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2019 Q3 Smart Money Report
What institutional investors did with their portfolios in 2019 Q3. Data from SEC 13F filings across 551+ tracked funds.
Updated September 30, 2019
Biggest New Positions
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
 THOMA BRAVO, L.P. |  DYNATRACE INC | $3.4B | +62.8% | 100 |
 Capital Research Global Investors |  FIDELITY NATL INFORMATION SV | $3B | +1.0% | 62 |
 BROOKFIELD Corp /ON/ | TETERRAFORM POWER INC | $2.5B | +16.8% | 99 |
 Capital World Investors | TATARGET CORP | $1.9B | +0.5% | 53 |
 TIGER GLOBAL MANAGEMENT LLC |  APOLLO GLOBAL MANAGEMENT LLC | $1.4B | +7.5% | 98 |
 SC US (TTGP), LTD. |  MEDALLIA INC | $1.2B | +54.1% | 100 |
 ICAHN CARL C |  HP INC | $1.2B | +4.6% | 91 |
 Clearbridge Investments, LLC |  L3HARRIS TECHNOLOGIES INC | $1.1B | +1.0% | 62 |
 EDGEWOOD MANAGEMENT LLC |  INTUIT | $1.1B | +3.5% | 88 |
 TD ASSET MANAGEMENT INC |  TC ENERGY CORP | $1.1B | +1.6% | 73 |
Notable Exits
Positions completely sold this quarter, ranked by previous value.
| Fund | Stock | Previous Value |
|---|---|---|
 SCHRODER INVESTMENT MANAGEMENT GROUP | GDGDS HOLDINGS LIMITED | $17.6B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | WEWEIBO CORP | $3.4B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | TWTWITTER INC | $3.3B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | AKAKAMAI TECHNOLOGIES INC | $3.2B |
| Capital Research Global Investors |  VANTIV INC | $2.9B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | BLBLOCK INC | $2.8B |
 PRIMECAP MANAGEMENT CO/CA/ |  AIRBUS GROUP SE | $2.3B |
| BROOKFIELD Corp /ON/ | TETERRAFORM PWR INC | $2B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | PUPURE STORAGE INC | $1.8B |
| SCHRODER INVESTMENT MANAGEMENT GROUP | MAMANDIANT INC | $1.7B |
Top Double-Downs
Funds increasing positions into price weakness - contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
 BARCLAYS PLC |  BANCO SANTANDER SA | +988.9Kx | -12.9% | 1,278,526,359 |
 Parallax Volatility Advisers, L.P. |  LABORATORY CORP AMER HLDGS INC | +21.3Kx | -61.8% | 131,828,425 |
 HUNTINGTON NATIONAL BANK |  TWIN DISC INC | +40.0Kx | -28.7% | 114,832,536 |
 O'SHAUGHNESSY ASSET MANAGEMENT, LLC |  CATERPILLAR INC | +117.7Kx | -6.4% | 75,417,518 |
| Parallax Volatility Advisers, L.P. |  UPLAND SOFTWARE INC | +17.8Kx | -26.0% | 46,215,130 |
 FIL Ltd |  ALTRIA GROUP INC | +33.7Kx | -13.6% | 45,906,698 |
 CANADA PENSION PLAN INVESTMENT BOARD |  MELCO RESORTS AND ENTMNT LTD | +31.6Kx | -11.2% | 35,285,387 |
| CANADA PENSION PLAN INVESTMENT BOARD |  NUTRIEN LTD | +45.0Kx | -6.6% | 29,846,404 |
 FEDERATED HERMES, INC. |  ACM RESH INC | +19.0Kx | -11.7% | 22,230,981 |
| Parallax Volatility Advisers, L.P. |  UBER TECHNOLOGIES INC | +5873x | -34.7% | 20,374,422 |
Highest Conviction Moves
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
 Egerton Capital (UK) LLP |  ALPHABET INC | Increased | $969.1M | 100 |
 Ninety One UK Ltd |  ALIBABA GROUP HLDG LTD | Increased | $1.3B | 100 |
 D1 Capital Partners L.P. |  AMAZON COM INC | Increased | $714.3M | 100 |
 VIKING GLOBAL INVESTORS LP |  NETFLIX INC. | Increased | $1.2B | 100 |
| ALAltimeter Capital Management, LP |  SALESFORCE INC | Increased | $613.6M | 100 |
 Soroban Capital Partners LP |  NORFOLK SOUTHN CORP | Increased | $475.2M | 100 |
 M&T BANK CORP |  PAYPAL HLDGS INC | Increased | $1B | 100 |
| THOMA BRAVO, L.P. | DYNATRACE INC | New | $3.4B | 100 |
 WCM INVESTMENT MANAGEMENT, LLC |  HDFC BANK LTD | Increased | $1.2B | 100 |
 COATUE MANAGEMENT LLC |  GLOBAL PMTS INC | Increased | $649.1M | 99 |
Best & Worst Trades
Top 5 winners and losers by estimated P&L.
Top Winners
GPAEFSteward Partners Investment Advisory, LLCJDJDZGUBS Group AG
+384x
WINGBLACKROCK ADVISORS LLC
NVDABLACKROCK ADVISORS LLC
GSIWJANE STREET GROUP, LLCTop Losers
VCIGCITADEL ADVISORS LLC
EVFMPentwater Capital Management LPWLWLGSFCITADEL ADVISORS LLC
-100.0%
FRGTSUSQUEHANNA INTERNATIONAL GROUP, LLP
GMBLSUSQUEHANNA INTERNATIONAL GROUP, LLPCongress × Smart Money Overlap
Stocks where members of Congress AND institutional investors both bought — disclosed in Q1 2026. 73 stocks overlapped this quarter.
| Stock | Congress | Funds |
|---|---|---|
 WATWATERS CORP | 2 members | 275 funds |
 AZNASTRAZENECA PLC | 2 members | 272 funds |
 TSLATESLA INC | 3 members | 228 funds |
 WELLWELLTOWER INC | 2 members | 227 funds |
 HBANHUNTINGTON BANCSHARES INC | 1 members | 225 funds |
 EXEEXPAND ENERGY CORPORATION | 1 members | 203 funds |
 PFEPFIZER INC | 1 members | 202 funds |
| GOOGALPHABET INC | 4 members | 198 funds |
 TSMTAIWAN SEMICONDUCTOR MANUFAC | 4 members | 192 funds |
 KVUEKENVUE INC | 3 members | 184 funds |
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer