A reading of the quarterly portfolio filings (13F) for the quarter ended June 30, 2026, filed with the regulator on August 14. Market prices from the latest available close (September 3-4). Prepared September 7, 2026.
Where these numbers come from
Four institutional position panels, cross-checked against the official US registry: 24 funds read, 192 position lines aggregated by hand, $7.05 trillion of declared assets, with weighted average portfolio growth of +29.1% in the quarter.
Reliability check: Berkshire Hathaway's filing was downloaded from the registry — filed 8-14-2026 for the period ended 6-30-2026, and its $299.253B total matches the panel exactly. The panels are reliable.
The 24 funds, ranked by portfolio growth
| Manager | Assets ($B) | Qtr. |
|---|---|---|
| First Eagle | 120.67 | +104.53% |
| Baron (BAMCO) | 66.64 | +101.16% |
| Susquehanna | 1,284.00 | +43.73% |
| Citadel | 875.01 | +41.48% |
| Tudor | 71.91 | +33.48% |
| PRIMECAP | 169.11 | +33.15% |
| Goldman Sachs | 1,151.63 | +32.23% |
| AQR | 286.85 | +31.36% |
| D. E. Shaw | 210.20 | +26.39% |
| Marshall Wace | 126.70 | +26.18% |
| Arrowstreet | 225.37 | +21.98% |
| Point72 | 90.68 | +16.17% |
| Millennium | 276.29 | +14.98% |
| Fisher | 335.83 | +13.88% |
| Berkshire Hathaway | 299.25 | +13.74% |
| Renaissance | 72.62 | +13.59% |
| Baillie Gifford | 110.23 | +12.60% |
| Two Sigma | 138.12 | +11.45% |
| Wellington | 580.17 | +8.35% |
| Squarepoint | 90.52 | +6.35% |
| Clearbridge | 120.86 | +5.20% |
| Dodge & Cox | 191.01 | +4.96% |
| Balyasny | 80.22 | +4.05% |
| Harris Associates | 75.42 | +0.52% |
1. The finding: SpaceX is public — and already inside the Nasdaq-100
A new ticker appears in the panels: SPCX, with $24.91B in one fund and $8.78B in another. Verified in the registry: SPACE EXPLORATION TECHNOLOGIES CORP listed on Nasdaq on June 11-12, 2026, raised $85.675B (the largest IPO in history), issued another $51.812B of debt during the half, and carries a market cap of $2.008 trillion. In the Nasdaq-100? Yes — the seventh largest member, at 4.4%.
Translated: the largest IPO in history happened 19 days before quarter-end, and it already weighs 4.4% of the index. Anyone holding the Nasdaq-100 bought it without deciding to.
Its accounts, from the quarterly report filed August 4: revenue of $7.814B in the quarter (+92% YoY), operating result of −$143M, half-year loss of −$4.817B, and $28.476B invested in building during the half against $3.466B of cash generated. It burns $25.01B in six months. It can afford to, because it just raised $137.487B in equity and debt — but that is not a business that pays for itself: it is a financed business. Cash in the bank: $93.522B.
What it does to the index (our own calculation over the 101 members, net of Alphabet's duplicate class): the share of the Nasdaq-100 that loses money or reports no profit jumps from 2.9% to 7.6%, and the index's trailing multiple rises from 30.1 to 31.6. And SPCX has already fallen 34.4% from its $225.64 high to $147.95 at the latest available close.
2. The whole market's fight is called Micron
Across the 192 lines of the 24 funds, Micron is by far the most contested stock: $49.05B held outright, $53.71B betting it rises, and $59.73B betting it falls — $162.49B of money moving in a single name. On the long side: a pension manager with 13.12% of its $169B in Micron, an investment bank, two quants. Against: two market makers ($33.4B and $22.25B), a multi-strategy fund and a macro fund.
And the price: $1,016.59, against a 52-week low of $118.52 — +758% in a year — on a forward multiple of 6.5x.
It matters beyond Micron: it contributes 22.4% of the Nasdaq-100's entire expected profit growth, with Nvidia another 33.2% — together, 55.6%. If Micron turns, more than a fifth of the index's engine switches off. The full breakdown of expected growth (+$559B): NVDA +$185B (33.2%), MU +$125B (22.4%), MSFT +$41B, MSTR +$36B, SNDK +$27B, INTC +$22B — the top five concentrate 74%.
3. The three collective bets
Against SanDisk (−$20.07B net): one single house has $25B bet against it — close to 10% of the company's value — with the stock up 3,032% in a year. Against small caps (−$13.38B): three funds short the small-cap index; for one of them it is the fund's largest position. On the Nasdaq-100: nothing (−$730M net; $72.55B long against $73.28B short — a technical draw: nobody has an opinion).
