13F seasons · Q1 2025
Q1 2025 13F season: what concentrated managers added and dropped
Summary of the Mar 31, 2025 portfolios of concentrated managers: a group defined by the shape of the portfolio (5 to 100 stocks, at least 45% in the top 10 and low turnover), not by size or fame. It includes small firms and filers with an unverified type, and each one counts the same. Further down, separately, the 47 hand-picked well-known investors. Definition.
Stocks most managers added
- Meta PlatformsMETA+13 (180→193)
20 opened · 8 exited · 1 more with no comparable data = +13 · already held it: 54 added, 83 trimmed · net flow −$5.1 bn
- Alibaba Group HoldingBABA+9 (47→56)
17 opened · 8 exited = +9 · already held it: 11 added, 14 trimmed · net flow +$983M
- Lam ResearchLRCX+8 (25→33)
11 opened · 3 exited = +8 · already held it: 9 added, 6 trimmed · net flow +$753M
- Somnigroup InternationalSGI+8 (17→25)
7 opened · 0 exited · 1 more with no comparable data = +8 · already held it: 8 added, 5 trimmed · net flow +$1.2 bn
- Flutter EntertainmentFLUT+7 (31→38)
8 opened · 1 exited = +7 · already held it: 17 added, 8 trimmed · net flow +$747M
- MongodbMDB+7 (8→15)
11 opened · 4 exited = +7 · already held it: 1 added, 3 trimmed · net flow +$434M
- Solid BiosciencesSLDB+7 (4→11)
7 opened · 0 exited = +7 · already held it: 3 added, 0 trimmed · net flow +$82.5M
- Core Natural ResourcesCNR+7 (3→10)
7 opened · 0 exited = +7 · already held it: 2 added, 1 trimmed · net flow +$79.5M
- Seagate Technology HoldingsSTX+7 (3→10)
7 opened · 0 exited = +7 · already held it: 1 added, 2 trimmed · net flow +$192M
- Charles SchwabSCHW+6 (39→45)
9 opened · 3 exited = +6 · already held it: 10 added, 13 trimmed · net flow +$403M
- Becton, DickinsonBDX+6 (35→41)
8 opened · 2 exited = +6 · already held it: 12 added, 15 trimmed · net flow +$1.1 bn
- SharkninjaSN+6 (18→24)
7 opened · 1 exited = +6 · already held it: 7 added, 7 trimmed · net flow +$74.7M
- Zeta Global HoldingsZETA+6 (2→8)
6 opened · 0 exited = +6 · already held it: 1 added, 1 trimmed · net flow +$94.5M
- Home DepotHD+5 (67→72)
6 opened · 2 exited · 1 more with no comparable data = +5 · already held it: 15 added, 24 trimmed · net flow −$76.6M
- SynopsysSNPS+5 (34→39)
7 opened · 3 exited · 1 more with no comparable data = +5 · already held it: 14 added, 13 trimmed · net flow +$687M
Stocks most managers dropped
- AlphabetGOOGL-15 (225→210)
9 opened · 26 exited · 2 more with no comparable data = −15 · already held it: 57 added, 67 trimmed · net flow −$2.9 bn
- MicrosoftMSFT-13 (270→257)
4 opened · 18 exited · 1 more with no comparable data = −13 · already held it: 86 added, 86 trimmed · net flow −$17.6M
- AlphabetGOOG-12 (157→145)
2 opened · 14 exited = −12 · already held it: 24 added, 67 trimmed · net flow −$2.4 bn
- BroadcomAVGO-11 (78→67)
8 opened · 21 exited · 2 more with no comparable data = −11 · already held it: 26 added, 20 trimmed · net flow −$1.4 bn
- TeslaTSLA-10 (58→48)
3 opened · 14 exited · 1 more with no comparable data = −10 · already held it: 11 added, 22 trimmed · net flow −$684M
- Marvell TechnologyMRVL-10 (28→18)
4 opened · 14 exited = −10 · already held it: 3 added, 7 trimmed · net flow −$632M
- First SolarFSLR-10 (19→9)
0 opened · 9 exited · 1 fewer with no comparable data = −10 · already held it: 4 added, 4 trimmed · net flow −$41.1M
- SalesforceCRM-9 (77→68)
6 opened · 17 exited · 2 more with no comparable data = −9 · already held it: 25 added, 24 trimmed · net flow +$89.6M
- State Str Spdr S&P 500 ETF TSPY-8 (71→63)
3 opened · 11 exited = −8 · already held it: 13 added, 27 trimmed · net flow −$546M
- UnitedHealth GroupUNH-7 (91→84)
6 opened · 12 exited · 1 fewer with no comparable data = −7 · already held it: 26 added, 28 trimmed · net flow −$1.4 bn
Ordered by the net change in the number of managers holding the stock (those who opened minus those who exited), not by dollars or shares: a stock can rank first with more new holders while most of those who already held it are trimming. “Already held it” shows that on each row. “No comparable data”: managers whose previous-quarter portfolio we cannot compare (first 13F, or they did not file that quarter), plus spin-offs and corporate exits (mergers, delistings). They change the count without being a clean buy or sale. It is a net figure: “more” when more of them enter the count than leave it, “fewer” when it is the other way round.
