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Quarterly Brief
2026Q1 — what the cohort just did
TL;DR
- 01Alphabet (GOOG/GOOGL) is the quarter's loudest signal: Buffett nearly triples his GOOGL stake to ~$15.6B (2% → 6% of Berkshire), Armitage adds GOOG aggressively (+221%), Duan Yongping doubles, Loeb and Mandel initiate — value, growth, macro, and quality all converging simultaneously.
- 02Ackman dumps Hilton, buys MSFT at $2.1B (15% of portfolio) — a rare tech initiation from a concentrated value/activist; simultaneous exits by Gates Foundation and Armitage on the same name create a sharp divergence worth watching.
- 03SUNB (Sunbelt Rentals) is a sleeper consensus: Five distinct-style managers (Dorsey, Russo, AKO, Greenberg, Rochon) all initiate — equipment rental moat thesis crossing quality-compounder and value camps.
- 04UBER attracts a 3x add from Tepper (+242%, now 7.7% of Appaloosa) plus new positions from Dorsey and Armitage adds — platform durability thesis gaining multi-style traction.
- 05Druckenmiller exits broad ETF proxies (XLF, RSP) entirely and concentrates into NTRA (21% of portfolio) — dramatic shift from macro hedges to single-name biotech conviction.
Watchlist
- 01GOOG/GOOGL — Buffett's tripling + Armitage's full rotation into it from MSFT + Duan doubling = the highest-signal move in years; AI search durability thesis deserves immediate deep diligence.
- 02SUNB — Five first-time buyers from entirely different investment frameworks in a single quarter on a newly public equipment-rental company; likely mispriced relative to Ashtead parent and URI comps.
- 03UBER — Tepper's 242% add to a 7.7% position, Dorsey initiating at 6.2%, and Armitage adding — three independent conviction signals on a name where autonomous vehicle risk is the main bear case; worth stress-testing that thesis.
- 04NTRA (Natera) — Druckenmiller now at 20.9% of his disclosed portfolio in a single liquid biopsy name; when Druckenmiller concentrates this hard, the position deserves a standalone research project.
- 05ICLR (ICON PLC) — Greenberg's 8.2% initiation in a CRO is atypical for his ultra-concentrated style (typically 6-8 names total); biotech outsourcing recovery + M&A optionality in a beaten-down sector warrants attention.
AI-generated. Not investment advice.
Per-bucket analyst tables(expand ↓)
Super Investor Brief — 2026Q1
New Positions
| Ticker | Investor | Value | % Portfolio | Why This Matters |
|---|---|---|---|---|
| MSFT | Bill Ackman | $2.09B | 15.3% | Ackman's largest-ever tech initiation; signals AI-infrastructure repricing thesis at scale. |
| TSLA | Duan Yongping | $1.27B | 6.3% | Yongping already owns massive AAPL/NVDA/BRK; TSLA new here — China value legend pivoting to autonomous optionality. |
| LIN | John Armitage | $530M | 5.9% | Cantillon-style quality compounder add; industrial gas oligopoly as inflation-resistant infrastructure play. |
| NVDA | John Armitage | $467M | 5.2% | Armitage exits MSFT, rotates into NVDA — direct AI-hardware expression replacing software proxy. |
| TER | Stephen Mandel | $555M | 4.4% | Lone Pine initiates in semiconductor test equipment — likely positioning for AI-driven chip capex cycle. |
| ICLR | Glenn Greenberg | $332M | 8.2% | Greenberg's concentrated style means 8% is high conviction; CRO sector re-rating post-biotech funding recovery. |
| KKR | Jeffrey Ubben | $303M | 5.3% | Ubben's ESG-tilted fund buying an alt-asset manager signals fee-stream durability at current multiples. |
| AON | Seth Klarman | $248M | 4.9% | Klarman (Baupost) historically avoids plain-vanilla franchises; insurance brokerage pricing power is a value unlock signal. |
| V | Seth Klarman | $212M | 4.1% | Baupost initiating in Visa alongside Armitage's add — payments network as defensive earnings compounder in uncertain macro. |
