Quarterly Insights
Cross-fund analysis of latest 13F filings (Q1 2026 vs Q4 2025) across ~50 concentrated fundamental managers — Buffett, Munger, Akre, Pabrai, Pershing, Tepper, Atreides, Daily Journal, Greenoaks, Fairholme, Tiger Cubs, etc. Excludes multi-strat / quant / passive.
New Initiators — Q1 2026
Stocks where 2+ concentrated managers went 0 → position last quarter, each at ≥1.5% of their book. Cross-fund consensus on a new idea.
| Ticker | Issuer | # New Buyers | Avg Conviction | Combined $ | Top Managers |
|---|---|---|---|---|---|
| SUNB | Sunbelt Rentals Holdings, Inc. | 4 | 5.5% | $4.20B | Dorsey Asset Managemen… (11.4%), Gardner Russo & Quinn … (4.7%), AKO Capital LLP (4.1%) +1 more |
| GOOGL | ALPHABET INC | 2 | 2.0% | $757M | Third Point LLC (2.4%), TCI Fund Management Lt… (1.6%) |
| LIN | LINDE PLC | 2 | 4.2% | $741M | Egerton Capital (UK) L… (5.9%), Maverick Capital Ltd (2.4%) |
| META | META PLATFORMS INC | 2 | 2.1% | $659M | Third Point LLC (2.5%), Viking Global Investor… (1.7%) |
| ICLR | ICON Plc | 2 | 5.3% | $401M | Brave Warrior Advisors… (8.2%), Sound Shore Management… (2.3%) |
Exits — Q1 2026
Stocks where 2+ concentrated managers fully exited from prior ≥1.5% positions. Cross-fund consensus on stepping away.
| Ticker | Issuer | # Exits | Avg Conviction | $ Dropped | Top Managers |
|---|---|---|---|---|---|
| MSFT | MICROSOFT CORP | 4 | 7.6% | $5.61B | Bill & Melinda Gates F… (10.5%), Egerton Capital (UK) L… (9.2%), Third Point LLC (6.2%) +1 more |
| GOOGL | ALPHABET INC | 3 | 4.1% | $1.17B | Ruane Cunniff & Goldfa… (7.3%), Duquesne Family Office… (2.7%), Altimeter Capital Mana… (2.4%) |
| GOOG | ALPHABET INC | 3 | 5.6% | $938M | Ruane Cunniff & Goldfa… (7.1%), Dorsey Asset Managemen… (5.9%), NIGHTVIEW CAPITAL, LLC (3.8%) |
| BABA | ALIBABA GROUP HLDG LTD | 3 | 5.5% | $525M | NIGHTVIEW CAPITAL, LLC (12.6%), H&H International Inve… (2.1%), Third Point LLC (1.7%) |
| CRM | Salesforce, Inc. | 3 | 3.2% | $369M | Starboard Value LP (4.7%), Sound Shore Management… (3.2%), MAR VISTA INVESTMENT P… (1.8%) |
Hidden High-Conviction Bets
Positions where one concentrated manager has >15% of their entire book on a single stock. The crown-jewel bets where a fundamental manager is genuinely all-in. Often outside the consensus club.
| Ticker | Issuer | Manager | % of Book | Position | # Other Holders |
|---|---|---|---|---|---|
| CVNA | CARVANA CO | CAS Investment Partners LLC | 81.7% | $1.43B | 8 |
| JOE | ST JOE CO | Fairholme Capital Management LLC | 79.7% | $1.21B | 0 |
| BRK.A | BERKSHIRE HATHAWAY INC DEL | Punch Card Capital LP | 72.6% | $0M | 11 |
| CVNA | CARVANA CO | Greenoaks Capital Partners LLC | 57.5% | $1.32B | 8 |
| IEP | Icahn Enterprises LP | ICAHN CARL C | 48.5% | $4.15B | 0 |
Continue through the complete quarterly signal set
Pro includes every initiator cluster, exit wave, and high-conviction single-name bet—not only the first five results.