Platforms Replaced the Market's Old Center of Gravity
Fifteen companies that led institutional portfolios at either end of the window, compared across it. Exxon Mobil, General Electric, Johnson & Johnson and Pfizer anchored reported value in 2013; Nvidia arrived from outside the leadership entirely and now sits first. The bars are shares of all reported stand-alone 13F value, so this is the market's center of gravity as institutions actually hold it, not as an index defines it.
What does it show?
The old center of gravity did not shrink — it was outgrown: the defensives' bars barely moved while the platforms' bars grew around them.
Methodology
Fifteen issuers that led reported institutional value at either endpoint are compared across the full window. Shares are of all stand-alone-report long value in that quarter; a near-zero bar means negligible or unmatched reported value, not a short position. The issuer set is fixed in advance from the leaders at both endpoints, so entrants and incumbents are shown on the same scale. Aggregation, amendment handling and unit conversion follow the capital-concentration chart. Form 13F covers reported long positions in U.S.-listed securities only: no short positions, cash, private assets, most foreign listings, or most derivatives. Reported value moves with prices as well as portfolio decisions. Issuer-name normalization cannot remove every filer abbreviation or corporate renaming. Obvious pooled products (index funds and ETFs) and option rows are excluded before aggregation.