Follow-The-Filings

What the superinvestors bought and sold in 2025 Q2

136 of 137 filedholdings as of 30 Jun 2025as of today

2025 Q2

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

65 of 136 managers were net sellers. Setting price aside, they took $13.4B out, led by Communication Services (−$8.1B), while adding to Health Care (+$7.8B). AMZN was the most widely bought stock (24 bought, 13 sold); V the most widely sold (16 sold, 5 bought).

Net buyers 64 of 136 managers 65 sold more than they bought · 7 about even
Net bought −$13.4B Price moves taken out; prices alone moved the book +$105.9B.
Positions opened 764 636 closed out. IPOs, spin-offs and mergers left out.
Combined book, last quarter +11.6% SPY +10.5%, 1.1 pts ahead. Price only.

Most bought and sold

Ranked by how many managers bought minus how many sold, with price moves taken out. Open a stock to see who.

Most bought

  1. 1 AMZN Amazon.com, Inc. 24 bought · 13 sold +$2.9B
  2. 2 NVDA Nvidia Corporation 20 bought · 10 sold +$2.3B
  3. 3 UNH Unitedhealth Group, Inc. 21 bought · 12 sold +$4.1B

    Bought by

    and 13 more

    Sold by

    and 4 more

    UNH: every holder and its history

  4. 4 TEVA Teva Pharmaceutical Inds Ltd 9 bought · 0 sold +$201M

    Sold by

    No manager sold.

    TEVA: every holder and its history

  5. 5 TMO Thermo Fisher Scientific Inc. 13 bought · 4 sold +$197M

    Bought by

    and 5 more

    Sold by

    TMO: every holder and its history

  6. 6 IBKR Interactive Brokers Group In 6 bought · 0 sold +$1.2B
  7. 7 SE Sea Ltd 9 bought · 3 sold +$352M
  8. 8 BLDR Builders Firstsource Inc. 7 bought · 1 sold +$167M
  9. 9 W Wayfair Inc. 6 bought · 0 sold +$62M

    Bought by

    Sold by

    No manager sold.

    W: every holder and its history

  10. 10 AMAT Applied Matls Inc. 8 bought · 3 sold +$1.4B

    Bought by

    Sold by

    AMAT: every holder and its history

Not counted as buying: 187 IPOs, spin-offs and new listings.

Most sold

  1. 1 V Visa Inc. 5 bought · 16 sold +$430M
  2. 2 CVNA Carvana Co. 2 bought · 11 sold −$2B
  3. 3 PM Philip Morris Intl Inc. 2 bought · 11 sold −$861M
  4. 4 BABA Alibaba Group Holding, Ltd. 0 bought · 9 sold −$826M
  5. 5 MSFT Microsoft Corp. 17 bought · 25 sold −$2.6B

    Sold by

    and 17 more

    Bought by

    and 9 more

    MSFT: every holder and its history

  6. 6 WFC Wells Fargo & Co. 1 bought · 9 sold −$679M

    Sold by

    and 1 more

    Bought by

    WFC: every holder and its history

  7. 7 GOOGL / GOOG Alphabet 18 bought · 25 sold −$3.3B

    Sold by

    and 17 more

    Bought by

    and 10 more

    GOOGL / GOOG: every holder and its history

  8. 8 BRK.B / BRK.A Berkshire Hathaway 3 bought · 10 sold +$2.7B
  9. 9 SCHW The Charles Schwab Corp. 1 bought · 7 sold −$1.2B
  10. 10 EXPE Expedia Group, Inc. 0 bought · 6 sold −$212M

Not counted as selling: 161 mergers and delistings.

