Every quarter we aggregate all position changes across our tracked funds — 34,256 trades of $1M or more this cycle — with the three pure index managers (Vanguard, BlackRock, State Street) excluded, because benchmark tracking isn't a decision. Here's what the deciders actually did in Q1 2026.
1. The rotation: out of energy, into the AI supply chain
Energy saw the largest net outflow (−$10.7B), and it wasn't broad-based panic — it was concentrated: Berkshire alone cut Chevron by 35% (a $9.5B reduction, the quarter's single largest sell). Financials also went net negative (−$3.4B) despite heavy two-way traffic ($66.8B bought vs $70.3B sold).
The inflows went where you'd guess — technology (+$17.1B) — but also into healthcare (+$8.8B) and communication (+$7.9B), the latter powered by a single fund's conviction (more below).
2. The Microsoft argument
The most interesting stock of the quarter wasn't a buy or a sell — it was a disagreement:
- 23 active funds reduced or exited MSFT, a combined $22.7B — the
most-sold stock by both fund count and dollars. TCI cut 84% ($5.2B), Point72 83%, Appaloosa 82%, Tiger Global 54%, Coatue 52%.
- Bill Ackman went the other way, building a new 5.65M-share, $2.09B
position (15.3% of Pershing Square's book) during the stock's February pullback.
- The Gates Foundation Trust sold its final 7.7M shares — but that's a planned 20-year wind-down of the endowment, not a view on the stock, and it's a useful reminder that not every sale is a signal.
When a name shows up on both our most-bought and most-sold consensus boards (as AMZN did this quarter: 23 buyers, 25 sellers), we flag it as contested rather than pretending either side is "the smart money."
3. The single biggest bets
Ranked by estimated dollars traded — not resulting position size, which is how most 13F trackers sort and why they bury real decisions under index noise:
| Fund | Move | Est. dollars |
|---|---|---|
| Berkshire Hathaway | Added GOOGL (position tripled) | +$10.5B |
| Capital Research | Added AVGO | +$9.2B |
| Capital Research | Added MSFT | +$8.4B |
| Berkshire Hathaway | Reduced CVX −35% | −$9.5B |
| TCI | Reduced MSFT −84% | −$5.2B |
Berkshire's quarter deserves its own line: tripled Alphabet (~$17B total across share classes), opened a $2.65B Delta Air Lines stake — its first airline position since liquidating the sector in 2020 — and exited Visa, Mastercard, UnitedHealth and Amazon. First filing of the Greg Abel era, and it reads like a portfolio being reshaped, not maintained.
4. What we'd watch next quarter
- Does the energy exodus continue? Elliott's book is still 44% energy (TFPM, PSX, SU) — the contrarian side of this trade has a name.
- Who wins the Microsoft argument — the 23 sellers or Ackman? Our consensus boards will settle it one filing at a time.
- Q2 filings land through August 14. The first early filers appear mid-July; we'll run this review again when the cycle closes.
Data: all Q1 2026 13F filings of our tracked funds, aggregated by build-largest-trades.ts. Trade dollars are estimates (share change × implied filing price; exits at prior-quarter value). Berkshire and Pershing figures cross-checked against SEC filings and press reporting. Nothing here is investment advice.