Inside the Latest 13F Filings

Hey everyone,

While I usually focus on AI investing, growth stocks, and ETFs I also think it’s important to understand how institutional capital is positioning in changing markets.

Let’s get into it.

The latest 13F filings showed one of the most divided quarters on Wall Street in recent years, as several legendary investors made aggressive and completely opposing bets across AI, semiconductors, platform businesses, energy, and consumer sectors.

Warren Buffett dramatically increased Berkshire Hathaway’s Google position while fully exiting Amazon and major payment companies. Stanley Druckenmiller rotated heavily toward semiconductors, biotechnology, and leveraged AI exposure. David Tepper concentrated capital into Amazon, AI infrastructure, and energy plays, while Soros Capital quietly repositioned around industrials and selective growth names.

The biggest takeaway is simple:

Even the world’s best investors disagree on where markets are heading next.

Every quarter, institutional investment managers with more than $100 million in U.S.-listed securities are required to file a Form 13F with the SEC.

These filings provide investors with a delayed but valuable snapshot of how some of the world’s largest funds are allocating capital.

* Sector rotations

* Macro expectations

* Capital allocation strategies

* Risk appetite

* Emerging investment themes

13F filings should never be copied blindly, but they remain one of the best tools for understanding how sophisticated investors are navigating changing market conditions.

Berkshire Hathaway’s Q1 2026 filing officially marks the beginning of the Greg Abel era and shows one of the largest portfolio restructurings the firm has made in years.

The company reduced its holdings from 42 positions to just 29, signaling a more concentrated approach around higher-conviction ideas.

The Biggest Move: Google

Berkshire increased its Google (GOOG) position by 204%, adding roughly 36.4 million shares worth approximately $15.6 billion.

Google became Berkshire’s fifth-largest holding, representing roughly 7.6% of the portfolio.

The move is especially notable because Berkshire historically avoided large technology bets outside Apple. The increase likely reflects growing confidence in AI infrastructure, cloud computing, and Google’s long-term position in digital advertising and search.

Major Portfolio Changes:

* Re-entered the airline sector through a major Delta Air Lines (DAL) position

* Fully exited Amazon (AMZN)

* Completely sold Visa (V) and Mastercard (MA)

* Reduced Chevron (CVX) by 35%

* Sold most of its Constellation Brands (STZ) position

* Slightly reduced Bank of America (BAC)

Berkshire’s top holdings remained:

* Apple (AAPL)

* American Express (AXP)

* Coca-Cola (KO)

Together, they still account for more than half of the portfolio.

Overall, Berkshire appears to be concentrating capital into fewer positions while reducing exposure to traditional financial and consumer holdings.

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The Q1 2026 filing from Soros Capital Management showed quieter but still notable shifts inside the approximately $230 million family office portfolio.

Most Notable Move:

* Completely exited Microsoft (MSFT)

New Positions Included:

* Visa (V)

* General Motors (GM)

* Comfort Systems USA (FIX)

* ProPetro Holding (PUMP)

The portfolio also maintained meaningful exposure to:

* GE Vernova (GEV)

* Ranpak Holdings (PACK)

* Bitcoin mining company TeraWulf (WULF)

The continued commitment to TeraWulf suggests ongoing conviction in energy-efficient Bitcoin mining infrastructure and rising electricity demand tied to digital infrastructure growth.

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Stanley Druckenmiller’s Duquesne Family Office made one of the quarter’s most aggressive macro-driven rotations.

The fund shifted sharply away from consumer, financial, and traditional large-cap exposure toward semiconductors, biotechnology, and higher-volatility growth themes.

Major Exits:

* Alphabet (GOOGL)

* Goldman Sachs (GS)

* Chipotle (CMG)

* DoorDash (DASH)

* Delta Air Lines (DAL)

* DocuSign (DOCU)

Major Reductions:

* Reduced Teva (TEVA) by 59%

* Cut Coupang (CPNG) by 61%

The Amazon Trade:

One of the quarter’s most interesting trades involved Amazon.