The overall tone of the $1.70T declared across these 192 lines: 32.7% in options rather than shares, a 1.14-to-1 ratio of bearish to bullish bets, and 29% in indices and funds. Mildly defensive — not panic.
4. Berkshire Hathaway did exactly one thing
Both quarterly filings downloaded from the registry and compared position by position: of 26 holdings, 14 were not touched at all. What moved:
| March 31 | June 30 | Change | |
|---|---|---|---|
| Alphabet | 57,835,013 | 105,979,600 | +83.2% |
| Macy's | 3,038,355 | 7,347,426 | +141.8% |
| Delta Air Lines | 39,809,456 | 57,320,000 | +44.0% |
| Lennar (housing) | 10,337,345 | 13,409,858 | +29.7% |
| D. R. Horton (housing) | 0 | 3,564 | new |
| Capital One | 7,150,000 | 3,000,000 | −58.0% |
| Nucor (steel) | 3,907,075 | 1,857,752 | −52.5% |
| Kroger (groceries) | 50,000,000 | 39,000,000 | −22.0% |
| Ally Financial | 29,000,000 | 27,000,000 | −6.9% |
| Bank of America | 513,624,165 | 483,394,015 | −5.9% |
| Constellation Brands | 632,890 | 0 | sold entirely |
Untouched: Apple, Coca-Cola, American Express, Chevron, Occidental, Chubb, Moody's, Kraft Heinz and six more. Translated: they nearly doubled Alphabet and touched none of their big historic positions. Everything else was noise. And the pattern in the small moves is coherent: buying housing, airlines and department stores; selling banks, steel and groceries. It is a bet that the consumer and housing hold up.
Which collides with that same week's consumer datapoint: on September 4, Lululemon reported US same-store sales 12% below the prior year and cut its full-year outlook. Someone here bought 142% more Macy's in the same quarter — and bought before knowing that number.
5. Who benefits, who gets hurt
Alphabet: held by 11 of the 24 funds — including the one that nearly doubled it — and trading at 17x earnings, the lowest multiple of the index's six largest. The rare case of a stock that is crowded and cheap at once. Nvidia: in 15 of 24, the most widely held of the sample, at 14.7x forward — which also means there is almost nobody left to buy it. SpaceX's industrial suppliers: with $93.5B in cash and $28.5B of build-out per half, it becomes one of the country's biggest industrial buyers; its satellite competitors are up against someone who can lose $25B a half without flinching. SanDisk: the sample's biggest short after a 3,032% run. Meta: in only 3 of 24 funds ($6.67B) — the big tech nobody owns; could be opportunity, could be that they know something. Banks: one manager halved Capital One and trimmed Bank of America; another is short the financial sector. The quiet shelters: three value-style managers are accumulating silver, gold, health insurers, pharma and Canadian oil — building a defensive side while everyone else fights over memory.
6. What it implies for a portfolio
QQQ: now holds 4.4% of a company that loses money and burns $25B a half; the profitless share of the index went from 2.9% to 7.6% — held on margin, that is financed at 5-6%. AVGO, AMD, MRVL, WDC: all four ride the same cycle as Micron — and Micron is where the professional short money is concentrated. WDC: up 444% in a year, and a quant fund holds it as its number-one position. TSLA: 3.3% of the index — more than most own deliberately — at 156x forward. KLAC: the one left on the short list: a pension manager holds $6.2B and it still sits 40% below its high. The six stocks in our portfolio overlap 10.3% with QQQ: when the index falls, it falls twice.
What we would do
Nothing off these panels — for one concrete reason: they are ten weeks old. What does get noted:
1. Micron is QQQ's real risk, not Nvidia. It contributes 22.4% of the index's expected growth, trades at 6.5x after a 758% run, and the professional money is more against it than for it. That low multiple is a warning, not a bargain.
2. SpaceX is already an indirect position in the portfolio. It deserves its own analysis with the full method before deciding whether we want it in.
3. The consumer contradiction between Macy's and Lululemon resolves itself within two weeks, starting with Chewy's results on September 9.
Sources and limits
Positions: the four source panels, transcribed and aggregated by hand (192 lines). SpaceX ticker, dates and accounts: the official US registry. Berkshire's moves: its two complete quarterly filings, compared position by position. Prices and ranges: latest available close, via Nasdaq. Nasdaq-100 composition and multiples: our own aggregate over 102 members.
The big limitation of this kind of filing: it only captures long positions and options on US securities. It shows no short sales, no bonds, no currencies, no commodities. What looks like a directional bet may be half of a hedge, and a manager who appears "long" may in fact be neutral.