Follow-The-Filings

What the superinvestors bought and sold in 2025 Q1

136 of 137 filedholdings as of 31 Mar 2025as of today

2025 Q1

136 of 137 filed
Pick managers

Combine any featured managers. A manager counts once it has a book in both quarters.

2026 Q3 filings are coming in 0 of 137 filed · due 16 Nov See the early read

The quarter at a glance

78 of 136 managers were net sellers. Setting price aside, they took $9.5B out, led by Financials (−$10.4B), while adding to Energy (+$2.6B). FLUT was the most widely bought stock (13 bought, 2 sold); GOOGL / GOOG the most widely sold (28 sold, 10 bought).

Net buyers 52 of 136 managers 78 sold more than they bought · 6 about even
Net bought −$9.5B Price moves taken out; prices alone moved the book −$27B.
Positions opened 630 729 closed out. IPOs, spin-offs and mergers left out.
Combined book, last quarter −2.0% SPY −4.6%, 2.6 pts ahead. Price only.

Most bought and sold

Ranked by net dollars bought or sold, with price moves taken out. Open a stock to see who.

Most bought

  1. 1 AAPL Apple Inc. 5 bought · 13 sold +$5.9B
  2. 2 PSX Phillips 66 4 bought · 0 sold +$2.1B

    Bought by

    Sold by

    No manager sold.

    PSX: every holder and its history

  3. 3 UBER Uber Technologies Inc. 6 bought · 7 sold +$1.8B
  4. 4 MSFT Microsoft Corp. 19 bought · 18 sold +$1.5B

    Bought by

    and 11 more

    Sold by

    and 10 more

    MSFT: every holder and its history

  5. 5 FLUT Flutter Entmt PLC 13 bought · 2 sold +$1.3B
  6. 6 OXY Occidental Pete Corp. 4 bought · 2 sold +$1.2B

    Bought by

    Sold by

    OXY: every holder and its history

  7. 7 STZ Constellation Brands Inc. 4 bought · 2 sold +$1.2B
  8. 8 FTV Fortive Corp. 1 bought · 0 sold +$1B

    Bought by

    Sold by

    No manager sold.

    FTV: every holder and its history

  9. 9 PDD Pdd Holdings Inc. 5 bought · 8 sold +$898M
  10. 10 BDX Becton Dickinson & Co. 4 bought · 4 sold +$893M

    Bought by

    Sold by

    BDX: every holder and its history

Not counted as buying: 173 IPOs, spin-offs and new listings.

Most sold

  1. 1 GOOGL / GOOG Alphabet 10 bought · 28 sold −$3.2B
  2. 2 WFC Wells Fargo & Co. 1 bought · 11 sold −$1.7B

    Sold by

    and 3 more

    Bought by

    WFC: every holder and its history

  3. 3 FISV Fiserv, Inc. 0 bought · 8 sold −$1.7B

    Bought by

    No manager bought.

    FISV: every holder and its history

  4. 4 JPM Jpmorgan Chase & Co. 2 bought · 8 sold −$1.5B
  5. 5 SPOT Spotify Technology S A 1 bought · 6 sold −$1.4B
  6. 6 PM Philip Morris Intl Inc. 2 bought · 10 sold −$1.3B
  7. 7 C Citigroup Inc. (C) 3 bought · 7 sold −$1.2B
  8. 8 BAC Bank Amer Corp. 5 bought · 10 sold −$1.2B
  9. 9 PEP Pepsico Inc. 3 bought · 3 sold −$1.1B
  10. 10 ADBE Adobe Inc. 6 bought · 7 sold −$1B

Not counted as selling: 137 mergers and delistings.

Ranked by dollars, single large books set the order: 1 of these 20 names were traded by one or two managers.

Opened and closed

New positions started from zero, and positions sold down to zero. IPOs, spin-offs and mergers are left out.

