13F seasons · Q3 2025
Q3 2025 13F season: what concentrated managers added and dropped
Summary of the Sep 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
- AbivaxABVX+19 (10→29)
21 opened · 2 exited = +19 · already held it: 5 added, 3 trimmed · net flow +$351M
- AlphabetGOOGL+15 (220→235)
22 opened · 7 exited = +15 · already held it: 37 added, 92 trimmed · net flow +$4.3 bn
- BroadcomAVGO+14 (93→107)
19 opened · 4 exited · 1 fewer with no comparable data = +14 · already held it: 25 added, 40 trimmed · net flow +$994M
- Union PacificUNP+13 (53→66)
17 opened · 5 exited · 1 more with no comparable data = +13 · already held it: 14 added, 9 trimmed · net flow +$2.7 bn
- SynopsysSNPS+12 (33→45)
17 opened · 5 exited = +12 · already held it: 10 added, 13 trimmed · net flow +$1.8 bn
- UBER TechnologiesUBER+11 (78→89)
15 opened · 4 exited = +11 · already held it: 27 added, 26 trimmed · net flow +$229M
- NVIDIANVDA+9 (177→186)
15 opened · 6 exited = +9 · already held it: 49 added, 75 trimmed · net flow −$771M
- Taiwan Semiconductor ManufacturingTSM+9 (136→145)
14 opened · 5 exited = +9 · already held it: 32 added, 61 trimmed · net flow −$3.1 bn
- TeslaTSLA+9 (54→63)
11 opened · 2 exited = +9 · already held it: 16 added, 14 trimmed · net flow +$341M
- Alibaba Group HoldingBABA+9 (46→55)
12 opened · 3 exited = +9 · already held it: 10 added, 18 trimmed · net flow −$119M
- RedditRDDT+9 (12→21)
9 opened · 0 exited = +9 · already held it: 5 added, 6 trimmed · net flow −$34.7M
- PepgenPEPG+9 (3→12)
10 opened · 1 exited = +9 · already held it: 1 added, 1 trimmed · net flow +$102M
- SnowflakeSNOW+8 (21→29)
10 opened · 2 exited = +8 · already held it: 5 added, 5 trimmed · net flow +$393M
- MongodbMDB+8 (10→18)
11 opened · 3 exited = +8 · already held it: 5 added, 2 trimmed · net flow +$838M
- WIXWIX+8 (9→17)
10 opened · 3 exited · 1 more with no comparable data = +8 · already held it: 4 added, 2 trimmed · net flow +$67.7M
Stocks most managers dropped
- AdobeADBE-19 (76→57)
2 opened · 21 exited = −19 · already held it: 14 added, 20 trimmed · net flow −$538M
- UnitedHealth GroupUNH-15 (101→86)
9 opened · 24 exited = −15 · already held it: 29 added, 24 trimmed · net flow −$2.0 bn
- ProgressivePGR-8 (48→40)
1 opened · 9 exited = −8 · already held it: 11 added, 11 trimmed · net flow +$8.2M
- MastercardMA-7 (153→146)
2 opened · 9 exited = −7 · already held it: 28 added, 46 trimmed · net flow −$538M
- Eli LillyLLY-7 (88→81)
3 opened · 11 exited · 1 more with no comparable data = −7 · already held it: 21 added, 19 trimmed · net flow −$1.8 bn
- WorkdayWDAY-7 (33→26)
1 opened · 8 exited = −7 · already held it: 6 added, 10 trimmed · net flow −$338M
- DatadogDDOG-7 (23→16)
2 opened · 9 exited = −7 · already held it: 4 added, 5 trimmed · net flow −$949M
- Moonlake ImmunotherapeuticsMLTX-7 (12→5)
1 opened · 8 exited = −7 · already held it: 0 added, 3 trimmed · net flow −$80.7M
- Kinder MorganKMI-6 (28→22)
0 opened · 6 exited = −6 · already held it: 8 added, 4 trimmed · net flow +$6.8M
- DraftkingsDKNG-6 (18→12)
2 opened · 8 exited = −6 · already held it: 4 added, 2 trimmed · net flow −$271M
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: Berkshire Hathaway, Coatue, Soros Fund and 1 more · 1 new position
▼ selling: Bill Ackman, Seth Klarman, Terry Smith and 5 more
