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Discovery Capital Management LLC

The positions Discovery Capital Management LLC reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.

Reported book
$2.4bn
+$483m on Q1 2026
Positions
113
53 new, 17 sold out
Top ten weight
50%
Spread across the book
Quarter
Q2 2026
Filed 14 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001389507 · Macro · CT
Reported book by quarter
$0$1.2bn$2.4bnQ3 24: $820m$820mQ3 24Q4 24: $1.5bn$1.5bnQ4 24Q1 25: $836m$836mQ1 25Q2 25: $1.3bn$1.3bnQ2 25Q3 25: $1.8bn$1.8bnQ3 25Q4 25: $1.8bn$1.8bnQ4 25Q1 26: $1.9bn$1.9bnQ1 26Q2 26: $2.4bn$2.4bnQ2 26
Largest positions, share of the book
SanDisk Corp (SNDK): 20%SanDisk Corp (SNDK)20%Credicorp LTD (BAP): 4.4%Credicorp LTD (BAP)4.4%America Movil Sab de CV: 4.3%America Movil Sab de CV4.3%Amc Entmt HLDGS Inc: 4.1%Amc Entmt HLDGS Inc4.1%Compass Inc (COMP): 3.9%Compass Inc (COMP)3.9%T1 Energy Inc (TE): 2.9%T1 Energy Inc (TE)2.9%Ramaco Res Inc: 2.9%Ramaco Res Inc2.9%JBS N.v. (JBS): 2.7%JBS N.v. (JBS)2.7%Grupo Televisa S A B: 2.5%Grupo Televisa S A B2.5%Chevron Corporation (CVX): 2.4%Chevron Corporation (CV…2.4%

Opened this quarter

A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.

  • Amc Entmt HLDGS Inc$98m · 4.1%
  • T1 Energy Inc (TE)$71m · 2.9%
  • Chevron Corporation (CVX)$59m · 2.4%
  • Ferrari N V (RACE)$30m · 1.3%
  • Take-two Interactive Softwar$29m · 1.2%
  • Goldman Sachs Group Inc$27m · 1.1%
  • LPL Finl HLDGS Inc$26m · 1.1%
  • Five Below Inc (FIVE)$19m · 0.8%
  • Warby Parker Inc (WRBY)$18m · 0.7%
  • Solv Energy Inc (MWH)$14m · 0.6%
  • Nextpower Inc (NXT)$14m · 0.6%
  • Zoom Communications Inc (ZM)$12m · 0.5%
  • and 41 more, in the table below.

Sold out of this quarter

Exits are valued at what the position was worth in the previous filing, because by this one it is gone.

  • Intercorp Finl SVCS Inc$53m held before
  • Vnet Group Inc (VNET)$50m held before
  • iShares Bitcoin Trust ETF (IBIT)$25m held before
  • Cheniere Energy Inc (LNG)$19m held before
  • Ross Stores Inc (ROST)$16m held before
  • Teradyne Inc (TER)$15m held before
  • iShares TR$15m held before
  • Golar LNG LTD (GLNG)$14m held before
  • Cleveland-cliffs Inc New (CLF)$12m held before
  • Medline Inc (MDLN)$11m held before
  • Nvidia Corporation (NVDA)$10m held before
  • Forgent Power Solutions Inc (FPS)$8.0m held before
  • and 5 more.