Opened by the most managers

  1. SGI Somnigroup International Inc. 7 managers avg 1.1% of book · Chris James - Meritage Group, Davidson Kempner Capital Management and 5 more
  2. META Meta Platforms Inc. 6 managers avg 3.4% of book · Triple Frond Partners, Estuary Capital Management and 4 more
  3. TSM Taiwan Semiconductor Mfg Ltd 6 managers avg 2.6% of book · Ram Parameswaran - Octahedron Capital Management, Robert Karr - Joho Capital and 4 more
  4. NVDA Nvidia Corporation 6 managers avg 1.6% of book · Gavin Baker - Atreides Management, Estuary Capital Management and 4 more
  5. APP Applovin Corp. 6 managers avg 1.3% of book · Nehal Chopra - Ratan Capital Management, Chase Coleman - Tiger Global Management and 4 more
  6. PRMB Primo Brands Corporation 6 managers avg 0.84% of book · Dan Sundheim - D1 Capital Partners, Lee Ainslie - Maverick Capital and 4 more
  7. ASML Asml Holding N V 4 managers avg 3.5% of book · Triple Frond Partners, Pat Dorsey - Dorsey Asset Management and 2 more
  8. AVGO Broadcom Inc. 4 managers avg 3.5% of book · Situational Awareness, Senator Investment Group and 2 more

    Opened by

    AVGO: every holder and its history

  9. Intra-Cellular Therap… Intra-Cellular Therapies Inc. 4 managers avg 3.0% of book · Davidson Kempner Capital Management, Farallon Capital Management and 2 more
  10. FLUT Flutter Entmt PLC 4 managers avg 2.5% of book · Ako Capital, Ben Jacobs - Anomaly Capital Management and 2 more

Closed out by the most managers

  1. GOOGL / GOOG Alphabet 8 managers was avg 1.7% of book · Brad Gerstner - Altimeter Capital Management, Ben Jacobs - Anomaly Capital Management and 6 more
  2. UNH Unitedhealth Group Inc. 6 managers was avg 2.4% of book · Abrams Bison - Abrams Bison Investments, Chris James - Meritage Group and 4 more
  3. CRM Salesforce Inc. 6 managers was avg 1.7% of book · Alex Sacerdote - Whale Rock Capital Management, Glen Kacher - Light Street Capital Management and 4 more
  4. TEAM Atlassian Corporation 6 managers was avg 1.2% of book · Henry Ellenbogen - Durable Capital Partners, Alex Sacerdote - Whale Rock Capital Management and 4 more
  5. VST Vistra Corp. 5 managers was avg 1.3% of book · Harry Burn - Sound Shore Management, Dan Sundheim - D1 Capital Partners and 3 more
  6. TSLA Tesla Inc. 5 managers was avg 1.2% of book · Dan Loeb - Third Point, Brad Gerstner - Altimeter Capital Management and 3 more
  7. AAPL Apple Inc. 5 managers was avg 0.40% of book · Alex Sacerdote - Whale Rock Capital Management, Davidson Kempner Capital Management and 3 more
  8. SPY Spdr S&P 500 ETF Tr 5 managers was avg 0.38% of book · Hillman Capital Management, Farallon Capital Management and 3 more
  9. WDAY Workday Inc. 4 managers was avg 1.7% of book · Stephen Mandel - Lone Pine Capital, Glen Kacher - Light Street Capital Management and 2 more
  10. FDX Fedex Corp. 4 managers was avg 1.6% of book · Ben Jacobs - Anomaly Capital Management, Harry Burn - Sound Shore Management and 2 more

Where the money went

Net bought by sector, with price moves taken out. Pick a sector to see its names.

Information Technology lost weight (−1.5 pts) even though managers bought $2B of it: weight follows price, not buying. Names without a sector (funds, foreign listings, private shares): −$881M.

Who moved the most

The biggest new positions, measured against each manager’s own book, and the managers that traded the most of theirs.

Biggest new bets

  1. Duan Yongping - H&H International Investment opened AAPL · Apple Inc. 63.3% of book
  2. Mohnish Pabrai - Dalal Street opened VAL · Valaris Ltd 23.9% of book
  3. Bill Ackman - Pershing Square opened UBER · Uber Technologies Inc. 18.5% of book
  4. Chris James - Meritage Group opened MSFT · Microsoft Corp. 14.3% of book
  5. Mala Gaonkar - Surgocap Partners opened BSX · Boston Scientific Corp. 13.2% of book
  6. Glenn Welling - Engaged Capital opened YETI · Yeti Hldgs Inc. 13.0% of book

Most active managers

  1. Ben Hoskin - Value Aligned Research Advisors 10 opened · 3 closed · +$962M net 275% of book traded
  2. Situational Awareness 6 opened · 2 closed · +$317M net 188% of book traded
  3. Dan Sundheim - D1 Capital Partners 17 opened · 12 closed · +$672M net 95% of book traded
  4. Duan Yongping - H&H International Investment 11 opened · 0 closed · +$12B net 83% of book traded
  5. Lee Ainslie - Maverick Capital 62 opened · 55 closed · +$350M net 71% of book traded
  6. Ram Parameswaran - Octahedron Capital Management 3 opened · 5 closed · +$11M net 70% of book traded

What they hold

Most owned counts managers, with the change since last quarter. Largest is the share of the combined book, by dollars, so the biggest books lead it. Highest conviction is the average position among holders, three or more.

