What top hedge funds bought, and what it means for your shares

Recent insights and trends into stocks purchased by top US hedge funds

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Chip stocks had their best quarter on record

Funds bought into the strongest three months the chip sector has ever had.

+87.8%The Philadelphia Semiconductor Index. Its best quarter since the index began in 1994.

+14.9%S&P 500The whole market
+87.8%Chip index (SOX)Its best quarter since 1994
+216%IntelAMD rose 186%

Price move, 31 March to 30 June 2026

Ten new companies joined the market

Funds subscribed and purchased strongly into the new IPOs. users can now apply for IPOs directly from the app.

1,757funds owned SpaceX nineteen days after it floated. It was also the single largest purchase any fund made last quarter.

01Honeywell AerospaceSeparated from Honeywell2,075
02SpaceXFloated at $135 a share1,757
03FedEx FreightSeparated from FedEx1,138
04Cerebras SystemsAI chip designer416
05X-EnergySmall modular nuclear reactors190
06Fervo EnergyGeothermal power183
07QuantinuumQuantum computing175
08First Tracks BiotherapeuticsBiotechnology150
09AEVEXAerospace and defence147
10DPC HoldingsIndustrials144

The two largest floatsSeparated from a parentSmaller arrivals

Funds holding the shares at 30 June 2026

Even within chips, returns varied widely

+216%Intel
+186%AMD
+88%Chip index (SOX)
+22%Broadcom
+15%NVIDIA
+15%S&P 500

CompaniesIndices

Closing prices from 31 March to 30 June 2026. Applied Materials, KLA and Lam Research each more than doubled in the same period.

Most number of funds owned Intel, Micron and AMD

These are the total funds owning these stocks

1,018Intel
857AMD
693Marvell
922Micron
654SanDisk
594Applied Materials
522Lam Research
512Seagate
511Dell
472Palo Alto Networks

Chip supply chainAdjacent businesses

Net new fund owners, grouped by business. Categories are ours, not a verified supplier network.

Top stocks owned by funds across different market caps

The top three in each size band, net new fund owners, one scale

1,019
923
858

Intel
Micron
AMD

Mega capOver $200bn

451
445
346

Corning
Western Digital
Nebius

Large cap$10bn to $200bn

405
199
168

Versigent
MaxLinear
Infleqtion

Mid cap$2bn to $10bn

116
88
87

Wolfspeed
Ambiq Micro
SharonAI

Small cap$250m to $2bn

HMH Holding
Soluna
Sidus Space

Micro capUnder $250m

Smaller companies cover more than one business

Chips appear alongside quantum computing, gold and AI services.

405net new fund owners for Versigent, a $3.2bn company

Band	Company	Size	New owners
Mid cap	Versigent	$3.2bn	405
Mid cap	MaxLinear	$8.2bn	199
Mid cap	Infleqtion	$3.1bn	168
Mid cap	Vishay Intertechnology	$5.0bn	168
Mid cap	OceanaGold	$6.3bn	153
Mid cap	Penguin Solutions	$2.8bn	129
Small cap	Wolfspeed	$1.5bn	116
Small cap	Ambiq Micro	$1.6bn	88
Small cap	SharonAI Holdings	$1.9bn	87

Chip companies

Net new fund owners by market capitalisation. ETFs and companies that listed during the quarter are excluded.

Funds also reduced familiar technology holdings

These companies had more funds cutting their holdings than adding.

1,835Honeywell
−513Cisco
−470Salesforce
−413Qualcomm
−363Apple
−352Danaher
−340Walt Disney
−332Abbott
−321Alphabet
−299Lowe’s

Technology companiesOther net sellersReverse split, not selling

Net sellers are funds that cut a position, less funds that added to it. Honeywell’s one-for-two reverse split registers as a position change on thousands of books.

Where hedge funds increased or decreased positions

4 of 8of the largest conviction purchases were S&P 500 trackers, not companies

Increased holdings

Fund	ChangeValue
Jane StreetS&P 500 tracker, SPY	+118%$17.4bn
CalPERSS&P 500 tracker, IVV	+1,098%$10.1bn
CitadelS&P 500 tracker, IVV	+335%$9.91bn
D. E. ShawS&P 500 tracker, SPY	+1,782%$9.63bn
Berkshire HathawayAlphabet	+658%$8.44bn
SG AmericasMicrosoft	+339%$7.43bn
T. Rowe PriceMicron	+165%$6.62bn
InvescoSanDisk	+381%$6.35bn

Reduced holdings

Fund	ChangeValue
FidelityMarvell	−57%$14.9bn
Sanders CapitalSeagate	−73%$7.18bn
BlackRockHoneywell	−53%$5.81bn
LM AdvisorsBerkshire Hathaway	Sold out$5.17bn
FidelityCoherent	−51%$4.12bn
ArrowstreetBroadcom	−54%$4.07bn
Bank of Nova ScotiaBooking Holdings	−97%$3.60bn
FidelityLumentum	−51%$3.27bn

S&P 500 trackers

Percentages are stake changes over the quarter; dollar figures are quarter-end position values, not amounts spent.

Funds disagreed about

Berkshire bought. Pershing Square sold out. Tiger Global reduced its holding.

$17.27bnBerkshire Hathaway’s Alphabet purchase. 91% of everything it bought in the quarter.

Berkshire’s four largest purchases

Alphabet$17.27bn
Delta Air Lines$1.32bn
Lennar$269m
Macy’s$90m

Other funds’ Alphabet holdings

Fund	In the quarter
Renaissance	Bought $639m
Duquesne	Bought $121m
Pershing Square	Sold out
Tiger Global	Cut 45%

Alphabet’s two share classes are combined. 2,342 funds cut Alphabet in the quarter while 2,021 added.

Stocks where longtime holders trimmed positions

Years of ownership did not stop these funds from reducing some holdings.

12.2 yearsthe average time Bonness Enterprises has held each of its positions

Average time each position has been held

Bonness Enterprises39 holdings12.2 years
Blackhill Capital49 holdings11.2 years
Greenbrier Partners11 holdings10.4 years
Pacific Heights78 holdings9.8 years
Cacti Asset Management78 holdings9.6 years

What they did with the quarter’s favourites

Company	In Q2	Fund, held for
Intel	Cut 15%	Bonness, 13 years
Applied Materials	Cut 12%	Bonness, 13 years
Seagate	Cut 17%	Cacti, 9 years
Corning	Cut 21%	Bonness, 12 years

Funds holding at least ten companies, sorted by average time held. These five describe only themselves.

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All figures are from Wall St. Rank’s Q2 2026 Fund Flows Report, built on fund disclosures for 1 April to 30 June 2026, made public 14 August 2026. The next set is due 16 November 2026. This page is information, not advice, and past patterns are not a guide to future returns.

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