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2024 Q1 Smart Money Report
What institutional investors did with their portfolios in 2024 Q1. Data from SEC 13F filings across 551+ tracked funds.
Updated March 31, 2024
Biggest New Positions
Largest fresh entries initiated this quarter by dollar value.
| Fund | Stock | Value | Weight | Conviction |
|---|---|---|---|---|
 M&G Plc |  FERGUSON PLC | $5.8B | +21.7% | 98 |
 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC |  ISHARES TR | $4.2B | +1.5% | 73 |
 Capital World Investors |  FLUTTER ENTMT PLC | $2.9B | +0.5% | 53 |
 ENVESTNET ASSET MANAGEMENT INC |  BLACKROCK ETF TRUST | $2.5B | +0.9% | 62 |
 Capital Research Global Investors | FLUTTER ENTMT PLC | $2.4B | +0.5% | 62 |
 DANSKE BANK A/S |  MICROSOFT CORP | $2.3B | +7.1% | 98 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC |  ISHARES TR | $2.3B | +0.8% | 62 |
| M&G Plc |  DIVERSIFIED ENERGY COMPANY P | $2.1B | +7.8% | 98 |
| M&G Plc | ININTERDIGITAL INC | $2B | +7.6% | 98 |
| M&G Plc |  BURFORD CAPITAL LIMITED | $1.8B | +6.7% | 98 |
Notable Exits
Positions completely sold this quarter, ranked by previous value.
| Fund | Stock | Previous Value |
|---|---|---|
 MANUFACTURERS LIFE INSURANCE COMPANY, THE | SHSHOPIFY INC | $12.4B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | ZSZSCALER INC | $10.6B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | DADAYFORCE INC | $6.7B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | DODOCUSIGN INC | $4.5B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | SHSHIFT4 PMTS INC | $4.3B |
 GQG Partners LLC |  ALPHABET INC | $2.8B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | CACABLE ONE INC | $2.2B |
 PUBLIC INVESTMENT FUND |  SELECT SECTOR SPDR TR | $2.1B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | AIAIRBNB INC | $2B |
 Sanders Capital, LLC |  MICRON TECHNOLOGY INC | $1.9B |
Top Double-Downs
Funds increasing positions into price weakness - contrarian conviction.
| Fund | Stock | Position Increase | Price Drop | DD Score |
|---|---|---|---|---|
 National Pension Service |  SNAP INC - A | +591.1Kx | -32.2% | 1,902,855,857 |
 Schonfeld Strategic Advisors LLC |  SIRIUS XM HOLDINGS INC | +172.5Kx | -28.7% | 495,087,224 |
 Qube Research & Technologies Ltd | SPSPRUCE BIOSCIENCES INC | +19.8Kx | -73.2% | 144,862,689 |
 UBS Group AG |  CANAAN INC | +41.7Kx | -34.2% | 142,471,883 |
 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND |  GOODYEAR TIRE & RUBBER CO | +340.7Kx | -4.1% | 140,352,018 |
| UBS Group AG |  ASCENT SOLAR TECHNOLOGIES IN | +13.6Kx | -54.8% | 74,351,690 |
 ASSETMARK, INC |  RAMBUS INC | +56.9Kx | -9.4% | 53,702,838 |
 LAZARD ASSET MANAGEMENT LLC |  CHEWY INC | +13.0Kx | -32.7% | 42,531,364 |
| LAZARD ASSET MANAGEMENT LLC |  RIVIAN AUTOMOTIVE INC-A | +5774x | -53.3% | 30,791,166 |
 NATIXIS |  VICTORIA'S SECRET & CO | +11.0Kx | -27.0% | 29,675,961 |
Highest Conviction Moves
The positions funds are most committed to this quarter.
| Fund | Stock | Type | Value | Conviction |
|---|---|---|---|---|
 HORIZON KINETICS ASSET MANAGEMENT LLC |  TEXAS PACIFIC LAND CORP | Increased | $2.2B | 100 |
 AKRE CAPITAL MANAGEMENT LLC |  BROOKFIELD CORP /CAD/ | Increased | $1.5B | 100 |
 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO |  ISHARES CORE S&P MIDCAP ETF | Increased | $5.9B | 100 |
| AKRE CAPITAL MANAGEMENT LLC |  ROPER INDUSTRIES INC | Increased | $1.7B | 100 |
| ALAlphabet Inc. |  GITLAB INC | Increased | $569.1M | 100 |
 COATUE MANAGEMENT LLC |  TAIWAN SEMICONDUCTOR SPONSORED ADR /1 ADR REPS 5 ORD SHS/ | Increased | $1.4B | 100 |
| AKRE CAPITAL MANAGEMENT LLC |  COSTAR GROUP INC | Increased | $1.4B | 100 |
 Elliott Investment Management L.P. |  SUNCOR ENERGY INC | Increased | $1.9B | 100 |
 PRUDENTIAL PLC |  VANGUARD INT-TERM CORPORATE | Increased | $1B | 100 |
 CI INVESTMENTS INC. |  ISHARES CORE S&P 500 ETF | Increased | $4.3B | 100 |
Best & Worst Trades
Top 5 winners and losers by estimated P&L.
Top Winners
GPAEFSteward Partners Investment Advisory, LLC
NVDABLACKROCK ADVISORS LLC
QNCXVanguard Global Advisers, LLCQNCXBelvedere Trading LLCQNCXVANGUARD CAPITAL MANAGEMENT LLCTop Losers
NVVEPrivate Advisor Group, LLC
RNAZMILLENNIUM MANAGEMENT LLC
EVFMSIMPLEX TRADING, LLC
FRCBCOMMONWEALTH EQUITY SERVICES, LLC
ATXINEW YORK STATE COMMON RETIREMENT FUNDCongress × Smart Money Overlap
Stocks where members of Congress AND institutional investors both bought — disclosed in Q2 2026. 10 stocks overlapped this quarter.
| Stock | Congress | Funds |
|---|---|---|
 DVNDEVON ENERGY CORP | 1 members | 268 funds |
 TSLATESLA INC | 1 members | 229 funds |
 KVUEKENVUE INC | 1 members | 158 funds |
 SPGSIMON PROPERTY GROUP INC | 1 members | 156 funds |
 COOCOOPER COS INC/THE | 1 members | 150 funds |
 SPHRSPHERE ENTERTAINMENT CO | 1 members | 105 funds |
 TCBITEXAS CAPITAL BANCSHARES INC | 1 members | 104 funds |
 QNTQUANTINUUM INC | 1 members | 90 funds |
 MTNVAIL RESORTS INC | 1 members | 88 funds |
 FOURSHIFT4 PAYMENTS INC-CLASS A | 1 members | 70 funds |
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer