Top 10 Superinvestors:
What Smart Money Is Holding in Q4 2025

The SEC Form 13F filing deadline for Q4 2025 passed on February 14, 2026. Within hours, the disclosures of the world's most sophisticated institutional investors became public — and 13Foresight processed every one of them.

What you're reading is not a summary of what some pundit thinks these managers own. This is a direct analysis of their legally-disclosed equity positions, mapped to live tickers, with every position change flagged relative to Q3 2025. The numbers come from the filings themselves.

"13F filings are the only time the smartest investors in the world are legally required to tell the truth about what they believe in." — Anonymous hedge fund analyst

One critical reminder before we dive in: 13F data is a snapshot of the long equity book only. Short positions, leverage, options strategies, international stocks, bonds, and cash are not disclosed. Some of these managers run highly complex multi-strategy books where the 13F represents a small fraction of their actual portfolio. Interpret accordingly.

#1 — Warren Buffett, Berkshire Hathaway

With a disclosed equity portfolio north of $300 billion, Warren Buffett's Berkshire Hathaway remains the single most-watched 13F in the world. Every quarter, tens of thousands of investors comb through the filing looking for new positions or, increasingly, what the Oracle of Omaha is quietly selling.

#2 — Bill Ackman, Pershing Square Capital Management

Bill Ackman runs one of the most concentrated portfolios of any major institutional manager — typically holding fewer than 10 positions with enormous conviction in each. His Q4 2025 13F reflects a portfolio that has been remarkably stable for three consecutive quarters, a sign that Ackman believes current positions are still materially undervalued.

#3 — Stanley Druckenmiller, Duquesne Family Office

Druckenmiller is often described as the greatest macro trader of his generation — and his 13F filings are always closely watched as a proxy for his macro outlook, even though the disclosed positions represent only his long equity book. His Q4 2025 filing shows a significant shift: sharply reduced energy exposure and a notable new healthcare position.

#4 — David Tepper, Appaloosa Management

David Tepper is known for his bold macro calls and willingness to go massively concentrated when he sees a high-conviction opportunity. His Q4 2025 filing shows a portfolio that is heavily tilted toward large-cap U.S. technology — a bet on continued AI infrastructure spending that has been building since 2023.

#5 — Michael Burry, Scion Asset Management

The man who famously shorted the 2008 housing bubble runs one of the most secretive and idiosyncratic portfolios in the institutional world. Burry's Scion typically holds a small number of highly concentrated positions, and his 13Fs are the most eagerly anticipated filings each quarter — not because of their size ($300M range) but because of the signals they send.

#6–#10 — The Rest of the Superinvestors

The following table summarizes the largest disclosed position changes for managers 6 through 10 on our superinvestor watchlist, based on their Q4 2025 13F filings.

What Does It All Mean? — 4 Key Themes from Q4 2025

1. The AI Consensus Is Deepening — Not Rotating

The single most striking takeaway from Q4 2025 13F filings is that the AI trade is not unwinding at the institutional level. Tepper, Druckenmiller, and Tiger Global all added to NVDA. Griffin's Citadel increased its NVDA weighting. If there's a rotation away from AI infrastructure happening among retail investors, the world's largest institutional funds are moving in the opposite direction. The only exception is Burry — whose energy-heavy contrarian positioning is a direct bet against the AI consensus narrative.

2. Gold is the New Consensus Macro Hedge

Both Druckenmiller and Bridgewater significantly increased gold exposure in Q4. Buffett's cash accumulation, Druckenmiller's GLD addition, and Soros's Bitcoin ETF bet all point to the same underlying macro anxiety: concerns about long-term dollar stability, government debt levels, and the possibility that the next cycle brings stagflation rather than a clean soft landing. When three of the most macro-aware investors in the world reach for hard assets simultaneously, it's worth noting.

3. Buffett's Cash Mountain Is a Signal in Itself

The fact that Buffett is trimming — not adding — across his biggest positions while sitting on record cash is perhaps the most important signal in this entire batch of filings. Buffett doesn't hold cash to time the market; he holds it because he can't find anything at a price he's willing to pay. At current valuations, the most patient long-term investor in history is choosing T-bills over equities. That is a sobering data point for anyone who thinks the U.S. equity market is cheap.

4. China Is Coming Back — Selectively

Tepper's new Alibaba position and Druckenmiller's Coupang holding signal growing institutional interest in beaten-down Asian tech assets. After two years of geopolitical risk discounts hammering Chinese equities, some managers are beginning to see the valuation gap as too wide to ignore. This is not a consensus view — Ackman and Buffett have zero China exposure — but it's notable that two of the most macro-sophisticated managers on this list are quietly moving in.

How to Use This Data — A Practical Guide

Reading a 13F is the starting point, not the endpoint, of investment research. Here's how to use superinvestor filing data without falling into common traps:

• Focus on position changes, not snapshot holdings. A fund holding Apple for 10 years is not the same as a fund that just initiated an Apple position this quarter. New positions and material additions are the highest-signal data points.
• Weight conviction by concentration. A 25% position in a $5B fund is a fundamentally different signal than a 0.5% position in a $500B multi-strategy book. Citadel's 3% Apple position means almost nothing directionally — Ackman's 28% Google position is a high-conviction statement.
• Use 13Foresight's backtest to validate the thesis. Before acting on any superinvestor holding, check how that manager's disclosed long book has historically performed. A manager with a great reputation but a mediocre 13F-based backtest is getting their returns from strategies you cannot replicate.
• Remember the lag. These portfolios are as of December 31, 2025 — roughly 7 weeks old by the time you read this. High-turnover managers may have exited every position already.