Quarterly Insights
Cross-fund analysis of latest 13F filings (Q2 2026 vs Q1 2026) across 99 concentrated fundamental managers — Buffett, Munger, Akre, Pabrai, Pershing, Tepper, Atreides, Daily Journal, Greenoaks, Fairholme, Tiger Cubs, etc. Excludes multi-strat / quant / passive. 97 of 99 have filed for Q2 2026; the rest are compared at their most recent filing.
New Initiators — Q2 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 |
|---|---|---|---|---|---|
| SPCX | SPACE EXPLORATION TECHN CORP | 6 | 23.4% | $28.84B | Capricorn Investment G… (91.8%), Atreides Management, L… (32.6%), Coatue Management LLC (6.5%) +2 more |
| CBRS | CEREBRAS SYSTEMS INC | 4 | 7.0% | $4.65B | Altimeter Capital Mana… (16.2%), Atreides Management, L… (5.9%), Coatue Management LLC (3.2%) +1 more |
| META | META PLATFORMS INC | 4 | 6.5% | $1.51B | Hound Partners LLC (11.8%), Atreides Management, L… (6.3%), CAS Investment Partner… (4.1%) +1 more |
| NBIS | NEBIUS GROUP N.V. | 3 | 6.6% | $2.46B | Lone Pine Capital LLC (7.2%), Hound Partners LLC (6.4%), Situational Awareness … (6.1%) |
| AMAT | APPLIED MATLS INC | 3 | 3.6% | $1.44B | Lone Pine Capital LLC (5.3%), Egerton Capital (UK) L… (3.6%), Altimeter Capital Mana… (1.9%) |
| SPGI | S&P GLOBAL INC | 3 | 3.9% | $1.12B | Pershing Square Capita… (5.4%), Triple Frond Partners … (4.2%), Semper Augustus Invest… (2.1%) |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 3 | 3.5% | $877M | Fundsmith LLP (4.0%), Greenoaks Capital Part… (3.3%), Soros Fund Management … (3.1%) |
| MA | MASTERCARD INCORPORATED | 2 | 5.2% | $1.73B | Pershing Square Capita… (5.6%), Fundsmith LLP (4.7%) |
| NFLX | NETFLIX INC. | 2 | 4.2% | $1.43B | Pershing Square Capita… (4.8%), Fundsmith LLP (3.7%) |
| CCL | CARNIVAL CORP LTD | 2 | 13.7% | $1.30B | Hound Partners LLC (14.7%), Causeway Capital Manag… (12.7%) |
| GEV | GE VERNOVA INC | 2 | 2.8% | $712M | Fundsmith LLP (3.5%), Polen Capital Manageme… (2.0%) |
| TTMI | TTM TECHNOLOGIES INC | 2 | 2.6% | $607M | Lone Pine Capital LLC (3.1%), Third Point LLC (2.0%) |
| WBD | WARNER BROS DISCOVERY INC | 2 | 6.5% | $593M | Third Point LLC (11.4%), Greenlight Capital (DM… (1.5%) |
| SNOW | SNOWFLAKE INC | 2 | 2.0% | $474M | Maverick Capital Ltd (2.2%), Whale Rock Capital Man… (1.8%) |
| ACN | Accenture Plc (ACN) | 2 | 3.8% | $442M | Greenhaven Associates … (4.9%), Torray LLC (2.8%) |
| APP | APPLOVIN CORP | 2 | 2.1% | $361M | Fundsmith LLP (2.6%), Greenhaven Road Invest… (1.6%) |
| AAL | AMERICAN AIRLINES GROUP INC | 2 | 2.5% | $243M | Sound Shore Management… (3.3%), Appaloosa LP (1.8%) |
| ZTS⚠ | ZOETIS, INC. | 2 | 2.5% | $129M | Tweedy Browne Co LLC (3.0%), Smead Capital Manageme… (1.9%) |
| VGNT | VERSIGENT PLC | 2 | 2.5% | $101M | Atlantic Investment Ma… (2.6%), Greenlight Capital (DM… (2.5%) |
Exits — Q2 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 |
|---|---|---|---|---|---|
| CTRA | Coterra Energy, Inc. | 2 | 4.3% | $1.38B | Davis Selected Adviser… (6.0%), Sound Shore Management… (2.5%) |
| CUKPF | CARNIVAL CORP | 2 | 13.2% | $1.08B | Hound Partners LLC (14.6%), Causeway Capital Manag… (11.8%) |
| VST | VISTRA CORP | 2 | 4.5% | $1.01B | Lone Pine Capital LLC (7.4%), Atreides Management, L… (1.6%) |
| COF | CAPITAL ONE FINL CORP | 2 | 4.7% | $519M | CAS Investment Partner… (6.0%), Lone Pine Capital LLC (3.3%) |
| ZTS⚠ | ZOETIS INC | 2 | 3.2% | $472M | Fundsmith LLP (3.6%), Wedgewood Partners Inc (2.8%) |
