Q2 2026 13F Roundup: What the Hedge Funds Actually Did

13F season just wrapped and I went through all 24 funds I track. The quick version: 11 of them hold $GOOGL and the big money just split on it, the AI trade quietly moved from Nvidia down into chips and equipment, the activists cut their Tripadvisor stakes in half, and 4 growth funds piled into Carvana at the same time. Filings landed August 14 and show holdings as of June 30. Here's the full board and what I actually do with it.

A 13F is basically a quarterly report that every fund managing over $100M has to file with the SEC, showing what US stocks they held at quarter end. It doesn't show entry prices and it's 45 days stale by the time we see it. So I never treat one filing as a buy signal. What I look for is agreement: when funds with completely different playbooks end up in the same name, that's worth knowing.

The Consensus Board

I sort my 24 funds into three tiers: long-duration value managers like Buffett and Terry Smith, opportunistic and activist funds like Third Point and Appaloosa, and fast-moving growth funds like Tiger Global and Coatue. Same name across all three tiers is the strongest signal the filings can give, because those managers arrived there through totally different processes.

Here's who showed up the most across the 24 filings, as of June 30:

• $GOOGL: 11 holders, all three tiers
• $AMZN: 10 holders, all three tiers
• $META: 9 holders, all three tiers
• $V: 9 holders, mostly the patient money
• $TSM: 9 holders, all three tiers

Alphabet is the story of the quarter, and not just because of the holder count. Berkshire added 48.1 million shares, roughly $17 billion worth, taking both share classes to about 12.6% of its book. At the same time Tiger Global cut its stake 45% and Fundsmith cut 40%. That's the sharpest split I've seen on a mega cap since I started tracking these, and I'm doing a full breakdown on it this weekend.

The AI Trade Rotated, It Didn't Leave

The lazy headline would be that hedge funds are selling AI. That's not what the filings show. What they show is rotation within the trade.

Dan Loeb's Third Point exited $NVDA, Broadcom, and Meta entirely this quarter, and put the money into Alphabet and a big new Warner Bros. Discovery position. Tiger Global trimmed Alphabet as part of a broader restructure but kept 9.3% of its book in Nvidia. Meanwhile $TSM sits in 9 of the 24 portfolios, David Tepper is carrying almost 25% of Appaloosa in Micron and Taiwan Semi combined, and the equipment names Lam Research, Applied Materials, and ASML each show up in 5 portfolios. Four funds opened brand new AMD positions in the same quarter: Harris Associates, Coatue, Duquesne, and Tiger Global.

The pattern reads like this: less conviction in the one obvious name, more spread across the supply chain underneath it. I'm covering the full down-the-stack move in its own piece on Monday, because the price action since June 30 makes it interesting. Micron is down 24% from its late-June high and Applied Materials is down 34%, so whatever these funds were holding at quarter end, the market has already repriced it. Nvidia reports tonight after the close, and that print will tell us fast whether the rotation was early or right.

The Activists Walked Out of Tripadvisor

This one closes a loop I opened in May. Starboard Value and Southeastern Asset Management were the two activist names in $TRIP, and I'd been watching it as a possible article since the Q1 filings. In Q2, Starboard cut its position 53% and Southeastern cut 51%. Both in the same quarter, both by about half.

The stock trades at $10.12 as of August 25, down 47% from its 52-week high. When both activists in a name head for the door at the same time, the campaign is over whether anyone says so or not. I'm glad I waited instead of writing the bull case. Sometimes the best article is the one you don't publish, and the discipline of waiting for confirmation applies to positions the same way.

The Carvana Pile-In

Four growth funds added to $CVNA in the same quarter: Lone Pine added 8.8 million shares for a 25.5% increase, Viking bought over 9.5 million shares, Coatue added 2.6 million, and Maverick added as well. That's real money moving in one direction at the same time.

Here's why I'm not chasing it: every one of those funds sits in my fast-money tier. My own rule for these filings is that agreement inside a single tier, especially the momentum tier, is not conviction. It's four funds seeing the same chart. People like to pile in, and growth funds are not exempt. When the patient money shows up in Carvana, I'll look again.

The Smaller Prints Worth Knowing

Buffett's Constellation Brands exit made headlines, but the position was under 0.1% of Berkshire's book by the time it was sold, so I read it as cleanup rather than signal. The more interesting Berkshire print is homebuilders: a new D.R. Horton position, plus a 30% add to Lennar, and Duquesne opened its own new D.R. Horton stake the same quarter. Two funds from different tiers arriving in the same homebuilder while mortgage rates sit at cycle highs is the kind of quiet agreement I pay attention to.

Filing season for Q3 lands November 16. I'll have the next roundup out that week, and the two deep dives from this one land Saturday and Monday. Until then the thing I'm watching is simple: whether the names on the consensus board hold up better than the market if this pullback continues. That relative strength, not the filings alone, is what turns a crowded name into a buy candidate for me.

Related Reading: The Smart Money Just Moved Into Alphabet: Not Just Buffett and The Friday Consensus: Everyone Wants $PLTR, One Just Left

Disclosure: I hold positions in $AMZN, $META, and $MSFT among the names discussed, per my portfolio as of August 7, 2026. I hold no position in $GOOGL, $TSM, $NVDA, $CVNA, or $TRIP.

Disclaimer: This is not personalized investment advice. I'm sharing my own research process and portfolio thinking. Do your own work before making any investment decision.

Howard is a full-time trader based in New Jersey with 13 years of experience across Forex, crypto, equities, and futures. He started Position Note to document his trades and analysis in public. All positions are disclosed. Nothing here is personalized investment advice.

Members Only: How I Use the Consensus Board

• The exact checklist I run a consensus name through before it goes on my buy watchlist
• Which two names from this quarter's board made my personal watchlist, and the prices where I start caring
• How I weight a Buffett add against a Tiger cut when they disagree
• Why my own $AMZN and $META positions stay untouched after these filings