Thesis Change · Q2 2026
David Tepper's MSFT decision trail.
The reported actions continued to reduce the position. The latest material decision moved from trim in Q1 2026 to exit in Q2 2026.
Latest snapshot: 2026-06-30 · filed 2026-08-14 · 45 days after quarter end. A position pattern does not establish the manager's thesis.
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- Pattern
- reducing
- Change signal
- 30
- Decisions observed
- 3
The reported sequence
Newest first. Every material action links to its original filing.
- Q2 2026EXITEXIT
0.6% of reported portfolio · filed 2026-08-14
+8.1% vs SPY · 34 sessions after disclosure
- Q1 2026TRIM-82.0%
3.5% of reported portfolio · filed 2026-05-15
+8.8% vs SPY · 63 sessions after disclosure
- Q1 2025TRIM-47.4%
6.3% of reported portfolio · filed 2025-05-15
+5.9% vs SPY · 63 sessions after disclosure
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Form 13F reports do not state an investor's thesis, transaction date, or execution price. This page labels the observable position pattern only and starts outcome evidence after public disclosure.