AHNIM STUDIO | Guru statistics | Reviewed October 27, 2026 (KST)
Which of 17 tracked institutional reporting groups changed their disclosed issuer lineups most from Q1 to Q2 2026? Soros Fund Management ranked first at 53.2%, narrowly ahead of Altimeter at 52.4%, while Third Point reached 50.0%. The metric is the share of each group’s two-quarter issuer union that appeared in only one quarter. It measures change in the quarter-end set of eligible reported issuers—not trading turnover, transaction timing or portfolio performance.
Three findings from the matched Q1–Q2 panel
- The median group changed 35.7% of its two-quarter issuer union. The equal-manager mean was 32.3%; three of 17 groups were at or above 50%.
- A nearly unchanged name count can hide substantial replacement. Soros moved from 214 to 222 eligible issuers, a net gain of eight, but the matched sets contained 83 additions and 75 removals.
- Absolute activity and normalized change answer different questions. Bridgewater had the most additions and removals in raw counts—213 and 208—yet its 35.4% change rate was close to the panel median because its union contained 1,190 issuers.
The Guru research and statistics hub tracks the same 17 reporting groups. Our pairwise-overlap study compared managers with one another, while the diversification study measured how evenly each disclosed portfolio was weighted. This article instead compares each group with its own prior-quarter issuer set.
The calculation: changed issuers divided by the two-quarter union
For each reporting group, we aggregate eligible operating-company equity rows to the issuer level, build one issuer set for March 31 and another for June 30, and calculate 100 × |Q1 set △ Q2 set| / |Q1 set ∪ Q2 set|. The symmetric difference, △, contains issuers found in only one of the two quarters. A score of 0% means the reported issuer set was identical; 100% would mean no issuer appeared in both quarters.
The measure gives one issuer one vote, regardless of disclosed value. “Added” means present in the normalized Q2 set but absent from the normalized Q1 set; “removed” means the reverse. Those labels describe filing-to-filing set membership. They do not prove a specific purchase or sale because Form 13F does not disclose transaction dates, and reporting scope, amendments or corporate actions can also affect appearance.
| Panel statistic | Result |
|---|---|
| Tracked reporting groups | 17 |
| Mean composition change | 32.3% |
| Median composition change | 35.7% |
| Groups at or above 50% | 3 of 17 |
| Retained manager–issuer pairs | 1,396 |
| Added manager–issuer pairs | 395 |
| Removed manager–issuer pairs | 359 |
All 17 groups: retained, added and removed issuers
| Reporting group | Eligible issuers Q1 → Q2 | Retained | Added | Removed | Composition change |
|---|---|---|---|---|---|
| Soros Fund Management | 214 → 222 | 139 | 83 | 75 | 53.2% |
| Altimeter | 12 → 19 | 10 | 9 | 2 | 52.4% |
| Third Point | 28 → 35 | 21 | 14 | 7 | 50.0% |
| Appaloosa | 29 → 24 | 18 | 6 | 11 | 48.6% |
| Fundsmith | 34 → 41 | 28 | 13 | 6 | 40.4% |
| Tiger Global | 53 → 46 | 37 | 9 | 16 | 40.3% |
| Situational Awareness | 25 → 23 | 18 | 5 | 7 | 40.0% |
| Light Street | 23 → 26 | 19 | 7 | 4 | 36.7% |
| Pershing Square | 10 → 13 | 9 | 4 | 1 | 35.7% |
| Bridgewater | 977 → 982 | 769 | 213 | 208 | 35.4% |
| Whale Rock | 35 → 35 | 28 | 7 | 7 | 33.3% |
| Dalal Street | 3 → 4 | 3 | 1 | 0 | 25.0% |
| Greenlight / DME | 43 → 45 | 38 | 7 | 5 | 24.0% |
| Coatue | 58 → 63 | 54 | 9 | 4 | 19.4% |
| Berkshire Hathaway | 26 → 26 | 25 | 1 | 1 | 7.4% |
| ARK | 173 → 175 | 168 | 7 | 5 | 6.7% |
| Icahn reporting group | 12 → 12 | 12 | 0 | 0 | 0.0% |
Soros led because large additions and removals offset each other
Soros Fund Management’s eligible issuer count rose only from 214 to 222. The matched sets tell a different story: 139 issuers were retained, 83 appeared only in Q2 and 75 appeared only in Q1. The union therefore contained 297 issuers, and 158 were in the symmetric difference: 158 / 297 = 53.2%. The eight-name net increase captures only the difference between additions and removals; it discards the two large gross components.
Altimeter’s 52.4% score came from a much smaller base: 10 retained, nine added and two removed across a 21-issuer union. Third Point retained 21, added 14 and removed seven, so 21 of its 42-union issuers changed for an exact 50.0%. Appaloosa followed at 48.6%. Similar percentages can therefore represent very different portfolio sizes and counts.
The same ending count can conceal very different change
Three groups finished Q2 with the same eligible issuer count they had in Q1. Icahn retained all 12 and scored 0.0%. Berkshire Hathaway kept 25 of 26, with one addition and one removal, for 7.4%. Whale Rock retained 28 of 35 and paired seven additions with seven removals, producing 33.3%. A net count of zero therefore ranged from no set change to one-third of the two-quarter union.
Across all 17 groups, the Spearman rank correlation between the absolute net change in issuer count and the composition-change rate was 0.81. Larger net count moves often coincided with more set change in this selected panel, but the unchanged-count cases show why level or net-count comparisons are incomplete. The statistic is descriptive, not a causal test.
