Q1 2026 Superinvestor 13F Portfolio Update — Part 1

Hidden Gems, High Conviction, and Billion-Dollar Bets

Intro

Since I am covering now 17 super investors in detail, I decided to split the article into two. This is the first part that includes the state of the nation plus some of the better-known investors, while part 2 covers some less-known investors and also includes the summary of the 13F activity for Q1/26. Find part 2 here:

Q1 2026 Superinvestor 13F Portfolio Update — Part 2

The SEC requires funds with at least $100m assets under management to publish their holdings 45 days after the end of the quarter. This is a great source for us to see what the truly great investors are holding. Keep in mind that all movements that you will see happened in the previous quarter.

The important thing is to check the portfolios of investors who are as like-minded as you are. For me, these investors and funds include (among others) Dev Kantesaria, AltaRock Partners, Terry Smith, Li Lu, Valley Forge, Polen Capital, and David Tepper. All of these investors tend to hold great companies for a long time, and if they add to a completely new position, then it is always worth taking a deeper look.

If you want to go beyond reading and actually invest alongside me, you can invest in my Wikifolio. Every position reflects the same research-driven, long-term investing approach behind these deep dives — including investments such as Arista Networks, Alphabet, ASML, AMD, and now Booking. You will find it here:

https://www.wikifolio.com/de/de/w/wfinvest41

Some investors, like Michael Burry, have such a large turnover in their portfolios that it may well be that the investments you see in their most recent 13F filings are no longer part of their portfolio. Therefore, the value of this information is very short-lived and may be outdated. To give you an idea about the changes in Michael Burry’s portfolio: Compare his Q4/2024 portfolio with his Q1/2025 portfolio. The only company that remained was Estée Lauder.

You will find a snapshot of the current portfolio of those fund managers whom I follow closely below, with my comments on the changes in their holdings. At the end of the article, you will find a summary of the changes and patterns that emerged.

Enjoy!

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Before we start: What were your most interesting buys and sells by your favorite manager? Let me know!

Invest at your own risk; this is not financial advice! This is not a recommendation to buy or sell any securities discussed in the article.

In case you are wondering which stocks I find very attractive right now, make sure to read my best buys article for April.

State of the Nation in Q1/2026

Let’s recap what the world looked like in early 2026 when the fund managers made their moves. The S&P500 dropped by 8% but was still up ~30% from April 2025. The reason for the drop was the escalating conflict in the Middle East and the rising oil prices. As we know today, the fear didn’t last too long, and we are already chasing all-time highs again.

With the current AI spending spree by all players involved (apart from Apple), the party goes on. Well, except for SaaS companies, which are still perceived as massive losers. I guess no one expected such a drop from ServiceNow, which is in a 60% drawdown.

Time to have a look at what the fund managers that I track closely bought and sold. There are always some gems hidden!

To clarify my terminology: If I talk about the largest change, I am referring to the largest change in relation to the portfolio size. A reduction of 10% of a position that has a 50% weight in the portfolio is a larger change in absolute dollar terms than a 70% reduction in a position that only made up 2% of the fund.

I hope you are enjoying this, and I would love to win you as a subscriber and as an X follower.

https://x.com/41investments

AltaRock Partners

Let’s start with A, as AltaRock Partners. This portfolio is made up entirely of outstanding companies. The former large position in Alphabet was further reduced and is now close to being irrelevant at 0.3% percent of the total portfolio. The largest change was the 97% reduction in Hilton.

AltaRock used the majority of the funds to buy more Amazon, by far their largest position. If you want to learn why Amazon is so interesting right now, make sure to read my article, which you will find here:

Terry Smith - Fundsmith

Some words upfront: While I really like what Terry Smith is doing and how he presents his ideas and learnings, he had quite a bad streak in terms of performance: The Fundsmith fund has performed rather poorly in recent years, and 2025, as well as the start to 2026, was unfortunately no exception.

The second largest position, L’Oreal, has been going absolutely nowhere for a couple of years now.

Fundsmith has seen severe outflows due to the lackluster performance, and the assets under management have been cut in half since the peak in 2021. Ouch! As a result, we saw a reduction in literally every single position, except Badger Meter, which is a brand-new position in the funds. The largest changes were the complete sale of Intuit and Nike. Oddity Tech and Graco were sold completely.

Valley Forge Capital Management

Valley Forge is as concentrated as they come, and the fund I am most looking forward to every 13F season. Fund manager Dev Kantesaria was more active than in previous quarters, and completely sold his very small MSCI and Equifax positions. He also sold 1/3 of this Visa position and increased his ASML position by 35%. Overall, Dev had a tough Q1, with most positions seeing major price drops. But keep in mind, these are some of the very best companies you can buy. You just need to do it at the right price.

I really like his Mastercard position. Mastercard is one of the very best companies out there. You will find my recent analysis of Mastercard here:

This interview is a fantastic starting ground if you want to learn more about Dev Kantesaria and his philosophy. I highly encourage you to watch it:

Polen Capital Management

Quite a large portfolio, and here are the top positions.

Compared to the fellow above, Polen Capital is on fire and always trims and adds to its positions. This time the largest changes were a 55% reduction in Amazon, a 27% recution in Microsoft, the complete sale of Abbott Labs and Adobe (yes, the price action has not been too pretty), and a 30% reduction in Oracle. If you want to learn why I believe Adobe is far from doomed, learn more in my deep dive:

Adobe - The Return of the King?

Notable buys included a 157% increase in CoStar Group, plus brand new positions in Meta and Lam Research.

CoStar is down 49% YTD. Let’s see if this turnaround works.

Bill Ackman - Pershing Square Capital Management

Bill Ackman was busy once again. He bought Microsoft and made it immediately his fourth-largest position. That is a strong signal and time to have a deeper look at Microsoft soon. It is also crazy how much money Bill Ackman manages. He invested $2 billion into Microsoft, which is much more than the total market cap of most companies. He sold more of Alphabet (94%) after he already sold most of this position in Q4. He also sold all of his Hilton shares and added 19% to his Amazon position.

Hilton was a fantastic pick, given that he bought his first position in Q4/2018, when Hilton was at $80 a share.

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