Four positions or four thousand: how funds actually bet
How many bets does a large fund really make?
Some funds in our set hold four positions. Others hold over three thousand. The concentrated ones put nearly all of their money in their top five ideas; the quantitative ones put under 8% in theirs. These are not the same activity wearing different hats.
Share of the fund in its top 5 holdings
Computed live from our database when you loaded this page. Nothing here is hand-typed, so nothing here can go stale.
| Fund | Positions | 13F assets | In top 5 |
|---|---|---|---|
| CAS Investment Partners, LLC | 5 | $1.7bn | +100% |
| TRIAN FUND MANAGEMENT, L.P. | 4 | $2.1bn | +100% |
| FAIRHOLME CAPITAL MANAGEMENT LLC | 10 | $1.5bn | +98.8% |
| Valley Forge Capital Management, LP | 6 | $3.1bn | +97.4% |
| ALTAROCK PARTNERS LP | 8 | $4.1bn | +95.9% |
| ICAHN CARL C | 12 | $8.6bn | +91.2% |
| TCI Fund Management Ltd | 9 | $43.8bn | +88% |
| H&H International Investment, LLC | 18 | $19.9bn | +87.4% |
| Elliott Investment Management L.P. | 16 | $15.4bn | +87.2% |
| ABRAMS CAPITAL MANAGEMENT, L.P. | 10 | $4.4bn | +86.8% |
| PAULSON & CO. INC. | 9 | $3.1bn | +86.8% |
| Dragoneer Investment Group, LLC | 14 | $2.5bn | +85.7% |
| GATES FOUNDATION TRUST | 21 | $31.6bn | +83.3% |
| Himalaya Capital Management LLC | 14 | $3.2bn | +82.2% |
| CHECK CAPITAL MANAGEMENT INC/CA | 30 | $1.2bn | +82% |
| ABRAMS BISON INVESTMENTS, LLC | 10 | $2.2bn | +80.6% |
| Pershing Square Capital Management, L.P. | 11 | $13.7bn | +78.2% |
| KENSICO CAPITAL MANAGEMENT CORP | 20 | $4.9bn | +73.7% |
| BERKSHIRE HATHAWAY INC | 28 | $251.9bn | +70.1% |
| FAIRFAX FINANCIAL HOLDINGS LTD/ CAN | 26 | $1.8bn | +67% |
| GREENHAVEN ASSOCIATES INC | 22 | $4.9bn | +64.9% |
| Lindsell Train Ltd | 26 | $3.1bn | +62.1% |
| AKRE CAPITAL MANAGEMENT LLC | 17 | $5.5bn | +60.5% |
| GARDNER RUSSO & QUINN LLC | 53 | $6.8bn | +60.1% |
| Corvex Management LP | 24 | $2.5bn | +58.1% |
Live from our database. 25 rows shown.
- For each fund, we take its Q1 2026 common-stock positions, rank them by value, and compute what share of its total 13F assets sit in the largest five.
- Funds with under $1bn of reported 13F assets are excluded, to avoid a tiny fund topping the table on a technicality.
- A 13F shows only long US equities. A fund that appears concentrated may be extensively hedged in instruments the filing cannot see.
- High concentration is not the same as high conviction, and low concentration is not the same as timidity. A market maker holds thousands of positions because that is the business, not because it lacks courage.
Free to quote, chart or republish with attribution. Cite as: SteadyShares, Four positions or four thousand: how funds actually bet, https://steadyshares.com/research/concentration-conviction. If you are a journalist and want the underlying query or a different cut of the data, ask and we will run it.
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