Quarterly Insights

Cross-fund analysis of latest 13F filings (Q1 2026 vs Q4 2025) across ~50 concentrated fundamental managers — Buffett, Munger, Akre, Pabrai, Pershing, Tepper, Atreides, Daily Journal, Greenoaks, Fairholme, Tiger Cubs, etc. Excludes multi-strat / quant / passive.

New Initiators — Q1 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.

TickerIssuer# New BuyersAvg ConvictionCombined $Top Managers
GOOGLALPHABET INC34.2%$778MGreenlea Lane Capital … (8.8%), Third Point LLC (2.4%), TCI Fund Management Lt… (1.6%)
SPGIS&P GLOBAL INC34.5%$146MDorsey Asset Managemen… (7.5%), Triple Frond Partners … (4.3%), Himalaya Capital Manag… (1.6%)
METAMETA PLATFORMS INC22.1%$659MThird Point LLC (2.5%), Viking Global Investor… (1.7%)
SUNBSunbelt Rentals Holdings Inc27.8%$442MAKO Capital LLP (10.6%), Gardner Russo & Quinn … (5.0%)
ICLRICON Plc25.3%$401MBrave Warrior Advisors… (8.2%), Sound Shore Management… (2.3%)
HUTHUT 8 CORP22.1%$326MLone Pine Capital LLC (2.3%), Third Point LLC (2.0%)
CRMSALESFORCE INC210.2%$195MGreenlea Lane Capital … (17.9%), Akre Capital Managemen… (2.5%)
VSTVistra Corp.22.0%$151MSound Shore Management… (2.4%), Atreides Management, L… (1.6%)
ZTSZOETIS, INC.22.5%$129MTweedy Browne Co LLC (3.0%), Smead Capital Manageme… (1.9%)
AMZNAmazon.com, Inc.26.0%$101MGreenlea Lane Capital … (9.3%), Sound Shore Management… (2.6%)
DASHDOORDASH INC24.1%$75MTriple Frond Partners … (4.9%), Greenoaks Capital Part… (3.3%)
MCOMOODYS CORP23.7%$67MOakcliff Capital Partn… (5.7%), Himalaya Capital Manag… (1.6%)
NFLXNETFLIX INC25.6%$46MGreenlea Lane Capital … (7.7%), Hound Partners LLC (3.4%)

Exits — Q1 2026

Stocks where 2+ concentrated managers fully exited from prior ≥1.5% positions. Cross-fund consensus on stepping away.

TickerIssuer# ExitsAvg Conviction$ DroppedTop Managers
MSFTMICROSOFT CORP37.0%$4.76BBill & Melinda Gates F… (10.5%), Third Point LLC (6.2%), Lone Pine Capital LLC (4.4%)
GOOGLALPHABET INC34.1%$1.17BRuane Cunniff & Goldfa… (7.3%), Duquesne Family Office… (2.7%), Altimeter Capital Mana… (2.4%)
AMZNAMAZON COM INC25.8%$1.47BRuane Cunniff & Goldfa… (7.5%), Lone Pine Capital LLC (4.1%)
GOOGALPHABET INC26.5%$929MRuane Cunniff & Goldfa… (7.1%), Dorsey Asset Managemen… (5.9%)
FLUTFLUTTER ENTMT PLC24.9%$870MMakaira Partners LLC (7.0%), Tiger Global Managemen… (2.9%)
VEEVVEEVA SYS INC21.9%$753MDurable Capital Partne… (2.0%), Tiger Global Managemen… (1.8%)
BABAALIBABA GROUP HLDG LTD21.9%$496MH&H International Inve… (2.1%), Third Point LLC (1.7%)
FISFidelity National Information Services24.3%$391MBaupost Group LLC (5.7%), Sound Shore Management… (2.9%)
CRMSalesforce, Inc.24.0%$349MStarboard Value LP (4.7%), Sound Shore Management… (3.2%)
MELIMERCADOLIBRE INC22.3%$336MWhale Rock Capital Man… (2.5%), Altimeter Capital Mana… (2.1%)
ENTGEntegris Inc21.7%$85MHound Partners LLC (1.8%), Duquesne Family Office… (1.6%)

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.