- Meta PlatformsMETA
▲ buying: Stanley Druckenmiller, Dan Loeb, Coatue and 5 more · 2 new positions
▼ selling: Tiger Global, Lone Pine, Terry Smith and 1 more
- MicrosoftMSFT
▲ buying: Dan Loeb, Coatue, Viking Global and 2 more · 1 new position
▼ selling: Stanley Druckenmiller, Gates Foundation Trust, Lone Pine and 3 more · 1 full exit
- Amazon.comAMZN
▲ buying: Stanley Druckenmiller, Soros Fund · 1 new position
▼ selling: David Tepper, Coatue, Viking Global and 4 more · 2 full exits
▲ buying: Stanley Druckenmiller
▼ selling: Berkshire Hathaway, Viking Global, Giverny Capital and 1 more · 1 full exit
▲ buying: Lone Pine
▼ selling: Stanley Druckenmiller, Coatue, Terry Smith and 1 more · 2 full exits
- VisaV
▲ buying: Viking Global, ValueAct, Chris Hohn and 1 more
▼ selling: Akre Capital
- Walt DisneyDIS
▲ buying: Viking Global, Soros Fund · 1 new position
▼ selling: ValueAct, Nick Train, Steve Cohen · 1 full exit
- AppleAAPL
▲ buying: Soros Fund, Ken Griffin, Joel Greenblatt
▼ selling: Berkshire Hathaway
- DanaherDHR
▲ buying: Dan Sundheim
▼ selling: Dan Loeb, Akre Capital, Steve Cohen
Agree on buying
Two or more bought it and none sold.
▲ buying: Seth Klarman, Dan Loeb, Bill Nygren · 3 new positions
- BroadcomAVGO
▲ buying: Lone Pine, Dan Sundheim, Steve Cohen · 2 new positions
- SeaSE
▲ buying: Lone Pine, Ray Dalio, Dan Sundheim · 2 new positions
- BILL HoldingsBILL
▲ buying: Starboard Value, Paul Singer · 2 new positions
- Core ScientificCORZ
▲ buying: Dan Loeb, Howard Marks · 2 new positions
- NetflixNFLX
▲ buying: Tiger Global, Viking Global · 2 new positions
- SLMSLM
▲ buying: Michael Burry, Glenn Greenberg · 1 new position
▲ buying: Soros Fund, Joel Greenblatt
Agree on selling
Two or more sold it and none bought.
- NVIDIANVDA
▼ selling: Coatue, Viking Global, Dragoneer and 1 more · 1 full exit
- Liberty BroadbandLBRDK
▼ selling: Seth Klarman, Soros Fund, Paul Singer · 3 full exits
- D.R. HortonDHI
▼ selling: Viking Global, Glenn Greenberg, Dan Sundheim · 2 full exits
▼ selling: Stanley Druckenmiller, Viking Global, Dragoneer · 2 full exits
- Eli LillyLLY
▼ selling: Stanley Druckenmiller, Tiger Global · 2 full exits
▼ selling: Viking Global, Akre Capital · 1 full exit
- BlockXYZ
▼ selling: Viking Global, Dragoneer · 1 full exit
- EntegrisENTG
▼ selling: Stanley Druckenmiller, Dan Sundheim · 1 full exit
- Berkshire HathawayBRK/B
▼ selling: Gates Foundation Trust, Tom Russo
- CBRE GroupCBRE
▼ selling: ValueAct, Bill Nygren
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.
- Blacksheep Fund ManagementopenedTransDigm Group43.0%
- Prime Capital ManagementopenedTesla38.5%
- Aequim Alternative InvestmentsopenedState Str Spdr S&P 500 ETF T34.9%
- Thiel MacroopenedMicrosoft34.1%
- Thiel MacroopenedApple27.1%
- Brilliance Asset ManagementopenedAlphabet24.7%
- Lind Value II ApSopenedCharter Communications22.9%
- Prime Capital ManagementopenedNVIDIA19.8%
- Oldfield Partners LLPopenedNOV19.7%
- Foursixthree CapitalopenedEchoStar18.1%
- Vision One Management PartnersopenedHexcel17.3%
- Gladstone Capital Management LLPopenedAlphabet16.8%
- Breach Inlet Capital ManagementopenedStride16.6%
- Brilliance Asset ManagementopenedONTO Innovation15.1%
- High Ground Investment Management LLPopenedAerCap Holdings15.0%
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.