Most owned

  1. 1 GOOGL / GOOG Alphabet 65 managers −7
  2. 2 MSFT Microsoft Corp. 63 managers −1
  3. 3 AMZN Amazon Com Inc. 51 managers −1
  4. 4 META Meta Platforms Inc. 47 managers +4
  5. 5 TSM Taiwan Semiconductor Mfg Ltd 38 managers +4
  6. 6 BRK.B / BRK.A Berkshire Hathaway 37 managers +1
  7. 7 V Visa Inc. 34 managers −1
  8. 8 NVDA Nvidia Corporation 30 managers +4
  9. 9 AAPL Apple Inc. 29 managers −3
  10. 10 UNH Unitedhealth Group Inc. 29 managers −3

Largest

  1. 1 AAPL Apple Inc. 6.0% held by 29
  2. 2 MSFT Microsoft Corp. 3.4% held by 63
  3. 3 AXP American Express Co. 3.1% held by 17
  4. 4 GOOGL / GOOG Alphabet 2.5% held by 65
  5. 5 BAC Bank Amer Corp. 2.5% held by 24
  6. 6 KO Coca Cola Co. 2.2% held by 11
  7. 7 META Meta Platforms Inc. 2.1% held by 47
  8. 8 AMZN Amazon Com Inc. 1.9% held by 51
  9. 9 MCO Moodys Corp. 1.5% held by 18
  10. 10 V Visa Inc. 1.5% held by 34

Highest conviction

  1. 1 CVNA Carvana Co. avg 19.2% held by 13
  2. 2 LOAR Loar Holdings Inc. avg 15.7% held by 3
  3. 3 TDG Transdigm Group Inc. avg 11.4% held by 6
  4. 4 BRK.B / BRK.A Berkshire Hathaway avg 10.4% held by 37
  5. 5 VAL Valaris Ltd avg 9.8% held by 3
  6. 6 SNX Td Synnex Corporation avg 8.7% held by 6
  7. 7 VFC Vf Corp. avg 7.7% held by 3
  8. 8 FICO Fair Isaac Corp. avg 7.6% held by 7
  9. 9 I3N Chart Inds Inc. avg 7.6% held by 4
  10. 10 EXEL Exelixis Inc. avg 7.5% held by 3

See all 2,486 names

Did the combined book beat SPY?

Each quarter’s combined book held to the next quarter-end, at the 13Fs’ own prices. Price only, no dividends, and today’s managers throughout. Nobody could have copied it: 13Fs arrive about 45 days after the quarter ends.

Combined book, 8 quarters +33.3% SPY +37.2% Difference −3.9 pts
2024 Q2, the start +0.0% Combined book +0.0% SPY 2024 Q3, since 2024 Q2 +6.9% Combined book +5.4% SPY That quarter: book +6.9%, SPY +5.4% 2024 Q4, since 2024 Q2 +8.1% Combined book +7.7% SPY That quarter: book +1.1%, SPY +2.1% 2025 Q1, since 2024 Q2 +6.0% Combined book +2.8% SPY That quarter: book −2.0%, SPY −4.6% 2025 Q2, since 2024 Q2 +14.5% Combined book +13.5% SPY That quarter: book +8.0%, SPY +10.5% 2025 Q3, since 2024 Q2 +21.7% Combined book +22.4% SPY That quarter: book +6.3%, SPY +7.8% 2025 Q4, since 2024 Q2 +24.9% Combined book +25.3% SPY That quarter: book +2.6%, SPY +2.4% 2026 Q1, since 2024 Q2 +19.6% Combined book +19.5% SPY That quarter: book −4.2%, SPY −4.6% 2026 Q2, since 2024 Q2 +33.3% Combined book +37.2% SPY That quarter: book +11.5%, SPY +14.8%
Quarter by quarter
Quarter Each manager once By dollars SPY Book − SPY Managers
2026 Q2 +14.5% +11.5% +14.8% −3.4 pts 133
2026 Q1 −4.4% −4.2% −4.6% +0.4 pts 136
2025 Q4 +2.1% +2.6% +2.4% +0.2 pts 136
2025 Q3 +9.1% +6.3% +7.8% −1.5 pts 136
2025 Q2 +11.6% +8.0% +10.5% −2.4 pts 136
2025 Q1 −3.8% −2.0% −4.6% +2.6 pts 136
2024 Q4 +2.6% +1.1% +2.1% −1.0 pts 134
2024 Q3 +7.5% +6.9% +5.4% +1.5 pts 133

