Q1 2026 Superinvestor 13F Portfolio Update — Part 2
The Biggest Trends, Consensus Bets, and Capital Rotation
This is the second part that includes some lesser-known investors and also includes the summary of the 13F activity for Q1/26, while part 1 covers the state of the nation plus some of the better-known investors. You will find part 1 here:
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:
Pat Dorsey - Dorsey Asset Management
Pat Dorsey trimmed his large ASML position (I did the same in Q1)after a fantastic run. I wrote about the reasons why ASML was such a great pick in the autumn here:
Four brand-new buys made up the largest changes to the portfolio: Sunbelt Rentals Holdings, Applovin, S&P Global, and Uber. On the sell side, Pat Dorsey sold AutoZone, Alphabet, and Enovis completely. A massive turnover for the good sir.
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.
AKO Capital
As you can see, AKO Capital touched every single position. The largest change was the 84% reduction in Flutter Entertainment, followed by a 82% reduction in Marsh and a brand new position in Sunbelt Rentals (just like the fellow above). Copart was trimmed by 95%, Intuit was completely sold, and Williams Cos. was newly added to the portfolio.
Francois Rochon - Giverny Capital
Francois Rochon is not known for drastic changes, and there are rarely more than two changes that affect more than 1% of the portfolio. This time, there were four of these changes.
The largest change was the initiation of a new position in Automatic Data Processing, a company with a fantastic track record.
The next largest changes are the 37% reduction in Ametek, a 25% reduction in Berkshire, and a 22% reduction in Installed Building Products. On the buy side, we have a 81% increase in Bright Horizons Family Solutions, a new AAON position, and, lo and behold, yet another buy of Sunbelt Rentals.
Chuck Akre - Akre Capital Management
Chuck Akre reduced his largest position, Mastercard, by 24%, a move that I do not fully understand since Mastercard is finally at an attractive valuation. Learn more about why I like Mastercard here:
He also sold 39% of his Visa position, 37% of Brookfield, 42% of O’Reilly Automotive, 28/ of Moody’s, and 41% of Airbnb. Instead, he focused on SaaS, namely, a new position in Salesforce and ServiceNow. Great choice!
Salesforce is particularly interesting right now. I laid out my thesis here:
Triple Frond Partners
Triple Frond Partners is very concentrated, unlike some of the managers above. The by far largest change was a new position in Mastercard, which immediately makes up 9% of the total fund. Lam Research was sold, and TransUnion increased by 48%. ASML was also slightly increased by 11%.
ShawSpring Partners
Fund Manager Dennis Hong was very, very active in Q1. He sold his second-largest position, Shift4 Payments, completely, a stock that resembles a roller coaster. He apparently does not believe in the company's short- to medium-term future.
Instead, he bought Zscaler and made it his fourth-largest position. Procore was reduced by 68%, Okta by 36%, CoStar by 65%, and monday.com was sold in full. Coupang, however, is a brand-new position for the fund.
David Rolfe - Wedgewood Partners
I have included this fund for the second time in this article since I believe that there are some fantastic companies in the portfolio. The portfolio is very tech-heavy, just like mine.
The largest change was the 30% recution in Taiwan Semiconductor, followed by a brand new buy of Progressive and Toll Brothers. Paypal had to leave the portfolio, and instead, the Amazon position was increased by 71%. I wrote about Amazon in detail here. Learn why the company has a very bright future:
The PayPal stock chart is one for the ages. So much hope and greed followed by a very severe hangover.
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