# 2026 Q2: Buffett adds $17B of Alphabet. 15 others sold.

81 of 83 investors filed, holding $1.15T between them.

Sent 2026-09-01.

Warren Buffett added $17B of Alphabet (GOOGL) during the quarter, growing a stake first bought in 2025 Q3 by 45%. It now stands at $37.8B, 13% of Berkshire Hathaway's book and its third-largest position behind Apple (AAPL) and American Express (AXP). Alphabet rose 24% over the quarter, and Buffett bought into a split crowd: Loeb, Ainslie and Klarman also added, while 15 of the 83 investors sold, among them Halvorsen, Coleman, Train and Smith. Alphabet's holder count slipped from 52 to 49.

Bill Ackman ran 36% turnover at Pershing Square with 14 trades across 14 positions. He opened Visa (V) at $1.1B, Mastercard (MA) at $1.1B, S&P Global (SPGI) at $1.1B and Netflix (NFLX) at $934M, and cut Amazon (AMZN) by 25%. He also added 48% to Howard Hughes (HHH), held since 2010 Q4. The top 5 fell from 78% to 58% of the book, the lowest since 2007 Q2.

Himalaya Capital now holds 7 positions, and the top 5 cover 98% of the book, the highest since 2024 Q2. Li Lu put $469M more into Pinduoduo (PDD), a 134% increase that takes it to 22% of the portfolio. He sold out of Bank of America (BAC), Occidental Petroleum (OXY), S&P Global and H&R Block (HRB) entirely.

Terry Smith turned over 66% of Fundsmith, 44 trades in a 41-position book. Mettler-Toledo (MTD) went out entirely, a $717M sale, while Uber (UBER) came in at $645M, Mastercard at $639M, Taiwan Semiconductor (TSM) at $548M, Netflix at $499M and Ge Vernova (GEV) at $481M. Two of those, Mastercard and Netflix, are the same stocks Ackman opened this quarter.

Prem Watsa's 2 largest moves at Fairfax were miners. A new $427M position in Eldorado Gold (EGO) starts at 16% of the book, and an 84% addition to Orla Mining (ORLA), held since 2022 Q3, makes it the top position at 22%. He also grew Kraft Heinz (KHC) by 172% and sold out of Kennedy-Wilson (KW) and BlackBerry (BB).

81 of the 83 investors filed, with holdings totaling $1.15T at quarter-end prices, up from $1.06T. Michael Burry has not filed since 2025 Q3. William Von Mueffling's filing cut every position by the same amount, which reads as a reporting change and was left out. Guy Spier did not trade any of his 6 positions. The next filings are due 14 November.

Source: quarterly 13F filings via dataroma.com. Positions as reported at quarter end. Not advice.

HTML: https://gigainvestors.com/newsletter/2026-q2