| SUNB | Pat Dorsey | $144M | 11.4% | Dorsey's largest new position; equipment rental has Buffett-style moat characteristics Dorsey prizes (intangibles + returns). |
Conviction Adds
| Ticker | Investor | New Value | % Portfolio | Δ% Shares | Why This Matters |
|---|---|---|---|---|---|
| GOOGL | Warren Buffett | $15.6B | 5.9% | +204% | Berkshire tripling a mega-cap stake is seismic; at ~$15.6B this is now a top-5 Berkshire position — Buffett's strongest public tech statement ever. |
| UBER | David Tepper | $456M | 7.7% | +242% | Tepper nearly quadruples — from a 2.2% toehold to a top position; his macro frame + Uber's global platform leverage is clear. |
| GOOG | John Armitage | $992M | 11.0% | +221% | Cantillon exits MSFT entirely and adds 3x to GOOG in the same quarter — explicit AI search durability bet over cloud software. |
| NVDA | Duan Yongping | $2.41B | 12.1% | +91% | Already a $1.4B position, now nearly doubled; Yongping's concentrated portfolio reaching ~12% NVDA is extreme conviction. |
| AMZN | David Tepper | $900M | 15.2% | +98% | Doubles AMZN to become Tepper's largest disclosed position — AWS re-acceleration plus ad monetization thesis. |
| NTRA | Stanley Druckenmiller | $613M | 20.9% | +22% | Portfolio weight jumps from 13.6% to 20.9%; Druckenmiller concentrating further into liquid biopsy at the expense of ETF proxies. |
| PDD | Duan Yongping | $2.02B | 10.1% | +71% | Yongping doubles PDD while adding NVDA and BRK/B — now running a hyper-concentrated 4-name book with massive China/AI exposure. |
| MCO | John Armitage | $674M | 7.5% | +100% | Doubles Moody's alongside adding GOOG, LIN, NVDA — Armitage doing a full portfolio rotation into durable-franchise names. |
| TSM | Chase Coleman | $1.88B | 8.2% | +49% | Tiger Global lifts TSM from 3.8% to 8.2% of portfolio — semiconductor supply chain as AI infrastructure cornerstone. |
| ALK | Christopher Bloomstran | $62M | 7.4% | +314% | Quadruples a small airline stake — contrarian value signal; ALK's low-cost model and balance sheet likely priced for distress. |
Exits
| Ticker | Investor | Prev Value | Prev % Port | Why This Matters |
|---|---|---|---|---|
| MSFT | Gates Foundation | $3.72B | 10.5% | Full exit of a multi-billion anchor position — institutional rebalancing signal; combined with Armitage/Loeb exits this is meaningful distribution. |
| MSFT | John Armitage | $846M | 9.2% | Armitage exits MSFT entirely while buying GOOG and NVDA — explicit rotation from software AI story to search + silicon. |
| MSFT | Daniel Loeb | $447M | 6.1% | Third Pointer exits alongside Armitage and Gates; three very different funds selling simultaneously is a real headwind. |
| PCG | Daniel Loeb | $551M | 7.6% | Third Point's utility special-situation thesis likely played out; full exit of a near-8% position closes the regulatory/restructuring trade. |
| HLT | Bill Ackman | $870M | 5.6% | Ackman funds his MSFT purchase by liquidating Hilton — consumer travel sold for AI infrastructure. |
| BSX | John Armitage | $513M | 5.6% | Armitage exits Boston Scientific alongside COF and MSFT — cleaning house across financials and medtech in one quarter. |
| COF | John Armitage | $501M | 5.5% | Capital One exit likely pre-dates/coincides with Discover merger close; de-risking consumer credit exposure. |
| XLF | Stanley Druckenmiller | $301M | 7.1% | Druckenmiller liquidates his broad financial ETF hedge/exposure — macro view shifting away from broad reflation toward concentrated single names. |
| FIS | Seth Klarman | $299M | 5.7% | Baupost exits fintech infrastructure play, simultaneously initiates AON and V — rotating toward cleaner, less-disrupted moats. |
| OXY | Prem Watsa | $249M | 11.9% | Fairfax exits energy entirely; notable given Buffett's ongoing OXY accumulation — a rare directional disagreement between value legends. |
Consensus Buys
Ranked by number of distinct buyers, then aggregate weight of new/added capital.