Druckenmiller sold roughly 94% of his direct Amazon shares while simultaneously increasing exposure through leveraged call options.

The move suggests a more tactical approach by reducing downside risk while maintaining upside participation if Amazon continues outperforming.

Rotation Into AI & Semiconductors

New or expanded positions included:

* Broadcom (AVGO)

* Intel (INTC)

* Arm Holdings (ARM)

The fund also significantly increased exposure to:

* Natera (NTRA)

* ADMA Biologics (ADMA)

* Nuvation Bio (NUVB)

Outside technology and biotech, Druckenmiller increased his YPF position by 433%, signaling strong conviction in Argentina’s economic recovery and energy sector potential.

Overall, the portfolio reflects increasing willingness to embrace volatility in exchange for exposure to AI, advanced computing, and macro-driven growth opportunities.

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David Tepper’s Appaloosa Management showed a major capital reallocation toward platform businesses, AI infrastructure, and energy.

Largest Move

* Increased Amazon (AMZN) by 98%, making it the portfolio’s largest holding

Other Major Additions

* Uber (UBER), increased by 242%

* Vistra (VST), increased by 114%

Despite trimming Nvidia (NVDA), Tepper continued adding semiconductor and AI exposure through:

* TSMC (TSM)

* Micron Technology (MU)

* A new position in SanDisk (SNDK)

Major Reductions & Exits

* Reduced Microsoft (MSFT) by 82%

* Cut Meta (META) by 27%

* Reduced exposure to Alibaba (BABA) and JD.com (JD)

* Fully exited airline positions including Delta, United, and American Airlines

The portfolio now appears increasingly concentrated around businesses with:

* Strong pricing power

* Dominant platform economics

* AI infrastructure exposure

* Critical energy demand tailwinds

Tepper’s positioning suggests growing preference for companies directly benefiting from AI-related compute, power demand, and digital infrastructure expansion rather than mature mega-cap software businesses.

One of the most interesting aspects of the Q1 2026 filings is how different legendary investors took completely opposite views on the same companies.

Google (GOOGL)

* Berkshire Hathaway increased its Google stake by 204%

* Druckenmiller completely exited Alphabet

Amazon (AMZN)

* Berkshire fully exited Amazon

* Tepper nearly doubled his Amazon position

* Druckenmiller sold most shares but increased upside exposure through call options

Airlines

* Berkshire re-entered airlines through Delta

* Tepper and Druckenmiller fully exited airline exposure

Visa (V)

* Berkshire completely exited Visa

* Soros Capital initiated a new Visa position

These moves highlight one of the most important realities in investing:

The same company can look massively overvalued to one investor and deeply attractive to another.

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Tracking institutional investors can provide valuable insight into:

* Market psychology

* Sector rotation

* Macro positioning

* Risk management

However, blindly copying 13F filings can be dangerous.

Institutional funds also use hedging strategies and derivatives that most retail investors simply do not have access to.

13Fs are best used as:

* Educational tools

* Sources of idea generation

* Indicators of broader institutional themes

…..not direct buy or sell signals.

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The most important takeaway from this quarter’s filings is not which stocks Wall Street bought or sold, but how differently elite investors are interpreting the same market environment.

Berkshire Hathaway leaned harder into Google and concentration. Druckenmiller rotated aggressively toward higher-volatility AI and biotech exposure. Tepper focused on platform businesses, energy demand, and infrastructure tied to AI growth. Soros Capital took a more selective and defensive approach.

In a market increasingly shaped by AI, energy demand, geopolitics, and interest-rate uncertainty, the gap between winners and losers may continue widening. Understanding why capital is moving matters far more than simply copying where it moves.

For retail investors, the goal should not be blindly following institutional trades, but understanding the broader themes driving them.

Thanks for reading this week’s edition.

We’ll get back to growth stocks soon.

Sincerely,  

Rei