The Tape

Cross-cutting moves across multiple investors or tickers.

1. Sector flow

   Information Technology

   Mar 31, 2026

   Information Technology shed $1.8B as Marks, Grantham, and Buffett trimmed or rebalanced tech exposure in Q1 2026

   • ▼Howard Marks trimmed Information Technology by $197.5M — 5% of book
   • ▼Warren Buffett trimmed Information Technology by $4.1B — 2% of book
   • ▼Mason Hawkins trimmed Information Technology by $23.9M — 1% of book

   Full read▾

   Information Technology holdings fell by a net $1.8B across the quarter as three major investors adjusted their positioning. Howard Marks disclosed a broad rebalancing in his March 31 filing, adding software positions in ENPH, VAC, QTWO, and DKNG while trimming AVAV, signaling a selective approach to the sector amid his public warnings about leverage and liquidity risks in credit markets. Jeremy Grantham's GMO filed 37 new positions in Q1 2026, with the largest technology allocation going to SNPS at $360.9M, alongside smaller stakes in semiconductors and software names like SWKS, ON, and ENTG; however, GMO's May letter cautioned that private equity portfolios carry concentrated risks in low-quality, highly leveraged software companies, reflecting skepticism about the sector's valuation and quality. Warren Buffett's Q1 2026 filing showed a measured technology presence anchored by AAPL at $57.8B (21% of disclosed book) and a new combined Alphabet position of $16.6B, but notably absent were the large-cap tech accumulations that characterized prior periods. Together, the three investors' moves suggest a tactical retreat from broad-based technology exposure, with conviction concentrated in a handful of quality names rather than sector-wide enthusiasm.

2. Sector flow

   Financials

   Mar 31, 2026

   Financials shed $21.8B as Grantham, Boyar, and Buffett deployed capital selectively into tech, consumer, and healthcare.

   • ▼Sequoia Fund trimmed Financials by $558.4M — 10% of book
   • ▼Warren Buffett trimmed Financials by $21.3B — 8% of book
   • ▼Mason Hawkins trimmed Financials by $31.6M — 2% of book

   Full read▾

   Financials experienced a net outflow of $21.8B over the first quarter of 2026, driven by three major institutional investors who shifted their positioning across the broader market. Jeremy Grantham's GMO opened 37 new positions in Q1, including selective financial plays—JPM at $28.4M, KKR, BPOP, and ING among them—but the bulk of deployment went to semiconductors (SNPS at $360.9M), energy (EQT, OVV, GPOR), and healthcare names, signaling a tilt away from concentrated financial exposure. Mark Boyar's portfolio refresh brought 30 new positions, with JPM commanding 9% of his disclosed book at $13.8M, yet the letter accompanying the filing emphasized value opportunities across consumer staples, technology, and healthcare as market leadership broadened, suggesting financials were not a primary focus of the redeployment. Warren Buffett's Q1 filing disclosed 14 new positions totaling roughly $237B in aggregate value, with American Express at $45.9B (17% of book) representing the sole major financial commitment; the remainder flowed into Apple ($57.8B), Coca-Cola ($30.4B), Chevron ($17.5B), and healthcare and consumer names, indicating a deliberate shift of capital away from the sector. Collectively, the three investors' moves reflect a recalibration toward technology, consumer staples, and healthcare amid geopolitical uncertainty and AI-driven repricing.

3. Sector flow

   Consumer Discretionary

   Mar 31, 2026

   Consumer Discretionary shed $233.9M as Buffett, Ackman, and Marks repositioned away from the sector in Q1 2026.

   • ▼Bill Ackman trimmed Consumer Discretionary by $597.3M — 4% of book
   • ▼Howard Marks trimmed Consumer Discretionary by $79.3M — 2% of book

   Full read▾

   Consumer Discretionary holdings fell by a net $233.9M across the first quarter of 2026, driven by three major investors trimming or redeploying capital. Warren Buffett's Q1 2026 filing showed a portfolio anchored in technology, financials, and energy—with Consumer Discretionary represented only by modest positions in Kroger ($3.6B), Kraft Heinz ($7.3B), and DaVita ($4.6B), signaling a lighter touch in the sector relative to his mega-cap tech and financial services core. Bill Ackman executed a significant rebalance, trimming Google by $1.8B, Meta by $242.4M, and Uber by $313.3M while opening a $2.1B Microsoft stake and adding $167.4M to Amazon—a shift that reflected selective recalibration within technology rather than a broad Consumer Discretionary commitment. Howard Marks disclosed 40 new positions totaling roughly $1.1B in gross activity, with material stakes in software, fintech, and energy names, but no material new Consumer Discretionary exposure. Jeremy Grantham's GMO filed 37 new positions across semiconductors, energy, financials, and healthcare, including a $19.6M stake in Lululemon but no broad sector reallocation into Consumer Discretionary. Together, these moves reflect a collective shift toward technology infrastructure, financial services, and energy—with Consumer Discretionary treated as a lower-priority allocation in a quarter marked by repositioning into software, semiconductors, and value opportunities.

Trades and positions, straight from the filings.

1. Stock

   HHH

   15 days agoolder

   Bill Ackman — ▲ Accumulating HHH

2. Stock

   UA

   May 13, 2026older

   Fairfax Financial — ▲ Accumulating UA

   $3.7M

3. Stock

   UA

   May 12, 2026older

   Fairfax Financial — ▲ Accumulating UA

   $2.2M

4. Investor beat

   Generated Jun 19, 2026

   Howard Marks

   past 90 days · 41 events · 10 citations →

   • ▲New $265.2M position in GTX — 4% of portfolio
   • ▲New $153.6M position in TLN — 2% of portfolio
   • ▲New $91.8M position in RIOT — 1% of portfolio
   • ▲New $82.8M position in CBL — 1% of portfolio

   Full summary▾

   Howard Marks: 41 Q1 2026 13F signals plus a credit memo warning on direct lending bubble dynamics across a 90-day window.

   Oaktree's Q1 2026 13F filings, dated March 31, revealed a sweeping expansion of disclosed equity positions across multiple sub-advisers, with the two largest new stakes standing out clearly. Marks's firm opened a position in GTX at 14.6M shares worth $265.2M — approximately 4% of disclosed book — making it the single largest new position in the window. A new TLN position of 481.1k shares worth $153.6M followed as the second-largest new entry, representing roughly 2% of disclosed book. Two new positions in RIOT (79.7M shares, $91.8M, ≈1% of portfolio each across two sub-advisers) and a new CBL position (2.2M shares, $82.8M, ≈1% of portfolio) rounded out the larger new stakes. Beyond those headline moves, Oaktree initiated smaller new positions across a wide range of sectors — including XP ($60.4M), ENPH ($50.6M), VAC ($50.2M), QTWO ($40.9M), LYB ($40.3M), DKNG ($40.0M), CNMD ($35.1M), CBRL ($25.7M), KRSP ($24.7M), OCSL ($20.9M), SNAP ($18.7M), RWAY ($48.3M), and several others — while trimming existing positions in AVAV (−$7.0M), AU (−$14.4M), and ALVO (−$1.7M), and adding modestly to BXMT (+$1.0M) and XYZ (+$4.8M). Separately, on April 9, Marks published a memo tracing the evolution of direct lending from a genuine financial innovation into what he characterized as bubble-like dynamics, specifically warning of concentrated risks in software-company debt and mounting redemption pressures in publicly traded credit vehicles. The memo and the 13F activity are unrelated in theme.

   Auto-generated beat summary over window ending Jun 19, 2026. Not investment advice. Verify before acting.

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