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. SE Sea Ltd 8 managers avg 1.6% of book · Glen Kacher - Light Street Capital Management, Alex Sacerdote - Whale Rock Capital Management and 6 more
  2. NVDA Nvidia Corporation 6 managers avg 4.3% of book · Grant Wonders - Voyager Global Management, Marc Stad - Dragoneer Investment Group and 4 more
  3. META Meta Platforms Inc. 6 managers avg 1.6% of book · Eric Mandelblatt - Soroban Capital Partners, Ben Jacobs - Anomaly Capital Management and 4 more
  4. GOOGL / GOOG Alphabet 6 managers avg 1.5% of book · Ben Jacobs - Anomaly Capital Management, Harry Burn - Sound Shore Management and 4 more
  5. AVGO Broadcom Inc. 6 managers avg 0.21% of book · Stanley Druckenmiller - Duquesne Family Office, Ram Parameswaran - Octahedron Capital Management and 4 more
  6. INTU Intuit 5 managers avg 2.7% of book · Mala Gaonkar - Surgocap Partners, Ben Jacobs - Anomaly Capital Management and 3 more
  7. BLDR Builders Firstsource Inc. 5 managers avg 1.7% of book · Alex Roepers - Atlantic Investment Management, Gavin Baker - Atreides Management and 3 more
  8. UNH Unitedhealth Group, Inc. 5 managers avg 1.5% of book · Stephen Mandel - Lone Pine Capital, Samantha Mclemore - Patient Capital Management and 3 more
  9. AMAT Applied Matls Inc. 5 managers avg 1.0% of book · Harry Burn - Sound Shore Management, Lewis Sanders - Sanders Capital and 3 more
  10. TMO Thermo Fisher Scientific Inc. 5 managers avg 0.56% of book · Glenview Capital Management, Robert Olstein - Olstein Capital Management and 3 more

Closed out by the most managers

  1. UNH Unitedhealth Group, Inc. 6 managers was avg 2.8% of book · Mala Gaonkar - Surgocap Partners, Muhlenkamp & Co. and 4 more
  2. TTAN Servicetitan Inc. 5 managers was avg 0.27% of book · Chase Coleman - Tiger Global Management, Henry Ellenbogen - Durable Capital Partners and 3 more
  3. GOOGL / GOOG Alphabet 4 managers was avg 5.6% of book · Bill Ackman - Pershing Square, Alex Sacerdote - Whale Rock Capital Management and 2 more
  4. Lgi Homes Lgi Homes Inc. 4 managers was avg 0.55% of book · Bryan Lawrence - Oakcliff Capital Partners, Ben Jacobs - Anomaly Capital Management and 2 more
  5. JD Jd.com, Inc. 4 managers was avg 0.25% of book · Howard Marks - Oaktree Capital Management, George Soros - Soros Fund Management and 2 more
  6. CP Canadian Pacific Kansas City 3 managers was avg 6.2% of book · Bill Ackman - Pershing Square, Chris James - Meritage Group and 1 more
  7. QSR Restaurant Brands Intl Inc. 3 managers was avg 4.4% of book · Bill Ackman - Pershing Square, Davidson Kempner Capital Management and 1 more
  8. LLY Eli Lilly & Co. 3 managers was avg 3.5% of book · John Armitage - Egerton Capital (UK), Stephen Mandel - Lone Pine Capital and 1 more
  9. META Meta Platforms Inc. 3 managers was avg 2.7% of book · Estuary Capital Management, Lee Ainslie - Maverick Capital and 1 more
  10. MSFT Microsoft Corp. 3 managers was avg 2.4% of book · Gavin Baker - Atreides Management, Leon Cooperman - Omega Advisors and 1 more

Where the money went

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

Information Technology gained weight (+0.6 pts) even though managers sold $3.4B of it: weight follows price, not buying. Names without a sector (funds, foreign listings, private shares): +$3.2B.

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. Li Lu - Himalaya Capital Management opened PDD · Pdd Holdings Inc. 17.9% of book
  2. Norbert Lou - Punch Card Management opened CROX · Crocs Inc. 17.4% of book
  3. Eric Khrom - Khrom Capital Management opened AMCR · Amcor PLC 15.0% of book
  4. Farallon Capital Management opened SPY · Spdr S&P 500 ETF Tr 14.7% of book
  5. Grant Wonders - Voyager Global Management opened NVDA · Nvidia Corporation 12.2% of book
  6. Dennis Hong - Shawspring Partners opened OKTA · Okta Inc. 12.0% of book

Most active managers

  1. Josh Kushner - Thrive Capital Management 0 opened · 0 closed · −$688M net 117% of book traded
  2. Ben Jacobs - Anomaly Capital Management 14 opened · 10 closed · +$724M net 112% of book traded
  3. Bill Ackman - Pershing Square 0 opened · 9 closed · −$12.8B net 108% of book traded
  4. Gavin Baker - Atreides Management 15 opened · 10 closed · −$189M net 104% of book traded
  5. Estuary Capital Management 5 opened · 6 closed · +$94M net 102% of book traded
  6. Spencer Waxman - Shannon River Fund Management 10 opened · 1 closed · +$231M net 100% of book traded

What they hold

Most owned counts managers, with the change since last quarter. Largest is the share of the combined book, each manager counting once. Highest conviction is the average position among holders, three or more.

