Which funds own KDP
Keurig DR Pepper Inc in the Q2 2026 filings. At least 11 of the 91 current managers on file reported a position, worth $16.7bn between them. It is among the largest positions of fewer than a fifth of the current managers on file. The quarter went one way: 9 managers opened or added against 4 cutting.
- Managers holding
- 11
- at least, of 91 current
- Combined value
- $16.7bn
- as reported
- Opened
- 2
- new this quarter
- Added to
- 7
- already held
- Trimmed or sold out
- 4
- 2 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 |
|---|---|---|---|---|---|
| Fidelity (FMR LLC) Long-only · $2304bn book | $5.6bn | 0.2% | 172,397,835 | +$1.8bn+26,768,840 | Added |
| Capital World Investors Long-only · $846bn book | $3.9bn | 0.5% | 118,725,548 | +$1.3bn+19,695,419 | Added |
| Harris Associates LP Activist · $75.4bn book | $3.0bn | 4.0% | 92,854,297 | +$588m-228,016 | Trimmed |
| Wellington Management Group LLP Long-only · $580bn book | $1.8bn | 0.3% | 55,939,797 | +$205m-5,801,596 | Trimmed |
| Invesco Ltd Long-only · $1264bn book | $1.5bn | 0.1% | 45,567,265 | +$301m+356,850 | Added |
| Point72 Asset Management LP Multi-strategy · $90.7bn book | $457m | 0.5% | 13,948,539 | +$431m+12,965,750 | Added |
| Marshall Wace LLP Quantitative · $127bn book | $145m | 0.1% | 4,438,587 | +$121m+3,508,051 | Added |
| Freestone Grove Partners LP Multi-strategy · $15.6bn book | $123m | 0.8% | 3,746,929 | opened3,746,929 | New |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $98m | 0.1% | 2,982,906 | +$97m+2,957,019 | Added |
| Moore Capital Management LP Macro · $6.7bn book | $11m | 0.2% | 323,376 | opened323,376 | New |
| Maverick Capital Ltd Long/short equity · $11.3bn book | $1.9m | 0.0% | 58,380 | +$400k+2,557 | Added |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Capital Research Global Investors · Long-only$14m held before
- Caxton Associates LLP · Macro$1.1m held before
Ownership through time
At least 17 of the 93 managers whose filings are on file listed KDP in Q2 2026, against 2 in Q2 2018. 5 managers more than in Q1 2026: 3 started positions; 6 listed it again; 1 sold out, by its own filing; 3 no longer listed it among the positions read, which can mean a holding below the listed range 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.
- Q2 2018: 2
- Q3 2018: 11
- Q4 2018: 12
- Q1 2019: 13
- Q2 2019: 13
- Q3 2019: 12
- Q4 2019: 14
- Q1 2020: 16
- Q2 2020: 14
- Q3 2020: 23
- Q4 2020: 18
- Q1 2021: 15
- Q2 2021: 17
- Q3 2021: 20
- Q4 2021: 19
- Q1 2022: 16
- Q2 2022: 23
- Q3 2022: 20
- Q4 2022: 24
- Q1 2023: 32
- Q2 2023: 29
- Q3 2023: 25
- Q4 2023: 19
- Q1 2024: 24
- Q2 2024: 24
- Q3 2024: 24
- Q4 2024: 19
- Q1 2025: 24
- Q2 2025: 22
- Q3 2025: 28
- Q4 2025: 14
- Q1 2026: 12
- Q2 2026: 17
- Q2 2018: $409m
- Q3 2018: $1.4bn
- Q4 2018: $2.3bn
- Q1 2019: $2.9bn
- Q2 2019: $4.6bn
- Q3 2019: $4.6bn
- Q4 2019: $5.1bn
- Q1 2020: $4.8bn
- Q2 2020: $5.1bn
- Q3 2020: $5.8bn
- Q4 2020: $7.5bn
- Q1 2021: $8.2bn
- Q2 2021: $8.7bn
- Q3 2021: $9.2bn
- Q4 2021: $10.4bn
- Q1 2022: $10.9bn
- Q2 2022: $9.3bn
- Q3 2022: $8.5bn
- Q4 2022: $8.3bn
- Q1 2023: $8.8bn
- Q2 2023: $8.0bn
- Q3 2023: $9.2bn
- Q4 2023: $9.5bn
- Q1 2024: $10.7bn
- Q2 2024: $11.9bn
- Q3 2024: $14.3bn
- Q4 2024: $13.3bn
- Q1 2025: $14.6bn
- Q2 2025: $13.8bn
- Q3 2025: $10.3bn
- Q4 2025: $12.9bn
- Q1 2026: $12.3bn
- Q2 2026: $18.0bn
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
Largest increases, by shares
- Fidelity (FMR LLC)145,628,995 to 172,397,835 shares+$876m
- Capital World Investors99,030,129 to 118,725,548 shares+$645m
- Freestone Grove Partners LPnew: 3,746,929 shares+$123m
- T. Rowe Price Associates Inc14,148,187 to 16,698,761 shares+$83m
- Invesco Ltd45,210,415 to 45,567,265 shares+$12m
Largest decreases, by shares
- Wellington Management Group LLP61,741,393 to 55,939,797 shares-$190m
- Verition Fund Management LLC886,164 to 464,264 shares-$14m
- Harris Associates LP93,082,313 to 92,854,297 shares-$7.5m
Left it
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Fidelity (FMR LLC) | Q3 2018 | $5.6bn | $5.6bn | |
| Capital World Investors | Q2 2018 | $4.3bn | $3.9bn | |
| Harris Associates LP | Q3 2020 | $3.0bn | $3.0bn | |
| Wellington Management Group LLP | Q1 2020 | $2.1bn | $1.8bn | |
| Invesco Ltd | Q2 2022 | $1.5bn | $1.5bn | |
| T. Rowe Price Associates Inc | Q3 2018 | $2.9bn | $547m | |
| Citadel Advisors LLC | Q1 2020 | $738m | $545m | |
| Point72 Asset Management LP | Q1 2019 | $457m | $457m | |
| Marshall Wace LLP | Q2 2018 | $145m | $145m | |
| Millennium Management LLC | Q2 2020 | $220m | $134m | |
| Freestone Grove Partners LP | Q2 2026 | $123m | $123m | |
| Balyasny Asset Management LLC | Q2 2019 | $240m | $98m | |
| Verition Fund Management LLC | Q4 2018 | $28m | $15m | |
| Moore Capital Management LP | Q4 2023 | $14m | $11m | |
| Hudson Bay Capital Management LP | Q3 2021 | $18m | $8.8m | |
| Capital Research Global Investors | Q4 2018 | $2.3bn | last listed Q1 2026 | |
| Neuberger Berman Group LLC | Q3 2020 | $531m | last listed Q2 2025 | |
| AQR Capital Management LLC | Q1 2022 | $326m | last listed Q1 2026 | |
| Renaissance Technologies LLC | Q3 2018 | $315m | last listed Q2 2024 | |
| D. E. Shaw & Co. | Q3 2018 | $277m | last listed Q3 2022 | |
| Arrowstreet Capital LP | Q3 2018 | $276m | last listed Q2 2025 | |
| Two Sigma Investments LP | Q3 2018 | $210m | last listed Q3 2025 | |
| Holocene Advisors LP | Q4 2020 | $203m | last listed Q1 2026 | |
| Two Sigma Advisers LP | Q3 2018 | $182m | last listed Q3 2025 | |
| Man Group PLC | Q4 2019 | $170m | last listed Q3 2025 |
What KDP 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 KDP →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.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More
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.
One email a week, free, and you can leave at any point.