Q4/2025 Superinvestor Portfolio Update

Two clear buys and three decisive sells amongst the Superinvestors. Learn about them here

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 Therefore, the value of this information is very short-lived and may be outdated.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!

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 February.

State of the Nation in Q4/2025

Let’s recap what the world looked like in late 2025, when the fund managers made their moves. The S&P500 was at an all-time high, a solid 40% above the April lows, and the NASDAQ 100 looked very much the same.

The FED cut rates, which fueled the strong year-end. Earnings from the S&P500 incumbents generally beat earnings, and AI was the talk of the day. Even the longest US government shutdown in history didn’t really affect the markets.

The SaaSpocalypse was not yet hitting software companies with full strength. You will learn more about the current crazy times here:

AltaRock Partners

This portfolio is made up entirely of outstanding companies. The former large position in Alphabet was further cut in half. The largest change was a 19% reduction in Microsoft, followed by many small reductions. Amazon is still the largest position in the portfolio and makes up 1/3rd of the total portfolio.

Given the strong performance of Alphabet, I hope AltaRock has sold in late Q4 and not in the beginning:

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 was unfortunately no exception.

Since Fundsmith is also active in Europe, two of the largest 10 holdings are not included here. These are L’Oreal and Unilever. Terry Smith has a broadly diversified portfolio and is not as concentrated as Alta Rock Partners or Valleyforge.

Q4 saw an unusual amount of movement, contrary to his motto:

Buy good companies. Don't overpay. Do nothing.

The largest change was the 44% reduction in Alphabet, and I hope the sale occurred in late Q4, just like I wrote for the fella above. The 28% recution in IDEXX and the 20% reductions in each Microsoft and Stryker include the largest impact on the fund.

There were two notable new buys: Nutanix and ADMA Biologics. Both remain small positions for the time being.

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 almost no change in the first three quarters of the year and got a bit more active in Q4. He sold 15% of his Intuit shares and slightly added to all other positions. Not a single change affected the portfolio by more than 1%. That is what you call stability.

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:

The last new addition for Dev Kantesaria was ASML, a large position of mine, which I have frequently included in the best buys list. Most recently here:

Best Buys September 2025

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 moves in Q4 were concentrated on reducing almost all top positions by more than 20%. The only noteworthy buys were a new position in the surgical robot maker Intuitive Surgical and, interestingly, in the iShares Russell 1000 Growth ETF. If you don’t know Intuitive Surgical, it is worth having a look at the company and the stock. This is the future of medicine.

This is one of their Da Vinci operating systems.

Bill Ackman - Pershing Square Capital Management

General Ackman (based on his fierce tweets) has had an eventful Q4. He increased his Amazon position by 65% (fantastic choice) and built a brand new position in Meta. Bill is not a man of small decisions and immediately invested 11% of his fund into Meta. He also sold the majority of his Alphabet position and the last remains of his homerun Chipotle position.

David Tepper - Appaloosa Management

Action across the board for David Tepper. He doubled down on his Micron position and increased it by 200%. Micron has been on an insane run, and kudos to all the guys who invested. Looking back, it was inevitable that Micron would run, given the shortage in RAM, which is a very necessary component of the AI buildout.

Just like Bill Ackman, David Tepper also believes in Meta and increased his position by 62%. An interesting choice is the 3% portfolio stake in the South Korea ETF. Notable sales include a 20% reduction in Alibaba, a 66% reduction of AMD, and the complete sale of Fiserv. It seems that David Tepper does not believe in the turnaround of Fiserv.

Chris Hohn - TCI Fund Management

Chris Hohn has only 9 positions in his portfolio. Only one change accounted for more than 1% of the portfolio, and it was the 48% reduction in Canadian National Railway. Chris Hohn is also one of the very few people who hold GE Aerospace. Given the recent price action, this was a play of a genius. He made it his largest position in Q3 2023, when the shares were below $100. Well done!

ValueAct Capital

ValueAct swims against the current by investing in turnaround situations in great companies. They usually hold positions for between 3 and 5 years.

Salesforce became the largest position in the portfolio due to the small decrease in Amazon, the former largest position, and a small 3% addition to Salesforce. You will find my deep dive on Salesforce here:

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