Decision Timeline

APP, decision by decision.

Not just who owns it now. This is the sequence of material choices managers reported, when each choice became visible, and the observed result after disclosure.

Material decisions: 31
Buy / add: 14
Trim / exit: 17

The cohort disagreed in Q2 2026.

At least one tracked manager bought or added while another trimmed or exited. The disagreement is the signal; it is not collapsed into a consensus score.

Eight-quarter evidence

8 reported quarters

Q2 2026
filed Aug 14, 2026
45d lag
ADD+38.6%
Pat Dorsey · 14.5% of reported portfolio
Original SEC filing ↗
-13.9% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
TRIM-28.9%
Stephen Mandel · 4.6% of reported portfolio
Original SEC filing ↗
-13.9% vs SPY
34 sessions after disclosure
direction supported so far
Q2 2026
filed Aug 14, 2026
45d lag
NEWNEW
Terry Smith · 2.7% of reported portfolio
Original SEC filing ↗
-13.9% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
EXITEXIT
Chase Coleman · 1.7% of reported portfolio
Original SEC filing ↗
-13.9% vs SPY
34 sessions after disclosure
direction supported so far
Q1 2026
filed May 15, 2026
45d lag
NEWNEW
Pat Dorsey · 10.0% of reported portfolio
Original SEC filing ↗
-41.5% vs SPY
63 sessions after disclosure
direction not supported so far
Q1 2026
filed May 15, 2026
45d lag
ADD+87.7%
Stephen Mandel · 4.6% of reported portfolio
Original SEC filing ↗
-41.5% vs SPY
63 sessions after disclosure
direction not supported so far
Q1 2026
filed May 15, 2026
45d lag
TRIM-22.7%
Chase Coleman · 2.9% of reported portfolio
Original SEC filing ↗
-41.5% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2026
filed May 15, 2026
45d lag
EXITEXIT
Henry Ellenbogen · 1.0% of reported portfolio
Original SEC filing ↗
-41.5% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2026
filed May 7, 2026
37d lag
ADD+35.4%
Christopher Davis · 0.6% of reported portfolio
Original SEC filing ↗
-31.1% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
TRIM-29.6%
Stephen Mandel · 5.8% of reported portfolio
Original SEC filing ↗
+13.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
TRIM-35.5%
Chase Coleman · 4.4% of reported portfolio
Original SEC filing ↗
+13.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
EXITEXIT
Viking Global Investors · 0.3% of reported portfolio
Original SEC filing ↗
+13.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
TRIM-58.2%
Joel Greenblatt · 0.1% of reported portfolio
Original SEC filing ↗
+13.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q3 2025
filed Nov 14, 2025
45d lag
EXITEXIT
Stanley Druckenmiller · 0.8% of reported portfolio
Original SEC filing ↗
-28.4% vs SPY
63 sessions after disclosure
direction supported so far
Q3 2025
filed Nov 14, 2025
45d lag
TRIM-56.4%
Viking Global Investors · 0.4% of reported portfolio
Original SEC filing ↗
-28.4% vs SPY
63 sessions after disclosure
direction supported so far
Q3 2025
filed Nov 14, 2025
45d lag
TRIM-79.7%
Joel Greenblatt · 0.3% of reported portfolio
Original SEC filing ↗
-28.4% vs SPY
63 sessions after disclosure
direction supported so far
Q2 2025
filed Aug 15, 2025
46d lag
ADD+122.5%
Stanley Druckenmiller · 0.8% of reported portfolio
Original SEC filing ↗
+22.1% vs SPY
63 sessions after disclosure
direction supported so far
Q2 2025
filed Aug 14, 2025
45d lag
TRIM-20.9%
Stephen Mandel · 3.7% of reported portfolio
Original SEC filing ↗
+26.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q2 2025
filed Aug 14, 2025
45d lag
ADD+20.1%
Chase Coleman · 2.1% of reported portfolio
Original SEC filing ↗
+26.8% vs SPY
63 sessions after disclosure
direction supported so far
Q2 2025
filed Aug 14, 2025
45d lag
TRIM-44.0%
Henry Ellenbogen · 0.8% of reported portfolio
Original SEC filing ↗
+26.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q2 2025
filed Aug 14, 2025
45d lag
ADD+172.1%
Viking Global Investors · 0.4% of reported portfolio
Original SEC filing ↗
+26.8% vs SPY
63 sessions after disclosure
direction supported so far
Q2 2025
filed Aug 14, 2025
45d lag
ADD+283.5%
Joel Greenblatt · 0.3% of reported portfolio
Original SEC filing ↗
+26.8% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2025
filed May 15, 2025
45d lag
ADD+46.9%
Stephen Mandel · 3.7% of reported portfolio
Original SEC filing ↗
+12.5% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2025
filed May 15, 2025
45d lag
NEWNEW
Chase Coleman · 1.7% of reported portfolio
Original SEC filing ↗
+12.5% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2025
filed May 15, 2025
45d lag
NEWNEW
Henry Ellenbogen · 0.8% of reported portfolio
Original SEC filing ↗
+12.5% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2025
filed May 15, 2025
45d lag
TRIM-70.0%
Joel Greenblatt · 0.3% of reported portfolio
Original SEC filing ↗
+12.5% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2024
filed Feb 14, 2025
45d lag
EXITEXIT
Pat Dorsey · 9.8% of reported portfolio
Original SEC filing ↗
-24.4% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2024
filed Feb 14, 2025
45d lag
TRIM-54.2%
Stephen Mandel · 2.3% of reported portfolio
Original SEC filing ↗
-24.4% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2024
filed Feb 14, 2025
45d lag
ADD+1133.4%
Joel Greenblatt · 0.3% of reported portfolio
Original SEC filing ↗
-24.4% vs SPY
63 sessions after disclosure
direction not supported so far
Q3 2024
filed Nov 14, 2024
45d lag
NEWNEW
Pat Dorsey · 9.8% of reported portfolio
Original SEC filing ↗
+64.8% vs SPY
63 sessions after disclosure
direction supported so far
Q3 2024
filed Nov 14, 2024
45d lag
TRIM-58.4%
Stephen Mandel · 3.8% of reported portfolio
Original SEC filing ↗
+64.8% vs SPY
63 sessions after disclosure
direction not supported so far

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Material means a new or exited position, or at least a 20% share-count change, with at least 0.5% portfolio weight or $100 million reported value. Share counts are adjusted for confirmed splits. Outcomes start after disclosure, not at an invented trade date, and are not manager returns.