The 13F Report: What Top Funds are Buying/Selling

We are publishing our first-ever 13F deep-dive without a paywall

One quirky aspect of the financial markets is that, by law, institutional investors must disclose their portfolios at the end of each quarter (with a 45-day lag). These public disclosures are called 13F filings.

This law applies to any fund managing over $100 million in assets. The government mandated this for transparency, and it gives us a look at what the best in the business are thinking about the markets.

At Rebound Capital, we use these filings to get a sense of the market’s (institutional market’s) positioning and to track the best investors to see which companies they are investing in or divesting from. The aim is to understand both the bull and bear case thinking that leads these investors to bet on certain stocks.

As a naturally contrarian (value-oriented) investor, 13Fs help me make sure that:

Both of the above will lead to weak returns over time. Going through 50 13F filings forces me to face different perspectives on each stock I am researching. There’s always something to learn.

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Elite funds spend millions of dollars on data, experts, and analysts to research a handful of companies. When they buy, they are committing serious capital with high conviction. Tracking their moves lets you go straight to evaluating their absolute best ideas.

In early 2023, Stanley Druckenmiller’s (one of the GOATs) filing revealed he had loaded up on $220 million of Nvidia. Nvidia was in a deep drawdown (~50%) when Druckenmiller took a position in the stock, and was still ~30% below its peak when the 13F filing was revealed.

Now, Mr. Druckenmiller is a macro and theme-based investor. What was he seeing in Nvidia? Especially when the company was facing a massive slump in its gaming chips? His 13F was a major clue to turn over the stones and study AI (the new use case for Nvidia’s GPUs).

It wasn’t about blindly copying him. It was about letting a legendary investor offer you clues that we are early in a particular cycle.

When a stock suffers a massive drawdown, it often stays beaten down and underperforms for a really long time. It can easily become dead money for months or years. We track the best value investors to see when they finally start showing interest in these names.

At the same time, we follow many specialized smallcap investors to identify their highest-conviction ideas in mid and smallcap companies. These managers focus on beaten-down small caps, for example, in the software space currently.

By combining these approaches, we can spot the best rebound opportunities.

We currently follow ~50 investment funds (we keep adding). This is a mix of value and growth investors. Some of the ones we admire the most are:

A clear theme this quarter is that smart money continues to reduce exposure to any stocks with potential AI disruption. The selling clustered in horizontal SaaS and select megacap tech, with high valuations or capex-intensity concerns.

Hedge funds reportedly made about $24B shorting the sector through early 2026, and the 13Fs confirm that large funds are also reducing their long positions. CRM, NOW, ADBE all show meaningful trims across our tracked list. Sands Capital nearly exited its previously significant ServiceNow stake. The fear is straightforward. Per-seat payment based contracts will change to usage-based agentic models, forcing incumbents into messy transitions.

Atreides, Gavin Baker’s fund (a technology investor we admire), exited HubSpot and Intuit entirely, sold most of its Snowflake stake, and cut its GitLab stake by another 23% in Q1. This is a fund that knows software cold. In fact, despite the sharp drop, very few funds bought ServiceNow and Salesforce (the 2 bellwether SaaS firms) with high conviction.

Our Take: I agree that most software firms will undergo a massive change in the coming years, and hence, investing in them is difficult. Valuations are not cheap either. We will stick to vertical SaaS names for Rebound Portfolio (Constellation Software is our top pick).

Berkshire under Greg Abel exited fully. This was mostly a sweeping rotation by new management rather than a UNH-specific call. That said, the broader institutional read is negative. Most quality funds trimmed, very few stepped in to buy during UNH’s drawdown in Q1.

Our Take: We agree with the consensus and will sell out our remaining 2% position soon (currently at a ~30% gain in 9 months).

TCI cut Microsoft from 16.78M shares to 2.73M, an $8B reduction, citing AI disruption risk in its investor letter. Appaloosa went even harder, from 500K shares to 90K. Druckenmiller exited his entire Alphabet position, one he had only built up in Q3 and Q4 2025.

But the same names are being aggressively bought elsewhere. Berkshire tripled its Alphabet stake. Third Point opened new positions in Alphabet and Meta. TCI itself opened a new 2.46M-share Alphabet position while exiting its Microsoft position.

Institutional investors are divided on whether the hyperscalers are AI winners or losers (due to low Capex ROI).

