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2025 Q2 Smart Money Report

What institutional investors did with their portfolios in 2025 Q2. Data from SEC 13F filings across 563+ tracked funds.

Updated June 30, 2025

Biggest New Positions

Largest fresh entries initiated this quarter by dollar value.

FundStockValueWeightConviction
FARALLON CAPITAL MANAGEMENT, L.L.C.FARALLON CAPITAL MANAGEMENT, L.L.C.SPYState Street Spdr S&P 500 Etf$3.4B+14.3%
98
Sanders Capital, LLCSanders Capital, LLCACNAccenture Plc Ireland Class A$2.6B+3.5%
89
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEMCALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEMJPHYJ P MORGAN EXCHANGE TRADED F$2B+1.3%
73
BERKSHIRE HATHAWAY INCBERKSHIRE HATHAWAY INCWarren Buffett (Chairman Emeritus)UNHUnitedhealth Group Inc$1.6B+0.6%
63
EDGEWOOD MANAGEMENT LLCEDGEWOOD MANAGEMENT LLCAVGOBroadcom Inc$1.6B+5.0%
88
Sanders Capital, LLCSanders Capital, LLCAMATApplied Materials Inc$1.4B+1.9%
74
Pershing Square Capital Management, L.P.Pershing Square Capital Management, L.P.AMZNAmazon.Com Inc$1.3B+9.3%
100
State of New Jersey Common Pension Fund DState of New Jersey Common Pension Fund DIEMGISHARES INC$1.3B+4.9%
88
Holocene Advisors, LPHolocene Advisors, LPIWMISHARES TR$1.2B+3.0%
88
Man Group plcMan Group plcSPYState Street Spdr S&P 500 Etf$1.2B+2.2%
83
See all new positions →

Most New Buyers

The stocks the most tracked funds bought as new positions in 2025 Q2.

StockFunds OpenedFunds Holding
CRWVCRWVCoreweave Inc Cl A9210 sold out135
OKLOOKLOOKLO INC5715 sold out156
PEGAPEGAPegasystems Inc Com5317 sold out200
LOARLOARLOAR HOLDINGS INC525 sold out141
SEZLSEZLSezzle Inc502 sold out128
ALABALABAstera Laboratories Inc4815 sold out209
ELFELFE L F Beauty Inc4717 sold out206
CRSCRSCarpenter Technology Corp468 sold out231
CRDOCRDOCredo Technology Group Holding469 sold out222
TLNTLNTalen Energy Corp4617 sold out193

Funds, insiders and Congress all bought

23 stocks drew buying from all three in 2025 Q2: more tracked funds bought than sold, company insiders bought on the open market, and a member of Congress disclosed a purchase.

StockFunds BoughtInsiders BoughtCongress Bought
MSFTMSFTMicrosoft Corp252208 sold$1.5M11 members$858,019 to $1,945,000
TSLATSLATesla Inc220161 sold$1M4 members$14,014 to $210,000
HOODHOODRobinhood Mkts Inc Cl A20696 sold$2MRob Bresnahan$2,002 to $30,0002 purchases
AMATAMATApplied Materials Inc200170 sold$6.9M3 members$83,006 to $245,000
DALDALDelta Air Lines Inc180147 sold$601K2 members$2,002 to $30,000
ECLECLEcolab Inc175172 sold$126KJefferson Shreve$100,001 to $250,000
HALHALHalliburton Co169126 sold$169K2 members$16,002 to $65,000
HUMHUMHumana Inc159147 sold$1.5MLisa McClain$1,001 to $15,000
CMICMICummins Inc159152 sold$332K2 members$3,003 to $45,000
CHDCHDChurch & Dwight Inc158144 sold$276K2 members$2,002 to $30,000
CLXCLXClorox Co152144 sold$546KLisa McClain$1,001 to $15,000
EGEGEverest Group Ltd151128 sold$338KLisa McClain$1,001 to $15,000
BJBJBjs Whsl Club Holdings Inc139108 sold$199K2 members$4,004 to $60,000
INSMINSMInsmed Inc126101 sold$202KJosh Gottheimer$1,001 to $15,000
ADCADCAgree Realty Corp12588 sold$2.7MLisa McClain$1,001 to $15,000
FLOFLOFlowers Foods Inc10884 sold$202KLisa McClain$1,001 to $15,000
MIDDMIDDMiddleby Corp9894 sold$27.9MLisa McClain$1,001 to $15,000
GMEGMEGamestop Corp Cl A9665 sold$11.3MLisa McClain$1,001 to $15,000
ALKTALKTALKAMI TECHNOLOGY INC8559 sold$250KGilbert Cisneros$2,002 to $30,0002 purchases
NEONEONeogenomics Inc8350 sold$126KGilbert Cisneros$1,001 to $15,000
MTXMTXMinerals Technologies Inc8062 sold$227KGilbert Cisneros$1,001 to $15,000
PATKPATKPatrick Industries Inc7870 sold$1.2MLisa McClain$1,001 to $15,000
HTGCHTGCHERCULES CAPITAL INC6548 sold$105KVirginia Foxx$1,001 to $15,000

