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Quarterly Brief
2026Q1 — what the cohort just did
TL;DR
- 01Alphabet is the quarter's definitive consensus trade: Buffett opens a $1B GOOG position AND triples GOOGL to ~$15.6B, while Armitage adds 221% to GOOG, Duan doubles his GOOG stake, Hohn/Loeb/Mandel all initiate GOOGL — value, growth, macro, and quality all pointing the same direction simultaneously.
- 02Ackman enters MSFT at $2.1B (15% of portfolio), replacing Hilton entirely; simultaneously Gates Foundation exits its entire $3.7B MSFT position — the torch-pass of the quarter.
- 03AMZN is a $2B+ net-add with Tepper nearly doubling (+98%), Klarman adding 47%, Dennis Hong adding 57%, and Rolfe stepping up — one of the broadest active-manager consensus buys in recent memory.
- 04SUNB (Sunbelt Rentals) draws five independent new buyers spanning quality-growth (Dorsey, 11.4%), global value (Russo, $394M), concentrated deep value (AKO, $207M), and Greenberg — a freshly-spun equipment-rental pure-play getting serious institutional sponsorship fast.
- 05Druckenmiller concentrates into NTRA (now 20.9% of portfolio), while dumping broad ETFs (XLF, RSP) — a sharp rotation from macro hedges into a high-conviction single-name biotech/genomics bet.
Watchlist
- 01SUNB — Five independent top-tier managers all initiating in a single quarter on a freshly-public equipment-rental pure-play; the breadth of buyer styles (moat, value, quality) suggests the valuation entry point is genuinely attractive, not just momentum-driven. Run the FCF yield vs. URI.
- 02UBER — Tepper's 3.4x add + Dorsey's initiation + Armitage's add creates a multi-style consensus in a name where the autonomous-vehicle threat narrative has suppressed the multiple. The convergence of a macro trader and a moat analyst is worth stress-testing the rideshare TAM model.
- 03NTRA (Natera) — Druckenmiller at 20.9% of portfolio after dumping broad ETF hedges is the highest single-name concentration signal from any macro manager in the cohort. If he's replacing diversification with NTRA, his conviction on the genomics/liquid-biopsy reimbursement path deserves serious diligence.
- 04FERG (Ferguson) — Klarman adding 27% + Ellenbogen adding 40% + Weitz initiating on an infrastructure-adjacent distributor that most generalists ignore. Plumbing/HVAC distribution is a boring compounder; the consensus upgrade this quarter suggests the self-help / housing-exposure story is not yet priced.
- 05MCO — Already a super-consensus hold (Hohn $6.3B, Valley Forge 17%, Armitage doubling); with regulatory scrutiny of credit-rating agency alternatives fading and private-credit issuance surging, Armitage's near-doubling this quarter may mark the inflection in the growth runway thesis.
AI-generated. Not investment advice.
Per-bucket analyst tables(expand ↓)
Super Investor Brief — 2026Q1
New Positions
| Ticker | Investor | Value ($M) | % Portfolio | Why It Matters |
|---|---|---|---|---|
| MSFT | Bill Ackman | $2,093 | 15.3% | Ackman's largest new position in years; replaces Hilton entirely — signals a pivot to AI-infrastructure compounders at scale. |
| TSLA | Duan Yongping | $1,267 | 6.3% | The Buffett of China initiating Tesla while simultaneously adding BRK/B is a striking duality — likely a view on AI/autonomy asymmetry. |
| NVDA | John Armitage (Egerton) | $467 | 5.2% | Quality growth manager with $9B AUM opening NVDA fresh; combined with a GOOG tripling, Armitage is making an unambiguous AI infrastructure call. |
| SUNB | Pat Dorsey | $144 | 11.4% | Dorsey's highest-conviction new name this quarter; his moat-focused lens sees Sunbelt's branch density as a durable competitive position. |
| SUNB | Thomas Russo | $394 | 4.6% | Russo's $394M entry is the largest dollar commitment to SUNB this quarter — unusual for a manager known for consumer brands, suggesting strong pricing-power thesis. |
| ICON PLC | Glenn Greenberg | $332 | 8.2% | Greenberg's concentrated style means 8%-of-portfolio new buys are rare; CRO sector dislocation post-biotech funding pullback likely the entry catalyst. |
| KKR | Jeffrey Ubben | $303 | 5.3% | Ubben's ESG-flavored activism lens finding value in alternative asset management — KKR's private credit ramp fits his "reinvented capitalism" thesis. |
| AON | Seth Klarman | $248 | 4.9% | Klarman adding insurance brokerage (AON) alongside new Visa — a deliberate rotation into fee-based financial infrastructure replacing exited FIS. |