| Ticker | Buyers (n) | Investors | Aggregate Signal |
|---|---|---|---|
| GOOG/GOOGL | 7 | Buffett (NEW/ADD), Armitage (ADD +221%), Duan (ADD), Loeb (NEW), Mandel (NEW), Hohn (NEW), Bloomstran (NEW) | Strongest multi-style consensus in the dataset — value legend, quality growth, macro, and activist all initiating or aggressively adding. |
| AMZN | 5 | Klarman (ADD +47%), Tepper (ADD +98%), Hong (ADD +57%), Rolfe (ADD +71%), Terry Smith (ADD) | Deep-value (Baupost), macro (Appaloosa), growth (ShawSpring), and quality (Fundsmith) all adding — cloud + ads thesis convergence. |
| SUNB | 5 | Dorsey (NEW 11.4%), Russo (NEW 4.6%), AKO (NEW 4.1%), Greenberg (NEW), Rochon (NEW) | IPO/spin-off of Ashtead's US business attracting value, quality-compounder, and moat-focused managers simultaneously. |
| V | 4 | Klarman (NEW), Armitage (ADD), Ubben (ADD +35%), Mandel (ADD +510%) | Payments network consensus — Baupost and Cantillon both adding or initiating is a durable-franchise buy signal. |
| UBER | 3 | Tepper (ADD +242%), Armitage (ADD +74%), Dorsey (NEW 6.2%) | Three very different risk frameworks (macro, quality-growth, moat-focused) aligned on Uber's platform compounding. |
| NVDA | 3 | Duan (ADD +91%), Armitage (NEW), Weitz (NEW) | Value-oriented Weitz initiating NVDA alongside Armitage is mildly out-of-character — signals valuation becoming less stretched. |
| SPOT | 5 | Coleman (ADD), Ubben (NEW), Vinall (NEW), Mandel (ADD +288%), Von Mueffling (NEW) | Growth + quality camps converging; Spotify's ad-supported + subscription dual model repricing as audio's dominant platform. |
| LIN | 3 | Armitage (NEW 5.9%), AKO (ADD +899%), Druckenmiller (NEW) | Industrial gas oligopoly attracting macro and quality-compounder capital — pricing power + energy transition infrastructure. |
| ASML | 3 | Valley Forge (ADD +36%), Loeb (NEW), Weitz (NEW) | Semiconductor equipment monopoly; Loeb and Weitz initiating signals ASML's export restriction overhang seen as priced-in. |
| TSM | 3 | Coleman (ADD +49%), Terry Smith (ADD), Weitz (NEW) | AI chip fab thesis — growth and quality managers both adding. |
| MA | 3 | Triple Frond (NEW 9.1%), AKO (ADD +55%), Bloomstran (NEW) | Mastercard adding buyers as Akre trims; net flow is incrementally positive across managers. |
High-Conviction Overlap
Tickers held at material weight (top holdings) across ≥3 distinct-style managers.
| Ticker | Key Holders | Aggregate Disclosed Long | Signal |
|---|---|---|---|
| AMZN | Ackman (17.4%), Loeb (19.4%), Tarasoff (18.9%), AltaRock (38.2%), Tepper (15.2%), Klarman (12.7%), Ubben (10.5%), Triple Frond (10.4%), Coleman (9.1%) | ~$9B+ across cohort | The single most widely held high-conviction name in the cohort; 9 managers with 10%+ portfolio weights — remarkable depth. |
| GOOG/GOOGL | Li Lu (GOOG 22% + GOOGL 23%), Chase Coleman (GOOGL 13.4%), Armitage (GOOG 11%), Thomas Russo (GOOG 11%), Lindsell Train (GOOGL 15.6%), Terry Smith (GOOGL 7.4%), Von Mueffling (GOOGL 7.1%), Buffett (GOOGL 5.9%) | ~$25B+ across cohort | Largest absolute aggregate across the entire dataset; Buffett's tripling this quarter tips it from consensus hold to conviction buy. |
| V | Hohn (20.4%), Armitage (13.8%), Ubben (12.3%), Valley Forge (22%), Klarman (4.1%), Akre (8.1%), Terry Smith (7%) | ~$13B across cohort | Chris Hohn's $9.2B anchor position makes V the largest single-manager position in the dataset; incremental adds from Klarman/Ubben are validation. |
| MA | Akre (18.6%), Valley Forge (22%), Thomas Russo (9.1%), AltaRock (6.3%), Triple Frond (9.1%) | ~$3B across cohort | Two managers holding MA as their largest position (Akre, Valley Forge); despite Akre trimming, the bench depth is strong. |
| BRK/B | Gates Foundation (25.8%), Duan (21.9%), Li Lu (13.4%), Bloomstran (14.5%), Weitz (9.3%) | ~$13B across cohort | Classic "own the owner" trade; Duan adding aggressively while Gates Foundation passively declines — net flow still positive. |
| MCO | Hohn (13.8%), Valley Forge (17%), Armitage (7.5%), AltaRock (9.1%), Akre (8.9%) | ~$8.5B across cohort | Five concentrated managers in Moody's — Armitage doubling while Akre trims is a rotation within the same conviction set. |
| META | Vinall (21.8%), Ubben (9.2%), Coleman (7.7%), Rochon (6.4%), Rolfe (7.8%) | ~$2.6B across cohort | Quality-compounder and growth managers holding META as a top-3 position; no adds this quarter but no meaningful selling either. |
| MSFT | AltaRock (16.8%), Triple Frond (13.6%), Vulcan (10.9%), Ackman (15.3% — NEW) | ~$3.3B across cohort | Ackman's $2.1B initiation offsets Gates/Armitage/Loeb exits in terms of buyer count, but the exits represent more institutional weight. |
| TDG | AltaRock (25.5%), Bryan Lawrence (12.4%), Triple Frond (12.8%) | ~$1.2B across cohort | Three concentrated managers with TransDigm as a top-3 position — aerospace aftermarket compounding thesis remains intact. |
| TSM | Coleman (8.2%), Von Mueffling (5.6%), Druckenmiller (5.7%), Tepper (7.6%) | ~$3.3B across cohort | Growth + macro alignment on semiconductor supply chain — Coleman's aggressive add is the delta this quarter. |
Long US equity 13F filings only. Per-investor briefs live on each manager's page. Not investment advice.