“Net flow”: shares added minus shares cut, in dollars, at the 13F quarter-end implied price, not each trade's price. It can have the opposite sign to the change in managers.
Well-known investors: where they agree and where they don't
A different group from the one above: the 47 investors with their own page on the site, hand-picked. Their moves of 0.5 points of the portfolio or more this quarter, grouped by stock. They appear under the person's name when the page carries it and under the firm's name otherwise; the 13F is always the firm's.
Split
Some bought what others sold: the same stock, two opposite reads.
- AlphabetGOOGL
▲ buying: Bill Ackman, Seth Klarman
▼ selling: Bill Ackman, Li Lu, Coatue and 5 more · 1 full exit
- Meta PlatformsMETA
▲ buying: David Tepper, Viking Global, ValueAct and 1 more · 1 new position
▼ selling: Dan Loeb, Lone Pine, Terry Smith and 2 more · 2 full exits
- MicrosoftMSFT
▲ buying: Tiger Global, Lone Pine, Chris Hohn and 1 more
▼ selling: David Tepper, Dan Loeb, Viking Global and 1 more
- Amazon.comAMZN
▲ buying: Lone Pine, Joel Greenblatt
▼ selling: Stanley Druckenmiller, Dan Loeb, Steve Cohen and 1 more
▲ buying: Coatue, Ray Dalio
▼ selling: Michael Burry, David Tepper, Soros Fund · 2 full exits
▲ buying: Viking Global, Dan Sundheim · 1 new position
▼ selling: Berkshire Hathaway, Li Lu, Ken Griffin
- PDD HoldingsPDD
▲ buying: Tiger Global
▼ selling: Michael Burry, David Tepper, Dragoneer and 1 more · 2 full exits
▲ buying: Stanley Druckenmiller, Viking Global, Glenn Greenberg · 2 new positions
▼ selling: Bill Nygren
- JD.comJD
▲ buying: Ray Dalio · 1 new position
▼ selling: Michael Burry, David Tepper, Soros Fund · 1 full exit
- NVIDIANVDA
▲ buying: Dan Loeb, Tiger Global, Viking Global · 1 new position
▼ selling: Steve Cohen
Agree on buying
Two or more bought it and none sold.
▲ buying: Stanley Druckenmiller, Soros Fund, Lone Pine
▲ buying: Starboard Value, Dan Sundheim · 2 new positions
▲ buying: David Tepper, Viking Global · 2 new positions
▲ buying: John Paulson, Steve Cohen · 2 new positions
- CarvanaCVNA
▲ buying: Viking Global, Lone Pine · 1 new position
- GE VernovaGEV
▲ buying: Tiger Global, Ray Dalio · 1 new position
Agree on selling
Two or more sold it and none bought.
▼ selling: Stanley Druckenmiller, Coatue, Lone Pine and 1 more · 3 full exits
- QualcommQCOM
▼ selling: David Tepper, Tiger Global, Coatue · 2 full exits
- Oscar HealthOSCR
▼ selling: Michael Burry, Dragoneer, Mason Hawkins · 1 full exit
- Berkshire HathawayBRK/B
▼ selling: Gates Foundation Trust, Semper Augustus, Tom Russo
▼ selling: David Einhorn, Mason Hawkins, Bill Nygren
- RobloxRBLX
▼ selling: Dragoneer, ValueAct, Cathie Wood
- PTCPTC
▼ selling: Lone Pine, Dan Sundheim · 2 full exits
- Sunrise CommunicationsSNNRF
▼ selling: Seth Klarman, Howard Marks · 2 full exits
- WorkdayWDAY
▼ selling: Dan Loeb, Lone Pine · 2 full exits
▼ selling: Soros Fund, Ken Griffin · 1 full exit
New positions worth 5% or more of the portfolio
Positions a concentrated manager did not hold the previous quarter that are already 5% or more of its portfolio. Stocks with fewer than three quarters in 13F filings are left out (recent IPOs and mergers, where the “purchase” may have been earlier and private), as are transfers between entities of the same manager.
- Rubicon Global Capitalopenedmonday.com46.9%
- Alpine Investment ManagementopenedJOYY39.0%
- Broad Peak Investment Advisers PteopenedUnity Software32.1%
- Thiel MacroopenedASML Holding29.6%
- Trivest AdvisorsopenedAlibaba Group Holding25.0%
- Artia Global PartnersopenedEli Lilly23.0%
- Drummond Knight Asset Management PtyopenedFreeport-McMoRan20.8%
- Thiel MacroopenedMicrosoft19.3%
- Pershing Square Capital ManagementopenedUBER Technologies18.5%
- ATLAS Infrastructure Partners (UK)openedConsolidated Edison17.9%
- Pale Fire CapitalopenedBarrick Mining17.6%
- Tyro Capital ManagementopenedEstablishment Labs Holdings16.2%
- Thiel MacroopenedVistra Operations16.0%
- Oldfield Partners LLPopenedLear15.7%
- Alfreton Capital LLPopenedCloudflare15.4%
The Q3 2026 season builds itself in your account
Follow the managers you care about and see their new 13F filings in Following as they come in.
Source: 13F filings with the SEC, filed up to 45 days after quarter end. Not investment advice.