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Q2 2026 Guru Portfolios: Shared Issuers Rose to 89.7% of Reported Equity Value

Issuers held by at least two of 17 tracked groups rose from 85.0% to 89.7% of eligible reported 13F value from Q1 to Q2 2026, but breadth and pooled dollars tell different stories.

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Editorial illustration of Form 13F filing stacks converging on shared issuer records beneath SHARED NAMES typography.

AHNIM STUDIO | Guru statistics | Reviewed October 31, 2026 (KST)

Did the 17 tracked institutional groups become more exposed to issuers that at least one other tracked group also reported? Yes—but the result is a disclosure-overlap statistic, not evidence of coordinated buying. Issuers held by at least two groups represented 85.0% of eligible reported 13F value at March 31 and 89.7% at June 30, a rise of 4.7 percentage points. The increase was not only a Berkshire effect: excluding Berkshire, the same pooled measure rose from 77.9% to 81.9%.

Three findings from the matched panel

  • The value share rose broadly, but not uniformly. Eleven groups increased, five decreased and one was unchanged. The equal-manager mean rose 2.0 points, while the median rose 7.6 points.
  • A small issuer subset carried most disclosed value. In Q2, 307 shared issuers were 23.6% of the 1,302 unique eligible issuers, yet they represented 89.7% of eligible value.
  • Most of the overlap was persistent. The 219 issuers shared in both quarters represented 83.0% of Q2 eligible panel value; newly shared issuers represented another 6.7%.

The Guru research and statistics hub tracks the fixed 17-group institutional panel. Our earlier pairwise overlap study asked which manager pairs looked most similar. The breadth study counted how many managers reported each issuer. This article connects those two ideas across Q1 and Q2 by asking how much of each manager’s eligible reported value sat in issuers shared by the panel.

What “shared” means—and what it does not

For each quarter, we collapse multiple security classes and filing lines to one canonical issuer within each reporting group, while summing their eligible reported values. An issuer is classified as shared when at least two distinct groups report a positive eligible value in that issuer in the same quarter. Once the threshold is met, the full eligible value reported by each holder is classified as shared.

This measure does not say that 85% or 90% of the portfolios were identical. It does not measure position-size similarity, trade timing, motive, cost basis, performance, short exposure or total assets. A second group with a small position can move an issuer across the threshold even when the two allocations are very different. “Shared” therefore describes within-panel filing breadth, not consensus, herding or verified buying.

The panel-wide share rose under three weighting views

MetricQ1 2026Q2 2026Change
Eligible reported valueUSD 414.556bnUSD 509.931bnNot a return calculation
Value in shared issuersUSD 352.177bnUSD 457.354bnRepeated manager exposures
Pooled value-weighted share84.95%89.69%+4.74 pp
Equal-manager mean77.97%79.95%+1.98 pp
Manager median86.91%94.51%+7.60 pp
Shared issuers / unique issuers291 / 1,308307 / 1,30222.2% → 23.6%
Pooled value sums separately reported positions across managers; it is neither unique AUM nor a combined investable portfolio.
Q1-to-Q2 2026 dot plot of eligible reported 13F value shares in issuers held by at least two tracked groups, for 17 institutional reporting groups.
Black dots show Q2 and gray dots show Q1. The statistic uses eligible reported value after preserved instrument exclusions and issuer-level class aggregation.

