What the funds you interview at actually own
Any institutional manager with more than $100m in US-listed equities has to file a Form 13F within forty-five days of each quarter end, naming every position, its market value and its share count. This is that filing for 95 managers, with the change against the previous quarter worked out beside it. Open a fund and you can see the ten names that carry the book, what it opened, and what it sold out of. Click any ticker and the question turns around: every manager here with a position in that name, and who bought or sold it this quarter.
Live hedge fund roles and deadlines — what is open now, and which funds are hiring.
What a 13F is not. It reports US-listed long equity and nothing else: no shorts, no bonds, no cash, no non-US listings, and options only in a form no reader should try to price. It arrives forty-five days late, so a manager who sold in July still shows the position in a filing published in August. The real book is bigger than this and differently shaped. Say “their last filing showed” rather than “they own”, and the distinction will do you credit rather than damage.
95 managers, holding 139,406 reported positions worth $14592bn between them in their latest filings. Ranked by the size of the reported book.
What this set is doing in Q2 2026
Counted by managers, not by dollars. One large fund buying a name is a judgement; nine funds buying it is a crowd.
A name appearing in both the bought and the sold column is the useful one. It means the managers here disagree about it, and disagreement is where an interview question comes from.
Read these three first
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| Manager | Book | Positions | Top 10 | Largest position | Biggest buy | Biggest sell |
|---|---|---|---|---|---|---|
| Fidelity (FMR LLC) | $2304bn | 5,572 | 34% | Nvidia Corporation (NVDA) 8.9% of the book · $205bn | Space Exploration Techn Corp (SPCX) +$51.7bn, a new position | Meta Platforms Inc (META) -$12.7bn |
| Susquehanna International Group LLP | $1284bn | 13,275 | 27% | State Street SPDR S&P 500 ETF (SPY) 4.8% of the book · $61.5bn | Micron Technology Inc (MU) +$30.5bn | State Street SPDR S&P 500 ETF (SPY) -$11.7bn |
| Invesco Ltd | $1264bn | 3,819 | 29% | Nvidia Corporation (NVDA) 5.2% of the book · $65.9bn | Micron Technology Inc (MU) +$29.9bn | Honeywell Intl Inc (HON) -$4.8bn, sold out |
| Jane Street Group LLC | $1206bn | 11,385 | 32% | State Street SPDR S&P 500 ETF (SPY) 9.6% of the book · $116bn | State Street SPDR S&P 500 ETF (SPY) +$42.4bn | Tesla Inc (TSLA) -$6.8bn |
| T. Rowe Price Associates Inc | $999bn | 3,241 | 32% | Nvidia Corporation (NVDA) 7.4% of the book · $74.0bn | Advanced Micro Devices Inc (AMD) +$15.0bn | Microsoft Corp (MSFT) -$10.8bn |
| Citadel Advisors LLC | $875bn | 13,572 | 23% | State Street SPDR S&P 500 ETF (SPY) 4.1% of the book · $35.7bn | State Street SPDR S&P 500 ETF (SPY) +$18.1bn | SPDR Gold Trust (GLD) -$4.5bn |
| Capital World Investors | $846bn | 637 | 30% | Broadcom Inc (AVGO) 5.4% of the book · $46.0bn | Micron Technology Inc (MU) +$19.8bn | Netflix Inc. (NFLX) -$3.3bn |
| Capital Research Global Investors | $717bn | 426 | 37% | Broadcom Inc (AVGO) 6.0% of the book · $42.7bn | Nvidia Corporation (NVDA) +$6.9bn | Canadian Nat Res LTD Med Ter (CNQ) -$3.4bn |
| Wellington Management Group LLP | $580bn | 1,921 | 25% | Nvidia Corporation (NVDA) 4.2% of the book · $24.4bn | Micron Technology Inc (MU) +$4.5bn | Honeywell Intl Inc (HON) -$3.8bn, sold out |
| MFS Investment Management | $315bn | 1,005 | 23% | Nvidia Corporation (NVDA) 4.3% of the book · $13.7bn | Alphabet Inc (GOOGL) +$3.6bn | Honeywell Intl Inc (HON) -$2.5bn, sold out |
| AllianceBernstein LP | $302bn | 3,317 | 31% | Nvidia Corporation (NVDA) 5.6% of the book · $16.8bn | Kla Corp (KLAC) +$10.5bn | Microsoft Corp (MSFT) -$5.8bn |
| Berkshire Hathaway Inc | $299bn | 29 | 88% | Apple Inc (AAPL) 22% of the book · $66.0bn | Alphabet Inc (GOOGL) +$12.6bn | Occidental Pete Corp (OXY) -$4.4bn |
| AQR Capital Management LLC | $287bn | 3,900 | 12% | Nvidia Corporation (NVDA) 2.6% of the book · $7.5bn | Micron Technology Inc (MU) +$3.0bn | Walmart Inc (WMT) -$482m |
| Millennium Management LLC | $276bn | 5,796 | 18% | iShares Core S&P500 ETF (IVV) 3.9% of the book · $10.9bn | Invesco QQQ Trust (QQQ) +$4.0bn, a new position | SPDR Series Trust (SPYM) -$1.7bn, sold out |
| Janus Henderson Group Ltd | $245bn | 2,461 | 28% | Nvidia Corporation (NVDA) 6.6% of the book · $16.2bn | Alphabet Inc (GOOG) +$3.8bn | Microsoft Corp (MSFT) -$1.9bn |
