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Cliff Asness's Q2 2026 quarterly filing represented the largest single-quarter reshuffle on record with us — $82.7B (since 2024-Q3) — spanning 30 disclosed position changes across a wide range of sectors and market caps. The most prominent new positions opened in the quarter included Jazz Pharmaceuticals (JAZZ) at $359.9M and Roivant Sciences (ROIV) at $234.0M, both in the healthcare space. Additional new stakes were established in WEC Energy (WEC) at $67.8M, UDR Inc. (UDR) at $40.3M, Nabors Industries (NBR) at $25.5M, and several smaller names including WTI, TMDX, SLDB, RZLV, and BRSL. On the reduction side, LYFT was trimmed by $76.7M (−67% QoQ), representing the most visible single cut in the window. CVI was also reduced by 77% QoQ. Among additions to existing positions, NEU received +$138.5M (+128% QoQ), ELS was added to at +238% QoQ, and IAG grew +136% QoQ. GIS received a modest +$39.2M addition (+15% QoQ). The breadth of this quarter's activity — new healthcare platforms, utility names, real estate investment trusts, and small-cap positions opened alongside targeted trims — reflects the scale of rebalancing that defines AQR's systematic, factor-driven approach across its disclosed equity book.

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Jeremy Grantham's Q2 2026 quarterly filing represented the largest single-quarter reshuffle on record with us — $10.3B (since 2024-Q3) — spanning 23 disclosed position changes across new openings, additions, and trims. On the additions side, Grantham added to MDT (+113% QoQ), LDOS (+89% QoQ), ULTA (+45% QoQ), CBRE (+42% QoQ), RYAAY (+36% QoQ), BF-B (+16% QoQ), and BBY (+7% QoQ). Five new positions were opened: TBLA, FMC, CARS, RHI, HONA, Agilent Technologies (A), and ADI — all sub-1% of disclosed book individually. On the trim side, GOOG was cut by 71% QoQ and SEDG by 44% QoQ. STLD was reduced by 37% QoQ and BG by 63% QoQ. Smaller reductions were made to AMZN (−1% QoQ), ABT (−1% QoQ), ZM (−10% QoQ), MHO (−21% QoQ), and SXC (−3% QoQ). The breadth of simultaneous openings, additions, and trims — with no single move exceeding 1% of disclosed book on its own — points to a broad-based rebalancing quarter rather than a concentrated directional bet, consistent with the record reshuffle figure.

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Warren Buffett's Q2 2026 quarterly filing is headlined by a record-sized commitment to Alphabet. Berkshire added to both share classes — +$12.6B to GOOGL (+45% QoQ, ≈4% of disclosed book) and +$8.6B to GOOG (+658% QoQ, ≈3% of disclosed book) — marking the largest addition to GOOGL on record with us (since 2024-Q3). Combined, the Alphabet build dwarfs every other move in the quarter. On the additions side, Berkshire also added to DAL, picking up 17.5M shares (+$2.7B, +44% QoQ), a position that remains under 1% of disclosed book but grew meaningfully in share count. The trimming side tells a story of steady, multi-quarter reductions. Berkshire trimmed DVA for a 6th consecutive quarter (−1.2M shares in Q2 2026), continuing a long-running wind-down of that dialysis-company stake. KR was cut by 11.0M shares (−$1.5B, −22% QoQ), and NUE was reduced by 2.0M shares (−$246.9M, −52% QoQ). The through-line in Q2 2026 is a decisive rebalancing toward large-cap technology — specifically Alphabet — while Berkshire continued its patient, multi-quarter exit from healthcare services and trimmed positions in grocery retail and steel.