| LINDE | John Armitage | $530 | 5.9% | Industrial gas is about as anti-cyclical a compounder as exists; Armitage adding alongside NVDA/GOOG suggests deliberate barbell construction. |
| TER | Stephen Mandel | $555 | 4.4% | Mandel (Lone Pine) opening Teradyne signals a view on semiconductor test equipment cycle recovery; $555M new position is meaningful conviction. |
Conviction Adds
| Ticker | Investor | New Value ($M) | % Portfolio | Δ% Shares | Why It Matters |
|---|---|---|---|---|---|
| GOOGL | Warren Buffett | $15,600 | 5.9% | +204% | Buffett tripling a position approaching $16B is seismic — at 88 this is not a passive drift, it's a deliberate AI-era conviction call. |
| GOOG | John Armitage | $992 | 11.0% | +221% | Tripling a position to top-3 weight while simultaneously exiting MSFT is a direct swap trade — Alphabet over Microsoft as AI winner. |
| UBER | David Tepper | $456 | 7.7% | +242% | Tepper's 3.4x size increase to $456M is his most aggressive single-name move this quarter; autonomous/rideshare monetization thesis crystallizing. |
| AMZN | David Tepper | $900 | 15.2% | +98% | Tepper nearly doubles Amazon to his #1 position at 15% — AWS + advertising flywheel at scale in a rate environment he apparently likes. |
| NTRA | Stanley Druckenmiller | $613 | 20.9% | +22% | Rising to 21% of Druckenmiller's book while he exits XLF and RSP entirely — he's replacing macro hedges with a single genomics conviction. |
| NVDA | Duan Yongping | $2,414 | 12.1% | +91% | Doubling to $2.4B in NVDA while also opening TSLA — Duan is making the most aggressive AI hardware bet in the cohort this quarter. |
| GOOG | Duan Yongping | $1,063 | 5.3% | +100% | Doubling GOOG while adding TSLA and BRK/B signals Duan sees AI beneficiaries broadly, not just hardware. |
| MCO | John Armitage | $674 | 7.5% | +100% | Near-doubling Moody's alongside V adds — Armitage constructing a financial-data/payments super-cluster as his core portfolio spine. |
| TSM | Chase Coleman | $1,881 | 8.2% | +49% | Tiger Global doubling TSM to $1.9B; as foundry for both NVDA and AAPL, this is the purest semiconductor-cycle expression available. |
| ALK | Christopher Bloomstran | $62 | 7.4% | +314% | Bloomstran's 4x add in Alaska Air is the most dramatic % portfolio move in this category from a value manager — likely pricing in post-merger synergies. |
Exits
| Ticker | Investor | Prev Value ($M) | Prev % Port | Why It Matters |
|---|---|---|---|---|
| MSFT | Gates Foundation | $3,720 | 10.5% | The largest exit in the cohort; Gates selling $3.7B of MSFT the same quarter Ackman buys $2.1B is the defining rotation of 2026Q1. |
| MSFT | John Armitage | $846 | 9.2% | Armitage's simultaneous MSFT exit + GOOG tripling is a direct style-consistent swap — he's not leaving software, he's switching horses. |
| MSFT | Daniel Loeb | $447 | 6.1% | Third Point exits MSFT entirely; Loeb's special-situations lens may see the risk/reward as exhausted at current AI-premium valuations. |
| PCG | Daniel Loeb | $551 | 7.6% | Third Point fully exits its $551M utility position; likely catalysts have played out (wildfire liability resolution completed). |
| HLT | Bill Ackman | $870 | 5.6% | Ackman's clean exit of Hilton to fund MSFT entry — logical portfolio surgery given Hilton's multiple and his desire for AI-era exposure. |
| BSX | John Armitage | $513 | 5.6% | Egerton exits medtech to fund financial-data/AI names; sector rotation with strong conviction behind it. |
| COF | John Armitage | $501 | 5.5% | Exits consumer credit exposure (Capital One) while building Visa/Moody's — a deliberate quality-upgrade within financials. |
| OXY | Prem Watsa | $249 | 11.9% | Fairfax fully exits its 12% OXY position — notable given Buffett's continued OXY commitment; Watsa's energy thesis appears complete. |
| FIS | Seth Klarman | $299 | 5.7% | Baupost exits FIS (legacy payments infrastructure) while opening Visa and AON — a decisive rotation toward higher-quality financial networks. |
| FOUR | Dennis Hong | $72 | 13.6% | ShawSpring exits its #1 position in Shift4 entirely while opening ZS and CPNG — rotating from payments to cybersecurity/e-commerce. |
Consensus Buys
| Ticker | Buyers (n) | Styles Represented | Aggregate $ Added | Notes |
|---|---|---|---|---|
| AMZN | 5 | Value (Klarman), Macro (Tepper), Growth (Hong), Quality (Rolfe, Smith) | ~$1.6B net new | Every style buying simultaneously; existing holders (Ackman, AltaRock, Coleman, Loeb) held or trimmed modestly — net flow strongly positive. |
