Q3/2025 Superinvestor Portfolio Update
Let's dive into those lovely 13F Filings and learn what the Superinvestors bought and sold
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.
Intro
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.
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 Therefore, the value of this information is very short-lived and may be outdated.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 Estee 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!
Before we start: What were your most interesting buys and sells by your favorite manager? Let me know!
AltaRock Partners
Quite some activity for AltaRock in Q3: The large position in Alphabet was reduced by 67% after it was already reduced in Q2 by 70%. As a result, the position at Alphabet is almost gone. All other positions were marginally reduced, and AltaRock doubled down on Amazon, making it the largest position in the portfolio.
Fittingly, I wrote about my Amazon thesis just last month. You can find it here:
This portfolio is made up entirely of outstanding companies
Terry Smith - Fundsmith
Some words upfront: While I really like what Terry Smith is doing and how he presents his ideas and learning, he had quite a bad streak in terms of performance: The Fundsmith fund has performed rather poorly in the last years; let’s see if it will outperform once again in the upcoming years.
Terry Smith has a broadly diversified portfolio and is not as concentrated as Alta Rock Partners or Valleyforge. Due to this fact, there are a lot of small changes.
The largest changes to the portfolio were a reduction of 56% of the Meta position, 47% of Microsoft, and 20% of Philip Morris.
Intuit, Zoetis, and Waters were the only noteworthy buys.
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 had an even quieter Q3 compared to Q1 and Q2. He reduced his Intuit position (wait for it) by 0.84% which equals a rounding error. As a result, there were no changes made.
The fund manager Dev Kantesaria is one of the managers that I follow most closely, and if he and the team decide to add a new company to the fund, it is a must for me to learn more about these two companies. Unfortunately, there was nothing new and exciting this time. The last one was ASML, a large position of mine, which I have frequently included in the best buys list. Most recently 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. The large position in Oracle turned out to be of great timing, and I understand why he reduced it. Oracle has been a fantastic story of the last years.
The largest changes were a brand new position in Broadcom, making up already 4.8% of the portfolio, and a strong increase in Nvidia. The position of Thermo Fisher was almost completely liquidated. Other newcomers to the portfolio include Boston Scientific, Synopsys, and Intuit
Talking about Nvidia: I am very happy with how my AMD pick from December 2024 turned out: We are already up >100%. If you participated and want to say thank you, please consider becoming a paid subscriber.
Bill Ackman - Pershing Square Capital Management
General Ackman (based on his fierce tweets) was a bit quieter than in Q2. He barely did anything and did not buy or add to a single company. He reduced his Alphabet position by 10% and otherwise, there was almost no change.
David Tepper - Appaloosa Management
David Tepper had a very busy Q3. There were 10 changes that each contributed to more than 1% change in the portfolio, which is a lot. He sold most of his United Health shares that he bought in Q2. I marked Q2 in green and Q3 in red. Based on this, he wasn't successful and also doesn’t believe in the turnaround anymore.
He also sold all of his Intel shares and instead bought a large chunk of AMD, the better company. If you want to learn more about AMD, make sure to read my deep dive:
Further notable additions include Whirlpool, Qualcomm, Kraneshares, and Fiserv. If he is still invested in Fiserv, he is down quite a bit already.
Chris Hohn - TCI Fund Management
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