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Quarterly Brief
2026Q1 — what the cohort just did
TL;DR
- 01Alphabet (GOOG/GOOGL) is the quarter's single biggest signal: Buffett initiates a $1B+ GOOG position and nearly triples GOOGL to ~$15.6B; simultaneously Armitage adds GOOG +221%, Duan Yongping doubles GOOG, and Loeb/Mandel/Hohn all open GOOGL. Value, growth, and concentrated all converging.
- 02Ackman opens MSFT at 15% of portfolio ($2.1B) — the largest new dollar position in the cohort — simultaneous with Gates Foundation and Armitage fully exiting; a clean torch-pass with very different conviction signals on each side.
- 03AMZN is the consensus add of the quarter: Klarman (+47%), Tepper (near-doubles to 15%), Dennis Hong (+57%), and Rolfe all add; Ackman and AltaRock already hold it at 17%+ and 38% respectively. Broadest multi-style conviction in the data.
- 04SUNB (Sunbelt Rentals, post-spin IPO) lands as a simultaneous new position for Dorsey (11%), Thomas Russo (~$394M), AKO Capital ($207M), Greenberg, and Rochon — five distinct styles buying a freshly public equipment-rental compounder on day one.
- 05Druckenmiller dumps both XLF and RSP (~$525M combined), exits broad macro ETF exposure, and simultaneously doubles NTRA to 21% of portfolio — a sharp pivot from macro-market beta to single high-conviction biotech.
Watchlist
- 01SUNB — Five-manager simultaneous initiation of a freshly public equipment-rental spin — the cleanest "first-quarter after IPO" consensus in the dataset; worth building a thesis before the next 13F cycle.
- 02UBER — Tepper near-triples, Armitage adds +74%, Dorsey initiates — the multi-style convergence on a platform with autonomous optionality and recovering FCF margin suggests the market is still underweighting the 2027+ earnings power.
- 03NTRA — Druckenmiller's 21% concentration while dumping all macro ETF exposure is a singular signal; liquid biopsy TAM is massive, and Druck doesn't make this kind of bet without a defined multi-year view — warrants full diligence on reimbursement and competitive moat.
- 04LIN — Armitage (new 5.9%), AKO (near-10x add), and Druckenmiller all initiating simultaneously in industrial gases — a quiet AI-infrastructure angle (hydrogen, ultra-pure process gases for chip fabs) that hasn't received the press coverage of NVDA or TSM.
- 05ICLR — Greenberg's 8.2% concentrated new position in a CRO is his style at its purest — deep research into a misunderstood compounder; if the thesis is post-COVID capacity normalization plus GLP-1 trial tailwinds, the setup is early.
AI-generated. Not investment advice.
Per-bucket analyst tables(expand ↓)
Super Investor Brief — 2026Q1
New Positions
| Ticker | Investor | Value | % Port | Why It Matters |
|---|---|---|---|---|
| MSFT | Bill Ackman | $2.09B | 15.3% | Ackman's largest reported new entry ever; follows his pattern of buying dominant platforms with durable pricing power at moments of sentiment weakness — HLT exit funds much of it. |
| TSLA | Duan Yongping | $1.27B | 6.3% | Duan is a buy-and-hold concentrated investor (known for AAPL/BRK/GOOG bets); a 6%-sized Tesla stake alongside mega-adds in NVDA and GOOG signals a broad AI-infrastructure/platform thesis. |
| LIN | John Armitage (Egerton) | $530M | 5.9% | Armitage simultaneously opens LIN and NVDA while exiting MSFT and COF — rotating from software/finance into hard industrial infrastructure; process gases as AI power enabler is the likely frame. |
| NVDA | John Armitage | $467M | 5.2% | Armitage had zero NVDA last quarter; 5% initiation alongside Duan's near-doubling — quality-growth manager adding the semis backbone alongside Druckenmiller's continued hold. |
| ICLR | Glenn Greenberg | $332M | 8.2% | Greenberg runs an ultra-concentrated long-term portfolio; an 8% opening position in ICON PLC (CRO) signals durable earnings visibility thesis, likely on post-COVID contract research normalization. |
| KKR | Jeffrey Ubben | $303M | 5.3% | Ubben's ESG/sustainability mandate at Inclusive Capital fits alt-asset managers with infrastructure capital deployment; a new 5%-sized position is meaningful for his concentrated book. |
| AON | Seth Klarman | $248M | 4.9% | Klarman opening AON alongside V suggests a shift toward durable-fee financial infrastructure; insurance brokerage has Buffett-adjacent compounding characteristics Baupost rarely plays. |
