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.
32 managers in this cut, holding 46,355 reported positions worth $2531bn 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 |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Renaissance Technologies LLC | $72.6bn | 3,140 | 12% | Nvidia Corporation (NVDA) 2.0% of the book · $1.4bn | Meta Platforms Inc (META) +$995m | Micron Technology Inc (MU) -$487m |
| First Eagle Investment Management LLC | $59.9bn | 424 | 29% | Alphabet Inc 4.3% of the book · $2.6bn | Booking Holdings Inc (BKNG) +$876m, a new position | Exxon Mobil Corp -$1.1bn, sold out |
| Coatue Management LLC | $48.6bn | 66 | 62% | Taiwan Semiconductor Manufac 8.8% of the book · $4.3bn | Micron Technology Inc (MU) +$3.6bn | Netflix Inc. (NFLX) -$327m |
| Soroban Capital Partners LP | $47.8bn | 25 | 90% | Microsoft Corp (MSFT) 47% of the book · $22.4bn | Taiwan Semiconductor Manufac +$386m | Western Digital Corp (WDC) -$310m, sold out |
| Holocene Advisors LP | $44.4bn | 789 | 26% | Amazon Com Inc (AMZN) 7.5% of the book · $3.3bn | Microsoft Corp (MSFT) +$1.2bn | Apple Inc (AAPL) -$633m, sold out |
| D1 Capital Partners LP | $34.8bn | 55 | 77% | Space Exploration Techn Corp 62% of the book · $21.5bn | Space Exploration Techn Corp +$21.5bn, a new position | Knight-swift Transn HLDGS In -$316m, sold out |
| Schonfeld Strategic Advisors LLC | $27.9bn | 2,556 | 29% | iShares TR 10% of the book · $2.9bn | iShares TR +$985m | State STR SPDR S&P 500 ETF T -$159m |
| Tiger Global Management LLC | $24.0bn | 46 | 67% | Taiwan Semiconductor Manufac 9.7% of the book · $2.3bn | Cerebras Systems Inc (CBRS) +$663m, a new position | Alphabet Inc -$982m |
| ExodusPoint Capital Management LP | $15.5bn | 1,510 | 31% | Invesco QQQ TR 4.6% of the book · $711m | iShares TR +$610m | iShares TR -$409m |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Sachem Head Capital Management LP | $4.8bn | 19 | 74% | Talen Energy Corp (TLN) 11% of the book · $526m | Seagate Technology Hldngs PL +$456m, a new position | Echostar Corp (ECHO) -$352m, sold out |
| Third Point LLC | $4.7bn | 43 | 60% | Warner Bros Discovery Inc (WBD) 11% of the book · $533m | Warner Bros Discovery Inc (WBD) +$533m, a new position | Meta Platforms Inc (META) -$52m, sold out |
| Starboard Value LP | $4.5bn | 22 | 84% | iShares TR 15% of the book · $685m | Dynatrace Inc (DT) +$389m, a new position | Gen Digital Inc -$147m, sold out |
| Trian Fund Management LP | $4.2bn | 8 | 100% | GE Aerospace 36% of the book · $1.5bn | GE Aerospace +$363m | Janus Henderson Group plc -$303m |
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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