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Which funds own IPGP

IPG Photonics Corp in the Q2 2026 filings. At least 2 of the 91 current managers on file reported a position, worth $411m 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: $411m; 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
First Eagle Investment Management LLC Value · $60.8bn book	$392m	0.6%	3,338,881	-$135m-1,254,468	Trimmed
Baillie Gifford & Co Long-only · $110bn book	$19m	0.0%	160,499	-$12m-108,856	Trimmed

Ownership through time

At least 3 of the 95 managers whose filings are on file listed IPGP in Q2 2026, against 4 in Q2 2013. The same number as in Q1 2026.

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

Neuberger Berman Group LLC844,398 to 976,974 shares+$15m

Largest decreases, by shares

First Eagle Investment Management LLC4,593,349 to 3,338,881 shares-$147m
Baillie Gifford & Co269,355 to 160,499 shares-$13m

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
First Eagle Investment Management LLC	Q3 2018	$584m	$392m
Neuberger Berman Group LLC	Q3 2014	$114m	$114m
Baillie Gifford & Co	Q2 2013	$80m	$19m
AllianceBernstein LP	Q4 2018	$686m	last listed Q4 2025
Fidelity (FMR LLC)	Q3 2015	$524m	last listed Q3 2016
Invesco Ltd	Q2 2018	$316m	last listed Q4 2021
Artisan Partners LP	Q2 2013	$299m	last listed Q2 2024
Wellington Management Group LLP	Q1 2018	$265m	last listed Q2 2018
T. Rowe Price Associates Inc	Q2 2013	$248m	last listed Q1 2014
Janus Henderson Group Ltd	Q4 2013	$131m	last listed Q4 2023
AQR Capital Management LLC	Q4 2017	$111m	last listed Q2 2025
MFS Investment Management	Q2 2013	$78m	last listed Q3 2019
Two Sigma Investments LP	Q3 2015	$51m	last listed Q4 2022

What IPGP 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 IPGP →

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

One email a week on what moved in the market and what it means for the people interviewing into it, with the 13F changes the quarter they are filed.

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