Most owned

  1. 1 GOOGL / GOOG Alphabet 67 managers +2
  2. 2 MSFT Microsoft Corp. 63 managers no change
  3. 3 AMZN Amazon.com, Inc. 53 managers +2
  4. 4 META Meta Platforms Inc. 50 managers +3
  5. 5 TSM Taiwan Semiconductor Mfg Ltd 39 managers +1
  6. 6 BRK.B / BRK.A Berkshire Hathaway 36 managers −1
  7. 7 NVDA Nvidia Corporation 35 managers +5
  8. 8 V Visa Inc. 34 managers no change
  9. 9 AAPL Apple Inc. 31 managers +2
  10. 10 MA Mastercard Inc. 28 managers no change

Largest

  1. 1 MSFT Microsoft Corp. 2.8% held by 63
  2. 2 GOOGL / GOOG Alphabet 2.6% held by 67
  3. 3 BRK.B / BRK.A Berkshire Hathaway 2.4% held by 36
  4. 4 AMZN Amazon.com, Inc. 2.1% held by 53
  5. 5 META Meta Platforms Inc. 1.9% held by 50
  6. 6 CVNA Carvana Co. 1.5% held by 12
  7. 7 TSM Taiwan Semiconductor Mfg Ltd 0.99% held by 39
  8. 8 NVDA Nvidia Corporation 0.98% held by 35
  9. 9 AAPL Apple Inc. 0.93% held by 31
  10. 10 V Visa Inc. 0.89% held by 34

Highest conviction

  1. 1 HHH Howard Hughes Holdings Inc. avg 26.6% held by 4
  2. 2 CVNA Carvana Co. avg 17.2% held by 12
  3. 3 LOAR Loar Holdings Inc. avg 15.2% held by 3
  4. 4 VAL Valaris Ltd avg 11.8% held by 3
  5. 5 MDGL Madrigal Pharmaceuticals Inc. avg 10.9% held by 3
  6. 6 OSCR Oscar Health Inc. avg 9.9% held by 6
  7. 7 TDG Transdigm Group Inc. avg 9.9% held by 6
  8. 8 SNX Td Synnex Corporation avg 9.5% held by 6
  9. 9 BRK.B / BRK.A Berkshire Hathaway avg 9.0% held by 36
  10. 10 SWX Southwest Gas Holdings Inc. avg 8.4% held by 3

See all 2,503 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 +44.2% SPY +37.2% Difference +6.9 pts
2024 Q2, the start +0.0% Combined book +0.0% SPY 2024 Q3, since 2024 Q2 +7.5% Combined book +5.4% SPY That quarter: book +7.5%, SPY +5.4% 2024 Q4, since 2024 Q2 +10.2% Combined book +7.7% SPY That quarter: book +2.6%, SPY +2.1% 2025 Q1, since 2024 Q2 +6.0% Combined book +2.8% SPY That quarter: book −3.8%, SPY −4.6% 2025 Q2, since 2024 Q2 +18.3% Combined book +13.5% SPY That quarter: book +11.6%, SPY +10.5% 2025 Q3, since 2024 Q2 +29.0% Combined book +22.4% SPY That quarter: book +9.1%, SPY +7.8% 2025 Q4, since 2024 Q2 +31.8% Combined book +25.3% SPY That quarter: book +2.1%, SPY +2.4% 2026 Q1, since 2024 Q2 +25.9% Combined book +19.5% SPY That quarter: book −4.4%, SPY −4.6% 2026 Q2, since 2024 Q2 +44.2% Combined book +37.2% SPY That quarter: book +14.5%, SPY +14.8%
Quarter by quarter
Quarter Each manager once By dollars SPY Book − SPY Managers
2026 Q2 +14.5% +11.5% +14.8% −0.4 pts 133
2026 Q1 −4.4% −4.2% −4.6% +0.2 pts 136
2025 Q4 +2.1% +2.6% +2.4% −0.2 pts 136
2025 Q3 +9.1% +6.3% +7.8% +1.2 pts 136
2025 Q2 +11.6% +8.0% +10.5% +1.1 pts 136
2025 Q1 −3.8% −2.0% −4.6% +0.7 pts 136
2024 Q4 +2.6% +1.1% +2.1% +0.4 pts 134
2024 Q3 +7.5% +6.9% +5.4% +2.1 pts 133

All 2,503 names

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89 matching names.