Notable Exits

Positions completely sold this quarter, ranked by previous value.

FundStockPrevious Value
THOMA BRAVO, L.P.THOMA BRAVO, L.P.NDAQNasdaq Inc$3.2B
Nuveen, LLCNuveen, LLCNUGONUSHARES ETF TR$2.5B
Schonfeld Strategic Advisors LLCSchonfeld Strategic Advisors LLCIVViShares Core S&P 500 ETF$2.4B
GQG Partners LLCGQG Partners LLCGEGeneral Electric Company$1.6B
Jain Global LLCJain Global LLCIVViShares Core S&P 500 ETF$1.3B
Verition Fund Management LLCVerition Fund Management LLCIVViShares Core S&P 500 ETF$1.2B
Capital World InvestorsCapital World InvestorsABNBAirbnb Inc Cl A$1.2B
VIKING GLOBAL INVESTORS LPVIKING GLOBAL INVESTORS LPUNHUnitedhealth Group Inc$1.1B
MGMERCER GLOBAL ADVISORS INC /ADVAAPLApple Inc$1.1B
VIKING GLOBAL INVESTORS LPVIKING GLOBAL INVESTORS LPINTUIntuit$1B
See all exits →

Most Full Exits

The stocks the most tracked funds sold out of completely in 2025 Q2.

StockFunds Sold OutFunds Holding
CREENWOLFSPEED INC5518 opened105
SRPTSRPTSarepta Therapeutics Inc4917 opened160
AZEKAZEKAZEK CO INC4818 opened160
SWTXSWTXSPRINGWORKS THERAPEUTICS INC4718 opened122
FBINFBINFortune Brands Innovations Inc4420 opened215
WLKWLKWestlake Corp4314 opened155
BIOBIOBio Rad Laboratories Inc Cl A4215 opened177
ALBALBAlbemarle Corp4116 opened241
CHPTCHPTCHARGEPOINT HOLDINGS INC4111 opened103
BEKEBEKEKE HLDGS INC4014 opened149

Top Double-Downs

Funds increasing positions into price weakness - contrarian conviction.

FundStockPosition IncreasePrice DropDD Score
BALYASNY ASSET MANAGEMENT L.P.BALYASNY ASSET MANAGEMENT L.P.CODICOMPASS DIVERSIFIED+800.9%-65.8%52,743
Cubist Systematic Strategies, LLCCubist Systematic Strategies, LLCCODICOMPASS DIVERSIFIED+796.0%-65.8%52,419
TWO SIGMA INVESTMENTS, LPTWO SIGMA INVESTMENTS, LPCODICOMPASS DIVERSIFIED+775.6%-65.8%51,078
Qube Research & Technologies LtdQube Research & Technologies LtdCODICOMPASS DIVERSIFIED+738.4%-65.8%48,625
TWO SIGMA ADVISERS, LPTWO SIGMA ADVISERS, LPSRPTSAREPTA THERAPEUTICS INC+618.6%-73.2%45,285
BALYASNY ASSET MANAGEMENT L.P.BALYASNY ASSET MANAGEMENT L.P.CABOCABLE ONE INC+912.7%-48.9%44,629
Qube Research & Technologies LtdQube Research & Technologies LtdRCKTROCKET PHARMACEUTICALS INC+690.8%-63.3%43,703
VOLORIDGE INVESTMENT MANAGEMENT, LLCVOLORIDGE INVESTMENT MANAGEMENT, LLCBHVNBIOHAVEN LTD+880.3%-49.0%43,173
CACaption Management, LLCBHVNBIOHAVEN LTD+790.7%-49.0%38,776
PNC FINANCIAL SERVICES GROUP, INC.PNC FINANCIAL SERVICES GROUP, INC.INVINNVENTURE INC COM+937.6%-41.2%38,642
See all double-downs →