| V | Seth Klarman | $212M | 4.1% | Klarman's Baupost almost never touches mega-cap payments; combined with AON, this quarter marks a notable tilt toward toll-road financial businesses — adds to V's cross-cohort consensus signal. |
| TER | Stephen Mandel (Lone Pine) | $555M | 4.4% | Lone Pine opening Teradyne at $555M — semiconductor test equipment, leveraged to AI chip complexity and HBM proliferation; Mandel's growth framework fits structurally rising test intensity. |
| SUNB | Pat Dorsey | $144M | 11.4% | Dorsey launches a freshly public equipment-rental business as his #2 position; his moat-identification framework likely prizes Sunbelt's density-advantage in Sun Belt construction markets. |
Conviction Adds
| Ticker | Investor | New Value | % Port | Δ% Shares | Why It Matters |
|---|---|---|---|---|---|
| GOOGL | Warren Buffett | $15.60B | 5.9% | +204% | Buffett nearly triples a position that was already $5.6B — at Berkshire's scale, a $10B+ incremental buy is the loudest possible endorsement; pairs with new GOOG initiation. |
| GOOG | John Armitage | $992M | 11.0% | +221% | Armitage triples GOOG to 11% while simultaneously exiting MSFT entirely — a direct substitution of Microsoft for Alphabet within the large-cap tech allocation. |
| UBER | David Tepper | $456M | 7.7% | +242% | Tepper more than triples UBER from 2.2% to 7.7%; Tepper's macro-growth approach sees platform monopolies with recovering margins — Armitage and Dorsey independently add/initiate. |
| NTRA | Stanley Druckenmiller | $613M | 20.9% | +22% | Already his top position, Druckenmiller adds further to 21% while dumping XLF and RSP; this is his big single-stock call for 2026 — genomics/liquid biopsy with durable TAM expansion. |
| NVDA | Duan Yongping | $2.41B | 12.1% | +91% | Duan nearly doubles NVDA to $2.4B — combined with new TSLA and GOOG adds, he is aggressively concentrating into AI beneficiaries across the stack. |
| AMZN | David Tepper | $900M | 15.2% | +98% | Near-doubles AMZN to $900M; at 15% this is Tepper's highest-conviction trade alongside the UBER add — cloud/AI monetization the likely thesis. |
| GOOG/NVDA | Duan Yongping | $1.06B / $2.41B | 5.3% / 12.1% | +100% / +91% | (See NVDA row above; paired move) |
| MCO | John Armitage | $674M | 7.5% | +100% | Armitage doubles Moody's to 7.5% while Hohn and Valley Forge hold near-record sizes — financial data infrastructure as AI-adjacent pricing-power compounder. |
| TSM | Chase Coleman (Tiger Global) | $1.88B | 8.2% | +49% | Coleman nearly doubles TSM weight from 3.8% to 8.2%; alongside Tepper's hold and Druckenmiller's flat, the growth-manager community is re-rating TSM as an AI-cycle primary beneficiary. |
| RYN | Mason Hawkins (Southeastern) | $222M | 10.9% | +90% | Hawkins nearly doubles Rayonier timber REIT from 5.5% to 11%; deep-value frame, likely on sum-of-parts NAV discount and real-asset scarcity in a rate-cutting environment. |
Exits
| Ticker | Investor | Prev Value | Prev % Port | Why It Matters |
|---|---|---|---|---|
| MSFT | Gates Foundation | $3.72B | 10.5% | The Foundation's largest single equity exit — $3.7B out of MSFT the same quarter Ackman enters at $2.1B; transfer of shares between two very different holders. |
| MSFT | John Armitage | $846M | 9.2% | Armitage exits MSFT entirely while opening NVDA and tripling GOOG — clean rotation from legacy software to AI infrastructure and search. |
| MSFT | Daniel Loeb | $447M | 6.1% | Third Point exits MSFT; three large sellers in one quarter is notable even as Ackman buys; the "MSFT is the AI winner" consensus is clearly fracturing. |
| PCG | Daniel Loeb | $551M | 7.6% | Loeb fully exits his utility special-situation play; the thesis (wildfire liability resolution) has likely run its course after a multi-year recovery. |
| HLT | Bill Ackman | $870M | 5.6% | Ackman's Hilton exit (a classic Pershing Square compounder) funds the MSFT initiation; after years of holding, he's rotating from hospitality to tech infrastructure. |
| BSX + COF | John Armitage | $513M + $501M | 5.6% + 5.5% | Two simultaneous large exits from medtech and consumer finance — Armitage is meaningfully de-risking cyclical/rate-sensitive exposures and redeploying into AI/industrial. |
| OXY | Prem Watsa | $249M | 11.9% | Fairfax exits its Occidental position entirely; notable given Buffett's continued OXY hold — Watsa may see better risk/reward in energy elsewhere or needs capital. |