Every reported position, Q2 2026

113 positions, sorted by weight · page 1 of 2

PositionWeight ↓ValueSharesChange on the quarterAction
SanDisk Corp (SNDK)
COM · CUSIP 80004C200
20%$472m207,587
+$355m
+23,887 shares
Added
Credicorp LTD (BAP)
COM · CUSIP G2519Y108
4.4%$106m271,865
+$58m
+131,165 shares
Added
America Movil Sab de CV
SPON ADS RP CL B · CUSIP 02390A101
4.3%$104m3,988,067
-$9.6m
-456,116 shares
Trimmed
Amc Entmt HLDGS Inc
CL A NEW · CUSIP 00165C302
4.1%$98m51,799,352No earlier filingNew
Compass Inc (COMP)
CL A · CUSIP 20464U100
3.9%$93m7,526,497
+$48m
+1,454,200 shares
Added
T1 Energy Inc (TE)
COM NEW · CUSIP 35834F104
2.9%$71m7,465,100No earlier filingNew
Ramaco Res Inc
COM CL A · CUSIP 75134P600
2.9%$70m5,311,360
-$15m
-200,000 shares
Trimmed
JBS N.v. (JBS)
CL A SHS · CUSIP N4732M103
2.7%$64m5,436,300
+$4.0m
+2,070,900 shares
Added
Grupo Televisa S A B
SPON ADR REP ORD · CUSIP 40049J206
2.5%$60m22,117,634
-$5.2m
-270,307 shares
Trimmed
Chevron Corporation (CVX)
COM · CUSIP 166764100
2.4%$59m355,336No earlier filingNew
Avis Budget Group Inc (CAR)
COM · CUSIP 053774105
2.2%$52m353,848
-$28m
-194,829 shares
Trimmed
JPMorgan Chase & Co
COM · CUSIP 46625H100
2.1%$50m151,300
+$4.0m
-3,400 shares
Trimmed
Nu HLDGS LTD
ORD SHS CL A · CUSIP G6683N103
2.0%$48m3,587,500
+$16m
+1,345,800 shares
Added
Grupo Financiero Galicia S.a
SPONSORED ADR · CUSIP 399909100
1.9%$46m917,929
+$5.3m
+48,800 shares
Added
Genius Sports Limited (GENI)
SHARES CL A · CUSIP G3934V109
1.8%$44m7,231,145
+$11m
-223,100 shares
Trimmed
Applovin Corp (APP)
COM CL A · CUSIP 03831W108
1.8%$43m83,040
+$23m
+32,400 shares
Added
Amazon Com Inc (AMZN)
COM · CUSIP 023135106
1.7%$42m176,435
+$16m
+52,035 shares
Added
Cemex SA Euro MTN Be 144a
SPON ADR NEW · CUSIP 151290889
1.6%$38m3,157,800
-$1.9m
-316,900 shares
Trimmed
Geo Group Inc (GEO)
COM · CUSIP 36162J106
1.5%$37m1,258,600
+$13m
-167,300 shares
Trimmed
Capital One Finl Corp
COM · CUSIP 14040H105
1.4%$35m173,210
-$14m
-95,600 shares
Trimmed
Primo Brands Corporation (PRMB)
CLASS A COM SHS · CUSIP 741623102
1.4%$34m1,379,400
+$7.4m
-20,300 shares
Trimmed
Valero Energy Corp
COM · CUSIP 91913Y100
1.3%$31m119,400
+$10m
+34,400 shares
Added
Ferrari N V (RACE)
COM · CUSIP N3167Y103
1.3%$30m81,583No earlier filingNew
Take-two Interactive Softwar
COM · CUSIP 874054109
1.2%$29m115,000No earlier filingNew
Parsons Corp Del
COM · CUSIP 70202L102
1.2%$28m528,600
+$700k
+29,500 shares
Added
Ypf Sociedad Anonima (YPF)
SPON ADR CL D · CUSIP 984245100
1.1%$28m604,992
+$2.6m
+66,800 shares
Added
Goldman Sachs Group Inc
COM · CUSIP 38141G104
1.1%$27m27,000No earlier filingNew
Fiserv Inc (FISV)
COM · CUSIP 337738108
1.1%$27m551,200
+$9.8m
+241,600 shares
Added
Wolfspeed Inc (WOLF)
COMMON STOCK · CUSIP 97785W106
1.1%$27m548,375
+$20m
+123,675 shares
Added
LPL Finl HLDGS Inc
COM · CUSIP 50212V100
1.1%$26m93,500No earlier filingNew
Perpetua Resources Corp (PPTA)
COM · CUSIP 714266103
1.0%$25m1,186,700
-$12m
-120,000 shares
Trimmed
Ulta Beauty Inc (ULTA)
COM · CUSIP 90384S303
1.0%$24m52,000
-$900k
+5,400 shares
Added
Banco Bbva Argentina S A (BBAR)
SPONSORED ADS · CUSIP 058934100
1.0%$23m1,166,600
+$6.7m
+159,100 shares
Added
Qxo Inc
COM NEW · CUSIP 82846H405
0.9%$22m1,242,390
-$5.3m
-133,700 shares
Trimmed
