Which funds own PEN
Penumbra Inc in the Q2 2026 filings. At least 8 of the 91 current managers on file reported a position, worth $1.3bn between them. It is among the largest positions of fewer than a fifth of the current managers on file. The quarter went the other way: 7 managers trimmed or sold out against 4 buying.
- Managers holding
- 8
- at least, of 91 current
- Combined value
- $1.3bn
- as reported
- Opened
- 0
- new this quarter
- Added to
- 4
- already held
- Trimmed or sold out
- 7
- 3 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 |
|---|---|---|---|---|---|
| ExodusPoint Capital Management LP Multi-strategy · $15.5bn book | $344m | 2.2% | 1,090,430 | +$192m+625,215 | Added |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $344m | 0.4% | 1,090,163 | +$94m+328,067 | Added |
| Arrowstreet Capital LP Quantitative · $225bn book | $264m | 0.1% | 834,903 | +$132m+434,743 | Added |
| Tudor Investment Corp Macro · $71.9bn book | $127m | 0.2% | 400,649 | -$8.5m-10,469 | Trimmed |
| Hudson Bay Capital Management LP Multi-strategy · $36.8bn book | $64m | 0.2% | 203,138 | -$51m-145,900 | Trimmed |
| Caxton Associates LLP Macro · $5.3bn book | $57m | 1.1% | 179,384 | -$4.0m-5,279 | Trimmed |
| Woodline Partners LP Long/short equity · $32.4bn book | $46m | 0.1% | 145,844 | -$33m-95,753 | Trimmed |
| Verition Fund Management LLC Multi-strategy · $19.7bn book | $45m | 0.2% | 142,309 | +$23m+74,309 | Added |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Baillie Gifford & Co · Long-only$276m held before
- Soros Fund Management LLC · Macro$67m held before
- Moore Capital Management LP · Macro$8.2m held before
Ownership through time
At least 17 of the 95 managers whose filings are on file listed PEN in Q2 2026, against 3 in Q3 2015. 3 managers fewer than in Q1 2026: 1 listed it again; 2 sold out, by their own filings; 2 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.
- Q3 2015: 3
- Q4 2015: 2
- Q1 2016: 2
- Q2 2016: 2
- Q3 2016: 5
- Q4 2016: 5
- Q1 2017: 6
- Q2 2017: 5
- Q3 2017: 6
- Q4 2017: 4
- Q1 2018: 5
- Q2 2018: 11
- Q3 2018: 9
- Q4 2018: 9
- Q1 2019: 9
- Q2 2019: 10
- Q3 2019: 8
- Q4 2019: 9
- Q1 2020: 11
- Q2 2020: 10
- Q3 2020: 13
- Q4 2020: 10
- Q1 2021: 14
- Q2 2021: 12
- Q3 2021: 13
- Q4 2021: 13
- Q1 2022: 9
- Q2 2022: 9
- Q3 2022: 11
- Q4 2022: 13
- Q1 2023: 9
- Q2 2023: 19
- Q3 2023: 14
- Q4 2023: 11
- Q1 2024: 11
- Q2 2024: 10
- Q3 2024: 10
- Q4 2024: 11
- Q1 2025: 14
- Q2 2025: 15
- Q3 2025: 10
- Q4 2025: 16
- Q1 2026: 20
- Q2 2026: 17
- Q3 2015: $19m
- Q4 2015: $26m
- Q1 2016: $13m
- Q2 2016: $52m
- Q3 2016: $448m
- Q4 2016: $409m
- Q1 2017: $565m
- Q2 2017: $578m
- Q3 2017: $613m
- Q4 2017: $625m
- Q1 2018: $785m
- Q2 2018: $955m
- Q3 2018: $998m
- Q4 2018: $1.2bn
- Q1 2019: $1.6bn
- Q2 2019: $1.8bn
- Q3 2019: $1.4bn
- Q4 2019: $1.4bn
- Q1 2020: $1.6bn
- Q2 2020: $1.8bn
- Q3 2020: $2.3bn
- Q4 2020: $2.5bn
- Q1 2021: $3.6bn
