Heard Capital's Q1 2026 13F is a $1.93B, 21-position portfolio whose defining feature is its extraordinary concentration in six names: Lam Research ($228.8M, 11.8%), TransDigm Group ($207.0M, 10.7%), Palantir Technologies ($193.3M, 10.0%), American Tower ($191.9M, 9.9%), Fair Isaac ($190.5M, 9.8%), and Apollo Global Management ($187.4M, 9.7%) together account for 62.0% of AUM, with the remaining 15 positions spread across financial services (Blackstone, American Express, Moelis, Ares, Equinix, Prologis), technology/defense (Adobe, Qualcomm, AeroVironment, Aerovironment, IAC), communications (Charter), and small satellite positions. AUM fell from $2.13B in Q4 2025 to $1.93B in Q1 2026 (-$196M, -9.2%), primarily driven by shared mark-to-market declines across the six anchor positions rather than by reducing positions. The quarter's 21 total changes (9 increased, 9 decreased, 3 unchanged, zero new positions, zero sold) reveals a manager that is selectively increasing the portfolio's technology-and-growth core on weakness: Fair Isaac was the largest increase in absolute shares (+20.2% from 148,398 to 178,410) despite a 24% decline in value to $190.5M; Palantir was increased +46.4% shares (from 903,109 to 1.32M, price-driven); Adobe +44.3% shares (from 308,002 to 444,325); AeroVironment -0.1% shares (a tiny trim in a defense drone name that fell sharply in value -$42.6M); American Express -1.8% shares; Moelis -0.2% shares; Elbit Systems -39.3% shares (significant reduction in the Israeli defense electronics name); Telesat -50.3% shares (half-position cut in a satellite communications name); Lam Research -17.2% shares; Blackstone +6.9% shares; Apollo +11.2% shares; TransDigm +4.7% shares. Equinix +1.1% shares and Qualcomm +18.5% shares were increased from small bases. Amazon, Ares, Prologis, IAC, Charter were all slightly reduced. A 77.25 whaleScore on $1.93B reflects both the AUM and the extreme six-name concentration. This portfolio is best characterized as a concentrated long-short or private-equity-adjunct fund with deep exposure to semiconductor-and-AI infrastructure (Lam Research, Fair Isaac, Palantir, Adobe), aerospace-and-defense (TransDigm, AeroVironment, Elbit), and financial-and-private-credit infrastructure (American Tower, Apollo, Blackstone, American Express, Moelis); the Q1 deltas show a manager adding to the AI-and-semiconductor names (Palantir, Adobe, Fair Isaac) and the alternative-asset manager names (Apollo, Blackstone) on mark-to-market weakness, while reducing the names that underperformed or that the manager is rotating away from (AeroVironment, Telesat, Elbit).
The six anchor positions define the portfolio's identity. Lam Research Corp ($228.8M, 11.8%, 1.07M shares, -$0.8M value but -17.2% shares from a 1.29M-share base) -- semiconductor capital equipment -- was reduced in share count despite being held at a large weight. The value was essentially flat ($228.8M vs $221.3M), meaning the price appreciation of Lam stock offset the share reduction; the manager is trimming Lam at the margin, possibly taking partial profits after a strong run, while maintaining a dominant-anchor weight. TransDigm Group ($207.0M, 10.7%, 178,610 shares, +4.7% shares but -$19.9M in value -- price-driven decline despite a small share add) -- aerospace-and-defense components -- was increased slightly on a share basis while mark-to-market weakness reduced the accounting value. TransDigm is a classic concentrated-quality name: a vertically integrated aerospace-components manufacturer with pricing power and long-term contracts. The share add into a falling stock signals continued conviction. Palantir Technologies ($193.3M, 10.0%, 1.32M shares, +46.4% shares, +$32.8M in value -- the ONE position that increased in BOTH shares and value in Q1) -- data-analytics-and-AI software for government and enterprise -- was the most striking trade in the filing: the manager built a material new position in Palantir across Q1, adding 418,636 shares at a cost basis near the $146M previous-quarter value, and the position is now worth $193.3M because of mark-to-market appreciation. Palantir is the clearest AI-bull thesis in the portfolio: government AI contracts, commercial enterprise data-analytics expansion, and a high-margin software model. The share count tripled from under 1M to 1.32M in a single quarter.
American Tower Corp ($191.9M, 9.9%, 1.11M shares, -4.3% shares, -$12.2M in value) -- cell-tower-and-communications infrastructure REIT -- was reduced slightly. The share decline is modest amidst a macro environment where tower REITs have been pressured by higher cap rates and refinancing uncertainty; the manager is trimming American Tower at the margin while maintaining a core anchor weight. Fair Isaac Corp ($190.5M, 9.8%, 178,410 shares, +20.2% shares, -$60.4M in value despite the share add) -- FICO credit-scoring-and-analytics software -- was the largest share increase in the portfolio, with the manager ADDING 30,012 shares into a 24% stock-price decline. This is the second-highest conviction add in the filing: FICO is a pure-play software-and-data-monopoly with pricing power; the manager is accumulating on weakness. Apollo Global Management ($187.4M, 9.7%, 1.68M shares, +11.2% shares, -$31.5M in value) -- alternative-asset-and-private-credit manager -- was increased on a share basis; the value declined because Apollo's stock price fell. Apollo is the portfolio's financial-and-alternative-credit anchor: the manager is building an Apollo core position as a bet on the private-credit-and-alternative-assets cycle, which Apollo is positioned to benefit from as banks retreat from commercial lending.