Trends
How Trends is built
An editorial framework connecting structural change with evidence, value capture and risks. Disclosed capital is a limited observation of historical holdings.
Phase and evidence
Phase describes the maturity of the application under study; evidence describes the support for the observed change. These are dated editorial judgments, not return measurements, company valuations or an inevitable sequence. Mature sectors can contain emerging applications. Each profile links its source and states what it establishes.
Phase
- Emerging
- Tests and prototypes; commercial adoption remains narrow.
- Adoption
- Deployment beyond pilots, with uneven diffusion and economic models still to be tested.
- Monetization
- Observable revenue and commercial use; margins and capital returns remain under evaluation.
- Scale
- Widespread commercial use and operating supply chains. Competition and cycles still matter.
- Mature
- Established activity, with growth more closely tied to renewal, penetration or cycles than to a newly deployed technology.
Evidence
- Limited
- Isolated cases or evidence that is hard to verify; substantial extrapolation.
- Growing
- Observable data, but partial scope, mixed outcomes or an uncertain economic connection.
- Strong
- Systematic series or records with broad coverage of the dimension studied. This does not establish future returns or validate every subsegment.
How holdings overlap is calculated
13F · Q2 2026 · positions as of 30 June · delayed data
Overlap is calculated from usable holdings tables for the stated quarter. Companies are ordered by presence across managers, with share classes kept separate. It does not describe recent buying or selling decisions.
- Each reporting group counts once per security, regardless of disclosed dollars. The percentage divides that count by groups with usable tables. Universe coverage divides those disclosed groups by expected groups. Broader portfolios have more opportunities to overlap; this count does not measure conviction or portfolio weight.
- GOOG and GOOGL are shown separately. Any issuer count requires a verified mapping and the union of managers; it never adds the two classes. Options and debt principal are excluded from share overlap.
- A restatement replaces the preceding holdings. If an additive amendment has ambiguous overlaps, the member remains expected, but its table contributes neither positions nor a place in the disclosed denominator. It is not interpreted as an empty portfolio.
- 13F-NT notices are not independent portfolios. When both covers substantiate a receiving report, holdings count once from that report. The registry retains notices, unavailable members and excluded entities with their status.
- Ties use company name and security identifier; up to eight securities are shown. Tickers require a verified issuer and share-class match. Trend links are editorial and do not reveal a manager’s thesis. Each table SEC link opens one filing supporting that presence; retained evidence can reconstruct the complete count.
An explicit, versioned universe
LHI Superinvestor Universe v1 is an editorial selection of reporting groups, not a representative sample of all managers or a skill ranking. Eligibility requires a verifiable SEC legal identity, eight quarters of history—or documented continuity into a parent—an interpretable structure and no duplicate groups. It includes concentrated and diversified portfolios and different styles. Membership is fixed before calculating overlap. Excluded entities and notices remain in the registry to make the scope visible.
LHI Superinvestor Universe v1
Berkshire Hathaway
BERKSHIRE HATHAWAY INC
CIK 0001067983 · Included:
SEC legal identity verified and 39 quarters of located filing history. The original Q2 table contains 29 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Bridgewater Associates
Bridgewater Associates, LP
CIK 0001350694 · Included:
SEC legal identity verified and 83 quarters of located filing history. The original Q2 table contains 997 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Pershing Square
PERSHING SQUARE INC.
CIK 0002026053 · Included:
Reporting parent with five own quarters and explicit continuity with historical PSCM (83 quarters). Both covers establish Q2 inclusion; only the parent is counted. The perimeter change prevents treating Q1/Q2 as the same portfolio.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Baupost
BAUPOST GROUP LLC/MA
CIK 0001061768 · Included:
SEC legal identity verified and 105 quarters of located filing history. The original Q2 table contains 23 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Greenlight Capital
GREENLIGHT CAPITAL INC
CIK 0001079114 · Included:
SEC identity and continuous filing history subject to validation; scope: value; long/short strategy, long disclosure only.
Excluded · 2026-06-30
Historical CIK has no Q1/Q2 2026 reports; latest located 13F is Q4 2023. No successor is inferred from similar names.
