The latest wave of 13F filings has arrived, offering a fresh look at how hedge funds positioned their portfolios in the second quarter.
The filings provided no shortage of drama. For example, investors received a snapshot of Situational Awareness’ portfolio before it plummeted 67% in July. In addition, David Tepper placed a new bet against Berkshire Hathaway, while Stan Druckenmiller bought call options on two Magnificent 7 members.
Let’s start with Situational Awareness.
Leopold Aschenbrenner’s Situational Awareness was hit with margin calls and a 67% loss in July following a series of untimely and leveraged bets. Prior to the loss, Aschenbrenner was up a staggering 439% year-to-date as of June 30.
The fund’s Q2 13F provides a good indication of how events unfolded prior to the collapse.
Number of Positions: 26
Top New Positions: NBIS, STM, VSH, CBRS
Top Buys: MU, SNDK, TSM, NBIS, STM
Top Sales: SMH puts, NVDA puts, ORCL puts, AVGO puts, AMD puts
Average 13F Holding Period: 2.08 quarters
*Reminder: 13F options positions are calculated on a notional basis. The market value of options as reported in 13F filings assumes the value of the underlying shares and not the value of the options themselves.
For context here is the fund’s Q1 13F filing detailing its positions as of March 30.
Here’s a timeline of what may have happened:
March: Aschenbrenner bets against AI stocks with puts on SMH, NVDA, AMD, AVGO, etc. He believes the rally has run ahead of itself, and a correction is imminent.
April: AI stocks surge, with AMD and MU returning 68% and 40%, respectively. Aschenbrenner covers his shorts with losses and goes long AI stocks, like SNDK, MU, NBIS, and CRWV, with 4x leverage.
May: AI stocks continue to climb as Aschenbrenner moves the market with his massive positions. He recovers some or all of his losses.
June: The AI rally continues. Aschenbrenner recovers all of his losses and more, bringing his YTD return to 439%.
July: Buyers of AI stocks dry up as the hype fades and South Korean memory stocks plunge, leading to some of Aschenbrenner’s positions falling by over 50%. Situational Awareness is forced to sell a large portion of its equity portfolio to Citadel at a discount in order to meet margin calls. That came just a few days before Aschenbrenner’s wedding to Avital Balwait, Chief of Staff to Anthropic CEO Dario Amodei.
“We traded a portion of our public portfolio in a block transaction to remove all leverage from the fund, and prevent further losses. All shorts were closed and reliance on portfolio financing removed."
-Leopold Aschenbrenner in a letter to investors, July 2026
However, the Situational Awareness saga isn’t over just yet. Following the losses, the hedge fund was still up by 80% YTD, likely attributed to its bets on private companies, like Anthropic. In addition, it invested $400 million in chip startup Source Foundry in early August.
For more on Situational Awareness and the hedge funds that dominated the first half of 2026:
Druckenmiller was extremely active during the second quarter, disclosing positions in 48 new stocks and selling out of 23 stocks. As a reminder, Druckenmiller operates more as a trader than a long-term investor, which is reflected in his average 13F holding period of just 2.4 quarters.
Number of Positions: 95
Top New Positions: INSM calls, GOOGL, FOXA, CDW, BTDR
Top Buys: INSM calls, GOOGL, AMZN, FOXA, CDW
Top Sales: AVGO, ROKU, OPCH, AA, WWD
Average 13F Holding Period: 2.4 quarters
Druckenmiller remains bullish on the equal-weight S&P 500 and Brazil with calls on RSP and EWZ. He’s also bullish on the megacap leaders, ramping up his AMZN call position and buying new positions in TSLA calls, META calls, and GOOGL. At the same time, he doesn’t have any exposure to NVDA, AAPL, and MSFT.
On the AI front, he completely sold out of MU, AVGO, COHR, and LITE. However, Druckenmiller likely remains bullish on AI and simply shifted his interests because he disclosed AMD and LRCX as new positions while holding on to TSM, SNDK, and STX.
Meanwhile, Druckenmiller sold 75% of his stake in ROKU while buying FOXA for the first time, lifting it to his 14th largest position. Fox announced in June that it would acquire Roku for $160 per share, valuing it at an enterprise value of $22 billion. As part of the deal, which is expected to close in the first half of 2027, Roku shareholders will receive $96 in cash and 0.9693 shares of FOXA.
