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Which funds own AEHR

Aehr Test Systems in the Q2 2026 filings. At least 2 of the 91 current managers on file reported a position, worth $26m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.

Managers holding: 2; at least, of 91 current
Combined value: $26m; as reported
Opened: 0; new this quarter
Added to: 0; already held
Trimmed or sold out: 2; 0 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Managers reporting a position

Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.

Manager	Value	Weight	Shares	Change on the quarter	Action
Baillie Gifford & Co Long-only · $110bn book	$20m	0.0%	203,878	-$18m-797,140	Trimmed
Polen Capital Management LLC Long-only · $11.6bn book	$6.4m	0.1%	66,157	+$3.4m-13,239	Trimmed

Ownership through time

At least 5 of the 95 managers whose filings are on file listed AEHR in Q2 2026, against 1 in Q3 2021. 2 managers more than in Q1 2026: 3 listed it again; 1 no longer listed it among the positions read, which can mean a holding below the listed range, a filing that reported no holdings, or a filing not yet made.

Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.

Managers on file listing it

Their combined reported value

Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.

Started in Q2 2026

No manager on file started a position.

Largest increases, by shares

No manager on file bought more.

Largest decreases, by shares

Baillie Gifford & Co1,001,018 to 203,878 shares-$77m
Polen Capital Management LLC79,396 to 66,157 shares-$1.3m

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
D. E. Shaw & Co.	Q2 2026	$113m	$113m
Two Sigma Investments LP	Q2 2026	$112m	$112m
Marshall Wace LLP	Q2 2026	$37m	$37m
Baillie Gifford & Co	Q3 2023	$46m	$20m
Polen Capital Management LLC	Q2 2025	$6.4m	$6.4m
Point72 Asset Management LP	Q4 2022	$21m	last listed Q3 2023
Walleye Capital LLC	Q1 2026	$9.9m	last listed Q1 2026
Discovery Capital Management LLC	Q1 2023	$5.5m	last listed Q2 2023
ExodusPoint Capital Management LP	Q3 2025	$5.4m	last listed Q3 2025
Caxton Associates LLP	Q3 2021	$679k	last listed Q2 2023
Davidson Kempner Capital Management LP	Q4 2024	$355k	last listed Q4 2024

What AEHR is worth

Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.

Build the comp set around AEHR →

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.

What to do with a name the funds are buying

Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.

Comps ExplorerValue it against the peers it trades beside Every managerRead any of these books in full Deal tapeWhat buyers paid for whole companies, not slices Hedge fund interviewsHow the room runs, and the stock pitch it wants

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The holdings, every quarter, and the week between

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