Ticker Company Sector Held by Weight Net bought Bought / sold Opened / closed
CRH Crh PLC Materials 9 0.14% +$164M 4 / 0 0 / 0
IFF International Flavors & Fragrances, Inc. Materials 8 +1 0.11% +$363M 2 / 1 1 / 0
SHW Sherwin Williams Co. Materials 8 +1 0.06% +$327M 2 / 0 1 / 0
LIN Linde PLC Materials 8 −1 0.01% −$761K 0 / 2 0 / 1
CCK Crown Hldgs Inc. Materials 7 <0.01% −$36M 0 / 2 0 / 0
AEM Agnico Eagle Mines Ltd Materials 6 0.11% −$153M 0 / 3 0 / 0
NEM Newmont Corp. Materials 6 0.10% −$28M 0 / 2 0 / 0
B Barrick Mng Corp. IPO or spin-off Materials 6 +6 0.08% +$1.3B 6 / 0 6 / 0
CTVA Corteva Inc. Materials 6 −2 0.08% −$621M 0 / 5 0 / 2
ECL Ecolab Inc. Materials 6 0.06% −$5M 0 / 0 0 / 0
APD Air Products & Chemicals, Inc. Materials 6 +1 0.04% +$610M 2 / 1 1 / 0
VMC Vulcan Matls Co. Materials 6 0.03% −$40M 0 / 3 0 / 0
FCX Freeport-Mcmoran Inc. Materials 6 0.03% −$61M 0 / 3 0 / 0
AMCR Amcor PLC Materials 5 +2 0.13% +$291M 3 / 1 2 / 0
PKG Graphic Packaging Hldg Co. Materials 5 +1 0.04% +$82M 2 / 2 1 / 0
DOW Dow Inc. Materials 5 −1 0.03% +$56M 2 / 2 0 / 1
WRK Smurfit Westrock PLC Materials 4 0.09% +$201M 2 / 1 0 / 0
CLF Cleveland-Cliffs Inc. Materials 4 0.05% +$67K 1 / 0 0 / 0
EMN Eastman Chem Co. Materials 4 0.05% −$8M 0 / 1 0 / 0
FNV Franco Nev Corp. Materials 4 0.03% +$9M 1 / 0 0 / 0
CE Celanese Corp. Materials 4 +1 0.03% +$77M 2 / 0 1 / 0
CCJ Cameco Corp. Materials 4 +1 0.02% +$4M 2 / 1 1 / 0
NUE Nucor Corp. Materials 4 +1 0.02% +$856M 1 / 1 1 / 0
SEE Sealed Air Corp. New Materials 4 0.02% −$28M 1 / 2 0 / 0
MOS Mosaic Co. New Materials 4 <0.01% +$4M 2 / 0 0 / 0
MLM Martin Marietta Materials Materials 3 −1 0.14% −$89M 1 / 1 0 / 1
ASH Ashland Inc. Materials 3 0.08% +$9M 1 / 0 0 / 0
RGLD Royal Gold Inc. Materials 3 0.05% −$13M 0 / 0 0 / 0
AU Anglogold Ashanti PLC Materials 3 0.03% −$26M 1 / 2 0 / 0
OLN Olin Corp. Materials 3 0.03% +$6M 1 / 0 0 / 0
EXP Eagle Matls Inc. Materials 3 0.02% −$47M 1 / 2 0 / 0
AGI Alamos Gold Inc. New Materials 3 0.02% −$4M 0 / 0 0 / 0
PPG Ppg Inds Inc. Materials 3 0.01% +$116M 2 / 0 0 / 0
KALU Kaiser Aluminum Corp. Materials 3 0.01% +$801K 2 / 0 0 / 0
GFI Gold Fields Ltd Materials 3 +1 <0.01% −$51M 1 / 2 1 / 0
VALE Vale S.a., Adr Materials 3 <0.01% −$37M 1 / 1 0 / 0
HCC Warrior Met Coal Inc. Materials 2 0.27% +$1M 1 / 0 0 / 0
ORLA Orla Mining Ltd Materials 2 0.22% −$12M 0 / 1 0 / 0
AMR Alpha Metallurgical Resour I Materials 2 0.14% +$5M 1 / 0 0 / 0
KGC Kinross Gold Corp. Materials 2 0.05% −$22M 0 / 1 0 / 0
WPM Wheaton Precious Metals Corp. Materials 2 0.05% −$41M 0 / 0 0 / 0
NG Novagold Res Inc. Materials 2 0.04% −$26M 0 / 1 0 / 0
SA Seabridge Gold Inc. Materials 2 0.03% −$41K 0 / 0 0 / 0
RS Reliance, Inc. Materials 2 0.02% −$5M 1 / 0 0 / 0
IP International Paper Company Materials 2 0.02% +$58M 1 / 1 1 / 1
LYB Lyondellbasell Industries NV Materials 2 0.01% +$4M 0 / 0 0 / 0
