Which funds own NET
Cloudflare Inc in the Q2 2026 filings. At least 20 of the 91 current managers on file reported a position, worth $16.6bn between them. At least a fifth of the current managers on file hold it, which is a crowd without being the whole market. The quarter went one way: 14 managers opened or added against 10 cutting.
- Managers holding
- 20
- at least, of 91 current
- Combined value
- $16.6bn
- as reported
- Opened
- 6
- new this quarter
- Added to
- 8
- already held
- Trimmed or sold out
- 10
- 4 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 |
|---|---|---|---|---|---|
| Capital World Investors Long-only · $846bn book | $6.0bn | 0.7% | 24,325,692 | +$1.3bn+1,590,123 | Added |
| Baillie Gifford & Co Long-only · $110bn book | $3.6bn | 3.2% | 14,598,594 | +$295m-1,325,829 | Trimmed |
| Fidelity (FMR LLC) Long-only · $2304bn book | $3.1bn | 0.1% | 12,655,471 | +$306m-904,980 | Trimmed |
| Wellington Management Group LLP Long-only · $580bn book | $993m | 0.2% | 4,048,753 | +$166m+37,923 | Added |
| Two Sigma Investments LP Quantitative · $138bn book | $634m | 0.5% | 2,586,183 | +$53m-233,654 | Trimmed |
| AQR Capital Management LLC Quantitative · $287bn book | $509m | 0.2% | 2,076,835 | +$329m+1,169,447 | Added |
| D. E. Shaw & Co. Quantitative · $210bn book | $478m | 0.2% | 1,947,802 | +$212m+660,556 | Added |
| MFS Investment Management Long-only · $315bn book | $387m | 0.1% | 1,578,485 | +$84m+111,375 | Added |
| Marshall Wace LLP Quantitative · $127bn book | $261m | 0.2% | 1,065,580 | +$58m+78,973 | Added |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $165m | 0.2% | 670,903 | +$92m+320,666 | Added |
| Squarepoint Ops LLC Multi-strategy · $90.5bn book | $157m | 0.2% | 638,961 | +$37m+57,270 | Added |
| Artisan Partners LP Long-only · $63.1bn book | $120m | 0.2% | 489,716 | -$18m-178,442 | Trimmed |
| Verition Fund Management LLC Multi-strategy · $19.7bn book | $51m | 0.3% | 40,000,000 | opened40,000,000 | New |
| ARK Investment Management LLC Long-only · $15.4bn book | $43m | 0.3% | 175,723 | +$5.2m-7,921 | Trimmed |
| Walleye Capital LLC Multi-strategy · $28.0bn book | $39m | 0.1% | 30,000,000 | -$11m-12,500,000 | Trimmed |
| Brevan Howard Capital Management LP Macro · $13.5bn book | $32m | 0.2% | 25,000,000 | opened25,000,000 | New |
| ExodusPoint Capital Management LP Multi-strategy · $15.5bn book | $25m | 0.2% | 100,016 | opened100,016 | New |
| Oaktree Capital Management LP Activist · $7.2bn book | $10m | 0.1% | 8,050,000 | opened8,050,000 | New |
| Element Capital Management LLC Macro · $3.2bn book | $3.7m | 0.1% | 15,000 | opened15,000 | New |
| Discovery Capital Management LLC Macro · $2.4bn book | $2.7m | 0.1% | 10,932 | opened10,932 | New |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Woodline Partners LP · Long/short equity$87m held before
- Capital Research Global Investors · Long-only$66m held before
- Steadfast Capital Management LP · Long/short equity$20m held before
- Jane Street Group LLC · Quantitative$8.8m held before
Ownership through time
At least 32 of the 95 managers whose filings are on file listed NET in Q2 2026, against 8 in Q3 2019. The same number as in Q1 2026: 7 started positions; 2 listed it again; 3 sold out, by their own filings; 6 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.
