Cloud and enterprise software

An L3VLUP-defined theme, not a standard classification

Definition

Software sold to businesses, and the public clouds that host it: prepackaged and integrated-systems software, plus the hyperscalers and the security vendors filed under hardware codes.

This is our own definition. It takes SIC 7372, 7373, plus these named companies: AMZN, FTNT, GOOG, GOOGL, PANW, ZS. A stock may sit in several themes.

Q2 2026 against Q1 2026

Reported value: $1,495bn; +$199bn on the quarter before
Managers listing any: 87; +1 on the quarter before
Stocks listed: 183; +1 on the quarter before
Buyers: 2,656; manager-stock pairs opening or adding
Sellers: 2,397; manager-stock pairs trimming or exiting

value over 8 quartersNet buying actions by quarter: +181 · +255 · +344 · +412 · +279 · +123 · +173 · +259

See it in the heatmap, ranked by breadth →

Managers listing any counts distinct comparable managers. Buyers and sellers count actions by comparable managers, once for each stock a manager moved in. Value moves with prices as well as with buying.

Largest stocks (186 in all)

By combined reported value at Q2 2026. Holders are at least counts, among listed positions.

Stock	Holders	Value	Buyers	Sellers
GOOGLAlphabet Inc	66	$309bn	33	34
AMZNAmazon Com Inc	72	$305bn	47	24
MSFTMicrosoft Corp	62	$291bn	27	37
GOOGAlphabet Inc	54	$194bn	30	29
SHOPShopify Inc	40	$27.9bn	23	19
ORCLOracle Corp	42	$24.2bn	27	18
PLTRPalantir Technologies Inc	39	$22.6bn	17	26
PANWPalo Alto Networks Inc	34	$21.8bn	20	19
CRWDCrowdstrike HLDGS Inc	42	$20.9bn	20	24
NETCloudflare Inc	43	$18.3bn	22	26
DDOGDatadog Inc	40	$17.8bn	23	21
CRMSalesforce Inc	42	$16.5bn	24	20
CDNSCadence Design System Inc	38	$14.3bn	18	25
SNOWSnowflake Inc	51	$13.4bn	38	13
FTNTFortinet Inc	35	$11.7bn	24	10
RBLXRoblox Corp	33	$11.0bn	17	23
SNPSSynopsys Inc	41	$10.4bn	26	20
INTUIntuit	39	$9.6bn	24	22
ADBEAdobe Inc	40	$9.4bn	17	28
NOWServicenow Inc	41	$8.3bn	20	26
XYZBlock Inc	38	$8.2bn	27	14
TTWOTake-two Interactive Softwar	35	$6.7bn	24	18
CRWVCoreweave Inc	38	$5.2bn	28	14
MDBMongodb Inc	38	$5.1bn	15	29
IOTSamsara Inc	23	$5.1bn	15	14

Managers holding its largest names

Across the 15 largest stocks above at Q2 2026: how many of them each manager lists, and their combined value. A manager can hold others below its listed range.

Fidelity (FMR LLC)14 of 15 · $329bn
Invesco Ltd15 of 15 · $169bn
T. Rowe Price Associates Inc15 of 15 · $134bn
Capital Research Global Investors10 of 15 · $111bn
Capital World Investors9 of 15 · $88.1bn
Wellington Management Group LLP13 of 15 · $61.6bn
Berkshire Hathaway Inc2 of 15 · $37.8bn
Arrowstreet Capital LP10 of 15 · $37.6bn
AllianceBernstein LP11 of 15 · $35.4bn
MFS Investment Management11 of 15 · $32.5bn
Janus Henderson Group Ltd12 of 15 · $30.9bn
Baillie Gifford & Co11 of 15 · $17.4bn
Neuberger Berman Group LLC12 of 15 · $17.2bn
Dodge & Cox5 of 15 · $16.9bn
AQR Capital Management LLC12 of 15 · $16.1bn
D. E. Shaw & Co.10 of 15 · $13.1bn
Susquehanna International Group LLP9 of 15 · $11.3bn
Jane Street Group LLC11 of 15 · $10.2bn
Citadel Advisors LLC10 of 15 · $8.7bn
Acadian Asset Management LLC15 of 15 · $8.5bn

Provided for information purposes only, not financial advice. The holdings shown here and anything drawn from them are illustrative, produced from assumptions you control, and must not be relied on for any investment, financial or business decision. Read the full notice

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Illustrative figures. Default values are plausible starting points chosen so a model has somewhere to begin. They are not data, not a view on any company, and not calibrated to anything. Outputs move with whatever you type in.

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