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13F Research
Follow along as we track the stocks bought, sold, and held by the world’s best investors including Bill Gates (Cascade), Li Lu (Himalaya Capital), Sequoia Capital, ICONIQ, Horizon Kinetics, and Strategy Capital. All thanks to the SEC’s 13F reports which require any institutional investor with $100+ million in AUM to report their trades and holdings at the end of each quarter. We post our 13F reports the day they're released.
Stanley Druckenmiller
Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.
John Armitage
Egerton Capital is a London-based investment firm founded in 1994 by John Armitage. The fund employs a fundamental, research-driven approach to long/short equity investing primarily in European and North American markets. Under Armitage's leadership, Egerton has built a strong reputation for disciplined risk management and consistent performance across market cycles, focusing on high-quality companies with strong management teams and sustainable competitive advantages.
Duquesne
Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.
Neil Mehta
Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.
Greenoaks
Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.
Daniel Loeb
Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value.
Third Point
Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value.
Sequoia Capital
Sequoia Capital Global Equities (SCGE) is the public markets investment arm of the prestigious Sequoia Capital. Founded as an extension of Sequoia's venture capital heritage, SCGE focuses on technology and high-growth companies across global markets. The firm leverages Sequoia's deep industry networks and expertise to identify public market opportunities with significant growth potential.
Polen Capital
Polen Capital is a global investment management firm founded in 1979, specializing in high-conviction growth strategies across large-cap, small-cap, and emerging markets portfolios. Known for its disciplined approach and low turnover, Polen has established a strong track record of outperformance. The firm focuses on identifying businesses with sustainable competitive advantages, superior financial strength, and proven management teams that can deliver consistent, above-average earnings growth.
William Alexander von Mueffling
Cantillon Capital Management is a global equity investment firm founded by William von Mueffling, who previously achieved prominence at Lazard Asset Management for his prescient bearish stance during the dot-com bubble. Cantillon employs a fundamental, research-intensive approach focused on high-quality companies with sustainable competitive advantages and strong free cash flow generation. Von Mueffling's disciplined investment process emphasizes capital preservation alongside long-term growth.
Egerton Capital
Egerton Capital is a London-based investment firm founded in 1994 by John Armitage. The fund employs a fundamental, research-driven approach to long/short equity investing primarily in European and North American markets. Under Armitage's leadership, Egerton has built a strong reputation for disciplined risk management and consistent performance across market cycles, focusing on high-quality companies with strong management teams and sustainable competitive advantages.
Bill Miller
Miller Value Partners is an investment firm founded by legendary investor Bill Miller, who gained fame for beating the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust. The firm employs Miller's unconventional value investing approach that embraces technology stocks. Miller's philosophy centers on identifying businesses trading at substantial discounts to intrinsic value regardless of sector or classification.
Miller Value Partners
Miller Value Partners is an investment firm founded by legendary investor Bill Miller, who gained fame for beating the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust. The firm employs Miller's unconventional value investing approach that embraces technology stocks. Miller's philosophy centers on identifying businesses trading at substantial discounts to intrinsic value regardless of sector or classification.
AltaRock Partners
AltaRock Partners is a highly concentrated investment firm founded by Mark Massey and Scott Bradford. Massey previously worked at Seth Klarman's Baupost Group, while Bradford gained experience at Fiduciary Management Associates. The firm maintains an extremely focused portfolio typically comprising fewer than 10 holdings. AltaRock's investment philosophy centers on identifying exceptional businesses with durable competitive advantages and holding them for the long term.
Brad Gerstner
Altimeter is a technology-focused investment firm founded by Brad Gerstner in 2008. The firm manages both private and public equity investments with an emphasis on high-growth technology sectors. Altimeter has built its reputation through prescient early investments in transformative tech companies like Uber and Snowflake, employing a strategy that bridges venture capital insights with public market discipline.
Altimeter
Altimeter is a technology-focused investment firm founded by Brad Gerstner in 2008. The firm manages both private and public equity investments with an emphasis on high-growth technology sectors. Altimeter has built its reputation through prescient early investments in transformative tech companies like Uber and Snowflake, employing a strategy that bridges venture capital insights with public market discipline.
Mark Massey
AltaRock Partners is a highly concentrated investment firm founded by Mark Massey and Scott Bradford. Massey previously worked at Seth Klarman's Baupost Group, while Bradford gained experience at Fiduciary Management Associates. The firm maintains an extremely focused portfolio typically comprising fewer than 10 holdings. AltaRock's investment philosophy centers on identifying exceptional businesses with durable competitive advantages and holding them for the long term.
