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Q2 2026 Guru Portfolios: More Holders Did Not Always Mean More Weight

Across 17 tracked 13F groups, 52 of 211 issuers with changing holder breadth moved opposite to pooled reported-value weight from Q1 to Q2 2026.

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Editorial black-and-white illustration of institutional filing ledgers and a balance scale for an analysis of holder breadth versus reported portfolio weight.

AHNIM STUDIO | Guru statistics | Reviewed November 1, 2026 (KST)

Did an issuer gaining more holders across the 17 tracked institutional groups also gain more of the panel’s reported equity weight? Not reliably. Among 211 issuers whose reporting-group count changed from Q1 to Q2 2026, 52—or 24.6%—moved in the opposite direction from their pooled reported-value share. Thirty-five gained holders while losing pooled weight; 17 lost holders while gaining pooled weight. This is a disclosure comparison, not evidence of buying, selling or conviction.

Three findings from the same-stock comparison

  • Breadth and weight diverged for roughly one-quarter of issuers with changing breadth. Of 211 issuers with a non-zero holder-count change, 159 moved in the same direction and 52 did not.
  • Sandisk was the clearest breadth-down, weight-up case. Its holder count fell from four to three, while its pooled eligible reported-value share rose from 0.342% to 1.379%.
  • Weighting method changed the Capital One reading. Its holder count rose from three to four and its pooled share fell 0.167 percentage points, yet the equal-manager mean rose 0.126 points.

This article extends our issuer-breadth study and the shared-issuer value analysis. The Guru research and statistics hub retains the complete 17-group coverage universe and the underlying manager reports.

How breadth and weight are measured

We use the same verified Q1 and Q2 2026 panel of 17 institutional reporting groups. Multiple security classes and filing lines are collapsed to one canonical issuer within each manager and quarter. The eligible universe keeps reported common and ordinary shares, ADRs, REITs and operating-partnership equity. Put/call options, ETFs and ETPs, debt, warrants, preferred securities and dated equity units are excluded; six preserved instrument exceptions are removed before aggregation.

An issuer enters this study when at least two active groups reported a positive eligible value in Q1 or Q2. That produces 379 issuers. Holder breadth is the number of distinct active groups reporting the issuer. Pooled weight is the issuer’s reported value summed across the 17 groups divided by all eligible value reported by those groups. It repeats the same issuer across separate managers and is not unique AUM. The equal-manager mean averages each manager’s issuer weight across all 17 groups, assigning zero to non-holders.

Q1→Q2 directionIssuer countInterpretation
Holder breadth up; pooled weight up84Same direction
Holder breadth up; pooled weight down35Strict divergence
Holder breadth down; pooled weight up17Strict divergence
Holder breadth down; pooled weight down75Same direction
Holder breadth unchanged; pooled weight up68Value/denominator changed
Holder breadth unchanged; pooled weight down100Value/denominator changed
Total eligible issuers379Held by ≥2 groups in either quarter
Strict divergence is evaluated only when holder breadth changed. Reported-value weight also reflects quarter-end prices and each manager’s eligible portfolio denominator.
Scatter plot comparing changes in reporting-group count with changes in pooled eligible 13F reported-value share from Q1 to Q2 2026 across 17 tracked institutional groups.
Black points moved in opposite directions; outlined points moved in the same direction. Only the 211 issuers with a non-zero holder-count change are plotted.

The largest useful counterexamples

IssuerHolders Q1→Q2Pooled share Q1→Q2Pooled changeEqual-manager change
Sandisk (SNDK)4 → 30.342% → 1.379%+1.037 pp+0.612 pp
Moody’s (MCO)1 → 22.596% → 2.194%−0.402 pp−0.016 pp
Capital One (COF)3 → 40.329% → 0.162%−0.167 pp+0.126 pp
Netflix (NFLX)6 → 50.228% → 0.351%+0.123 pp+0.328 pp
Constellation Energy (CEG)2 → 30.326% → 0.227%−0.099 pp−0.140 pp
Texas Instruments (TXN)1 → 30.123% → 0.106%−0.017 ppapproximately flat
“Holder” means one active reporting group after issuer/class aggregation. These are changes in quarter-end disclosures, not reconstructed trades.

Why Sandisk, Moody’s and Capital One tell different stories

Sandisk: fewer holders, much more disclosed weight

Sandisk was not reported in Appaloosa’s eligible Q2 issuer set, taking the count from four to three. Yet its pooled share rose 1.037 points because the remaining disclosures became much larger in value: Situational Awareness rose from USD 724.4 million to USD 5.674 billion and Whale Rock from USD 508.0 million to USD 1.356 billion, while Bridgewater remained a small holder. The equal-manager mean also rose, so this was not only a large-portfolio pooling artifact. The Situational Awareness report preserves the position-level context. The filing does not reveal when, why or at what price the change occurred.

Moody’s: a new small holder did not offset denominator effects

Moody’s gained Bridgewater as a second disclosed holder. Berkshire’s reported Moody’s value increased from USD 10.762 billion to USD 11.173 billion, but its weight within Berkshire’s eligible disclosed portfolio fell from 4.09% to 3.73%. Bridgewater’s new reported weight was 0.08%. The result was broader panel representation but a lower pooled share and a slightly lower equal-manager mean. Neither measure proves a reduction in shares.

Capital One: pooled and equal-manager readings split

Capital One added Bridgewater to the previous Berkshire, Soros and Third Point holder set. Berkshire’s reported value fell from USD 1.304 billion to USD 601.9 million, while Third Point’s rose from USD 25.5 million to USD 165.5 million. Because Berkshire is much larger, pooled share fell. Because Third Point’s within-portfolio weight rose from 1.27% to 3.63% and Bridgewater appeared at 0.17%, the equal-manager mean increased. “More holders” and “more pooled exposure” therefore answer different questions.

What this changes in how we read 13F overlap

A holder-count increase is evidence that an issuer appeared in more members of this specific panel at quarter-end. It is not sufficient evidence that the panel collectively assigned more reported weight to that issuer. Conversely, a falling holder count can coexist with a much larger position among the remaining filers. Investors should read breadth, pooled weight and equal-manager weight together—and keep reported value separate from split-adjusted share-count analysis.

This article intentionally does not revive the held share-direction topic. A reliable increase/decrease count requires a complete split, merger, spinoff and identifier-adjustment review. Reported-value changes here may reflect share quantities, quarter-end prices, security-class mapping and changing portfolio denominators. We do not decompose those effects into inferred trades.

Reproducibility and next check

The normalized data retain reporting group, CIK, accession, report period, filing date, direct information-table URL, issuer label, CUSIP, class, quantity and unit, reported value and unit, instrument classification and canonical issuer key. The Q3 2026 filing deadline is November 16, so an incomplete September-quarter panel is not substituted for the matched Q1–Q2 sample. We will revisit multi-quarter persistence after the full 17-group Q3 panel and any material amendments are verified.

Three-line finding:
52 of 211 issuers with changing holder breadth moved opposite to pooled reported-value weight.
Sandisk lost one panel holder while its pooled weight rose 1.037 percentage points.
Capital One shows why pooled and equal-manager weighting can reach different directional conclusions.

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 November 1, 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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