Bridgewater shows why the union denominator matters
Bridgewater’s eligible issuer count moved from 977 to 982. It retained 769 issuers, added 213 and removed 208—the largest raw addition and removal counts in the panel. Yet the union contained 1,190 issuers, so its normalized composition change was 421 / 1,190 = 35.4%, close to the 35.7% median. Raw counts answer “how many reported issuer relationships changed?”; the normalized rate asks “what fraction of this group’s two-quarter opportunity set changed?” Neither is trading turnover.
Method and reproducibility
The preserved source set contains 4,269 rows from 35 Q1/Q2 information tables. We classify 4,073 rows as eligible operating-company equity and exclude 196 rows, including options, ETFs/ETPs, debt or principal units, warrants, preferred or depositary preferred, acquisition units and dated equity units. Six previously identified classification exceptions—two Grab warrants, two Oracle depositary preferred rows and two Global X Uranium ETF rows—remain excluded under the corrected derivative.
Within each group and quarter, we aggregate security classes and related rows by the first six CUSIP positions in the preserved issuer bridge, then compare the resulting issuer keys. We use set presence only; reported value and share-count changes are not inputs. The first-six bridge is one-to-one in this eligible two-quarter derivative, but it is not a universal entity-resolution rule. Future quarters must preserve this dated bridge and add explicit corporate-action or identifier-migration mappings rather than silently rewriting history.
What the statistic does not measure
Form 13F reports selected long positions at quarter end. It omits short positions, most non-13F assets, many private holdings, purchase prices, transaction dates and investment motives. A missing Q2 issuer is not automatically a proven complete sale, and a first Q2 appearance is not automatically a proven quarter purchase. Confidential treatment, amendment timing, reporting thresholds, corporate actions and identifier changes can alter what appears.
This issuer-set statistic is not trading turnover, portfolio risk, conviction, performance or a ranking of manager quality. It gives the same weight to a small disclosed position and a large one. Read it alongside our value-weighted concentration measures when the question is capital allocation rather than lineup change.
The next update will use the first complete matched quarter after June 30, 2026, once the relevant filings and amendments are available. Q1–Q2 remains a dated baseline, with the same eligibility and issuer-resolution rules. This is disclosure research for informational and educational purposes, not personalized investment advice or a performance forecast.
Sources and original documents
U.S. SEC — Frequently Asked Questions About Form 13F, Form 13F Data Sets and Form 13F instructions, reviewed October 27, 2026. These establish the quarter-end fields, fair-value basis, as-filed data limits and filing timetable; they do not supply motives or whole-portfolio holdings.
Altimeter — Q1, filed 2026-05-15, CIK 1541617: information table / cover summary; Q2, filed 2026-08-14, CIK 1541617: information table / cover summary.
Appaloosa — Q1, filed 2026-05-15, CIK 1656456: information table / cover summary; Q2, filed 2026-08-14, CIK 1656456: information table / cover summary.
ARK — Q1, filed 2026-05-12, CIK 1697748: information table / cover summary; Q2, filed 2026-08-14, CIK 1697748: information table / cover summary.
Berkshire Hathaway — Q1, filed 2026-05-15, CIK 1067983: information table / cover summary; Q2, filed 2026-08-14, CIK 1067983: information table / cover summary.
Bridgewater — Q1, filed 2026-05-15, CIK 1350694: information table / cover summary; Q2, filed 2026-08-14, CIK 1350694: information table / cover summary.
Coatue — Q1, filed 2026-05-15, CIK 1135730: information table / cover summary; Q2, filed 2026-08-14, CIK 1135730: information table / cover summary.
Dalal Street, LLC — Q1, filed 2026-05-14, CIK 1549575: information table / cover summary; Q2, filed 2026-08-13, CIK 1549575: information table / cover summary.
Greenlight / DME — Q1, filed 2026-05-15, CIK 1489933: information table / cover summary; Q2, filed 2026-08-14, CIK 1489933: information table / cover summary.
Fundsmith LLP — Q1, filed 2026-05-15, CIK 1569205: information table / cover summary; Q2, filed 2026-08-14, CIK 1569205: information table / cover summary.
Icahn reporting group — Q1, filed 2026-05-15, CIK 921669: information table / cover summary; Q2, filed 2026-08-14, CIK 921669: information table / cover summary.
Light Street — Q1, filed 2026-05-15, CIK 1569049: information table / cover summary; Q2, filed 2026-08-14, CIK 1569049: information table / cover summary.
Pershing Square — Q1, filed 2026-05-15, CIK 1336528: information table / cover summary; Q1, filed 2026-05-15, CIK 2026053: information table / cover summary; Q2, filed 2026-08-14, CIK 2026053: information table / cover summary.
Situational Awareness — Q1, filed 2026-05-18, CIK 2045724: information table / cover summary; Q2, filed 2026-08-14, CIK 2045724: information table / cover summary.
Soros Fund Management — Q1, filed 2026-05-15, CIK 1029160: information table / cover summary; Q2, filed 2026-08-14, CIK 1029160: information table / cover summary.
Third Point — Q1, filed 2026-05-15, CIK 1040273: information table / cover summary; Q2, filed 2026-08-14, CIK 1040273: information table / cover summary.
Tiger Global — Q1, filed 2026-05-15, CIK 1167483: information table / cover summary; Q2, filed 2026-08-14, CIK 1167483: information table / cover summary.
Whale Rock — Q1, filed 2026-05-15, CIK 1387322: information table / cover summary; Q2, filed 2026-08-14, CIK 1387322: information table / cover summary.
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