13F seasons · Q2 2025
Q2 2025 13F season: what concentrated managers added and dropped
Summary of the Jun 30, 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
- OracleORCL+17 (67→84)
22 opened · 5 exited = +17 · already held it: 13 added, 27 trimmed · net flow +$1.5 bn
- NVIDIANVDA+13 (165→178)
22 opened · 9 exited = +13 · already held it: 69 added, 49 trimmed · net flow +$3.9 bn
- BroadcomAVGO+13 (74→87)
18 opened · 5 exited = +13 · already held it: 21 added, 32 trimmed · net flow +$2.1 bn
- SeaSE+13 (39→52)
16 opened · 3 exited = +13 · already held it: 11 added, 19 trimmed · net flow −$3.4M
- Meta PlatformsMETA+12 (200→212)
20 opened · 8 exited = +12 · already held it: 57 added, 72 trimmed · net flow −$2.2 bn
- UnitedHealth GroupUNH+11 (88→99)
32 opened · 20 exited · 1 fewer with no comparable data = +11 · already held it: 35 added, 21 trimmed · net flow +$5.7 bn
- Capital One FinancialCOF+9 (34→43)
13 opened · 4 exited = +9 · already held it: 13 added, 9 trimmed · net flow +$2.1 bn
- CytomX TherapeuticsCTMX+9 (3→12)
10 opened · 1 exited = +9 · already held it: 1 added, 1 trimmed · net flow +$121M
- AlphabetGOOG+8 (158→166)
12 opened · 4 exited = +8 · already held it: 29 added, 65 trimmed · net flow −$974M
- NetflixNFLX+8 (74→82)
11 opened · 3 exited = +8 · already held it: 19 added, 31 trimmed · net flow −$1.8 bn
- Nu HoldingsNU+8 (38→46)
9 opened · 1 exited = +8 · already held it: 19 added, 12 trimmed · net flow +$347M
- Coinbase GlobalCOIN+8 (12→20)
10 opened · 2 exited = +8 · already held it: 5 added, 2 trimmed · net flow +$318M
- Constellation EnergyCEG+7 (24→31)
7 opened · 0 exited = +7 · already held it: 10 added, 11 trimmed · net flow −$165M
- Marvell TechnologyMRVL+7 (17→24)
11 opened · 4 exited = +7 · already held it: 5 added, 4 trimmed · net flow +$448M
- CelesticaCLS+7 (9→16)
9 opened · 2 exited = +7 · already held it: 2 added, 5 trimmed · net flow +$110M
Stocks most managers dropped
- Alibaba Group HoldingBABA-11 (58→47)
3 opened · 15 exited · 1 more with no comparable data = −11 · already held it: 10 added, 21 trimmed · net flow −$1.5 bn
- Bristol-myers SquibbBMY-10 (42→32)
1 opened · 11 exited = −10 · already held it: 3 added, 13 trimmed · net flow −$310M
- Trip.com GroupTCOM-10 (25→15)
1 opened · 11 exited = −10 · already held it: 2 added, 9 trimmed · net flow −$515M
- RedditRDDT-8 (21→13)
2 opened · 10 exited = −8 · already held it: 7 added, 1 trimmed · net flow +$361M
- AlphabetGOOGL-7 (223→216)
10 opened · 17 exited = −7 · already held it: 58 added, 70 trimmed · net flow −$1.5 bn
- AdobeADBE-7 (80→73)
6 opened · 13 exited = −7 · already held it: 16 added, 30 trimmed · net flow −$1.9 bn
- PepsicoPEP-7 (72→65)
1 opened · 8 exited = −7 · already held it: 15 added, 21 trimmed · net flow −$80.5M
- PDD HoldingsPDD-7 (38→31)
1 opened · 8 exited = −7 · already held it: 15 added, 10 trimmed · net flow +$162M
- Apollo Global ManagementAPO-7 (30→23)
0 opened · 7 exited = −7 · already held it: 14 added, 5 trimmed · net flow −$68.5M
- MerckMRK-6 (69→63)
3 opened · 9 exited = −6 · already held it: 15 added, 13 trimmed · net flow +$11.0M
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.