AXTA Axalta Coating Sys Ltd Materials 2 <0.01% −$4M 0 / 0 0 / 0
CLW Clearwater Paper Corp. Materials 2 +1 <0.01% +$28M 2 / 0 1 / 0
LXU Lsb Inds Inc. Materials 2 <0.01% −$360K 0 / 0 0 / 0
FMC Fmc Corp. Materials 2 <0.01% −$2M 0 / 1 0 / 0
OR Or Royalties Inc. IPO or spin-off Materials 2 +2 <0.01% +$103M 2 / 0 2 / 0
ERO Ero Copper Corp. Materials 2 <0.01% $0 0 / 0 0 / 0
BTG B2gold Corp. Materials 2 <0.01% +$52K 0 / 0 0 / 0
AVNT Avient Corporation Materials 2 <0.01% −$8M 1 / 1 0 / 0
HL Hecla Mng Co. Materials 2 <0.01% −$249K 0 / 0 0 / 0
RIO Rio Tinto PLC Materials 2 −1 <0.01% −$1M 0 / 1 0 / 1
PPTA Perpetua Resources Corp. Materials 1 0.14% +$92M 1 / 0 0 / 0
UAN Cvr Partners, LP Materials 1 0.03% +$6M 0 / 0 0 / 0
MP Mp Materials Corp. Materials 1 0.03% −$12M 0 / 1 0 / 0
JELD Jeld-Wen Hldg Inc. Materials 1 −2 0.02% −$37M 1 / 2 0 / 2
THM International Tower Hill Min Materials 1 0.02% $0 0 / 0 0 / 0
ESI Element Solutions Inc. Materials 1 0.01% +$6M 1 / 0 0 / 0
FUL Fuller H B Co. Materials 1 0.01% +$473K 0 / 0 0 / 0
EQX Equinox Gold Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
Iamgold Iamgold Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
AA Alcoa Corp. Materials 1 <0.01% +$5M 1 / 1 1 / 1
CF Cf Inds Hldgs Inc. Materials 1 −1 <0.01% −$93M 0 / 1 0 / 1
KOP Koppers Holdings Inc. Materials 1 <0.01% +$859K 0 / 0 0 / 0
CC Chemours Co. Materials 1 −1 <0.01% −$12M 1 / 2 1 / 2
SMG Scotts Miracle-Gro Co. Materials 1 <0.01% $0 0 / 0 0 / 0
KNF Knife River Corp. Materials 1 <0.01% −$1M 0 / 1 0 / 0
CGAU Centerra Gold Inc. IPO or spin-off Materials 1 +1 <0.01% +$5M 1 / 0 1 / 0
RPM Rpm Intl Inc. Materials 1 <0.01% −$1M 0 / 0 0 / 0
IAUX I-80 Gold Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
CDE Coeur Mng Inc. Materials 1 <0.01% −$4M 0 / 1 0 / 0
CMC Commercial Metals Co. Materials 1 <0.01% −$59K 0 / 0 0 / 0
BALL Ball Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
SON Sonoco Prods Co. Materials 1 <0.01% −$15K 0 / 0 0 / 0
HWKN Hawkins Inc. Materials 1 <0.01% +$14K 0 / 0 0 / 0
Ferroglobe Ferroglobe PLC Materials 1 <0.01% +$92K 0 / 0 0 / 0
EGO Eldorado Gold Corp. New Materials 1 <0.01% $0 0 / 0 0 / 0
TROX Tronox Holdings PLC Materials 1 <0.01% +$963K 1 / 0 0 / 0
CENX Century Alum Co. Materials 1 −1 <0.01% −$2M 0 / 2 0 / 1
MATV Mativ Holdings Inc. Materials 1 <0.01% +$1M 1 / 0 0 / 0
PAAS Pan Amern Silver Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
EU Encore Energy Corp. Materials 1 <0.01% $0 0 / 0 0 / 0
Ivanhoe Electric Ivanhoe Electric Inc. IPO or spin-off Materials 1 +1 <0.01% +$1M 1 / 0 1 / 0
MTRN Materion Corp. Materials 1 <0.01% +$7K 1 / 0 0 / 0
Sensient Sensient Technologies Corp. Materials 0 −1 <0.01% −$5M 0 / 1 0 / 1

How the numbers work

Same managers in both quarters

Changes compare only managers with a 13F in both 2025 Q1 and 2025 Q2: 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.