Scott Bradford
AltaRock Partners is a highly concentrated investment firm founded by Mark Massey and Scott Bradford. Massey previously worked at Seth Klarman's Baupost Group, while Bradford gained experience at Fiduciary Management Associates. The firm maintains an extremely focused portfolio typically comprising fewer than 10 holdings. AltaRock's investment philosophy centers on identifying exceptional businesses with durable competitive advantages and holding them for the long term.
Appaloosa
Appaloosa is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of dislocation.
Hamilton Helmer
Strategy Capital is a focused investment firm founded by Hamilton Helmer, author of the influential business strategy book 7 Powers. The firm maintains a highly concentrated portfolio of select growth businesses with sustainable competitive advantages. Helmer's investment approach centers on identifying companies utilizing distinctive strategic frameworks to disrupt markets and capture substantial market share.
ICONIQ
ICONIQ Capital is an elite Silicon Valley-based multi-family office founded in 2011 that manages wealth for prominent technology entrepreneurs and executives, including Mark Zuckerberg and Jack Dorsey. The firm has expanded from its roots as a wealth manager into a comprehensive investment platform spanning private equity, venture capital, real estate, and public markets. ICONIQ's strategy leverages its unique network to access high-quality investment opportunities across asset classes.
Horizon Kinetics
Horizon Kinetics is an independent investment firm founded in 1994 by Murray Stahl and Peter Doyle. The firm pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses. Stahl and Doyle's approach centers on identifying overlooked or misunderstood companies with enduring competitive advantages and management teams with significant skin in the game, often holding positions for many years as their investment theses develop.
David Tepper
Appaloosa is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of dislocation.
Sir Christopher Hohn
TCI Fund Management is a value-oriented hedge fund founded in 2003 by activist investor Sir Christopher Hohn. The firm has delivered exceptional returns since inception while donating a significant portion of its profits to children's charities through the Children's Investment Fund Foundation. TCI employs a fundamental, research-intensive approach to invest globally in businesses with sustainable competitive advantages.
Chuck Akre
Akre Capital Management is an investment firm founded in 1989 by Charles "Chuck" Akre, known for his "three-legged stool" approach to identifying exceptional investments. The firm focuses on a concentrated portfolio of extraordinary businesses characterized by superior returns on capital, talented and ethical management teams, and the ability to reinvest free cash flow at high rates of return. This disciplined strategy has enabled Akre to deliver market-beating returns over multiple decades.
Akre Capital Management
Akre Capital Management is an investment firm founded in 1989 by Charles "Chuck" Akre, known for his "three-legged stool" approach to identifying exceptional investments. The firm focuses on a concentrated portfolio of extraordinary businesses characterized by superior returns on capital, talented and ethical management teams, and the ability to reinvest free cash flow at high rates of return. This disciplined strategy has enabled Akre to deliver market-beating returns over multiple decades.
Bill Ackman
Pershing Square is a concentrated investment firm founded in 2004 by billionaire investor Bill Ackman. Structured as a closed-ended fund, Pershing Square takes significant but typically non-controlling positions in a small number of large-cap companies. Ackman employs an activist approach, advocating for operational and strategic changes to unlock shareholder value. The firm aims to maximize long-term compound annual growth in intrinsic value per share through high-conviction positions.
Pershing Square
Pershing Square is a concentrated investment firm founded in 2004 by billionaire investor Bill Ackman. Structured as a closed-ended fund, Pershing Square takes significant but typically non-controlling positions in a small number of large-cap companies. Ackman employs an activist approach, advocating for operational and strategic changes to unlock shareholder value. The firm aims to maximize long-term compound annual growth in intrinsic value per share through high-conviction positions.
Li Lu
Himalaya Capital is an investment firm founded in 1997 by Li Lu, a renowned value investor and protégé of Charlie Munger. The firm embraces the value investment principles of Benjamin Graham and Warren Buffett, seeking superior returns through long-term ownership of high-quality companies with substantial economic moats. Li Lu's disciplined approach focuses on businesses with enduring competitive advantages, growth potential, and trustworthy management teams, primarily in the U.S. and China.