| Arrowstreet Capital LP | $225bn | 1,887 | 28% | Microsoft Corp (MSFT) 4.6% of the book · $10.3bn | Apple Inc (AAPL) +$3.7bn | Broadcom Inc (AVGO) -$2.6bn |
| D. E. Shaw & Co. | $210bn | 4,833 | 15% | State Street SPDR S&P 500 ETF (SPY) 5.0% of the book · $10.5bn | State Street SPDR S&P 500 ETF (SPY) +$10.0bn | Western Digital Corp (WDC) -$1.1bn, sold out |
| Dodge & Cox | $191bn | 222 | 28% | Johnson Controls International PLC (JCI) 4.3% of the book · $8.1bn | Humana, Inc. (HUM) +$2.4bn | LyondellBasell Industries NV (LYB) -$1.4bn, sold out |
| Neuberger Berman Group LLC | $150bn | 2,342 | 23% | Nvidia Corp (NVDA) 4.1% of the book · $6.1bn | Nvidia Corp (NVDA) +$1.0bn | T Mobile US Inc (TMUS) -$385m |
| Two Sigma Investments LP | $138bn | 5,017 | 8.3% | Western Digital Corp (WDC) 1.1% of the book · $1.5bn | Western Digital Corp (WDC) +$859m | Nvidia Corporation (NVDA) -$702m |
| Marshall Wace LLP | $127bn | 3,103 | 38% | iShares-s&p 500 ETP (IVV) 24% of the book · $29.8bn | iShares-s&p 500 ETP (IVV) +$12.7bn | Nvidia Corp (NVDA) -$654m |
| Baillie Gifford & Co | $110bn | 275 | 45% | Space Exploration Technologies Corp (SPCX) 8.0% of the book · $8.8bn | Space Exploration Technologies Corp (SPCX) +$8.8bn, a new position | Netflix Inc (NFLX) -$942m |
| Point72 Asset Management LP | $90.7bn | 3,923 | 11% | Credo Technology Group Holdi (CRDO) 1.8% of the book · $1.7bn | Credo Technology Group Holdi (CRDO) +$971m | Invesco QQQ Trust (QQQ) -$562m |
| Squarepoint Ops LLC | $90.5bn | 4,323 | 20% | iShares Core S&P500 ETF (IVV) 6.6% of the book · $6.0bn | State Street SPDR S&P 500 ETF (SPY) +$777m | iShares Core S&P500 ETF (IVV) -$2.0bn |
| Acadian Asset Management LLC | $84.2bn | 1,987 | 25% | Apple Inc (AAPL) 5.5% of the book · $4.6bn | Micron Technology Inc (MU) +$797m | Mckesson Corp (MCK) -$436m |
How to read a fund before you meet it
Start with concentration. Ten names carrying sixty per cent of a book is a fund that takes a view and sits with it, and it will expect you to defend one idea rather than list five. Ten names carrying twelve per cent is a different job, and a different interview.
Then read the new positions and the exits, because those are the decisions somebody in the room argued for recently. Being able to say what a fund bought last quarter, and to have a view on whether it was right, separates you from the candidate who read the website. Pick one name, know the numbers behind it, and let them ask.
Every company ticker in the tables below opens the comp set around that name, so a position a manager took becomes a company you can value rather than a line on a filing. A fund ticker opens its profile instead, because what matters about a fund is what is inside it.
What each column means
- Book.
- The market value of everything on the 13F at the quarter end, which is the reported book and not the fund’s assets. Leverage, shorts, cash and anything held outside US-listed equity all sit outside it.
- Top 10.
- The share of the reported book in the ten largest positions. It is the fastest read on whether a manager concentrates or diversifies, and the one number worth memorising before an interview.
- Biggest buy and sell.
- The largest increase and the largest decrease in reported value against the previous filing. A position opened from nothing counts at its full size, and a position sold out of counts at what it was worth in the previous quarter.
- Names and tickers.
- A filing names a security by CUSIP and by its issuer, never by ticker, and an ETF is filed under the trust that issues it rather than under the fund. Tickers here come from the CUSIP, so eleven lines reading “Select Sector SPDR TR” resolve to the eleven sector funds they are. A CUSIP with no match keeps the issuer name and no ticker rather than carrying a guess.
- Puts and calls.
- Managers report options on a name alongside the name itself. Those lines are marked, because a put on an ETF is a bet against it and reading it as a holding gets the position backwards.
- Missing values.
- A manager filing for the first time has no previous quarter to compare against, so its positions show no change.
What to do with a book you have just read
A filing tells you what a manager owns. The interview is about whether you can say why, and what it is worth.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More
The holdings, every quarter, and the week between
One email a week on what moved in the market and what it means for the people interviewing into it, with the 13F changes the quarter they are filed.
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