- Q2 2021: $3.3bn
- Q3 2021: $3.3bn
- Q4 2021: $3.5bn
- Q1 2022: $2.5bn
- Q2 2022: $1.3bn
- Q3 2022: $2.0bn
- Q4 2022: $2.6bn
- Q1 2023: $3.5bn
- Q2 2023: $4.2bn
- Q3 2023: $2.8bn
- Q4 2023: $3.3bn
- Q1 2024: $2.6bn
- Q2 2024: $2.0bn
- Q3 2024: $2.0bn
- Q4 2024: $2.4bn
- Q1 2025: $2.9bn
- Q2 2025: $2.7bn
- Q3 2025: $2.9bn
- Q4 2025: $3.8bn
- Q1 2026: $2.1bn
- Q2 2026: $2.2bn
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
- ExodusPoint Capital Management LP465,215 to 1,090,430 shares+$197m
- Arrowstreet Capital LP400,160 to 834,903 shares+$137m
- Balyasny Asset Management LLC762,096 to 1,090,163 shares+$104m
- Neuberger Berman Group LLC303,621 to 438,553 shares+$43m
- AllianceBernstein LP226,317 to 301,585 shares+$25m
Largest decreases, by shares
- Millennium Management LLC1,098,136 to 700,611 shares-$126m
- Hudson Bay Capital Management LP349,038 to 203,138 shares-$46m
- Woodline Partners LP241,597 to 145,844 shares-$30m
- Janus Henderson Group Ltd167,054 to 130,275 shares-$12m
- Tudor Investment Corp411,118 to 400,649 shares-$3.3m
Left it
- Baillie Gifford & Cowas $276m
- Soros Fund Management LLCwas $67m
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| ExodusPoint Capital Management LP | Q1 2019 | $344m | $344m | |
| Balyasny Asset Management LLC | Q3 2016 | $344m | $344m | |
| Arrowstreet Capital LP | Q4 2025 | $264m | $264m | |
| Millennium Management LLC | Q2 2018 | $361m | $221m | |
| Capital World Investors | Q3 2015 | $193m | $151m | |
| Neuberger Berman Group LLC | Q3 2022 | $138m | $138m | |
| Two Sigma Investments LP | Q2 2022 | $135m | $135m | |
| Tudor Investment Corp | Q2 2018 | $135m | $127m | |
| AllianceBernstein LP | Q2 2016 | $151m | $99m | |
| Hudson Bay Capital Management LP | Q1 2026 | $115m | $64m | |
| Caxton Associates LLP | Q3 2020 | $61m | $57m | |
| Woodline Partners LP | Q1 2021 | $79m | $46m | |
| Verition Fund Management LLC | Q2 2018 | $45m | $45m | |
| Squarepoint Ops LLC | Q2 2018 | $49m | $44m | |
| Janus Henderson Group Ltd | Q2 2022 | $148m | $41m | |
| Fidelity (FMR LLC) | Q3 2016 | $1.7bn | last listed Q4 2025 | |
| Capital Research Global Investors | Q3 2015 | $894m | last listed Q1 2024 | |
| T. Rowe Price Associates Inc | Q1 2020 | $781m | last listed Q4 2025 | |
| Wellington Management Group LLP | Q4 2018 | $517m | last listed Q1 2021 | |
| Baillie Gifford & Co | Q3 2017 | $380m | last listed Q1 2026 | |
| Citadel Advisors LLC | Q4 2024 | $308m | last listed Q4 2025 | |
| Artisan Partners LP | Q3 2015 | $185m | last listed Q4 2025 | |
| Invesco Ltd | Q1 2019 | $116m | last listed Q1 2020 | |
| AQR Capital Management LLC | Q2 2024 | $85m | last listed Q2 2025 | |
| Soros Fund Management LLC | Q3 2023 | $67m | last listed Q1 2026 |
What PEN 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 PEN →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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