Funds were buying the following themes:

Toast is the operating system for North American restaurants. Its major business segments are: Point of sale, payroll, payments, and a growing financial services business (Toast Capital, lending, insurance). The moat is data and operational lock-in. Every order, every shift, every supplier payment runs through the platform, and switching out is brutal. The stock is down about 45% from its highs after a Q1 revenue miss and growth decelerating to 25-26%.

Why it is interesting: net location adds were 7,000 in Q1, the highest in three quarters, and Toast Capital is starting to flow through to ARPU.

Fund Ownership:

SPGI has the closest thing to a regulatory moat in finance. It has a regulatory duopoly in the US over bond ratings (with Moody’s). Platts owns commodity price benchmarks. Capital IQ is entrenched in every finance workflow. The stock has lagged peers, weighed down by macro concerns over issuance volumes and AI disruption fears in its analytics businesses.

Why it is interesting: SPGI is the perfect defensive stock to hold to diversify away from the frothy AI theme. Multiple legendary investors have upped their stakes in SPGI (see below).

Fund Ownership:

We had initiated a 4% position in S&P Global after our deep dive two months ago.

MELI is the Amazon and PayPal of Latin America. The e-commerce marketplace is growing robustly, and the Mercado Pago fintech is still in its infancy, with credit penetration in Brazil and Mexico still in its early innings. The moat is the density of merchants, payments data, and credit underwriting in markets with historically low banking penetration.

Read our deep dive on MELI here.

Why it is interesting: MELI will lead South America’s e-commerce industry for many years to come. It is a long-only favorite, and funds held onto their stock in the latest quarter.

Fund Ownership:

KKR is one of the four major alternative asset management firms. Its revenue sources are fee-related earnings from PE, credit, and infrastructure, as well as an aggressively growing insurance permanent capital base. The moat is the LP brand and the scale advantage in deal sourcing and credit origination.

Fund Ownership:

ASML is the only manufacturer of EUV lithography systems. No Nvidia, no TSMC leading edge, no Apple silicon without ASML. A clean monopoly on the most strategic capital equipment on the planet. The stock corrected on China export rules and a lull in front-end semicap orders.

Why it is interesting: a top-tier technology fund (Coatue) opened a brand new ASML position in Q1 at roughly 50x earnings. A separate, ultra-concentrated long-term fund, which holds names for years (Valley Forge), was also added. ASML rarely gets cheap, and these are not the funds that show up for a trade.

Fund Ownership:

This is where the 13Fs get genuinely interesting. The small and midcap space. A 5% position at a $500M specialist fund is real conviction.

XPEL dominates the paint protection film oligopoly. The moat is the DAP software platform sitting inside every installer shop (workflow lockin) plus the brand premium with luxury and performance dealerships. US PPF penetration is still mid single digits, so the runway is wide. After a heavy 2022 to 2025 investment cycle, EBIT margins are guided from 13% today to 26% by FY28 through vertical integration. The stock has been crushed by short reports and macro fears.

Fund Ownership:

ACV runs the digital wholesale auto auction marketplace where dealers buy and sell trade ins. Has been taking share from Manheim and ADESA by going digital first. The moat is the two sided network plus proprietary AVM data on every vehicle. Beaten down on the auto cycle weakness.

Wingstop is a franchised QSR chain with AUVs above $2M and an asset light royalty model running at 25% operating margins. International expansion is just getting going. Both are the kind of high quality compounders that quietly drift lower in tough tape and re-rate fast when sentiment turns.

Fund Ownership:

A few more that fit the same pattern. Tencent Music (TME), where Li Lu opened his first new China internet position in years, signaling he sees the regulatory cycle past peak risk. Rocket Companies (RKT), where Atreides added 260% in Q4 on a mortgage refi thesis. And DNOW, Klarman’s rare new buy at Baupost, a small cap energy distributor with deep cyclical leverage.

Quality investors are doing four things at once this quarter. Cutting AI disruption candidates. Leaning into AI infrastructure where pricing power is real. Stepping into beaten-down compounders at de-rated multiples. And bottom-fishing in small caps, where specialists are sizing up with conviction.

The megacap tension is genuinely interesting (TCI versus everyone on Microsoft, Berkshire versus Tepper on Amazon), but the trade we are most excited to research is:

We will be writing up two of these as full rebound deep dives over the next month.

Rebound Capital’s work is provided for informational purposes only and should not be construed as legal, business, investment, or tax advice. You should always do your own research