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 |
|---|---|---|---|---|---|---|
| Lone Pine Capital LLC | $16.4bn | 34 | 54% | Nebius Group N.v. (NBIS) 7.2% of the book · $1.2bn | Nebius Group N.v. (NBIS) +$1.2bn, a new position | Vistra Corp (VST) -$930m, sold out |
| Freestone Grove Partners LP | $15.6bn | 990 | 22% | iShares TR 6.8% of the book · $1.1bn | iShares TR +$414m | State STR SPDR S&P 500 ETF T -$366m, sold out |
| ExodusPoint Capital Management LP | $15.5bn | 1,510 | 31% | Invesco QQQ TR 4.6% of the book · $711m | iShares TR +$610m | iShares TR -$409m |
| ARK Investment Management LLC | $15.4bn | 191 | 39% | Tesla Inc (TSLA) 7.5% of the book · $1.2bn | Space Exploration Technologies Corp (SPCX) +$765m, a new position | Roku Inc (ROKU) -$279m |
| Pershing Square Capital Management LP | $13.7bn | 11 | 100% | Brookfield Corp 18% of the book · $2.4bn | Microsoft Corp (MSFT) +$2.1bn, a new position | Alphabet Inc -$1.8bn |
| Brevan Howard Capital Management LP | $13.5bn | 2,030 | 29% | iShares TR 6.7% of the book · $898m | iShares TR +$898m, a new position | iShares Bitcoin Trust ETF (IBIT) -$694m |
| Markel Group Inc | $13.1bn | 130 | 43% | Alphabet Inc 7.4% of the book · $972m | Alphabet Inc +$183m | Rollins Inc (ROL) -$17m |
| Whale Rock Capital Management LLC | $12.5bn | 35 | 59% | SanDisk Corp (SNDK) 11% of the book · $1.4bn | Advanced Micro Devices Inc (AMD) +$863m | Advanced Energy Inds -$330m, sold out |
| Polen Capital Management LLC | $11.6bn | 219 | 59% | Eli Lilly & Co (LLY) 6.9% of the book · $800m | Ge Aerospace +$258m, a new position | Zoetis Inc (ZTS) -$476m |
| Maverick Capital Ltd | $11.3bn | 179 | 43% | Nvidia Corporation (NVDA) 5.4% of the book · $612m | Meta Platforms Inc (META) +$430m, a new position | Asml HLDG NV -$339m |
| GAMCO Investors Inc | $11.1bn | 938 | 15% | Madison Square Garden Sports (MSGS) 2.1% of the book · $237m | Madison Square Garden Sports (MSGS) +$48m | Honeywell International Inc (HON) -$43m, sold out |
| Egerton Capital UK LLP | $10.4bn | 23 | 76% | Visa Inc (V) 14% of the book · $1.5bn | Amphenol Corp +$495m | Carpenter Technology Corp (CRS) -$525m, sold out |
| Durable Capital Partners LP | $10.3bn | 36 | 59% | RBC Bearings Inc (RBC) 11% of the book · $1.1bn | Madison Air Solutions Corp (MAIR) +$398m, a new position | iShares TR -$255m, sold out |
| Altimeter Capital Management LP | $9.8bn | 20 | 83% | Nvidia Corporation (NVDA) 19% of the book · $1.9bn | Cerebras Systems Inc (CBRS) +$1.6bn, a new position | Meta Platforms Inc (META) -$354m |
| Davidson Kempner Capital Management LP | $8.4bn | 241 | 42% | iShares TR 10% of the book · $877m | Electronic Arts Inc +$750m, a new position | Hologic Inc -$122m, sold out |
| Carl C. Icahn | $8.3bn | 12 | 99% | Icahn Enterprises LP 54% of the book · $4.5bn | Icahn Enterprises LP +$311m | CVR Energy Inc (CVI) -$435m |
| Soros Fund Management LLC | $8.1bn | 266 | 25% | Amazon Com Inc (AMZN) 3.5% of the book · $282m | Super Micro Computer Inc +$112m, a new position | State STR SPDR S&P 500 ETF T -$717m |
| Appaloosa LP | $7.7bn | 27 | 79% | Amazon Com Inc (AMZN) 15% of the book · $1.2bn | Micron Technology Inc (MU) +$563m | Alibaba Group HLDG LTD -$243m |
| Oaktree Capital Management LP | $7.2bn | 145 | 55% | State Street Corp 14% of the book · $1.0bn | State Street Corp +$1.0bn, a new position | State Street SPDR S&P Oil & Gas Exploration & Production ETF -$182m, sold out |
| Moore Capital Management LP | $6.7bn | 745 | 35% | iShares TR 13% of the book · $864m | iShares TR +$431m | State STR SPDR S&P 500 ETF T -$627m |
| Ruane Cunniff & Goldfarb LP | $6.4bn | 54 | 67% | Alphabet Inc 11% of the book · $713m | Roper Technologies Inc (ROP) +$228m, a new position | Zoetis Inc (ZTS) -$118m |
| ValueAct Holdings LP | $5.6bn | 18 | 87% | Visa Inc (V) 14% of the book · $795m | Rocket Cos Inc +$254m | Mongodb Inc (MDB) -$198m |
| Glenview Capital Management LLC | $5.5bn | 45 | 61% | Global PMTS Inc 12% of the book · $646m | Agilent Technologies Inc (A) +$262m, a new position | Invesco QQQ TR -$189m, sold out |
| Baupost Group LLC | $5.4bn | 23 | 75% | Amazon Com Inc (AMZN) 16% of the book · $892m | Amazon Com Inc (AMZN) +$243m | Willis Towers Watson PLC LTD (WTW) -$260m, sold out |
| Caxton Associates LLP | $5.3bn | 730 | 56% | Warner Bros Discovery Inc (WBD) 9.7% of the book · $518m | Apple Inc (AAPL) +$258m | Nvidia Corporation (NVDA) -$245m |
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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