Key takeaways:
- Smart money looked less “all-in on one story” and more selective—trimming crowded winners, adding targeted exposures, and using ETFs/options as macro knobs.
- There are signs of a defensive tilt balancing the AI story—more emphasis on resilient cash flows (energy, consumer staples-like exposures, and quality balance sheets) alongside selective AI winners.
- What the big names actually did (examples): Berkshire added/increased Chevron (CVX) and Domino’s (DPZ) and initiated The New York Times (NYT), while trimming Amazon (AMZN) and reducing Apple (AAPL) / Alphabet (GOOGL). Druckenmiller kept conviction names (e.g., NTRA/TSM) while using macro dials like RSP and EWZ (and calls). Tepper added Micron (MU) and a Korea ticket (EWY) while trimming Alibaba (BABA). Ackman added Meta (META) and exited Hilton (HLT) and Chipotle (CMG).
- The message across filings: position sizing is a view. Trims often read as risk management, not a change in belief.
Why 13Fs matter
A 13F is a quarterly disclosure of many U.S.-listed long holdings (and some options) as of the quarter-end. It’s not real-time and it doesn’t show everything—no shorts, limited derivatives visibility, and many non-U.S. positions don’t appear.
So the right way to use 13Fs is to treat them like a behavioural map:
- What did they trim when a theme got crowded?
- Where did they add when valuations or sentiment looked mispriced?
- How did they express macro views—single names, sectors, countries, equal-weight, options?
If you read filings this way, they become a masterclass in portfolio decision-making.
Berkshire Hathaway: concentration control and a few curveballs
What they did (adds / trims / cuts):
- Added (new): The New York Times (NYT) — a fresh stake that grabbed attention because it’s a “curveball” versus today’s consensus trades.
- Added / increased: Domino’s Pizza (DPZ) and Chevron (CVX); also added Liberty Live Group (LLYVK/LLYVA) after the Liberty Media spin.
- Trimmed / reduced: Amazon (AMZN) sharply; Apple (AAPL) modestly; Alphabet (GOOGL) also reduced.
What it says about the mindset:
- Berkshire tends to manage portfolios by shape (concentration, resilience, staying power) more than by trading narratives.
- A trim can be a way of keeping the thesis but reducing “single-name regret risk” if expectations cool.
Risk to the read:
- Berkshire’s portfolio is huge; taxes, internal managers, and liquidity can influence decisions—use it to learn process, not to mirror the tickers.
Stanley Druckenmiller: barbell exposure + macro dials
What they did (adds / trims / cuts):
- Kept / leaned into conviction single names: Natera (NTRA), Insmed (INSM), Teva (TEVA), Taiwan Semiconductor (TSM), and Woodward (WWD) feature as core holdings.
- Used macro dials via ETFs/options: Invesco S&P 500 Equal Weight ETF (RSP), iShares MSCI Brazil ETF (EWZ) and EWZ calls; also visible exposure to Financials via XLF (Financial Select Sector SPDR).
- Maintained big-tech exposure in the mix: positions such as Amazon (AMZN) and Alphabet (GOOGL) show up alongside the above.
What it says about the mindset:
- Portfolios can be built like a barbell: a handful of high-conviction names plus clean beta instruments to express regime views.
- Equal-weight/small-cap exposure isn’t “stock picking”—it’s a view on breadth, cycle and leadership rotation.
Risk to the read:
- 13Fs don’t reveal the full derivatives overlay or hedges; options lines can be incomplete.
David Tepper: rotate globally, keep the theme alive
What they did (adds / trims / cuts):
- Added / increased: Micron (MU) meaningfully; Alphabet (GOOGL) also increased.
- Added (new): iShares MSCI South Korea ETF (EWY) — a clean “single-ticket” way to express a Korea equity/tech-cycle view.
- Trimmed / reduced: Alibaba (BABA) (still a large holding), plus reductions in Uber (UBER) and AMD (AMD).
- Increased cyclicals / activity names: American Airlines (AAL) and Owens Corning (OC) were increased.
- Exited: a batch of financials/other names including Caesars Entertainment (CZR), KeyCorp (KEY), Truist (TFC), Western Alliance (WAL), Zions (ZION) and Block (XYZ).
What it says about the mindset:
- “International” doesn’t have to mean painful stock picking—pros often use liquid country tickets when the cycle is the message.
- One macro theme can be played through different plumbing: upstream (capex/supply chain) vs downstream (platform monetisation).
Risk to the read:
- Country ETFs can be highly concentrated; you may be buying a sector bet without meaning to.
Bill Ackman: concentrated conviction and the distribution argument
What they did (adds / trims / cuts):
- Added (new, big): Meta Platforms (META) — positioned as an AI monetisation / distribution beneficiary.
- Increased: Amazon (AMZN).
- Exited: Hilton Worldwide (HLT) and Chipotle (CMG).
What it says about the mindset:
- Ackman-style investing often focuses on few big bets where the investor believes the market is mispricing the medium-term path.
- The tell is usually “distribution and earnings power” versus “near-term spending noise.”
Risk to the read:
- Concentration magnifies both skill and error; it’s a philosophy, not a default blueprint.
The recurring themes across filings
If you zoom out from the individual names, several repeat patterns show up across managers—less about “one big bet” and more about portfolio engineering.
1) AI selectivity, not AI abandonment
- Trimming the most crowded winners or reducing concentration risk.
- Keeping exposure where fundamentals and pricing power can carry the story through an earnings reality check.
2) International rotations, and diversification with intent
- Rebalancing away from U.S.-only leadership into country or regional exposure (often via liquid ETFs).
- A subtle shift from “international is hard” to “international is necessary”—especially where valuations, policy support, or cycle exposure differ.
3) Defensive ballast, but not hiding in cash
- There were signs of a defensive tilt: not “risk-off,” but a visible effort to balance high-expectations AI exposure with resilient cash-flow names.
- In this snapshot, that shows up through choices like energy exposure (e.g., Berkshire adding Chevron), plus a preference for businesses with steadier demand/recurring revenues and stronger balance sheets.
- The idea isn’t to abandon growth; it’s to keep upside participation while adding shock absorbers if growth disappoints or rates stay restrictive.
4) Factor and structure tools (equal-weight, small caps, options)
- Using equal-weight and small-cap exposure to express a view on breadth and the economic cycle.
- Using options/ETFs as dials for speed and flexibility—rather than changing dozens of single-name positions.
5) Price discipline (thesis intact, sizing adjusted)
- The most common “trade” wasn’t a dramatic exit; it was a size change.
- The underlying message: there’s a difference between being bearish on a theme and being bearish on a price.
Turning smart-money moves into a simple checklist
If you want to use 13Fs for investment inspiration, keep it boring and practical:
- What got too big?
If your top holding doubled and is now your identity, you may not have an investment— you may have a personality.
- What’s your driver exposure?
Are you diversified across drivers (growth, inflation, rates, energy, geopolitics), or just across tickers?
- Where is expectations risk highest?
Great company + extreme expectations is still a fragile setup.
- Do you have a clean way to express your view?
Single names when you have an edge; sectors/countries/factors when you want the beta.
- What is your trim/add rule?
Decide in advance what would make you add, trim, or exit if the story stays the same but price moves.
Bottom line
Last quarter’s 13Fs don’t scream panic. They whisper discipline.
Smart money appears to be doing what markets often punish in the short run but reward over time: pruning crowded winners, keeping optionality, and upgrading portfolio resilience.
Important note: 13F filings are backward-looking and do not represent current positioning. They do not disclose all instruments or exposures. This article is for information and inspiration only, and is not investment advice.
