Published: 2026-09-23 Β· Data: 2026-Q2 13F Filings
Among the 8,521 institutional investors that filed a 13F in both Q1 2026 and Q2 2026, AT&T saw the most full exits of any stock: 413 managers closed their position while only 126 opened a new one, a net loss of 287 holders. Software and services names dominate the rest of the list, mirroring the semiconductor concentration on the buy side this quarter.
The top 15 stocks by net closed positions
"Net exits" is positions fully closed in Q2 2026 minus new positions opened, counted only among the 8,521 managers on record for both quarters. This measures how many managers left the stock entirely, not partial trims.
| Rank | Stock | Closed positions | New | Net exits | Holders Q1 β Q2 |
|---|---|---|---|---|---|
| 1 | AT&T (T) | 413 | 126 | 287 | 2,949 β 2,680 |
| 2 | Intuit (INTU) | 424 | 170 | 254 | 1,983 β 1,733 |
| 3 | Accenture (ACN) | 396 | 159 | 237 | 2,139 β 1,902 |
| 4 | Netflix (NFLX) | 390 | 161 | 229 | 3,586 β 3,361 |
| 5 | Adobe (ADBE) | 342 | 149 | 193 | 2,170 β 1,990 |
| 6 | Boston Scientific (BSX) | 328 | 136 | 192 | 1,653 β 1,464 |
| 7 | Salesforce (CRM) | 341 | 152 | 189 | 2,657 β 2,479 |
| 8 | Nike (NKE) | 308 | 130 | 178 | 1,888 β 1,723 |
| 9 | Zoetis (ZTS) | 326 | 150 | 176 | 1,597 β 1,428 |
| 10 | Comcast (CMCSA) | 286 | 134 | 152 | 2,033 β 1,892 |
| 11 | Chevron (CVX) | 271 | 122 | 149 | 4,234 β 4,112 |
| 12 | Palantir Technologies (PLTR) | 319 | 173 | 146 | 2,962 β 2,837 |
| 13 | iShares Silver Trust (SLV) | 218 | 81 | 137 | 1,540 β 1,420 |
| 14 | PepsiCo (PEP) | 248 | 116 | 132 | 3,517 β 3,400 |
| 15 | Leidos Holdings (LDOS) | 195 | 67 | 128 | 894 β 765 |
The other side of the rotation
Our companion piece on Q2 2026's most-bought stocks found ten of the top fifteen buys were semiconductor, memory or chip-equipment names. This sell list looks different: enterprise software and services account for four of the top seven exits β Intuit, Accenture, Adobe and Salesforce, joined further down by Palantir. Netflix is the other large-holder-count name to see a heavy net exit.
Whether this reflects money moving out of software and into hardware/chips, or two unrelated trends running at the same time, isn't something exit counts alone can answer. The sector heatmap breaks flows down by sector for readers who want to look closer, and the crowding score shows how concentrated ownership in a name already was before this quarter's exits.
Who made the largest full exits, by prior conviction
These are the managers whose closed position represented the largest share of their own Q1 2026 portfolio β meaning the stock mattered a lot to that manager's book before they exited entirely.
| Stock | Manager | % of portfolio in Q1 |
|---|---|---|
| T | Ivy Lane Capital Management, LLC | 12.3% |
| Varenne Capital Partners | 5.9% | |
| INTU | ShawSpring Partners LLC | 6.6% |
| Comgest Global Investors S.A.S. | 4.5% | |
| ACN | Bristol Gate Capital Partners Inc. | 3.7% |
| Sanders Capital, LLC | 2.7% | |
| NFLX | Owlhouse Capital LP | 7.4% |
| Peregrine Investment Management Inc | 6.8% | |
| ADBE | Generali Powszechne Towarzystwo Emerytalne | 3.0% |
| Crabel Capital Management, LLC | 2.5% |
Bristol Gate Capital Partners Inc. also appears among the largest exits in Intuit, giving it two names on this exit list. None of these percentages should be read as a signal that the stock is a poor holding β a full exit can reflect portfolio rebalancing, redemptions, or a change in mandate just as easily as a view on the stock itself, and this data has no way to distinguish between those.
What this data does and doesn't show
13F filings are due up to 45 days after quarter end, so these exits were already in place by the time the filings became public in mid-August. The filings cover US long equity positions only β no short positions, no cash, no bonds, and options are excluded from these counts. A manager listed here fully closed a position; it says nothing about the price at which they sold or why. Readers can check the fund rankings by alpha and Sharpe to see which managers exiting these names have a track record worth following, and the earliest 13F filers each season to see who reports these moves first.
How to Use This Data
- See the flows by sector: where institutional capital moved this quarter. Smart Money heatmap β
- Check crowding risk: stocks held by many of the same funds can unwind together. Crowding score β
- Follow managers, not headlines: find funds whose picks actually beat the market. Fund rankings β
Frequently Asked Questions
Which stock had the most institutional exits in Q2 2026?
AT&T (T), with 413 closed positions against 126 new ones, a net of 287 fewer holders among managers filing in both Q1 and Q2 2026.
Is the sell list the mirror image of the buy list?
Not in composition. The most-bought list is dominated by semiconductor and chip-equipment names; this sell list is led by enterprise software and services names like Intuit, Accenture, Adobe and Salesforce, plus AT&T, Netflix and Palantir.
Does a full exit mean the fund thinks the stock will fall?
The data doesn't say. A closed position could reflect a change in view on the stock, a broader portfolio rebalancing, fund redemptions, or a shift in strategy. 13F filings record what was held, not why.
Are these exits already priced in by the time we see them?
13F filings are due up to 45 days after the quarter ends, so any exit shown here happened at some point before the mid-August filing deadline. That lag is a known limitation of 13F data.
What does "% of portfolio in Q1" mean for an exited position?
It's the size of the position, as a share of that manager's total reported 13F portfolio, before it was closed β a measure of how much that specific holding mattered to that manager, not to the market as a whole.
Methodology: Counts include every 13F filer (hedge funds, asset managers, banks, advisers). New/closed positions compare only managers that filed both Q1 and Q2 2026. Options (puts/calls) excluded. Conviction is the position as % of the manager's own reported portfolio. Stocks whose CUSIP changed this quarter (spin-offs, re-domiciles) are excluded from buy/sell rankings. Source data: SEC EDGAR 13F filings, processed by 13Foresight.
Explore Q2 2026 institutional flows βSource: 13Foresight analysis of SEC Form 13F filings. 13F data reflects long US equity positions held at quarter-end and is filed up to 45 days after quarter close. This article is for information only and is not investment advice.