Five Below Inc (FIVE)
COM · CUSIP 33829M101
0.8%$19m102,700No earlier filingNew
Warby Parker Inc (WRBY)
CL A COM · CUSIP 93403J106
0.7%$18m587,655No earlier filingNew
On Semiconductor Corp (ON)
COM · CUSIP 682189105
0.6%$15m162,300
-$72m
-1,247,000 shares
Trimmed
Solv Energy Inc (MWH)
COM SHS CL A · CUSIP 78475V103
0.6%$14m411,700No earlier filingNew
Pinterest Inc (PINS)
CL A · CUSIP 72352L106
0.6%$14m665,969
-$200k
-106,955 shares
Trimmed
Rocket Cos Inc
COM CL A · CUSIP 77311W101
0.6%$14m884,300
+$1.3m
0 shares
Held
Nextpower Inc (NXT)
CLASS A COM · CUSIP 65290E101
0.6%$14m116,800No earlier filingNew
Adecoagro S A (AGRO)
COM · CUSIP L00849106
0.5%$13m1,379,217
-$6.0m
+105,000 shares
Added
Churchill Downs Inc (CHDN)
COM · CUSIP 171484108
0.5%$12m138,200
-$2.0m
-22,000 shares
Trimmed
Zoom Communications Inc (ZM)
CL A · CUSIP 98980L101
0.5%$12m139,600No earlier filingNew
Agnico Eagle Mines LTD
COM · CUSIP 008474108
0.5%$12m77,300
+$3.2m
+34,000 shares
Added
Groupon Inc (GRPN)
COM NEW · CUSIP 399473206
0.5%$12m491,051No earlier filingNew
Salesforce Inc (CRM)
COM · CUSIP 79466L302
0.5%$11m71,900
+$2.0m
+22,400 shares
Added
Halliburton Co (HAL)
COM · CUSIP 406216101
0.4%$10m304,700No earlier filingNew
Hyperliquid Strategies Inc (PURR)
COM · CUSIP 44916Y106
0.4%$10m1,314,000No earlier filingNew
Macom Tech Solutions HLDGS I
COM · CUSIP 55405Y100
0.4%$10m26,900No earlier filingNew
First Solar Inc (FSLR)
COM · CUSIP 336433107
0.4%$9.8m41,600
+$1.6m
0 shares
Held
Controladora Vuela Comp de A
SPON ADR RP 10 · CUSIP 21240E105
0.4%$9.0m964,171
+$2.1m
0 shares
Held
Stubhub HLDGS Inc
CL A · CUSIP 86384P109
0.4%$9.0m697,807
+$3.0m
-262,700 shares
Trimmed
Iren Limited (IREN)
ORDINARY SHARES · CUSIP Q4982L109
0.3%$8.3m181,200
-$55m
-1,653,085 shares
Trimmed
Brinks Co (BCO)
COM · CUSIP 109696104
0.2%$5.6m59,006
-$500k
0 shares
Held
Pampa Energia SA
SPONS ADR LVL I · CUSIP 697660207
0.2%$5.4m65,200No earlier filingNew
iShares TR
MSCI PERU GL ETF · CUSIP 464289842
0.2%$5.2m62,500No earlier filingNew
iShares TR
1 3 YR TREAS BD · CUSIP 464287457
0.2%$5.2m63,237
+$500k
+6,580 shares
Added
Hertz Global HLDGS Inc
*W EXP 06/30/205 · CUSIP 42806J148
0.2%$5.1m4,675,405
-$5.6m
0 shares
Held
Karman HLDGS Inc
COMMON STOCK · CUSIP 485924104
0.2%$5.0m100,000No earlier filingNew
Chubb Limited (CB)
COM · CUSIP H1467J104
0.2%$5.0m14,612No earlier filingNew
Echostar Corp (ECHO)
CL A · CUSIP 278768106
0.2%$5.0m48,800
-$43m
-363,500 shares
Trimmed
Jumia Technologies AG (JMIA)
SPONSORED ADS · CUSIP 48138M105
0.2%$4.9m697,226
+$100k
0 shares
Held
James Riv Group Holdings Inc
COM SHS · CUSIP 46990A102
0.2%$4.7m1,059,155
-$500k
+239,800 shares
Added
Advanced Micro Devices Inc (AMD)
COM · CUSIP 007903107
0.2%$4.5m7,817No earlier filingNew
Digital Rlty TR Inc
COM · CUSIP 253868103
0.2%$4.2m23,500No earlier filingNew
Alphabet Inc
CAP STK CL A · CUSIP 02079K305
0.2%$3.6m10,209No earlier filingNew
Intuit (INTU)
COM · CUSIP 461202103
0.1%$3.6m13,800
-$5.6m
-7,500 shares
Trimmed
Datadog Inc (DDOG)
CL A COM · CUSIP 23804L103
0.1%$3.6m13,680No earlier filingNew
Marvell Technology Inc (MRVL)
COM · CUSIP 573874104
0.1%$3.5m11,796No earlier filingNew
Palo Alto Networks Inc (PANW)
COM · CUSIP 697435105
0.1%$3.5m10,174No earlier filingNew
Champion Homes Inc (SKY)
