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.
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 139,348 reported positions worth $14550bn between them at Q2 2026. 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.
| 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 +$51.7bn, a new position | Meta Platforms Inc (META) -$12.7bn |
| Susquehanna International Group LLP | $1284bn | 13,275 | 27% | State STR SPDR S&P 500 ETF T 4.8% of the book · $61.5bn | Micron Technology Inc (MU) +$30.5bn | State STR SPDR S&P 500 ETF T -$11.7bn |
| Invesco Ltd | $1264bn | 3,819 | 29% | Nvidia Corporation (NVDA) 5.2% of the book · $65.9bn | Nvidia Corporation (NVDA) +$41.1bn | Honeywell Intl Inc -$1.8bn, sold out |
| Jane Street Group LLC | $1206bn | 11,385 | 32% | State STR SPDR S&P 500 ETF T 9.6% of the book · $116bn | State STR SPDR S&P 500 ETF T +$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 STR SPDR S&P 500 ETF T 4.1% of the book · $35.7bn | State STR SPDR S&P 500 ETF T +$18.1bn | SPDR Gold TR -$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 -$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 -$3.8bn, sold out |
| MFS Investment Management | $315bn | 1,005 | 23% | Nvidia Corporation (NVDA) 4.3% of the book · $13.7bn | Alphabet Inc +$3.6bn | Honeywell Intl Inc -$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 +$12.6bn | Occidental Pete Corp -$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 TR 3.9% of the book · $10.9bn | Invesco QQQ TR +$4.0bn, a new position | SPDR Series Trust -$1.7bn, sold out |
| 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 STR SPDR S&P 500 ETF T 5.0% of the book · $10.5bn | State STR SPDR S&P 500 ETF T +$10.0bn | Western Digital Corp (WDC) -$1.1bn, sold out |
| Janus Henderson Group Ltd | $209bn | 2,407 | 30% | Nvidia Corporation (NVDA) 6.9% of the book · $14.4bn | Astrazeneca PLC (AZN) +$2.3bn, a new position | Microsoft Corp (MSFT) -$4.1bn |
| 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 -$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 -$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 24% of the book · $29.8bn | Ishares-s&p 500 +$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 1.8% of the book · $1.7bn | Credo Technology Group Holdi +$971m | Invesco QQQ TR -$562m |
| Squarepoint Ops LLC | $90.5bn | 4,323 | 20% | iShares TR 6.6% of the book · $6.0bn | State STR SPDR S&P 500 ETF T +$777m | iShares TR -$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.
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.
- Missing values.
- A manager filing for the first time has no previous quarter to compare against, so its positions show no change. Where a ticker could not be matched to the CUSIP on the filing, the issuer name stands alone rather than carrying a guess.
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