Reviewed November 8, 2026. This study compares public Form 13F positions for the quarters ended March 31 and June 30, 2026.
How much Q2 reported equity value sat in positions whose disclosed share counts rose, fell, stayed unchanged or first appeared—and did the aggregate describe a typical manager? Across AHNIM Studio’s fixed 17-manager panel, positions with unchanged Q1-to-Q2 share counts represented 44.85% of $509.93 billion in eligible Q2 reported equity value. That did not describe the typical manager: the median manager’s unchanged bucket was only 3.21%, and the aggregate fell to 6.39% when Berkshire Hathaway was removed.
The gap is a denominator result, not evidence that one calculation is “right.” Berkshire was 58.69% of the panel’s Q2 eligible reported value, and 71.93% of its own denominator sat in positions with unchanged reported share counts. Value weighting answers where the panel’s reported dollars sat; an equal-manager mean or median asks what a typical reporting group looked like. Neither is a measure of purchases, returns or complete assets.
The full Q2 value mix
| Q1→Q2 filing status | Panel value-weighted | Equal-manager mean | Manager median |
|---|---|---|---|
| Continuous, more shares | 23.74% | 36.80% | 38.47% |
| Continuous, fewer shares | 24.64% | 36.86% | 33.67% |
| Continuous, unchanged shares | 44.85% | 11.67% | 3.21% |
| First reported in Q2 | 6.27% | 14.22% | 10.99% |
| Mixed / class change | 0.49% | 0.45% | 0.00% |
Berkshire turned a 6.4% ex-Berkshire bucket into 44.8% of the panel
Berkshire contributed $299.25 billion of the panel’s $509.93 billion Q2 denominator. Its unchanged-share positions contributed $215.24 billion—94.12% of the entire panel’s $228.70 billion unchanged bucket. Remove Berkshire as a sensitivity test and the panel’s unchanged share falls from 44.85% to 6.39%.
| View | Denominator | More shares + first reported | Fewer shares | Unchanged | Mixed |
|---|---|---|---|---|---|
| Full panel, value-weighted | $509.93bn | 30.01% | 24.64% | 44.85% | 0.49% |
| Excluding Berkshire | $210.68bn | 50.99% | 41.42% | 6.39% | 1.20% |
| Equal-manager mean | 17 managers | 51.02% | 36.86% | 11.67% | 0.45% |
The same distortion appears in the combined “more shares or first reported” bucket. It was 30.01% when dollars were pooled, 51.02% when each manager received equal weight and 49.71% for the median manager’s combined percentage. Eight managers were above 50%; nine were below. The panel therefore did not show a broad consensus toward rising disclosed share counts, even though several managers were dominated by them.
Situational Awareness was at 83.4%; Berkshire was at 15.2%
| Manager | More-share value | First-reported value | Combined |
|---|---|---|---|
| Situational Awareness | 73.54% | 9.87% | 83.41% |
| Third Point | 48.68% | 30.59% | 79.26% |
| Appaloosa | 67.75% | 7.46% | 75.21% |
| Altimeter | 42.95% | 32.04% | 74.99% |
| Fundsmith | 0.72% | 30.37% | 31.09% |
| Tiger Global | 12.47% | 7.64% | 20.11% |
| Berkshire Hathaway | 15.24% | 0.00% | 15.24% |
Situational Awareness had 73.54% of its eligible Q2 reported value in continuing positions with higher share counts and another 9.87% in first-reported names. Third Point, Appaloosa and Altimeter also exceeded 74% on the combined measure. At the other end, Berkshire and Tiger Global were below 21%.
That spread is more informative than a single “guru buying” headline. It says the fixed panel contained very different filing profiles. It does not establish why any manager changed a position. The filing cannot reveal whether an increase occurred early or late in the quarter, whether it offset another exposure, or whether an unchanged quarter-end balance concealed interim trades.
This extends the new-name study to the full denominator
Our earlier Q2 new-name count-versus-value study found that first-reported issuers were 21.7% of the median manager’s issuer count but 11.0% of reported value. The present analysis uses the same underlying panel but asks a broader question: where did all Q2 eligible value sit after continuous holdings were classified as higher, lower, unchanged or mixed?
The results also connect to our issuer-level direction study, which found increases and decreases on both sides of 19 of 20 widely held issuers, and our manager-pair direction analysis. Those articles measured who moved which way. This one measures how much Q2 reported value was attached to each filing state.