Finally, genetics testing company Natera (NTRA) has remained Druckenmiller’s top position for eight consecutive quarters. Since then, NTRA has risen 138%, although it’s up by 607% since he first bought shares in Q3 2022.
Interested in what Druckenmiller and other top hedge funds bought in previous quarters? Check it out here:
Tiger Cubs, or students of hedge fund pioneer Julian Robertson, are best known for launching some of the most successful tech-based hedge funds over the past few decades. Some, like Tiger Global, have struggled in recent years. Others, like Light Street, have timed the AI trade perfectly with strong conviction.
Light Street’s long/short book was up 37% year-to-date as of June 30, ranking as the seventh-best-performing hedge fund on Wall Street. Kacher has taken full advantage of the AI and tech boom, returning 37.3% in 2025, 59.4% in 2024 and 45.7% in 2023.
Number of Positions: 28
Top New Positions: ALAB, TOST, RDDT, MELI, SNOW
Top Buys: ALAB, TOST, RDDT, GTLB, MELI
Top Sales: AMD, BILL, NVDA, IOT, AMZN
Average 13F Holding Period: 5.32 quarters
A common theme among top hedge funds was taking profits in mainstream AI stocks. Light Street was no different, selling ~50% of its stake in both AMD and NVDA. However, like Druckenmiller, Kacher appears to be shifting his AI exposure to second-order beneficiaries in the data and application layers, such as SNOW, GTLB, and RDDT.
Furthermore, TSM remains Light Street’s largest position for the 7th consecutive quarter. At the same time, he also owns puts against the chip foundry. This suggests Kacher is hedging downside risk while maintaining core exposure, and that the easy-money phase of the AI rally, led by NVDA and AMD, may be fading.
For more on the top-performing hedge funds of the first half of 2026:
Lone Pine ranked two spots above Light Street, posting a 43% return as of June 30 and cementing its place as the fifth-best-performing hedge fund in the first half of 2026.
Number of Positions: 34
Top New Positions: NBIS, STX, HD, AMAT, LIN
Top Buys: NBIS, STX, HD, AMAT, LIN
Top Sales: VST, TLN, CLH, TSM, THC
Average 13F Holding Period: 2.53 quarters
Lone Pine carries the shortest average 13F holding among all Tiger Cubs at just 2.53 quarters. In comparison, Coatue has the longest at 13.14 quarters.
NBIS was Mandel’s top buy while also becoming his #1 position. In fact, all five of Lone Pine’s top buys (NBIS, STX, HD, AMAT, and LIN) moved into the hedge fund’s top 10 positions. That points to a clear sense of urgency and a willingness to scale conviction quickly.
Lone Pine’s top 10 positions are dominated by AI beneficiaries paired with a few outliers, such as HD, MDLN, and CVNA. MDLN is a particularly interesting pick, as the medical and surgical supplies company has sunk 16% since its IPO in December 2025.
Coatue and Philippe Laffont made an appearance on the top hedge funds of 2026 list as well, returning 24.5% and securing the 14th place spot.
Number of Positions: 66
Top New Positions: SPCX, INTC, CBRS, FPS, HUT
Top Buys: MU, SPCX, INTC, CBRS, FPS
Top Sales: AMAT, ASML, V, CHYM, LRCX
Average 13F Holding Period: 13.14 quarters
Micron was Coatue’s top buy, with Laffont picking up 2.97 million shares. Furthermore, SPCX became the hedge fund’s fourth-largest position following its IPO. Coatue participated in SpaceX’s 2021 late-stage growth fund when the company carried a $74 billion valuation. Today, SpaceX has a market capitalization of $1.9 trillion.
Elsewhere, Coatue slashed its ASML position by 40% while picking up 12 million shares of INTC, elevating the chipmaker to its 11th largest position. The hedge fund also took an interest in HUT, which is also owned by Tiger Cubs Lone Pine and Discovery Capital.
A wave of hedge funds disclosed sizable positions in SpaceX following its IPO on June 12, making it one of the most popular trades in recent memory. It’s not often you see this many institutional investors move in with this kind of size at the same time. Publicly traded companies also joined in on the fun, including Nvidia, Google, and AMD.
Notable shareholders with a portfolio allocation over 50% include Saudi Arabia’s Public Investment Fund (PIF), Thrive Capital, D1 Capital, and Sequoia Capital U.S.