SEC EDGAR →Third Point
Third Point LLC
CIK 0001040273 · Included:
SEC legal identity verified and 109 quarters of located filing history. The original Q2 table contains 43 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Duquesne Family Office
Duquesne Family Office LLC
CIK 0001536411 · Included:
SEC legal identity verified and 59 quarters of located filing history. The original Q2 table contains 95 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Lone Pine Capital
LONE PINE CAPITAL LLC
CIK 0001061165 · Included:
SEC legal identity verified and 87 quarters of located filing history. The original Q2 table contains 34 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Fundsmith
Fundsmith LLP
CIK 0001569205 · Included:
SEC legal identity verified and 55 quarters of located filing history. The original Q2 table contains 41 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Dodge & Cox
DODGE & COX
CIK 0000200217 · Included:
SEC legal identity verified and 79 quarters of located filing history. The original Q2 table contains 222 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Appaloosa
Appaloosa LP
CIK 0001656456 · Included:
SEC legal identity verified and 42 quarters of located filing history. The original Q2 table contains 27 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Tiger Global
TIGER GLOBAL MANAGEMENT LLC
CIK 0001167483 · Included:
SEC legal identity verified and 99 quarters of located filing history. The original Q2 table contains 46 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Coatue
COATUE MANAGEMENT LLC
CIK 0001135730 · Included:
SEC legal identity verified and 94 quarters of located filing history. The original Q2 table contains 66 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Viking Global
VIKING GLOBAL INVESTORS LP
CIK 0001103804 · Included:
SEC legal identity verified and 101 quarters of located filing history. The original Q2 table contains 90 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Maverick Capital
MAVERICK CAPITAL LTD
CIK 0000934639 · Included:
SEC legal identity verified and 104 quarters of located filing history. The original Q2 table contains 179 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Akre Capital
AKRE CAPITAL MANAGEMENT LLC
CIK 0001112520 · Included:
SEC legal identity verified and 103 quarters of located filing history. The original Q2 table contains 20 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Lindsell Train
Lindsell Train Ltd
CIK 0001484150 · Included:
SEC legal identity verified and 67 quarters of located filing history. The original Q2 table contains 28 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Ruane Cunniff
RUANE, CUNNIFF & GOLDFARB INC
CIK 0000728014 · Included:
SEC identity and continuous filing history subject to validation; scope: concentrated fundamental equity.
Excluded · 2026-06-30
Historical CIK: latest 13F Q1 2018. The L.P. legal entity with current filings is selected separately; historical series are not joined.
SEC EDGAR →Fairfax Financial
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
CIK 0000915191 · Included:
SEC legal identity verified and 67 quarters of located filing history. The original Q2 table contains 32 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Markel Group
MARKEL GROUP INC.
CIK 0001096343 · Included:
SEC legal identity verified and 41 quarters of located filing history. The original Q2 table contains 130 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Loews
LOEWS CORP
CIK 0000060086 · Included:
SEC legal identity verified and 35 quarters of located filing history. The original Q2 table contains 29 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Pzena Investment Management
PZENA INVESTMENT MANAGEMENT LLC
CIK 0001027796 · Included:
SEC legal identity verified and 109 quarters of located filing history. The original Q2 table contains 161 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Southeastern Asset Management
SOUTHEASTERN ASSET MANAGEMENT INC/TN/
CIK 0000807985 · Included:
SEC legal identity verified and 100 quarters of located filing history. The original Q2 table contains 47 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Tweedy Browne
Tweedy, Browne Co LLC
CIK 0000732905 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 91 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Diamond Hill
Diamond Hill Capital Management, LLC (Investment Advisor)
CIK 0001217541 · Included:
SEC legal identity verified and 91 quarters of located filing history. The original Q2 table contains 186 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Yacktman
YACKTMAN ASSET MANAGEMENT LP
CIK 0000905567 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 74 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Ariel Investments
ARIEL INVESTMENTS, LLC
CIK 0000936753 · Included:
SEC legal identity verified and 79 quarters of located filing history. The original Q2 table contains 106 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Harris Associates
HARRIS ASSOCIATES L P
CIK 0000813917 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 162 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Davis Selected Advisers
DAVIS SELECTED ADVISERS
CIK 0001036325 · Included:
SEC legal identity verified and 109 quarters of located filing history. The original Q2 table contains 112 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →First Eagle
First Eagle Investment Management, LLC
CIK 0001325447 · Included:
SEC legal identity verified and 81 quarters of located filing history. The original Q2 table contains 424 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table unavailable · 2026-06-30
Q2: amendment 0001325447-26-000033 marked NEW HOLDINGS overlaps the original; holdings are withheld until resolved. Q1: valid restatement without duplication. The full portfolio of external reporter Exchange Traded Concepts is not imported.