Method: 35 official tables and five filing states
- Panel: Berkshire Hathaway; Pershing Square; Dalal Street; Appaloosa; Greenlight/DME; Fundsmith; Third Point; the Icahn reporting group; Soros Fund Management; Bridgewater; ARK; Tiger Global; Coatue; Altimeter; Whale Rock; Situational Awareness; and Light Street. Congressional filers are not part of the institutional denominator.
- Periods: quarter ends March 31 and June 30, 2026. The calculation uses 35 official information tables because Pershing Square’s Q1 comparison requires two complementary reporting entities.
- Units: every included row uses the SEC’s current dollar value and SH share quantity. Reported value is quarter-end fair value, not transaction value.
- Eligible securities: operating-company common equity, ordinary shares, ADRs, REITs and operating-partnership equity. Funds, options, debt/principal positions, warrants, preferred/depositary equity, commodity trusts and dated equity units are excluded.
- Manual corrections: four source rows representing two securities were removed after source review: Bridgewater’s Global X Uranium ETF and Soros Fund Management’s Oracle depositary preferred security, each in Q1 and Q2.
- Direction: as-filed SH quantities are compared at the common-stock CUSIP/class level before rolling to an issuer. A continuous issuer is higher, lower or unchanged only when the class evidence is clean. Conflicting classes or identifier/class transitions remain mixed.
- First reported: an eligible issuer present in Q2 but not Q1 for that reporting group. This is a filing status, not proof of a purchase.
- Weight: each state’s Q2 reported value divided by the same manager’s eligible Q2 value. Panel value weighting pools manager-level values; equal-manager statistics give each reporting group one observation.
The normalized panel contains 1,792 Q2 manager-issuer observations across 1,302 unique issuers. Of those observations, 609 were continuous increases, 657 decreases, 125 unchanged, 395 first reported and six mixed. Counts and value weights answer different questions; a large position can dominate value without dominating the number of holdings.
Why Q3 is not substituted for a complete panel
The SEC’s current Form 13F filing calendar sets the Q3 2026 deadline at November 16, 2026. As reviewed on November 8, the fixed 17-manager Q3 panel was not complete; Berkshire’s latest official Form 13F holdings report remained the June 30 filing. An early filing by any one manager would not make the full panel comparable, and a filing deadline is not a portfolio. We will preserve this Q1-to-Q2 baseline until a matched Q3 set is verified.
What this analysis cannot show
Form 13F does not disclose transaction dates, purchase prices, manager intent, short positions, non-13F assets or complete portfolios. Unchanged quarter-end shares do not prove that no trading occurred. Higher share counts do not prove net bullish conviction, and first-reported holdings do not prove a discretionary purchase. Q2 reported value combines quantity with quarter-end market price. Summed panel value is not unique AUM because the same issuer can be reported by multiple managers. This analysis is for information and education, not investment advice.
For the fixed-panel definition, manager histories and other statistical studies, see the AHNIM Studio Guru hub.
Three findings to retain
- Unchanged-share positions represented 44.85% of panel Q2 value, versus 3.21% for the median manager.
- Berkshire was 58.69% of the panel denominator; excluding it reduced the unchanged bucket to 6.39%.
- Value tied to higher share counts or first-reported holdings was 30.01% on a pooled basis but 51.02% on an equal-manager mean basis.
Sources and original documents
Accessed November 7–8, 2026. Primary links below are direct SEC EDGAR documents. The SEC guidance defines required fields, dollar and SH/PRN units and the filing timetable. AHNIM Studio owns the security eligibility, issuer reconciliation, direction classification and calculations.
- SEC, Frequently Asked Questions About Form 13F
- SEC, Form 13F and instructions
- Berkshire Hathaway Q2 2026 filing detail
- Altimeter: Q1; Q2
- Appaloosa: Q1; Q2
- ARK: Q1; Q2
- Berkshire Hathaway: Q1; Q2
- Bridgewater: Q1; Q2
- Coatue: Q1; Q2
- Dalal Street: Q1; Q2
- Greenlight / DME: Q1; Q2
- Fundsmith: Q1; Q2
- Icahn reporting group: Q1; Q2
- Light Street: Q1; Q2
- Pershing Square: Q1 entity 1; Q1 entity 2; Q2
- Situational Awareness: Q1; Q2
- Soros Fund Management: Q1; Q2
- Third Point: Q1; Q2
- Tiger Global: Q1; Q2
- Whale Rock: Q1; Q2