However, this doesn’t mean that everyone bought in at the IPO. Instead, the vast majority of major shareholders invested privately at a much lower valuation relative to the IPO price. Then, their stakes skyrocketed after SpaceX debuted publicly.
David Tepper’s 13F filing revealed a surprising update: put options on Berkshire Hathaway. Although the position is relatively small, it stands out given Berkshire’s perception as a defensive, long-term holding. It’s possible that Tepper is looking to take advantage of investor unease tied to Greg Abel succeeding Warren Buffett.
Number of Positions: 27
Top New Positions: AAPL puts, BA, AAL, CRWV, AVGO
Top Buys: AAPL puts, BA, AMZN, TSM, AAL
Top Sales: MU, SNDK, GLW, BABA, PDD
Average 13F Holding Period: 12.11 quarters
Tepper also purchased puts against AAPL as a new position. AAPL just so happens to be Berkshire’s largest position with a 22% weight.
Furthermore, Tepper sold out of SNDK after holding it for just one quarter. In addition, he cut his MU position by 41%, signaling profit-taking in the memory space. I wouldn’t say he’s bearish on memory, as MU ranks as his second-largest position behind AMZN. In addition, the iShares MSCI South Korea ETF (EWY), which has a 43% weight to SK Hynix and Samsung, is his sixth-largest position.
Transportation was a notable theme for Tepper. During the second quarter, he increased his UBER stake by 21.5%, making it his fifth-largest position. He also initiated new positions in BA and AAL.
Tepper, who emerged as a China bull in 2024, continues to slash his exposure to the country. His total 13F exposure to China fell to 4.4% compared to 9.8% in Q1, 19.53% in Q4, and 28.47% in Q3. He now holds only BABA and BIDU after completely exiting PDD, KWEB, and JD in the second quarter.
For the readers who prefer to just view 13Fs, here are 10 filings from top-performing hedge funds with an average 13F holding period of at least six quarters:
Number of Positions: 29
Top New Positions: DHI
Top Buys: GOOGL, GOOG, DAL, LEN, M
Top Sales: BAC, COF, KR, NUE, DVA
Average 13F Holding Period: 25.55 quarters
Number of Positions: 20
Top New Positions: CBRS, QCOM, SPCX, MU, AMAT
Top Buys: CBRS, QCOM, SPCX, MU, AMAT
Top Sales: META, AXON, UBER, AVGO, ARM
Average 13F Holding Period: 9.3 quarters
Number of Positions: 35
Top New Positions: ALAB, SNOW, TWLO, STX, INTC
Top Buys: AMD, ALAB, SNOW, TWLO, VIAV
Top Sales: AEIS, SNDK, RBLX, TSEM, AVGO
Average 13F Holding Period: 6.11 quarters
Number of Positions: 11
Top New Positions: MLM, VLC
Top Buys: MLM, VLC, GOOG, SPGI, FER
Top Sales: MSFT, CP, CNI, GE
Average 13F Holding Period: 21.82 quarters
Number of Positions: 33
Top New Positions: COHR, FRMI, TSLA calls, CRL, RUM
Top Buys: COHR, RBLX, FRMI, TSLA calls, MDB
Top Sales: AMD, HUT, TWLO, ABNB, TPR
Average 13F Holding Period: 9.33 quarters
Number of Positions: 21
Top New Positions: SPCX, AMD, CIEN, CPNG, MPWR
Top Buys: SPCX, AMD, CIEN, CPNG, SNDK
Top Sales: DASH, GOOGL, NTSK, CHYM, NVDA
Average 13F Holding Period: 9.24 quarters
Number of Positions: 7
Top New Positions: None
Top Buys: None
Top Sales: MA, FICO, SPGI, V
Average 13F Holding Period: 33.43 quarters
Number of Positions: 5
Top New Positions: None
Top Buys: None
Top Sales: SGOV
Average 13F Holding Period: 14.2 quarters
Number of Positions: 11
Top New Positions: None
Top Buys: APP, BKNG, UBER, SPGI, META
Top Sales: SUNB, AER, ASML
Average 13F Holding Period: 6.55 quarters
Number of Positions: 274
Top New Positions: SPCX, BSP, CFR, KLAC, VALE
Top Buys: SPCX, RY, CRH, QXO, AVGO
Top Sales: RKLB, CPNG, META, TEAM, DDOG
Average 13F Holding Period: 19.01 quarters
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