SEC EDGAR →Gardner Russo & Quinn
GARDNER RUSSO & QUINN LLC
CIK 0000860643 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 85 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Polen Capital
POLEN CAPITAL MANAGEMENT LLC
CIK 0001034524 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 219 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →BAMCO
BAMCO INC /NY/
CIK 0001017918 · Included:
SEC legal identity verified and 73 quarters of located filing history. The original Q2 table contains 345 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Brown Advisory
BROWN ADVISORY INC
CIK 0001345929 · Included:
SEC legal identity verified and 65 quarters of located filing history. The original Q2 table contains 1447 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →WCM Investment Management
WCM INVESTMENT MANAGEMENT, LLC
CIK 0001061186 · Included:
SEC legal identity verified and 114 quarters of located filing history. The original Q2 table contains 266 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Cantillon Capital
CANTILLON CAPITAL MANAGEMENT LLC
CIK 0001279936 · Included:
SEC legal identity verified and 91 quarters of located filing history. The original Q2 table contains 27 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Sands Capital
SANDS CAPITAL MANAGEMENT, LLC
CIK 0001020066 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 71 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Fisher Asset Management
Fisher Asset Management, LLC
CIK 0000850529 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 1037 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Eagle Capital
EAGLE CAPITAL MANAGEMENT LLC
CIK 0000945631 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 56 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Greenhaven Associates
GREENHAVEN ASSOCIATES INC
CIK 0000846222 · Included:
SEC legal identity verified and 110 quarters of located filing history. The original Q2 table contains 28 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Abrams Capital
ABRAMS CAPITAL MANAGEMENT, L.P.
CIK 0001358706 · Included:
SEC legal identity verified and 82 quarters of located filing history. The original Q2 table contains 11 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Himalaya Capital
Himalaya Capital Management LLC
CIK 0001709323 · Included:
SEC legal identity verified and 35 quarters of located filing history. The original Q2 table contains 8 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →ValueAct Capital
ValueAct Capital Management, L.P.
CIK 0001351069 · Included:
Notice entity retained for traceability. Its cover identifies the receiving reporter; it does not add a manager to the denominator.
13F-NT: not separately disclosed · 2026-06-30
Q1/Q2 notices refer to ValueAct Holdings, L.P.; not counted separately.
Report including the holdings →SEC EDGAR →Starboard Value
Starboard Value LP
CIK 0001517137 · Included:
SEC legal identity verified and 61 quarters of located filing history. The original Q2 table contains 22 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Engaged Capital
Engaged Capital LLC
CIK 0001559771 · Included:
SEC legal identity verified and 51 quarters of located filing history. The original Q2 table contains 10 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
13F securities only; not the full portfolio or evidence of skill.
SEC EDGAR →Pershing Square Capital Management (notice)
Pershing Square Capital Management, L.P.
CIK 0001336528 · Included:
Notice entity retained for traceability. Its cover identifies the receiving reporter; it does not add a manager to the denominator.
13F-NT: not separately disclosed · 2026-06-30
Q2 refers to Pershing Square Inc.; exposure not separately disclosed.
Report including the holdings →SEC EDGAR →Ruane Cunniff
Ruane, Cunniff & Goldfarb L.P.
CIK 0001720792 · Included:
SEC legal identity verified and 34 quarters of located filing history. The original Q2 table contains 54 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
L.P. entity identified on its SEC Q2 2026 cover; the former Inc. entity is not counted.
SEC EDGAR →ValueAct Holdings
ValueAct Holdings, L.P.
CIK 0001418814 · Included:
SEC legal identity verified and 73 quarters of located filing history. The original Q2 table contains 18 normalized securities. One reporting unit is selected per group; scope is limited to its 13F exposure.
Table validated · 2026-06-30
Receiving report for the ValueAct Capital Management notice; one counting unit.
SEC EDGAR →
Quarterly comparisons
The quarterly comparison system exists, but its results are not yet published. It requires additional checks for amendments, corporate actions, identifier changes and the reporting perimeter. Until the whole set has sufficient review, aggregate movement views remain outside the page.
Dates, coverage and availability
The holdings quarter, filing date and SEC retrieval time are different dates. Form 13F discloses SEC-listed securities, primarily US-listed shares, ETFs and certain convertible instruments or options. It does not show cash, all debt, private assets, all foreign shares or short positions. Filing is normally due within 45 days of quarter-end, adjusted for the calendar. It is neither a complete nor a current portfolio. Holdings coverage counts only verified tables; locating a filing does not validate its contents. A failed refresh retains the last valid snapshot with its original date and marks the failure; without a verifiable snapshot, it shows Unavailable; incomplete coverage shows Partial coverage. After 14 days without retrieval or when the next disclosure period becomes due, Update pending appears. A different quarter is never presented as the requested one.
Sources and traceability
SEC EDGAR is the primary filing source. Original documents, identifiers, retrieval dates and hashes are retained to reproduce the snapshot. Tables are reconciled with cover-page entry and value totals. Aggregators are not used as authorities. Editorial sources appear in each trend.