13F seasons · Q4 2025
Q4 2025 13F season: what concentrated managers added and dropped
Summary of the Dec 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
- AlphabetGOOGL+21 (230→251)
28 opened · 7 exited = +21 · already held it: 35 added, 123 trimmed · net flow −$4.5 bn
- Amazon.comAMZN+17 (276→293)
24 opened · 8 exited · 1 more with no comparable data = +17 · already held it: 77 added, 109 trimmed · net flow +$156M
- Taiwan Semiconductor ManufacturingTSM+14 (148→162)
17 opened · 3 exited = +14 · already held it: 40 added, 73 trimmed · net flow −$2.2 bn
- Rocket CompaniesRKT+13 (15→28)
14 opened · 1 exited = +13 · already held it: 9 added, 3 trimmed · net flow +$1.6 bn
- Advanced Micro DevicesAMD+9 (48→57)
13 opened · 4 exited = +9 · already held it: 5 added, 25 trimmed · net flow −$517M
- BroadcomAVGO+8 (113→121)
13 opened · 5 exited = +8 · already held it: 35 added, 55 trimmed · net flow −$460M
- AmphenolAPH+8 (40→48)
7 opened · 0 exited · 1 more with no comparable data = +8 · already held it: 6 added, 27 trimmed · net flow −$112M
- MerckMRK+7 (69→76)
11 opened · 4 exited = +7 · already held it: 10 added, 21 trimmed · net flow +$31.1M
- DoorDashDASH+7 (33→40)
10 opened · 3 exited = +7 · already held it: 18 added, 4 trimmed · net flow +$2.1 bn
- CoherentCOHR+7 (16→23)
10 opened · 3 exited = +7 · already held it: 3 added, 8 trimmed · net flow +$160M
- NVIDIANVDA+6 (198→204)
14 opened · 8 exited = +6 · already held it: 66 added, 81 trimmed · net flow +$1.4 bn
- Eli LillyLLY+6 (85→91)
11 opened · 5 exited = +6 · already held it: 12 added, 32 trimmed · net flow −$1.2 bn
- DanaherDHR+6 (73→79)
9 opened · 4 exited · 1 more with no comparable data = +6 · already held it: 17 added, 32 trimmed · net flow −$200M
- S&P GlobalSPGI+6 (57→63)
7 opened · 1 exited = +6 · already held it: 26 added, 11 trimmed · net flow +$569M
- AccentureACN+6 (49→55)
9 opened · 3 exited = +6 · already held it: 14 added, 21 trimmed · net flow +$1.0 bn
Stocks most managers dropped
- OracleORCL-15 (88→73)
9 opened · 24 exited = −15 · already held it: 11 added, 34 trimmed · net flow −$1.4 bn
- FiservFISV-15 (50→35)
10 opened · 24 exited · 1 fewer with no comparable data = −15 · already held it: 8 added, 14 trimmed · net flow −$401M
- Flutter EntertainmentFLUT-14 (40→26)
4 opened · 17 exited · 1 fewer with no comparable data = −14 · already held it: 10 added, 7 trimmed · net flow −$1.3 bn
- Meta PlatformsMETA-13 (226→213)
9 opened · 22 exited = −13 · already held it: 69 added, 78 trimmed · net flow −$3.0 bn
- WIXWIX-13 (19→6)
1 opened · 13 exited · 1 fewer with no comparable data = −13 · already held it: 1 added, 3 trimmed · net flow −$334M
- UnitedHealth GroupUNH-11 (91→80)
1 opened · 13 exited · 1 more with no comparable data = −11 · already held it: 24 added, 35 trimmed · net flow −$260M
- ZoetisZTS-11 (46→35)
2 opened · 14 exited · 1 more with no comparable data = −11 · already held it: 10 added, 14 trimmed · net flow −$110M
- Marvell TechnologyMRVL-10 (28→18)
2 opened · 10 exited · 2 fewer with no comparable data = −10 · already held it: 4 added, 6 trimmed · net flow −$251M
- UBER TechnologiesUBER-9 (87→78)
6 opened · 15 exited = −9 · already held it: 28 added, 27 trimmed · net flow −$56.7M
- PayPal HoldingsPYPL-9 (43→34)
1 opened · 10 exited = −9 · already held it: 5 added, 14 trimmed · net flow −$549M
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.
