← Super investors
Quarterly Brief
2026Q2 — what the cohort just did
TL;DR
- 01Buffett doubles down on GOOGL — adds $12.6B to bring the position to $28.2B (9.4% of BRK's portfolio); the largest dollar-move in the dataset and a sharp signal from a famously reluctant tech buyer.
- 02Mandel wipes his prior book and resets — exits VST, TLN, CLH, THC, COF (~$2.4B out) and simultaneously builds $1.2B in Nebius Group plus new positions in STX, HD, AMAT, LIN; the magnitude of the pivot warrants close attention.
- 03GOOGL/GOOG is now the single most-held name — Buffett adds hard, Loeb nearly 6×s his GOOGL stake, Druckenmiller initiates; Li Lu, Klarman, Tepper, Russo, Armitage, Bryan Lawrence all hold at high conviction weights. Value + macro + special-situation consensus is unusually strong.
- 04Mastercard attracts a five-manager buying wave — Terry Smith initiates, AltaRock +46%, Vulcan +31%, AKO adds; the payments franchise is drawing compounders and quality managers alike.
- 05PDD Holdings: Li Lu +134% to 22% of portfolio while Duan Yongping (who founded the company's spiritual predecessor) also adds 27%; two of the sharpest China hands are loading simultaneously.
Watchlist
- 01GOOGL — Buffett adds $12.6B, Loeb 6×s, Druckenmiller initiates, Li Lu holds at 24.5%; value/macro/growth consensus rarely this unified. The AI-search moat debate appears to be resolving in the bulls' favor among the sharpest investors alive.
- 02MA — Five independent buyers in one quarter (Terry Smith initiating is the swing factor; she does not add mediocre businesses). Cross-network effect and take-rate expansion make this the cleanest compounder in financial services.
- 03Nebius Group — Mandel's $1.2B new position (7.2% of a multi-billion book) in a re-listed European AI infrastructure company is a highly asymmetric bet from one of the most rigorous growth analysts. Worth deep diligence before the market catches on.
- 04APH (Amphenol) — Armitage nearly doubles to 8.3% while AI datacentre interconnect spend accelerates; the position is too large to be casual, and APH has a demonstrated ability to compound through capex cycles.
- 05PDD Holdings — Li Lu at 22% + Duan Yongping (PDD's spiritual co-architect) adding simultaneously; two investors with the deepest possible informational edge on this business are both adding at current prices. The China-risk discount may be more than fully priced in their judgment.
AI-generated. Not investment advice.
Per-bucket analyst tables(expand ↓)
Super Investor Brief — 2026Q2
New Positions
| Ticker | Investor | Size ($M) | % Port | Rationale |
|---|---|---|---|---|
| WBD | Daniel Loeb | 533 | 11.5% | Third Point at full concentration; Loeb's special-situations frame suggests a restructuring/asset-monetization thesis in Warner Bros Discovery's messy post-merger balance sheet. |
| EGO | Prem Watsa | 427 | 16.2% | An enormous gold-miner bet from a deep-value insurer; paired with his ORLA add, Watsa is making an explicit precious-metals / hard-asset allocation — out-of-character in size. |
| BDX | Greenhaven | 860 | 9.9% | Greenhaven's concentrated, low-turnover style plus a near-10% weight implies a multi-year bet on Becton's post-spinoff (BD Diagnostics) valuation discount to MedTech peers. |
| Nebius | S. Mandel | 1,176 | 7.2% | Lone Pine's largest new position; Nebius (ex-Yandex AI cloud infrastructure) fits Mandel's growth-at-scale template and suggests he sees a European AI compute compounder being mispriced. |
| GOOGL | S. Druckenmiller | 120 | 2.8% | Fresh initiation from a macro legend who doesn't do mediocre convictions; directionally consistent with Buffett's monster add and Loeb's near-6× this quarter. |
| UBER | Terry Smith | 213 | 4.7% | Smith's Fundsmith demands high ROCE, durable moats; Uber's move to positive FCF and network-density advantages apparently cleared his bar for the first time. |