| RBLX | ROBLOX CORP | 2 | 2.6% | $335M | Atreides Management, L… (2.7%), Whale Rock Capital Man… (2.6%) |
| SATS | ECHOSTAR CORP | 2 | 4.0% | $124M | NIGHTVIEW CAPITAL, LLC (5.6%), Atreides Management, L… (2.3%) |
| CDW | CDW CORP | 2 | 7.1% | $31M | Makaira Partners LLC (10.7%), Wedgewood Partners Inc (3.6%) |
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 |
|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp | Capricorn Investment Group LLC | 91.8% | $20.64B | 12 |
| CVNA | CARVANA CO CL A | CAS Investment Partners LLC | 78.8% | $1.48B | 10 |
| JOE | ST JOE CO | Fairholme Capital Management LLC | 76.4% | $1.14B | 0 |
| BRK.B | Berkshire Hathaway | Check Capital Management Inc/CA | 68.6% | $2.57B | 26 |
| CVNA | CARVANA CO | Greenoaks Capital Partners LLC | 59.6% | $1.40B | 10 |
| IEP | Icahn Enterprises LP | ICAHN CARL C | 54.0% | $4.46B | 0 |
| LOAR | LOAR HOLDINGS INC | Abrams Capital Management, L.P. | 47.1% | $2.58B | 0 |
| GPI | GROUP 1 AUTOMOTIVE INC | Conifer Management LLC | 46.4% | $282M | 1 |
| WFC | Wells Fargo & Co | Daily Journal Corp | 45.5% | $117M | 14 |
| BAC | Bank of America Corp | Daily Journal Corp | 44.4% | $114M | 15 |
| HCC | WARRIOR MET COAL INC | Dalal Street, LLC | 43.3% | $142M | 2 |
| BRK.A | BERKSHIRE HATHAWAY INC DEL | Punch Card Management L.P. | 42.4% | $109M | 16 |
| AAPL | APPLE INC | H&H International Investment, LLC | 41.0% | $7.84B | 25 |
| GE | GE Aerospace | Trian Fund Management, L.P. | 35.6% | $1.51B | 9 |
| BRK.B | BERKSHIRE HATHAWAY INC DEL | Aquamarine Zurich AG | 33.9% | $49M | 26 |
| GE | GE AEROSPACE | TCI Fund Management Ltd | 33.6% | $17.73B | 9 |
| IBKR | INTERACTIVE BROKERS GROUP IN | Oakcliff Capital Partners LP | 33.4% | $90M | 6 |
| SPCX | SPACE EXPLORATION TECHN CORP | Atreides Management, LP | 32.6% | $4.67B | 12 |
| AMZN | AMAZON.COM INC | AltaRock Partners LLC | 32.2% | $1.37B | 43 |
| JHG | Janus Henderson Group plc | Trian Fund Management, L.P. | 31.5% | $1.33B | 0 |
| TSLA | TESLA INC | NIGHTVIEW CAPITAL, LLC | 31.2% | $42M | 11 |
| RIG | TRANSOCEAN LTD | Dalal Street, LLC | 30.5% | $100M | 1 |
| EQH | EQUITABLE HLDGS INC | Conifer Management LLC | 30.4% | $184M | 4 |
| CVNA | CARVANA CO | RV Capital GmbH | 30.3% | $116M | 10 |
| BRK.A | BERKSHIRE HATHAWAY INC DEL | Chou Associates Management Inc. | 29.7% | $64M | 16 |
| SNDK | SANDISK CORP | Situational Awareness LP | 28.0% | $5.67B | 4 |
| MU | MICRON TECHNOLOGY INC | Situational Awareness LP | 27.5% | $5.57B | 9 |
| TDG | TRANSDIGM GROUP INC | AltaRock Partners LLC | 27.5% | $1.17B | 6 |
| CROX | CROCS INC | Punch Card Management L.P. | 27.2% | $70M | 6 |
| SNX | TD SYNNEX CORPORATION | Abrams Bison Investments, LLC | 26.4% | $540M | 3 |
| AMR | ALPHA METALLURGICAL RESOUR I | Dalal Street, LLC | 26.1% | $85M | 0 |
| FICO | FAIR ISAAC CORP | Valley Forge Capital Management LP | 25.8% | $803M | 6 |
| GOOGL | ALPHABET INC | Himalaya Capital Management LLC | 24.6% | $909M | 41 |
| BRK.B | BERKSHIRE HATHAWAY INC DEL | H&H International Investment, LLC | 24.2% | $4.62B | 26 |
| CVI | CVR Energy Inc | ICAHN CARL C | 23.7% | $1.96B | 0 |
| GOOG | ALPHABET INC | Himalaya Capital Management LLC | 23.4% | $866M | 34 |
| VFC | V F CORP | Engaged Capital LLC | 23.1% | $75M | 1 |
| PDD | PDD HOLDINGS INC | Himalaya Capital Management LLC | 22.2% | $821M | 3 |
| AAPL | APPLE INC | Berkshire Hathaway Inc | 22.0% | $65.95B | 25 |
| ORLA | ORLA MINING LTD | Fairfax Financial Holdings Ltd | 21.6% | $568M | 2 |