Eleven managers moved up; five moved down

Reporting groupQ1 shared-value shareQ2 shared-value shareChangeQ2 shared / eligible issuers
Altimeter98.9%100.0%+1.1 pp19 / 19
Dalal Street100.0%100.0%0.0 pp4 / 4
Light Street96.6%99.7%+3.2 pp25 / 26
Appaloosa93.2%98.8%+5.5 pp21 / 24
Tiger Global93.2%95.8%+2.6 pp35 / 46
Situational Awareness82.2%95.4%+13.2 pp16 / 23
Berkshire Hathaway89.0%95.2%+6.1 pp23 / 26
Coatue98.1%94.8%-3.3 pp47 / 63
Whale Rock93.6%94.5%+0.9 pp31 / 35
Third Point84.3%83.3%-0.9 pp29 / 35
Fundsmith68.3%81.8%+13.5 pp33 / 41
Pershing Square86.9%76.3%-10.6 pp10 / 13
ARK64.3%66.3%+2.1 pp91 / 175
Soros Fund Management63.0%61.4%-1.6 pp125 / 222
Greenlight / DME51.8%57.8%+5.9 pp26 / 45
Bridgewater55.9%49.8%-6.1 pp256 / 982
Icahn reporting group6.3%8.1%+1.9 pp5 / 12
Sorted by Q2 shared-value share. Unrounded values drive all calculations.

Fundsmith recorded the largest increase, from 68.3% to 81.8% (+13.5 points). Situational Awareness followed at +13.2 points. Pershing Square moved the other way, from 86.9% to 76.3% (-10.6 points), while Bridgewater fell 6.1 points. These changes can result from valuation moves, filing-scope changes, additions, removals or size changes; they are not transaction records.

Large dollars and broad following are different signals

Q2 shared issuerVerified ticker(s)Q2 holder groupsSummed Q2 reported valueShared in both quarters
Apple IncAAPL4USD 66.24bnYes
American Express CoAXP2USD 51.29bnYes
Alphabet IncGOOG, GOOGL12USD 45.61bnYes
Coca Cola CoKO3USD 32.54bnYes
Bank America CorpBAC2USD 27.60bnYes
Chevron CorporationCVX2USD 14.01bnYes
Chubb LimitedCB3USD 11.70bnYes
Moodys CorpMCO2USD 11.19bnNo
Amazon Com IncAMZN11USD 11.10bnYes
Taiwan Semiconductor ManufacTSM12USD 10.98bnYes
Ranked by summed eligible Q2 reported value across the 17 groups. Repeated manager exposures are not netted into unique assets.

Apple led by summed Q2 reported value despite appearing in four groups, while Alphabet and TSMC each appeared in 12 groups and Amazon in 11. American Express and Bank of America were large in dollars with only two tracked holders. That contrast is the main reason to keep dollar aggregation separate from holder breadth. The Berkshire Q2 filing review provides the manager-specific context behind several of the largest pooled values.

Persistent overlap mattered more than new threshold crossings

The 219 issuers that met the shared threshold in both quarters represented 82.3% of Q1 and 83.0% of Q2 eligible panel value. Issuers newly meeting the threshold in Q2 accounted for 6.7% of Q2 value. Issuers shared in Q1 but not Q2 still represented 1.8% of Q2 value because one tracked group could remain after the breadth threshold was lost.

This persistence test is stricter than a single-quarter ranking but still does not establish continuous buying. A name can stay shared while one manager reduces shares and another increases them, or while both hold the same share count and market prices move. The separate direction-of-share-change study remains on hold until the corporate-action adjustment register is complete.

Method and reproducibility

The matched panel contains 17 preselected institutional reporting groups represented at both March 31 and June 30, 2026. The preserved source set contains 4,269 rows from 35 Form 13F information tables. Before any issuer aggregation, we apply the existing instrument map and remove six manually reviewed exceptions: two Grab warrant rows, two Oracle depositary-preferred rows and two Global X ETF rows, one per quarter in each case. That leaves 4,073 rows as eligible operating-company common or ordinary equity. The 196 excluded rows cover funds and ETPs, options, principal-unit or debt positions, warrants, preferred or depositary preferred securities, units and commodity trusts.

Eligible reported values are summed across every row sharing a reporting group, quarter and canonical issuer key. This combines multiple classes, line items and affiliated filings before holder counts are calculated. Each group receives one holder vote per issuer per quarter. Panel totals add each manager’s separately reported exposure; they should not be interpreted as unique assets or returns.

