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← Discovery Capital Management LLC, its record

Discovery Capital Management LLC and Fidelity (FMR LLC): where the books meet

At Q2 2026, at least 6.9% of the two 13F books was the same, across 45 stocks both listed, against 14% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%9%19%Q2 2013: 14%, 45 in bothQ3 2013: 15%, 50 in bothQ4 2013: 19%, 59 in bothQ1 2014: 14%, 51 in both14Q2 2014: 14%, 46 in bothQ3 2014: 11%, 35 in bothQ4 2014: 11%, 40 in bothQ1 2015: 11%, 34 in both15Q2 2015: 9.5%, 35 in bothQ3 2015: 17%, 48 in bothQ4 2015: 9.3%, 34 in bothQ1 2016: 9.5%, 30 in both16Q2 2016: 7.1%, 18 in bothQ3 2016: 11%, 22 in bothQ4 2016: 14%, 39 in bothQ1 2017: 9.2%, 33 in both17Q2 2017: 8.9%, 15 in bothQ3 2017: 10%, 23 in bothQ4 2017: 9.0%, 20 in bothQ1 2018: 5.8%, 12 in both18Q2 2018: 8.7%, 19 in bothQ3 2018: 8.3%, 22 in bothQ4 2018: 6.8%, 18 in bothQ1 2019: 8.3%, 10 in both19Q2 2019: 6.9%, 12 in bothQ3 2019: 2.8%, 7 in bothQ4 2019: 2.8%, 9 in bothQ1 2020: 13%, 13 in both20Q2 2020: 10%, 22 in bothQ3 2020: 8.1%, 26 in bothQ4 2020: 2.7%, 17 in bothQ1 2021: 7.1%, 21 in both21Q2 2021: 4.8%, 19 in bothQ3 2021: 3.6%, 20 in bothQ4 2021: 5.6%, 17 in bothQ1 2022: 7.9%, 17 in both22Q2 2022: 5.0%, 12 in bothQ3 2022: 2.1%, 9 in bothQ4 2022: 1.4%, 9 in bothQ1 2023: 7.3%, 15 in both23Q2 2023: 12%, 19 in bothQ3 2023: 8.7%, 10 in bothQ4 2023: 0.8%, 10 in bothQ1 2024: 3.0%, 11 in both24Q2 2024: 9.1%, 13 in bothQ3 2024: 12%, 21 in bothQ4 2024: 13%, 26 in bothQ1 2025: 3.2%, 17 in both25Q2 2025: 3.9%, 26 in bothQ3 2025: 3.8%, 28 in bothQ4 2025: 8.1%, 32 in bothQ1 2026: 5.5%, 24 in both26Q2 2026: 6.9%, 45 in both
  • Q2 2013: 14%, 45 in both
  • Q3 2013: 15%, 50 in both
  • Q4 2013: 19%, 59 in both
  • Q1 2014: 14%, 51 in both
  • Q2 2014: 14%, 46 in both
  • Q3 2014: 11%, 35 in both
  • Q4 2014: 11%, 40 in both
  • Q1 2015: 11%, 34 in both
  • Q2 2015: 9.5%, 35 in both
  • Q3 2015: 17%, 48 in both
  • Q4 2015: 9.3%, 34 in both
  • Q1 2016: 9.5%, 30 in both
  • Q2 2016: 7.1%, 18 in both
  • Q3 2016: 11%, 22 in both
  • Q4 2016: 14%, 39 in both
  • Q1 2017: 9.2%, 33 in both
  • Q2 2017: 8.9%, 15 in both
  • Q3 2017: 10%, 23 in both
  • Q4 2017: 9.0%, 20 in both
  • Q1 2018: 5.8%, 12 in both
  • Q2 2018: 8.7%, 19 in both
  • Q3 2018: 8.3%, 22 in both
  • Q4 2018: 6.8%, 18 in both
  • Q1 2019: 8.3%, 10 in both
  • Q2 2019: 6.9%, 12 in both
  • Q3 2019: 2.8%, 7 in both
  • Q4 2019: 2.8%, 9 in both
  • Q1 2020: 13%, 13 in both
  • Q2 2020: 10%, 22 in both
  • Q3 2020: 8.1%, 26 in both
  • Q4 2020: 2.7%, 17 in both
  • Q1 2021: 7.1%, 21 in both
  • Q2 2021: 4.8%, 19 in both
  • Q3 2021: 3.6%, 20 in both
  • Q4 2021: 5.6%, 17 in both