- NVIDIANVDA
▲ buying: David Tepper, Dan Loeb, Coatue and 6 more · 1 new position
▼ selling: Viking Global, Ken Fisher
- Amazon.comAMZN
▲ buying: Bill Ackman, David Tepper, Dan Loeb and 6 more · 1 new position
▼ selling: Dan Sundheim
- Meta PlatformsMETA
▲ buying: Dan Loeb, Ray Dalio · 1 new position
▼ selling: David Tepper, Viking Global, ValueAct and 3 more
- IntuitINTU
▲ buying: Coatue, Terry Smith
▼ selling: Viking Global, Lone Pine, Dragoneer and 2 more · 2 full exits
- MicrosoftMSFT
▲ buying: Stanley Druckenmiller, Coatue, Ray Dalio and 2 more · 1 new position
▼ selling: Gates Foundation Trust, Terry Smith
▲ buying: David Tepper, Stanley Druckenmiller, Soros Fund and 1 more · 1 new position
▼ selling: Dan Loeb, Lone Pine, Prem Watsa
- AlphabetGOOGL
▲ buying: Bill Ackman, Seth Klarman, Ray Dalio and 1 more
▼ selling: David Tepper, Soros Fund
- PDD HoldingsPDD
▲ buying: Li Lu · 1 new position
▼ selling: David Tepper, Tiger Global, Dragoneer and 1 more · 2 full exits
▲ buying: Berkshire Hathaway, Michael Burry, David Tepper and 1 more · 3 new positions
▼ selling: Viking Global · 1 full exit
▲ buying: Dan Loeb, Glenn Greenberg, Dan Sundheim
▼ selling: Stanley Druckenmiller · 1 full exit
Agree on buying
Two or more bought it and none sold.
- BlockXYZ
▲ buying: David Tepper, Viking Global, Steve Cohen · 1 new position
- McDONALD’SMCD
▲ buying: Viking Global, Ken Griffin, Steve Cohen · 1 new position
- AirbnbABNB
▲ buying: Akre Capital, Cathie Wood, Bill Nygren
- SalesforceCRM
▲ buying: Starboard Value, Ray Dalio, Bill Nygren
- Mr. Cooper GroupCOOP
▲ buying: Dan Loeb, ValueAct · 2 new positions
▲ buying: Soros Fund, Ken Griffin · 1 new position
▲ buying: Michael Burry, Mason Hawkins · 1 new position
▲ buying: Dan Loeb, ValueAct · 1 new position
- S&P GlobalSPGI
▲ buying: Chris Hohn, Steve Cohen · 1 new position
- Berkshire HathawayBRK/B
▲ buying: Gates Foundation Trust, Semper Augustus
Agree on selling
Two or more sold it and none bought.
▼ selling: David Tepper, Coatue, Ray Dalio · 1 full exit
- RobloxRBLX
▼ selling: Dragoneer, ValueAct, Cathie Wood · 1 full exit
▼ selling: Bill Ackman, Dan Sundheim · 2 full exits
- AllstateALL
▼ selling: Viking Global, Nelson Peltz · 1 full exit
- AtlassianTEAM
▼ selling: Coatue, Dragoneer · 1 full exit
- JD.comJD
▼ selling: David Tepper, Howard Marks · 1 full exit
- CoupangCPNG
▼ selling: Stanley Druckenmiller, Dragoneer
- Oscar HealthOSCR
▼ selling: Dragoneer, Mason Hawkins
▼ selling: Stanley Druckenmiller, Terry Smith
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.
- Alpha Wave GlobalopenedQXO56.6%
- Alpine Investment ManagementopenedPDD Holdings45.1%
- Prime Capital ManagementopenedTaiwan Semiconductor Manufacturing36.1%
- Alpine Investment ManagementopenedFull Truck Alliance26.0%
- Himalaya Capital ManagementopenedPDD Holdings17.9%
- FifthdeltaopenedCummins17.5%
- Punch Card ManagementopenedCrocs17.4%
- Engine Capital ManagementopenedAvantor15.6%
- Punch Card ManagementopenedPayPal Holdings15.6%
- Foursixthree CapitalopenedCiena15.0%
- Alden Global CapitalopenedNVIDIA15.0%
- Khrom Capital ManagementopenedAmcor15.0%
- RIT Capital PartnersopenedMicrosoft14.8%
- Broad Peak Investment Advisers PteopenedMeta Platforms14.7%
- Drummond Knight Asset Management PtyopenedAlcoa14.3%
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.