| GOOG/GOOGL | 8+ | Value (Buffett), Quality (Armitage, Hohn), Growth (Coleman, Mandel), Special-sit (Loeb), Value/Clone (Bloomstran, Duan) | ~$19B+ (mostly Buffett) | Broadest multi-style consensus in the data; the Buffett entry alone is the signal of the year. |
| SUNB | 5 | Moat/growth (Dorsey), Global value (Russo), Quality (AKO, Greenberg), Broad (Rochon) | ~$764M | All new positions; five independent underwriters on a single IPO-adjacent name is a rare cluster. |
| V | 4 | Deep value (Klarman new), Activist/ESG (Ubben add), Quality growth (Armitage add), Growth (Mandel add) | ~$667M net new | Four distinct buyer types adding simultaneously; Hohn's $9.2B existing stake provides a quality anchor. |
| UBER | 3 | Macro (Tepper +242%), Quality growth (Armitage +74%), Moat/growth (Dorsey new) | ~$868M net new | Tepper's tripling is the engine; Dorsey's moat lens initiating validates the network-effect thesis. |
| NVDA | 3 | China value (Duan +91%), Quality growth (Armitage new), Traditional value (Weitz new) | ~$2.9B net new | Duan doubling to $2.4B is the dominant flow; Weitz initiating is out-of-character for a conservative shop — notable. |
| MA | 3 | Quality growth (Triple Frond new, 9.1%), Institutional (AKO +55%), Value (Bloomstran new) | ~$166M | New buyers adding alongside large existing holders (Akre, Russo, Valley Forge); payments network thesis durable. |
| CPNG | 3 | Growth (Coleman +32%), Korea-specialist (Hong new, 6.4%), Eclectic (Miller new) | ~$670M | Coleman + Hong together on Coupang is high signal — Korea e-commerce at a valuation inflection. |
| TSM | 3 | Growth (Coleman +49%), Quality (Smith add), Value (Weitz new) | ~$1.9B net new | Coleman's $1.9B add dominates; multi-style initiation in a semi-cycle upturn. |
| FERG | 3 | Deep value (Klarman +27%), Growth (Ellenbogen +40%), Value (Weitz new) | ~$846M | Infrastructure distributor with defensive characteristics; Klarman + Ellenbogen together is a strong combination. |
High-Conviction Overlap
Tickers appearing as top holdings (≥5% portfolio weight) across multiple distinct investors.
| Ticker | Top Holders | Max Single Weight | Total Cohort $ | Signal |
|---|---|---|---|---|
| AMZN | Ackman (17.4%), AltaRock (38.2%), Loeb (19.4%), Tarasoff (18.9%), Tepper (15.2%), Klarman (12.7%), Dennis Hong (14.5%) | 38.2% (AltaRock) | ~$9B+ | Deepest breadth in the cohort — 7 distinct managers at >5% weight. No other name is close. |
| GOOG/GOOGL | Li Lu (22.8% GOOGL + 22.0% GOOG = ~45%), Lindsell Train (15.6%), Chase Coleman (13.4%), David Abrams (11.6%), John Armitage (11.0% GOOG), Thomas Russo (11.3% GOOG) | ~45% (Li Lu combined) | ~$25B+ | The single most owned name by aggregate $ in the cohort; Buffett's entry this quarter removes the last holdout. |
| V | Chris Hohn (20.4%), Valley Forge (22.0%), John Armitage (13.8%), Jeffrey Ubben (12.3%), Chuck Akre (8.1%) | 22.0% (Valley Forge) | ~$12B+ | Payments network as "safe" conviction — quality investors parking large capital here even as Akre trims. |
| MA | Valley Forge (22.0%), Chuck Akre (18.6%), Thomas Russo (9.1%), AltaRock (6.3%) | 22.0% (Valley Forge) | ~$2.7B | V and MA together represent the "payments duopoly" super-consensus; being in one almost implies the other. |
| MCO | Chris Hohn (13.8%), Valley Forge (17.0%), Armitage (7.5%), AltaRock (9.1%) | 17.0% (Valley Forge) | ~$7.8B | Financial-data infrastructure at the highest levels of conviction; Armitage doubling into existing Hohn/Valley Forge positions is a strong add. |
| BRK/B | Duan Yongping (21.9%), Li Lu (13.4%), Christopher Bloomstran (14.5%), Wallace Weitz (9.3%) | 36.7% (Duan, AAPL-adjusted) | ~$13B | Berkshire as a holding for value managers who trust Buffett's capital allocation — Duan adding while Buffett is buying GOOG is almost meta. |
| TDG | AltaRock (25.5%), Bryan Lawrence (12.4%), Triple Frond (12.8%) | 25.5% (AltaRock) | ~$1.2B | Three concentrated holders all at >12% weight — aerospace aftermarket pricing power story with near-zero holder overlap otherwise. |
| META | Robert Vinall (21.8%), Jeffrey Ubben (9.2%), Chase Coleman (7.7%), Francois Rochon (6.4%) | 21.8% (Vinall) | ~$2.5B | Held but largely steady; not a buy story this quarter but entrenched at high weights across growth-oriented managers. |
Long US equity 13F filings only. Per-investor briefs live on each manager's page. Not investment advice.