COM · CUSIP 830830105
0.1%$3.2m35,800No earlier filingNew
Figma Inc (FIG)
CLASS A COM STK · CUSIP 316841105
0.1%$2.9m157,852No earlier filingNew
Hut 8 Corp (HUT)
COM · CUSIP 44812J104
0.1%$2.8m23,900No earlier filingNew
Eli Lilly & Co (LLY)
COM · CUSIP 532457108
0.1%$2.7m2,267No earlier filingNew
Cloudflare Inc (NET)
CL A COM · CUSIP 18915M107
0.1%$2.7m10,932No earlier filingNew
Rubrik Inc. (RBRK)
CL A · CUSIP 781154109
0.1%$2.7m33,169No earlier filingNew
Ouster Inc (OUST)
COM NEW · CUSIP 68989M202
0.1%$2.5m40,674No earlier filingNew
Vertiv Holdings Co (VRT)
COM CL A · CUSIP 92537N108
0.1%$2.5m7,589No earlier filingNew
Snowflake Inc (SNOW)
COM SHS · CUSIP 833445109
0.1%$2.5m9,732No earlier filingNew
Reddit Inc (RDDT)
CL A · CUSIP 75734B100
0.1%$2.4m13,982No earlier filingNew
Roblox Corp (RBLX)
CL A · CUSIP 771049103
0.1%$2.4m43,792No earlier filingNew
Bank of Ny Mellon Corp
COM · CUSIP 064058100
0.1%$2.4m16,432No earlier filingNew
Servicetitan Inc (TTAN)
SHS CL A · CUSIP 81764X103
0.1%$2.3m32,910No earlier filingNew
Bitwise Hyperliquid ETF (BHYP)
COM SHS BEN INT · CUSIP 09175T106
0.1%$2.3m63,000No earlier filingNew
Compass Pathways PLC (CMPS)
SPONSORED ADS · CUSIP 20451W101
0.1%$2.1m150,000
+$1.1m
-29,716 shares
Trimmed
Arista Networks Inc (ANET)
COM SHS · CUSIP 040413205
0.1%$2.1m12,307No earlier filingNew
iShares Inc
MSCI MEXICO ETF · CUSIP 464286822
0.1%$2.0m26,700No earlier filingNew
Banco Macro S A
SPON ADR B · CUSIP 05961W105
0.1%$2.0m21,400No earlier filingNew
Lam Research Corp (LRCX)
COM NEW · CUSIP 512807306
0.1%$2.0m4,568
-$62m
-293,448 shares
Trimmed
Ciena Corp (CIEN)
COM NEW · CUSIP 171779309
0.1%$2.0m4,009No earlier filingNew
Prologis Inc.
COM · CUSIP 74340W103
0.1%$1.8m13,186No earlier filingNew
Cipher Digital Inc (CIFR)
COM · CUSIP 17253J106
0.1%$1.7m70,819No earlier filingNew
Micron Technology Inc (MU)
COM · CUSIP 595112103
0.1%$1.7m1,498
-$92m
-274,552 shares
Trimmed
SPDR Series Trust
ST STR SP HOME · CUSIP 78464A888
0.1%$1.6m14,100No earlier filingNew
Terawulf Inc (WULF)
COM · CUSIP 88080T104
0.1%$1.6m64,515No earlier filingNew
Qualcomm Inc
COM · CUSIP 747525103
0.1%$1.6m8,593No earlier filingNew
Coherent Corp (COHR)
COM · CUSIP 19247G107
0.1%$1.5m3,881No earlier filingNew
21shares Hyperliquid ETF
SHS BEN INT · CUSIP 90137V108
0.1%$1.5m39,200No earlier filingNew
Lenz Therapeutics Inc (LENZ)
COM · CUSIP 52635N103
0.1%$1.4m241,300
-$800k
0 shares
Held

Every filing on file

QuarterPeriod endFiledBookPositionsTop 10Filing
Q2 202630 Jun 202614 Aug 2026$2.4bn11350%13F-HR
Q1 202631 Mar 202615 May 2026$1.9bn7743%13F-HR
Q4 202531 Dec 202517 Feb 2026$1.8bn8840%13F-HR
Q3 202530 Sept 202514 Nov 2025$1.8bn8650%13F-HR
Q2 202530 Jun 202514 Aug 2025$1.3bn7451%13F-HR
Q1 202531 Mar 202515 May 2025$836m5656%13F-HR
Q4 202431 Dec 202412 Feb 2025$1.5bn7844%13F-HR
Q3 202430 Sept 202413 Nov 2024$820m5954%13F-HR

Taking this into the room

Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.

A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.

Compare this against every other manager →How a hedge fund interview runs →

What this filing leaves out

A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.

The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.

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