- Amazon.comAMZN
▲ buying: Bill Ackman, Stanley Druckenmiller, Seth Klarman and 6 more · 3 new positions
▼ selling: Berkshire Hathaway, David Tepper, Dan Loeb and 2 more
- AlphabetGOOGL
▲ buying: David Tepper, Stanley Druckenmiller, Viking Global · 1 new position
▼ selling: Bill Ackman, Seth Klarman, Terry Smith and 5 more
- Meta PlatformsMETA
▲ buying: Bill Ackman, David Tepper, ValueAct and 1 more · 1 new position
▼ selling: Stanley Druckenmiller, Dan Loeb, Viking Global and 4 more · 4 full exits
- MicrosoftMSFT
▲ buying: Coatue, Viking Global, Soros Fund
▼ selling: Tiger Global, Gates Foundation Trust, Terry Smith and 1 more
▲ buying: Soros Fund, Ken Griffin, Steve Cohen
▼ selling: Stanley Druckenmiller, Dan Loeb, Tiger Global
- FiservFISV
▲ buying: Seth Klarman, Bill Nygren
▼ selling: David Tepper, Giverny Capital, Ray Dalio · 3 full exits
- SeaSE
▲ buying: Stanley Druckenmiller, Dan Sundheim, Steve Cohen
▼ selling: Lone Pine, Howard Marks · 2 full exits
- DanaherDHR
▲ buying: Dan Loeb
▼ selling: Viking Global, Akre Capital, Dan Sundheim · 1 full exit
- VisaV
▲ buying: Viking Global, ValueAct
▼ selling: Akre Capital, Terry Smith
- Walt DisneyDIS
▲ buying: Giverny Capital, Dan Sundheim
▼ selling: ValueAct, Nick Train
Agree on buying
Two or more bought it and none sold.
▲ buying: Dan Loeb, Coatue, Dan Sundheim and 1 more · 2 new positions
- EntegrisENTG
▲ buying: Stanley Druckenmiller, Lone Pine, Dan Sundheim · 2 new positions
- CoupangCPNG
▲ buying: Stanley Druckenmiller, Tiger Global, Dragoneer
- NVIDIANVDA
▲ buying: Dragoneer, Ray Dalio, Ken Griffin
▲ buying: Seth Klarman, Dan Loeb, Bill Nygren
▲ buying: Soros Fund, Starboard Value · 2 new positions
- IsharesEWY
▲ buying: David Tepper, Stanley Druckenmiller · 2 new positions
- ProgressivePGR
▲ buying: Dan Loeb, Viking Global · 2 new positions
- Deckers OutdoorDECK
▲ buying: David Einhorn, Semper Augustus · 1 new position
- DoorDashDASH
▲ buying: Coatue, Lone Pine · 1 new position
Agree on selling
Two or more sold it and none bought.
▼ selling: Viking Global, Lone Pine, Terry Smith and 1 more · 2 full exits
▼ selling: Berkshire Hathaway, Stanley Druckenmiller, Dan Sundheim and 1 more · 1 full exit
- Primo BrandsPRMB
▼ selling: Dan Loeb, Viking Global, Dan Sundheim · 3 full exits
▼ selling: Dan Loeb, Soros Fund, Lone Pine · 2 full exits
- AppLovinAPP
▼ selling: Tiger Global, Lone Pine, Dan Sundheim
- EQTEQT
▼ selling: Stanley Druckenmiller, Lone Pine · 2 full exits
▼ selling: Stanley Druckenmiller, Bill Nygren · 1 full exit
- EchoStarECHO
▼ selling: Carl Icahn, Howard Marks · 1 full exit
- IntuitINTU
▼ selling: Coatue, Dev Kantesaria · 1 full exit
▼ selling: David Tepper, Cathie Wood
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.
- Brilliance Asset ManagementopenedPDD Holdings26.5%
- FifthdeltaopenedAxalta Coating Systems19.2%
- Browning WestopenedCooper Companies19.2%
- Finance DncaopenedTotalEnergies17.3%
- Blacksheep Fund ManagementopenedMicrosoft16.6%
- Defender CapitalopenedBerkshire Hathaway16.4%
- Alpine Investment ManagementopenedPDD Holdings15.6%
- INCA InvestmentsopenedLATAM Airlines Group15.2%
- Linonia PartnershipopenedEchoStar15.1%
- Windacre PartnershipopenedRoper Technologies14.8%
- Defender CapitalopenedPalantir Technologies14.0%
- Alpine Investment ManagementopenedNVIDIA13.9%
- MY.Alpha Management HK AdvisorsopenedSandisk13.7%
- Leon G CoopermanopenedRocket Companies13.5%
- Hound PartnersopenedPalantir Technologies13.4%
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.