| MA | Terry Smith | 202 | 4.5% | Simultaneous initiation with Uber; Smith was already long Visa — adding MA completes the payments duopoly. Combined with five other managers adding MA this quarter, this is a consensus-level signal. |
| KEYS | Daniel Loeb | 205 | 4.4% | Keysight is a test-and-measurement precision instrument play; fits a tariff-resilient domestic-industrial thesis or a semiconductor capex cycle bet from a special-situations lens. |
| XYZ (Block) | Daniel Loeb | 194 | 4.2% | Third Point opens Block alongside WBD and KEYS in the same quarter — Loeb is constructing a multi-leg special-situations/fintech book from scratch. |
| AJG | Glenn Greenberg | 295 | 6.4% | Greenberg's Brave Warrior is known for durable-franchise concentration; Arthur J. Gallagher's organic-growth insurance brokerage model checks every quality-compounder box. |
Conviction Adds
| Ticker | Investor | Value ($M) | % Port | Δ% Shares |
|---|---|---|---|---|
| GOOGL | Warren Buffett | 28,158 | 9.4% | +45% |
| PDD | Li Lu | 821 | 22.2% | +134% |
| AMZN | S. Druckenmiller | 129 | 3.0% | +1,083% |
| GOOGL | Daniel Loeb | 366 | 7.9% | +486% |
| KHC | Prem Watsa | 338 | 12.8% | +172% |
| XRAY | Alex Roepers | 23 | 12.2% | +261% |
| AMZN | Seth Klarman | 892 | 16.5% | +20% |
| SUNB | AKO Capital | 454 | 10.6% | +91% |
| TSM | David Tepper | 788 | 10.5% | +24% |
| APH | John Armitage | 858 | 8.3% | +69% |
Rationale:
- GOOGL / Buffett: $12.6B added in a single quarter is Berkshire's largest discrete buy in recent memory. At 9.4% of the portfolio, Google is now a top-5 position. The signal is structural — Buffett sees AI monetization risk as lower than the market implied.
- PDD / Li Lu: Li Lu's Himalaya Capital is famously illiquid and long-duration; moving PDD to 22% while simultaneously exiting BAC signals a deliberate reallocation from U.S. financials into China e-commerce at depressed multiples.
- AMZN / Druckenmiller: 10× position build is not trimming around a theme — it's a new bet. Combined with his fresh GOOGL initiation, Druckenmiller is concentrating in mega-cap U.S. tech this quarter.
- KHC / Watsa: Doubling Kraft Heinz (already cheap on book) after a multiyear holding period suggests Watsa sees a catalyst — likely balance-sheet repair or brand monetization — not just mean-reversion patience.
- SUNB / AKO: AKO Capital nearly doubles Sunbelt Rentals to 10.6% — consistent with AKO's quality-growth-at-reasonable-price style and a conviction call on infrastructure/construction cycle durability.
- APH / Armitage: Cantillon-style investor nearly doubles Amphenol to 8.3% — APH is the purest-play beneficiary of AI datacentre interconnect and defense electronics capex. Position-size increase is unusually aggressive for Armitage's typically measured approach.
Exits
| Ticker | Investor | Prev Value ($M) | Prev % Port |
|---|---|---|---|
| VST | S. Mandel | 930 | 7.4% |
| TLN | S. Mandel | 580 | 4.6% |
| CRS | J. Armitage | 525 | 5.8% |
| CLH | S. Mandel | 503 | 4.0% |
| COF | S. Mandel / Sosin | 414 / 105 | 3.3% / 6.0% |
| WTW | Seth Klarman | 260 | 5.1% |
| CME | J. Armitage | 349 | 3.9% |
| BB | Prem Watsa | 113 | 5.8% |
| CNQ | J. Armitage | 277 | 3.1% |
| THC | S. Mandel | 426 | 3.4% |
Rationale:
- VST/TLN/CLH/THC (Mandel exits): Mandel liquidates his entire power-generation and healthcare-services book ($2.4B+ across four names). Reading this alongside his new buys in Nebius, STX, AMAT, HD, LIN — this is a deliberate rotation from domestic power-cycle and cyclical healthcare into AI infrastructure and secular compounders.
- WTW (Klarman): Selling the full Willis Towers Watson position while doubling AMZN signals Klarman is pivoting toward higher-conviction mega-cap tech rather than financial-services restructuring plays.
- CRS/CME/CNQ (Armitage): Cleaning out specialty metals (Carpenter), exchange infrastructure (CME), and Canadian energy while doubling AMZN and APH — consistent with a quality-growth tilt away from commodities/rate-sensitive names.
