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Which funds own QUAL

iShares MSCI USA QLT FCT in the Q2 2026 filings. At least 2 of the 91 current managers on file reported a position, worth $4.5bn 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: $4.5bn; as reported
Opened: 1; new this quarter
Added to: 1; already held
Trimmed or sold out: 0; 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
Fidelity (FMR LLC) Long-only · $2304bn book	$4.3bn	0.2%	19,505,608	+$812m+1,426,019	Added
Janus Henderson Group Ltd Long-only · $245bn book	$232m	0.1%	1,057,016	opened1,057,016	New

Ownership through time

At least 3 of the 95 managers whose filings are on file listed QUAL in Q2 2026, against 1 in Q4 2018. 2 managers more than in Q1 2026: 1 started a position; 1 listed it again.

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

Janus Henderson Group Ltd$232m

Largest increases, by shares

Fidelity (FMR LLC)18,079,589 to 19,505,608 shares+$313m
Janus Henderson Group Ltdnew: 1,057,016 shares+$232m

Largest decreases, by shares

No manager on file sold part of it.

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
Fidelity (FMR LLC)	Q4 2018	$4.3bn	$4.3bn
Janus Henderson Group Ltd	Q2 2026	$232m	$232m
Tudor Investment Corp	Q2 2025	$20m	$20m
Two Sigma Investments LP	Q1 2021	$376m	last listed Q4 2025
Two Sigma Advisers LP	Q3 2021	$58m	last listed Q3 2024
Jane Street Group LLC	Q1 2019	$31m	last listed Q1 2019
Moore Capital Management LP	Q1 2022	$454k	last listed Q1 2022

What is inside it

Knowing who bought a fund is half the question. The other half is what the fund holds, which is the manager’s actual exposure rather than the wrapper they reached for.

What QUAL holds

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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