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.
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 2 of 2
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
Rambus Inc Del COM · CUSIP 750917106 | 0.1% | $1.3m | 9,965 | No earlier filing | New |
iShares TR U.S. BAS MTL ETF · CUSIP 464287838 | 0.0% | $1.1m | 6,250 | -$900k -5,400 shares | Trimmed |
Ramaco Res Inc COM CL B · CUSIP 75134P501 | 0.0% | $1.1m | 128,930 | -$200k +1,525 shares | Added |
Propetro HLDG Corp COM · CUSIP 74347M108 | 0.0% | $1.1m | 75,000 | No earlier filing | New |
Huya Inc (HUYA) ADS REP SHS A · CUSIP 44852D108 | 0.0% | $1.1m | 467,300 | -$500k 0 shares | Held |
iShares TR U.S. REAL ES ETF · CUSIP 464287739 | 0.0% | $1.0m | 10,055 | +$100k 0 shares | Held |
iShares TR IBOXX HI YD ETF · CUSIP 464288513 | 0.0% | $1.0m | 12,566 | unchanged 0 shares | Held |
Global X FDS GLB X MLP ENRG I · CUSIP 37954Y293 | 0.0% | $900k | 12,286 | unchanged 0 shares | Held |
iShares TR RUSSELL 2000 ETF · CUSIP 464287655 | 0.0% | $700k | 2,469 | +$100k 0 shares | Held |
iShares TR MSCI EMG MKT ETF · CUSIP 464287234 | 0.0% | $500k | 7,405 | +$100k 0 shares | Held |
SPDR Gold TR GOLD SHS · CUSIP 78463V107 | 0.0% | $300k | 682 | unchanged 0 shares | Held |
Coinshares Bitcoin ETF (BRRR) COM · CUSIP 91916J100 | 0.0% | $200k | 13,700 | -$700k -34,600 shares | Trimmed |
Onemednet Corp CL A · CUSIP 68270C103 | 0.0% | $100k | 112,252 | unchanged 0 shares | Held |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 14 Aug 2026 | $2.4bn | 113 | 50% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 15 May 2026 | $1.9bn | 77 | 43% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 17 Feb 2026 | $1.8bn | 88 | 40% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 14 Nov 2025 | $1.8bn | 86 | 50% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 14 Aug 2025 | $1.3bn | 74 | 51% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $836m | 56 | 56% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 12 Feb 2025 | $1.5bn | 78 | 44% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 13 Nov 2024 | $820m | 59 | 54% | 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.
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.
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