- BB (Watsa): BlackBerry was a legacy Fairfax position; finally closed out. Frees capital for the EGO/ORLA gold build.
- COF (Sosin): Sosin exits Capital One and simultaneously opens META as a new position — rotating from a credit-cycle-dependent consumer bank into a secular ad-tech compounder.
Consensus Buys
| Ticker | Buyers | Notable Investors | Aggregate Style Mix |
|---|---|---|---|
| GOOGL | 3 ADD/NEW | Buffett (+45%), Loeb (+486%), Druckenmiller (NEW) | Value + special-sit + macro — maximum style diversity |
| MA | 5 ADD/NEW | AltaRock (+46%), Vulcan (+31%), Terry Smith (NEW), AKO (+22%), Greenberg (tiny) | Compounders + quality-growth — deepest consensus on the board |
| MSFT | 4 ADD/NEW | AltaRock (+25%), D. Hong (NEW), D. Rolfe (+21%), R. Vinall (+31%) | Quality-compounder consensus; AltaRock at 20.5% is a concentration signal |
| AMZN | 4 ADD | Klarman (+20%), Druckenmiller (+1,083%), Armitage (+51%), Rolfe (+36%) | Value + macro + growth quality simultaneously piling in |
| UBER | 3 ADD/NEW | Pat Dorsey (+62%), Terry Smith (NEW), Tepper (+22%) | Rare: quality-franchise + compounders + macro all in |
| TSM | 3 ADD/NEW | Tepper (+24%), Loeb (+67%), Terry Smith (effectively NEW at +14,322%) | Semi supply-chain bet with macro + special-sit validation |
| META | 2 NEW + 2 ADD | Sosin (NEW), Miller (NEW), Tepper (+55%), Dorsey (+24%) | Concentrated value + growth + macro |
| SPGI | 5 NEW/ADD | Dorsey (+42%), Triple Frond (NEW), Armitage (NEW), Bloomstran (NEW) | High-quality financial data; near-unanimous new interest |
| UBER | (above) | — | — |
| PDD | 2 ADD | Li Lu (+134%), Duan Yongping (+27%) | Two foremost China specialists; very high signal |
Highest-signal: GOOGL (Buffett + Loeb + Druckenmiller all acting simultaneously, spanning three entirely different investment styles) and MA (five independent buyers across compounder and quality-growth styles, with Terry Smith initiating at a full 4.5% weight).
High-Conviction Overlap
"What super investors are betting the farm on"
| Ticker | Active Holders | Key Stakes | Signal |
|---|---|---|---|
| GE | Hohn (33.6%), Peltz (35.6%), AKO | ~$19.5B aggregate; TCI + Trian both at top-position weights | Two of the best industrial activists simultaneously at max conviction — this is the most concentrated ownership cluster in the cohort |
| GOOG/GOOGL | Li Lu (23.4%/24.5%), Klarman, Tepper, Russo (12%), Armitage (11%), Bryan Lawrence (15.6%) | Deep, broad ownership | AI + search monetization is the single most-owned thesis across styles |
| V | Hohn (19.8%), Armitage (14.1%), Ubben (14.1%), AltaRock (+68%) | $12.5B at Hohn alone | Payments infrastructure is a "forever hold" across all quality-oriented managers |
| MA | Akre (20%), AltaRock (9.3%), Russo (8.8%), Valley Forge (17.6%), Vulcan (7.9%) | High active-weight ownership + five fresh adds | The consensus quality compounder of the quarter |
| AMZN | AltaRock (32%), Klarman (16.5%), Tepper (16%), Josh Tarasoff (18.3%), Armitage (8.2%), Coleman (9.6%) | >$7B aggregate across active buyers | Cloud + commerce + ad flywheel drawing universal conviction |
| MCO | Hohn (12.3%), Valley Forge (19.1%), Akre (10.3%), Armitage (7.5%) | $8.4B aggregate | Rating-agency oligopoly held at top-5 weight by four distinct styles |
| BRK/A+B | Li Lu (BRK/B 15%), Duan (24%), Gates Foundation (21%), Bloomstran (25%), Norbert Lou (42%), Guy Spier (33%) | Foundational "own the owner" holding | BRK remains the single deepest consensus across the entire cohort by holder count |
Long US equity 13F filings only. Per-investor briefs live on each manager's page. Not investment advice.