All 2,486 names

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57 matching names.

Ticker Company Sector Held by Weight, $ Net bought Bought / sold Opened / closed
VST Vistra Corp. Utilities 8 −4 0.09% −$543M 4 / 9 1 / 5
CEG Constellation Energy Corp. Utilities 7 −1 0.11% −$295M 5 / 2 0 / 1
TLN Talen Energy Corp. Utilities 7 +2 0.07% +$338M 4 / 1 2 / 0
AEP American Electric Power Co., Inc. Utilities 6 +1 0.12% +$35M 2 / 1 1 / 0
EPD Enterprise Prods Partners L Utilities 6 0.02% −$979K 0 / 2 0 / 0
NEE Nextera Energy Inc. Utilities 6 <0.01% −$205K 1 / 1 0 / 0
PCG PG&E Corp. Utilities 5 0.07% −$61M 1 / 2 0 / 0
SWX Southwest Gas Holdings Inc. Utilities 4 +1 0.08% −$142M 1 / 1 1 / 0
NRG Nrg Energy, Inc. Utilities 4 −1 0.05% −$378M 2 / 1 0 / 1
AWK American Wtr Wks Co. Inc. New Utilities 4 <0.01% −$50K 0 / 1 0 / 0
D Dominion Energy, Inc. Utilities 3 −1 0.10% +$38M 1 / 1 0 / 1
AQN Algonquin Pwr Utils Corp. Utilities 3 +1 0.03% +$53M 2 / 0 1 / 0
CNP Centerpoint Energy Inc. Utilities 3 <0.01% −$21M 1 / 2 0 / 0
UGI Ugi Corp. New Utilities 3 <0.01% +$2K 0 / 0 0 / 0
WCN Waste Connections Inc. Utilities 2 0.03% −$15M 0 / 1 0 / 0
GFL Gfl Environmental Inc. Utilities 2 0.03% +$18M 1 / 1 0 / 0
ETR Entergy Corp. New Utilities 2 0.02% +$87M 1 / 1 1 / 1
WEC Wec Energy Group Inc. Utilities 2 0.02% +$39M 1 / 1 0 / 0
SO Southern Co. Utilities 2 +1 0.02% +$205M 1 / 0 1 / 0
NI Nisource Inc. Utilities 2 <0.01% −$3M 0 / 0 0 / 0
AEE Ameren Corp. Utilities 2 <0.01% −$158M 0 / 1 0 / 0
PEG Public Service Enterprise Group Utilities 2 −1 <0.01% +$16M 1 / 1 0 / 1
DUK Duke Energy Corp. New Utilities 2 +1 <0.01% +$59M 1 / 0 1 / 0
PPL Ppl Corp. Utilities 2 <0.01% −$14M 0 / 1 0 / 0
TAC Transalta Corp. Utilities 2 +1 <0.01% +$52M 1 / 0 1 / 0
CMS Cms Energy Corp. Utilities 2 +1 <0.01% +$34M 1 / 0 1 / 0
BKH Black Hills Corp. Utilities 2 <0.01% −$5M 0 / 2 0 / 0
NWE Northwestern Energy Group In Utilities 2 <0.01% −$469K 0 / 1 0 / 0
IDA Idacorp Inc. Utilities 2 <0.01% −$2M 0 / 2 0 / 0
OKLO Oklo Inc. Utilities 2 −2 <0.01% −$71M 1 / 3 0 / 2
CIG Cia Energetica De Minas Gera Utilities 2 <0.01% $0 0 / 0 0 / 0
TRP Tc Energy Corp. Utilities 1 0.04% −$22M 0 / 0 0 / 0
LNT Alliant Energy Corp. Utilities 1 0.01% −$56M 0 / 1 0 / 0
FE Firstenergy Corp. Utilities 1 0.01% −$166M 0 / 1 0 / 0
DTE Dte Energy Co. Utilities 1 0.01% +$30M 1 / 0 0 / 0
HE Hawaiian Elec Industries Utilities 1 0.01% +$113M 1 / 0 0 / 0
AES The Aes Corporation Utilities 1 −1 <0.01% +$9M 1 / 1 0 / 1
SRE Sempra Utilities 1 −1 <0.01% +$70M 1 / 2 1 / 2
CTRI Centuri Holdings, Inc. Utilities 1 −1 <0.01% −$2M 0 / 1 0 / 1
XEL Xcel Energy Inc. Utilities 1 <0.01% −$69K 0 / 0 0 / 0
CLFD Clearfield Inc. Utilities 1 <0.01% +$13M 1 / 0 0 / 0
ED Consolidated Edison Inc. IPO or spin-off Utilities 1 +1 <0.01% +$25M 1 / 0 1 / 0
VG Venture Global Inc. IPO or spin-off Utilities 1 +1 <0.01% +$13M 1 / 0 1 / 0
OGS One Gas Inc. Utilities 1 <0.01% −$98K 0 / 0 0 / 0
ADTN Adtran Holdings Inc. Utilities 1 <0.01% −$896K 0 / 1 0 / 0
GNE Genie Energy Utilities 1 <0.01% −$216K 0 / 1 0 / 0
NTGR Netgear Inc. Utilities 1 <0.01% −$26K 0 / 0 0 / 0
ATO Atmos Energy Utilities 1 <0.01% −$72K 0 / 0 0 / 0
SMC Summit Midstream Corporation Utilities 1 <0.01% $0 0 / 0 0 / 0
OGE Oge Energy Utilities 1 <0.01% −$31K 0 / 0 0 / 0
AWR American Sts Wtr Co. Utilities 1 <0.01% $0 0 / 0 0 / 0
EVRG Evergy Utilities 1 <0.01% +$2K 0 / 0 0 / 0
EXC Exelon Utilities 1 −1 <0.01% −$9M 0 / 1 0 / 1
NFG National Fuel Gas Company Utilities 1 <0.01% $0 0 / 0 0 / 0
QRHC Quest Resource Hldg Corp. Utilities 1 −1 <0.01% −$172K 0 / 1 0 / 1
EIX Edison International Utilities 1 −1 <0.01% −$317M 1 / 1 0 / 1
ARTNA Artesian Resources Utilities 1 <0.01% $0 0 / 0 0 / 0