Highest Conviction Moves

The positions funds are most committed to this quarter.

FundStockTypeValueConviction
Holocene Advisors, LPHolocene Advisors, LPAMZNAMAZON COM INC
Increased
$2.3B
100
TIAA TRUST, NATIONAL ASSOCIATIONTIAA TRUST, NATIONAL ASSOCIATIONMBBISHARES TR
Increased
$2.2B
100
Pathstone Holdings, LLCPathstone Holdings, LLCCRWDCROWDSTRIKE HLDGS INC
Increased
$1.7B
100
EAEAGLE CAPITAL MANAGEMENT LLCUNHUNITEDHEALTH GROUP INC
Increased
$1.7B
100
Pershing Square Capital Management, L.P.Pershing Square Capital Management, L.P.AMZNAMAZON COM INC
New
$1.3B
100
Soroban Capital Partners LPSoroban Capital Partners LPAMZNAMAZON COM INC
Increased
$1.1B
100
AXIOM INVESTORS LLC /DEAXIOM INVESTORS LLC /DENVDANVIDIA CORPORATION
Increased
$973.9M
100
Veritas Asset Management LLPVeritas Asset Management LLPUNHUNITEDHEALTH GROUP INC
Increased
$969.6M
100
VAValueAct Holdings, L.P.AMZNAMAZON COM INC
Increased
$849.6M
100
APAppaloosa LPDavid TepperUNHUNITEDHEALTH GROUP INC
Increased
$764.3M
100
See all high-conviction moves →

Best & Worst Trades

Top 5 winners and losers by estimated P&L.

Top Winners

GPAEFGPAEFSteward Partners Investment Advisory, LLC
+500x
AGLAGLHB Wealth Management, LLC
+119x
AGLAGLMerit Financial Group, LLC
+119x
AGLAGLFarther Finance Advisors, LLC
+116x
AGLAGLLPL Financial LLC
+101x

Top Losers

EVFMEVFMCITADEL ADVISORS LLC
-100.0%
SOBRSOBRHudson Bay Capital Management LP
-100.0%
TWNPQTWNPQMILLENNIUM MANAGEMENT LLC
-100.0%
DLAPQDLAPQQube Research & Technologies Ltd
-100.0%
QCLSQCLSCandriam S.C.A.
-100.0%
See all trades →

Congress × Smart Money Overlap

Stocks where members of Congress AND institutional investors both bought — disclosed in Q2 2026. 10 stocks overlapped this quarter.

StockCongressFunds
DVNDVNDEVON ENERGY CORP1 member275 funds
TSLATSLATESLA INC1 member232 funds
KVUEKVUEKENVUE INC1 member163 funds
SPGSPGSIMON PROPERTY GROUP INC1 member161 funds
COOCOOCOOPER COS INC/THE1 member154 funds
TCBITCBITEXAS CAPITAL BANCSHARES INC1 member106 funds
SPHRSPHRSPHERE ENTERTAINMENT CO1 member106 funds
QNTQNTQUANTINUUM INC1 member90 funds
MTNMTNVAIL RESORTS INC1 member89 funds
FOURFOURSHIFT4 PAYMENTS INC-CLASS A1 member69 funds
See all congressional trades →

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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