TickerIssuerManager% of BookPosition# Other Holders
CVNACARVANA COCAS Investment Partners LLC81.7%$1.43B9
JOEST JOE COFairholme Capital Management LLC79.7%$1.21B0
BRK.ABERKSHIRE HATHAWAY INC DELPunch Card Capital LP72.6%$77M12
CVNACARVANA COGreenoaks Capital Partners LLC57.5%$1.32B9
IEPIcahn Enterprises LPICAHN CARL C48.5%$4.15B0
LOARLOAR HOLDINGS INCAbrams Capital Management, L.P.47.1%$2.58B0
GPIGROUP 1 AUTOMOTIVE INCConifer Management LLC46.4%$282M0
WFCWells Fargo & CoDaily Journal Corp45.5%$117M15
BACBank of America CorpDaily Journal Corp44.4%$114M15
HCCWARRIOR MET COAL INCDalal Street, LLC43.3%$142M2
JOBYJoby AviationCapricorn Investment Group LLC40.7%$245M1
AMZNAMAZON.COM INCAltaRock Partners LLC38.2%$1.58B39
AAPLAPPLE INCH&H International Investment, LLC36.7%$7.35B24
IBKRINTERACTIVE BROKERS GROUP INOakcliff Capital Partners LP33.4%$90M4
TSLATESLA INCNIGHTVIEW CAPITAL, LLC31.2%$42M9
CVNACARVANA CORV Capital GmbH31.1%$119M9
RIGTRANSOCEAN LTDDalal Street, LLC30.5%$100M1
EQHEQUITABLE HLDGS INCConifer Management LLC30.4%$184M2
GEGE AEROSPACETCI Fund Management Ltd29.9%$13.48B9
BRK.ABERKSHIRE HATHAWAY INC DELChou Associates Management Inc.29.7%$64M12
GEGE AerospaceTrian Fund Management, L.P.29.6%$1.14B9
NVDANVIDIA CORPORATIONAltimeter Capital Management LLC28.6%$1.63B26
CVICVR Energy IncICAHN CARL C28.0%$2.40B0
WFCWELLS FARGO & CO NEWPunch Card Capital LP27.4%$29M15
VFCV F CORPEngaged Capital LLC26.2%$79M1
AMRALPHA METALLURGICAL RESOUR IDalal Street, LLC26.1%$85M0
ORLAORLA MINING LTDFairfax Financial Holdings Ltd25.8%$502M2
BRK.BBERKSHIRE HATHAWAY INC DELBill & Melinda Gates Foundation Trust25.8%$8.17B22
TDGTRANSDIGM GROUP INCAltaRock Partners LLC25.5%$1.05B5
FICOFAIR ISAAC CORPValley Forge Capital Management LP24.3%$821M5
TFPMTRIPLE FLAG PRECIOUS METALElliott Investment Management LP23.0%$4.63B0
GOOGLALPHABET INCHimalaya Capital Management LLC22.9%$731M39
SPGIS&P GLOBAL INCValley Forge Capital Management LP22.1%$748M11
MAMASTERCARD INCORPORATEDValley Forge Capital Management LP22.0%$743M17
AAPLAPPLE INCBerkshire Hathaway Inc22.0%$57.84B24
GOOGALPHABET INCHimalaya Capital Management LLC22.0%$703M31
BRK.BBERKSHIRE HATHAWAY INC DELH&H International Investment, LLC21.9%$4.38B22
METAMETA PLATFORMS INCRV Capital GmbH21.8%$83M30
YETIYETI HLDGS INCEngaged Capital LLC21.5%$65M0
CPNGCOUPANG INCGreenoaks Capital Partners LLC21.1%$485M10
Sub-account rows (e.g. Berkshire's 12 AAPL rows across BNSF/GEICO/etc) aggregated per (filing, ticker) before computing conviction. Threshold logic: New Initiators & Exits require ≥2 concentrated managers at ≥1.5% conviction; Single-Name Bets surface any concentrated manager with >15% of their book on one stock.