How the numbers work

Same managers in both quarters

Changes compare only managers with a 13F in both 2024 Q4 and 2025 Q1: 136 this time.

Buying versus price

Each holding’s dollar change splits into price (what last quarter’s shares earned by this quarter’s 13F price) and net bought (shares added or cut, times this quarter’s price), using each 13F’s own values. The two add back to the change exactly. Stock splits are adjusted first.

Who counts as a buyer or a seller

A manager bought a stock if it opened a position, or added at least 5% to its shares or a trade worth 0.25% of its book; it sold if it closed the position or cut it by the same amounts. Smaller changes count as holding, and a stock split never counts. A manager was a net buyer for the quarter when its trading added up to at least 0.25% of its book. GOOG and GOOGL count once.

IPOs, spin-offs and mergers

A stock no tracked manager held last quarter (an IPO, a spin-off, a new share class) is not counted as buying, and one nobody holds now (a merger, a delisting) is not counted as selling. Choose them under All names to see them.

Each manager once, or by dollars

By default every manager counts the same, so a list leads with what the most managers did. By dollars ranks by money moved and weighs holdings by size, so the largest books set the order.

Sectors

GICS sectors where the company has one. Funds, foreign listings and private shares have none; their buying is shown on its own, never filed under Other. Sector weights are shares of the names that have a sector.

The combined book against SPY

Each quarter-end’s combined book is held to the next quarter-end at the 13Fs’ own prices: price only, no dividends, and today’s featured managers for every quarter. SPY is the same filings’ price for SPY. It is a record of what the managers held, not something anyone could have copied, because 13Fs arrive about 45 days after the quarter ends.

What a 13F leaves out

Long US-listed stock only: no shorts, cash, bonds or foreign listings, and options are left out here.