- Q3 2019: 8
- Q4 2019: 3
- Q1 2020: 5
- Q2 2020: 9
- Q3 2020: 11
- Q4 2020: 21
- Q1 2021: 12
- Q2 2021: 14
- Q3 2021: 14
- Q4 2021: 22
- Q1 2022: 15
- Q2 2022: 12
- Q3 2022: 13
- Q4 2022: 9
- Q1 2023: 13
- Q2 2023: 7
- Q3 2023: 12
- Q4 2023: 14
- Q1 2024: 14
- Q2 2024: 12
- Q3 2024: 13
- Q4 2024: 16
- Q1 2025: 18
- Q2 2025: 19
- Q3 2025: 24
- Q4 2025: 29
- Q1 2026: 32
- Q2 2026: 32
- Q3 2019: $410m
- Q4 2019: $363m
- Q1 2020: $625m
- Q2 2020: $1.6bn
- Q3 2020: $2.5bn
- Q4 2020: $5.0bn
- Q1 2021: $4.6bn
- Q2 2021: $7.0bn
- Q3 2021: $7.4bn
- Q4 2021: $10.6bn
- Q1 2022: $8.7bn
- Q2 2022: $2.7bn
- Q3 2022: $3.2bn
- Q4 2022: $2.9bn
- Q1 2023: $4.1bn
- Q2 2023: $4.9bn
- Q3 2023: $5.0bn
- Q4 2023: $6.7bn
- Q1 2024: $8.0bn
- Q2 2024: $7.1bn
- Q3 2024: $7.1bn
- Q4 2024: $9.3bn
- Q1 2025: $9.4bn
- Q2 2025: $18.3bn
- Q3 2025: $19.5bn
- Q4 2025: $16.4bn
- Q1 2026: $15.7bn
- Q2 2026: $17.9bn
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
- Capital World Investors22,735,569 to 24,325,692 shares+$390m
- AQR Capital Management LLC907,388 to 2,076,835 shares+$287m
- D. E. Shaw & Co.1,287,246 to 1,947,802 shares+$162m
- Balyasny Asset Management LLC350,237 to 670,903 shares+$79m
- Renaissance Technologies LLCnew: 171,400 shares+$42m
Largest decreases, by shares
- Baillie Gifford & Co15,924,423 to 14,598,594 shares-$325m
- Fidelity (FMR LLC)13,560,451 to 12,655,471 shares-$222m
- Two Sigma Investments LP2,819,837 to 2,586,183 shares-$57m
- Artisan Partners LP668,158 to 489,716 shares-$44m
- Janus Henderson Group Ltd241,367 to 162,576 shares-$19m
Left it
- Woodline Partners LPwas $87m
- Capital Research Global Investorswas $66m
- Steadfast Capital Management LPwas $20m
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Capital World Investors | Q1 2020 | $8.7bn | $6.0bn | |
| Baillie Gifford & Co | Q2 2020 | $5.0bn | $3.6bn | |
| Fidelity (FMR LLC) | Q3 2019 | $3.8bn | $3.1bn | |
| Wellington Management Group LLP | Q2 2025 | $993m | $993m | |
| Invesco Ltd | Q4 2021 | $851m | $761m | |
| Two Sigma Investments LP | Q4 2020 | $634m | $634m | |
| AQR Capital Management LLC | Q3 2024 | $509m | $509m | |
| D. E. Shaw & Co. | Q4 2020 | $478m | $478m | |
| MFS Investment Management | Q2 2025 | $387m | $387m | |
| T. Rowe Price Associates Inc | Q2 2025 | $379m | $379m | |
| Marshall Wace LLP | Q2 2022 | $261m | $261m | |
| Balyasny Asset Management LLC | Q2 2020 | $165m | $165m | |
| Squarepoint Ops LLC | Q4 2022 | $301m | $157m | |
| Neuberger Berman Group LLC | Q1 2021 | $149m | $149m | |
| Artisan Partners LP | Q3 2020 | $153m | $120m | |
| Two Sigma Advisers LP | Q4 2021 | $461m | last listed Q4 2025 | |
| Citadel Advisors LLC | Q4 2021 | $401m | last listed Q1 2026 | |
| Jane Street Group LLC | Q3 2022 | $329m | last listed Q1 2026 | |
| Arrowstreet Capital LP | Q3 2022 | $166m | last listed Q4 2025 | |
| Point72 Asset Management LP | Q3 2020 | $152m | last listed Q1 2026 | |
| Whale Rock Capital Management LLC | Q1 2020 | $149m | last listed Q4 2021 | |
| Woodline Partners LP | Q3 2023 | $87m | last listed Q1 2026 | |
| Millennium Management LLC | Q4 2020 | $77m | last listed Q4 2021 | |
| Capital Research Global Investors | Q3 2019 | $66m | last listed Q1 2026 | |
| Man Group PLC | Q4 2020 | $48m | last listed Q4 2025 |
Reported as options rather than shares
A put or a call on a name is not a position in it, and the filing states the notional rather than what the option cost. These lines are listed apart for that reason and are not counted in anything above.
- Jane Street Group LLC · calls$819m notional
- D. E. Shaw & Co. · calls$396m notional
- D. E. Shaw & Co. · puts$263m notional
What NET 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 NET →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.
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The holdings, every quarter, and the week between
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