  • Q1 2022: 7.9%, 17 in both
  • Q2 2022: 5.0%, 12 in both
  • Q3 2022: 2.1%, 9 in both
  • Q4 2022: 1.4%, 9 in both
  • Q1 2023: 7.3%, 15 in both
  • Q2 2023: 12%, 19 in both
  • Q3 2023: 8.7%, 10 in both
  • Q4 2023: 0.8%, 10 in both
  • Q1 2024: 3.0%, 11 in both
  • Q2 2024: 9.1%, 13 in both
  • Q3 2024: 12%, 21 in both
  • Q4 2024: 13%, 26 in both
  • Q1 2025: 3.2%, 17 in both
  • Q2 2025: 3.9%, 26 in both
  • Q3 2025: 3.8%, 28 in both
  • Q4 2025: 8.1%, 32 in both
  • Q1 2026: 5.5%, 24 in both
  • Q2 2026: 6.9%, 45 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockDiscovery Capital Management LLCFidelity (FMR LLC)
Amazon Com Inc(AMZN)1.7%Added3.8%Added
SanDisk Corp(SNDK)20%Added0.8%Trimmed
Applovin Corp(APP)1.8%Added0.4%Added
JPMorgan Chase & Co(JPM)2.1%Trimmed0.4%Trimmed
On Semiconductor Corp(ON)0.6%Trimmed0.2%Trimmed
Chubb Limited(CB)0.2%New0.2%Added
Advanced Micro Devices Inc(AMD)0.2%New0.6%Added
Ma Com Technology Solutions(MTSI)0.4%New0.2%Trimmed
Goldman Sachs Group Inc(GS)1.1%New0.2%Added
Alphabet Inc(GOOGL)0.2%New3.9%Added
Datadog Inc(DDOG)0.1%New0.2%Added
Marvell Technology Inc(MRVL)0.1%New0.7%Trimmed
Palo Alto Networks Inc(PANW)0.1%New0.3%Added
Lilly Eli & Co(LLY)0.1%New1.5%Added
Cloudflare Inc(NET)0.1%New0.1%Trimmed
Roblox Corp(RBLX)under 0.1%New0.2%Added
Bank New York Mellon Corp(BNY)under 0.1%New0.2%Trimmed
Nextracker Inc(NXT)0.6%Newunder 0.1%Trimmed
Capital One Finl Corp(COF)1.4%Trimmedunder 0.1%Trimmed
Valero Energy Corp New(VLO)1.3%Addedunder 0.1%Added

and 25 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Nvidia Corp(NVDA)Discovery Capital Management LLC sold out; Fidelity (FMR LLC) added
  • SanDisk Corp(SNDK)Discovery Capital Management LLC added; Fidelity (FMR LLC) trimmed
  • Marvell Technology Inc(MRVL)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Lam Research Corp(LRCX)Discovery Capital Management LLC trimmed; Fidelity (FMR LLC) added
  • Ciena Corp(CIEN)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Arista Networks Inc(ANET)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Coherent Corp(COHR)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Ma Com Technology Solutions(MTSI)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Bank New York Mellon Corp(BNY)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Cloudflare Inc(NET)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
  • Ross Stores Inc(ROST)Discovery Capital Management LLC sold out; Fidelity (FMR LLC) added
  • Nextracker Inc(NXT)Discovery Capital Management LLC started; Fidelity (FMR LLC) trimmed
Discovery Capital Management LLC: the recordFidelity (FMR LLC): the record

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