We preserve the filing CIK, accession, report period, filing date, direct information-table URL, cover and summary URL, CUSIP, class, reported quantity, quantity unit, reported value and value unit. The Q3 2026 filing deadline is November 16, 2026, so incomplete Q3 disclosures are not substituted for a matched quarter. This analysis will be refreshed only after a complete comparable panel or a material amendment.

What the result does not establish

Form 13F is a delayed quarter-end disclosure of selected long positions. It does not reveal most non-13F assets, short positions, transaction dates, purchase prices, manager motives or complete risk. The selected panel is not a random sample of the investment-management industry. The statistics are descriptive and do not predict performance or constitute personalized investment advice.

Sources and original documents

U.S. SEC — Frequently Asked Questions About Form 13F, including the 2026 filing calendar; Form 13F Data Sets; and Form 13F instructions. Reviewed October 31, 2026. The filing register below links the source XML used in the calculation.

Reporting groupPeriodAccessionOfficial tableOfficial cover
ARKQ1 20260001104659-26-059240information tablecover and summary
ARKQ2 20260001104659-26-096910information tablecover and summary
AltimeterQ1 20260001541617-26-000006information tablecover and summary
AltimeterQ2 20260001541617-26-000008information tablecover and summary
AppaloosaQ1 20260001656456-26-000002information tablecover and summary
AppaloosaQ2 20260001656456-26-000003information tablecover and summary
Berkshire HathawayQ1 20260001193125-26-226661information tablecover and summary
Berkshire HathawayQ2 20260001193125-26-352200information tablecover and summary
BridgewaterQ1 20260001350694-26-000002information tablecover and summary
BridgewaterQ2 20260001350694-26-000003information tablecover and summary
CoatueQ1 20260000919574-26-003501information tablecover and summary
CoatueQ2 20260000919574-26-005478information tablecover and summary
Dalal StreetQ1 20260001549575-26-000009information tablecover and summary
Dalal StreetQ2 20260001549575-26-000015information tablecover and summary
FundsmithQ1 20260001569205-26-000005information tablecover and summary
FundsmithQ2 20260001569205-26-000012information tablecover and summary
Greenlight / DMEQ1 20260001172661-26-002341information tablecover and summary
Greenlight / DMEQ2 20260001172661-26-003786information tablecover and summary
Icahn reporting groupQ1 20260001539497-26-001469information tablecover and summary
Icahn reporting groupQ2 20260001539497-26-002243information tablecover and summary
Light StreetQ1 20260000935836-26-000261information tablecover and summary
Light StreetQ2 20260000935836-26-000422information tablecover and summary
Pershing SquareQ1 20260001172661-26-002336information tablecover and summary
Pershing SquareQ1 20260001172661-26-002339information tablecover and summary
Pershing SquareQ2 20260001172661-26-003790information tablecover and summary
Situational AwarenessQ1 20260002045724-26-000008information tablecover and summary
Situational AwarenessQ2 20260000935836-26-000418information tablecover and summary
Soros Fund ManagementQ1 20260000902664-26-002529information tablecover and summary
Soros Fund ManagementQ2 20260000902664-26-003507information tablecover and summary
Third PointQ1 20260001040273-26-000002information tablecover and summary
Third PointQ2 20260001040273-26-000003information tablecover and summary
Tiger GlobalQ1 20260000919574-26-003362information tablecover and summary
Tiger GlobalQ2 20260000919574-26-005427information tablecover and summary
Whale RockQ1 20260001172661-26-002159information tablecover and summary
Whale RockQ2 20260001172661-26-003733information tablecover and summary
Thirty-five reconciled information tables. Pershing Square’s Q1 reporting scope uses two source filings that are combined at the reporting-group level.

AHNIM STUDIO disclosure: We use structured calculation and AI-assisted research tools, then review source identity, classifications, formulas and article output. Errors are corrected transparently. This article is for informational and educational purposes only.

For sources, valuation assumptions, and material revisions, see the notes within this analysis.

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