| FIS | Seth Klarman | $299M | 5.7% | Baupost exits fintech processor FIS while simultaneously opening V and AON; trading payments-processor risk for payments-network moat. |
| XLF + RSP | Druckenmiller | $301M + $225M | 7.1% + 5.3% | Druckenmiller's dual ETF exit signals the end of his broad-market/financial-sector macro overlay — capital now concentrated in NTRA and single-stock conviction. |
| FOUR | Dennis Hong | $72M | 13.6% | ShiftKey/Shift4 exit at 13.6% of portfolio — Hong simultaneously opens ZS and CPNG; rotating from payment processing into enterprise cybersecurity and Korean e-commerce. |
Consensus Buys
Ranked by number of distinct investors buying/adding, then aggregate AUM deployed:
| Ticker | Buyers (n) | Key Investors | Aggregate $ Deployed | Signal |
|---|---|---|---|---|
| AMZN | 5 add/buy | Klarman, Tepper, D. Hong, Rolfe, T. Smith | ~$1.6B new $ | Value (Klarman) + macro (Tepper) + growth (Hong) = highest multi-style convergence |
| GOOG/GOOGL | 5 new/add | Buffett, Armitage, Duan, Loeb, Mandel, Hohn (GOOGL) | ~$15B+ incremental | Buffett's scale alone is the headline; Armitage tripling adds quality-growth confirmation |
| SUNB | 5 new | Dorsey, T. Russo, AKO, Greenberg, Rochon | ~$764M | Five independent new positions in a freshly public name — IPO-quality consensus rare in this cohort |
| V | 4 new/add | Klarman (new), Armitage (add), Ubben (add), Mandel (add) | ~$2.2B | Payments rail moat re-attracting deep-value and quality-growth simultaneously |
| UBER | 3 new/add | Tepper (+242%), Armitage (+74%), Dorsey (new) | ~$869M | Macro, quality-growth, and moat-focused all piling in — autonomous/platform optionality underpriced |
| NVDA | 3 new/add | Duan (+91%), Armitage (new), Weitz (new) | ~$2.9B | Duan's near-doubling is the dominant signal; Armitage's fresh 5% add is quality-growth confirmation |
| SPOT | 5 new/add | Coleman, Ubben (new), Vinall (new), Mandel (+288%), Von Mueffling (new) | ~$1.2B | Growth + special-situations + quality all initiating in the same quarter |
| MA | 3 new | Triple Frond (new 9%), AKO (add), Bloomstran (new) | ~$166M | Payments network pair-trade with V; smaller dollar but concentrated managers opening new |
| LIN | 3 new | Armitage (new 5.9%), Druckenmiller (new), AKO (+899%) | ~$617M | Industrial gas as AI-infrastructure enabler — unusual overlap of growth, macro, and quality |
| TSM | 3 add/new | Coleman (+49%), Weitz (new), T. Smith (add) | ~$1.9B | Growth + quality-compounders adding to semiconductor foundry exposure |
| FERG | 3 add/new | Klarman (+27%), Ellenbogen (+40%), Weitz (new) | ~$849M | Value + growth adding to US industrial distribution — repair/remodel cycle and reshoring play |
High-Conviction Overlap
Positions held at meaningful weight by 3+ super-investors simultaneously:
| Ticker | # Holders | Top Holders (% port) | Net Trend |
|---|---|---|---|
| AMZN | 13 | AltaRock 38%, Loeb 19%, Ackman 17%, Tarasoff 19%, Tepper 15% | Strong buy pressure; Tepper/Klarman adding; no material exits |
| GOOGL/GOOG | 12 | Li Lu 23%+23%, Buffett $15.6B, Chase Coleman 13%, Lindsell Train 16% | Buffett's add is the transformative move; broad multi-style hold |
| V | 7 | Hohn 20%, Armitage 14%, Ubben 12%, Akre 8% | Adding > trimming; Klarman fresh buy is surprise signal |
| BRK/A+B | 8 | Duan 22%+, Guy Spier 50% combined, Gates Foundation 26% | Duan adding; Gates trimming; net neutral but deeply embedded |
| MCO | 6 | Hohn 14%, Valley Forge 17%, Akre 9%, Armitage 7.5% | Armitage doubling into existing consensus; net buyer pressure |
| MA | 6 | Chuck Akre 19%, Valley Forge 22%, T. Russo 9%, Triple Frond new | Akre trimming offset by new entries; toll-road payments consensus |
| META | 5 | Vinall 22%, Ubben 9%, Coleman 8%, Triple Frond 7% | Broadly held; no major adds this quarter — more "hold" than "buy" |
| TSM | 5 | Coleman 8%, Von Mueffling 6%, Tepper 8%, Druckenmiller 6% | Predominantly growth/macro; Coleman's large add is the new signal |
| MSFT | 4 | AltaRock 17%, Ackman 15% (new), Triple Frond 14%, Vulcan 11% | Net buyer (Ackman) vs. net seller (Gates, Armitage, Loeb) — contested |
| TDG | 3 | AltaRock 26%, Bryan Lawrence 12%, Triple Frond 13% | Quiet consensus; concentrated value/quality holders with no adds |
Long US equity 13F filings only. Per-investor briefs live on each manager's page. Not investment advice.