Himalaya Capital
Himalaya Capital is an investment firm founded in 1997 by Li Lu, a renowned value investor and protégé of Charlie Munger. The firm embraces the value investment principles of Benjamin Graham and Warren Buffett, seeking superior returns through long-term ownership of high-quality companies with substantial economic moats. Li Lu's disciplined approach focuses on businesses with enduring competitive advantages, growth potential, and trustworthy management teams, primarily in the U.S. and China.
Michael Burry
Scion Asset Management is the investment firm founded by Dr. Michael Burry, who gained fame for his prescient bet against the U.S. housing market portrayed in the book and film The Big Short. Scion employs both long and short positions, taking concentrated stakes based on Burry's uniquely independent research and macroeconomic perspectives, often focusing on overlooked or misunderstood opportunities regardless of market consensus.
Scion Asset Management
Scion Asset Management is the investment firm founded by Dr. Michael Burry, who gained fame for his prescient bet against the U.S. housing market portrayed in the book and film The Big Short. Scion employs both long and short positions, taking concentrated stakes based on Burry's uniquely independent research and macroeconomic perspectives, often focusing on overlooked or misunderstood opportunities regardless of market consensus.
Stockbridge
Stockbridge is the public equity investment arm of Berkshire Partners, a Boston-based private equity firm established in 1984. The firm focuses on building long-term concentrated positions in high-quality growth companies with sustainable competitive advantages. Stockbridge leverages Berkshire's extensive private equity experience to identify public companies with exceptional management teams and compelling business models.
Swiss National Bank (SNB)
The Swiss National Bank (SNB) is Switzerland's central bank, established in 1907, which uniquely maintains substantial equity holdings as part of its foreign currency reserves management and monetary policy operations. Unlike most central banks, the SNB actively invests in global equity markets, with a portfolio exceeding $150 billion in value. The bank's investment strategy focuses on broad market exposure while avoiding controlling positions in any single company.
Strategy Capital
Strategy Capital is a focused investment firm founded by Hamilton Helmer, author of the influential business strategy book 7 Powers. The firm maintains a highly concentrated portfolio of select growth businesses with sustainable competitive advantages. Helmer's investment approach centers on identifying companies utilizing distinctive strategic frameworks to disrupt markets and capture substantial market share.
Cantillon
Cantillon Capital Management is a global equity investment firm founded by William von Mueffling, who previously achieved prominence at Lazard Asset Management for his prescient bearish stance during the dot-com bubble. Cantillon employs a fundamental, research-intensive approach focused on high-quality companies with sustainable competitive advantages and strong free cash flow generation. Von Mueffling's disciplined investment process emphasizes capital preservation alongside long-term growth.
Cliff Sosin
Cliff Sosin is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 and has grown to $1.7 billion. CAS runs an extremely concentrated portfolio that consists of just a few companies at any one time.
CAS Investment Partners
Cliff Sosin is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 and has grown to $1.7 billion. CAS runs an extremely concentrated portfolio that consists of just a few companies at any one time.
Bill Gates
Cascade Investment is the private investment vehicle managing the personal wealth of Microsoft co-founder Bill Gates and the assets of the Bill & Melinda Gates Foundation. Established in 1995, the firm pursues a long-term value investing approach across diverse sectors including technology, energy, hospitality, and real estate. Michael Larsen, Cascade's CIO, applies a fundamental, long horizon investment approach across asset classes and geographies.
Cascade Investment
Cascade Investment is the private investment vehicle managing the personal wealth of Microsoft co-founder Bill Gates and the assets of the Bill & Melinda Gates Foundation. Established in 1995, the firm pursues a long-term value investing approach across diverse sectors including technology, energy, hospitality, and real estate. Michael Larsen, Cascade's CIO, applies a fundamental, long horizon investment approach across asset classes and geographies.
Murray Stahl
Horizon Kinetics is an independent investment firm founded in 1994 by Murray Stahl and Peter Doyle. The firm pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses. Stahl and Doyle's approach centers on identifying overlooked or misunderstood companies with enduring competitive advantages and management teams with significant skin in the game, often holding positions for many years as their investment theses develop.
Michael Larsen
Cascade Investment is the private investment vehicle managing the personal wealth of Microsoft co-founder Bill Gates and the assets of the Bill & Melinda Gates Foundation. Established in 1995, the firm pursues a long-term value investing approach across diverse sectors including technology, energy, hospitality, and real estate. Michael Larsen, Cascade's CIO, applies a fundamental, long horizon investment approach across asset classes and geographies.
