Mariner Investment Group’s Q4 2025 13F filing stands out for two reasons: the sheer scale of portfolio turnover (65 new positions in one quarter) and the placement of iShares Bitcoin Trust (IBIT) directly into the top 5.
The Numbers
| Metric | Value |
|---|---|
| AUM | $1.71T across 101 positions |
| New positions | 65 |
| Exits | 8 |
| Top-1 | MSFT at $166.4B (9.7%) |
| Top-5 weight | 36.0% |
| IBIT weight | 6.2% ($106.6B) |
The Barbell Structure
What makes this filing distinctive isn’t any single position — it’s the architecture:
Stable cash flow side: Microsoft (9.7%), Alphabet (6.4%), Costco (6.3%), Cisco (5.9%)
High-beta optionality side: IBIT / Bitcoin ETF (6.2%), NVIDIA (+397% shares), CoreWeave (+1,250%)
This is a portfolio explicitly designed for two scenarios: enterprise spending resilience AND risk-on crypto/AI upside.
The Semiconductor Stack
Mariner didn’t just buy NVIDIA. The semi allocation spans the full stack:
| Company | Role |
|---|---|
| Lam Research (#2 overall) | Fab equipment |
| NVIDIA (+397%) | GPU/AI chips |
| Texas Instruments | Analog/embedded |
| Intel | Legacy fab + foundry |
| CoreWeave (+1,250%) | AI cloud infrastructure |
That’s not a momentum chase — it’s a thesis across equipment, compute, and infrastructure.
What to Watch
- IBIT persistence: If it stays top-5 next quarter, this shifts from tactical to structural crypto allocation
- 65 new positions stability: A rebuild this aggressive usually sees some pruning in the following quarter
- NVIDIA follow-through: +397% begs the question of whether they keep building or take profits
Originally published at 13finsight.com
Top comments (0)