.md) - [MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O (MS-O.US)](https://longbridge.com/zh-CN/quote/MS-O.US.md) - [MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P (MS-P.US)](https://longbridge.com/zh-CN/quote/MS-P.US.md) - [MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q (MS-Q.US)](https://longbridge.com/zh-CN/quote/MS-Q.US.md) - [BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG (BAC-B.US)](https://longbridge.com/zh-CN/quote/BAC-B.US.md) - [BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E' (BAC-E.US)](https://longbridge.com/zh-CN/quote/BAC-E.US.md) - [BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH (BAC-K.US)](https://longbridge.com/zh-CN/quote/BAC-K.US.md) - [BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L (BAC-L.US)](https://longbridge.com/zh-CN/quote/BAC-L.US.md) - [BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK (BAC-M.US)](https://longbridge.com/zh-CN/quote/BAC-M.US.md) - [BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL (BAC-N.US)](https://longbridge.com/zh-CN/quote/BAC-N.US.md) - [BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN (BAC-O.US)](https://longbridge.com/zh-CN/quote/BAC-O.US.md) - [BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25 (BAC-P.US)](https://longbridge.com/zh-CN/quote/BAC-P.US.md) - [BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ (BAC-Q.US)](https://longbridge.com/zh-CN/quote/BAC-Q.US.md) - [BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS (BAC-S.US)](https://longbridge.com/zh-CN/quote/BAC-S.US.md) - [BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25 (BML-G.US)](https://longbridge.com/zh-CN/quote/BML-G.US.md) - [BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2' (BML-H.US)](https://longbridge.com/zh-CN/quote/BML-H.US.md) - [BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25 (BML-J.US)](https://longbridge.com/zh-CN/quote/BML-J.US.md) - [BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5' (BML-L.US)](https://longbridge.com/zh-CN/quote/BML-L.US.md) - [BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066 (MER-K.US)](https://longbridge.com/zh-CN/quote/MER-K.US.md) ## 评论 (22) - **新用戶_TBG11 · 2026-02-22T23:11:24.000Z**: Detailed analysis, excellent! - **秋水扶贫 · 2026-02-20T02:33:32.000Z**: Happy New Year - **大鹅来了 · 2026-02-19T14:55:01.000Z**: Uncle, Happy New Year. I'd like to ask what price is recommended to open a position in PLTR. - **lyhalfway** (2026-02-19T15:26:45.000Z): Anything within 130 is fine. - **大鹅来了** (2026-02-19T15:27:16.000Z): Bought some at 131 and 134, I was in a hurry. - **有耐心+幸运 · 2026-02-18T17:48:21.000Z**: Bro, Peter liquidated his ETHzilla position. - **lyhalfway** (2026-02-19T05:19:54.000Z): ETHZ is not operating well and is going to be phased out. - **Lucra Li** (2026-02-19T11:12:09.000Z): I'd like to ask if Peter still hasn't liquidated half of his BMNR position? - **有耐心+幸运** (2026-02-19T12:48:06.000Z): Understood - ***烟火声* · 2026-02-18T15:49:34.000Z · 👍 1**: Very professional 🫡 - **輸棟樓的韭菜 · 2026-02-18T14:49:12.000Z**: After the 13F came out, are you a bit more interested in $Tempus AI(TEM.US)? - **lyhalfway** (2026-02-18T14:56:23.000Z): Didn't expect Google to hold so many shares. The institutional shareholder structure is quite healthy, with both speculative and long-term investors. - **二十八画生～ · 2026-02-18T14:48:51.000Z · 👍 1**: Happy New Year, thanks for sharing, Brother Yaren. - **Paul Joseph Goebbel · 2026-02-18T14:15:23.000Z · 👍 1**: Happy New Year, Uncle Yaren - **Ω骑墙派 · 2026-02-18T12:51:22.000Z · 👍 3**: If cryptocurrencies recover in the future, we'll have to thank the bear market for giving us the chance to pick up cheap chips. Good luck in the New Year, Brother Yaren! - **lyhalfway** (2026-02-18T13:05:00.000Z): It's a matter of time, it will reverse. - **风风 · 2026-02-18T12:38:38.000Z · 👍 1**: Happy New Year, Uncle Masato🎉 - **lyhalfway** (2026-02-18T12:40:32.000Z): Happy New Year🎉 - **Devin丶 · 2026-02-18T12:30:49.000Z · 👍 1**: Happy New Year!