Insight Holdings Group, LLC

Insight Holdings Group's Q1 2026 13F is a $1.34B, 30-position portfolio that is one of the most concentrated-and-thematically coherent healthcare-and-technology books in institutional data. AUM rose from $1.34B in Q4 2025 to $1.42B in Q1 2026 (the API lists Q4 AUM as $1.34B and Q1 as $1.42B — a +$80M, +6.0% increase) despite significant mark-to-market volatility in the portfolio's anchor positions. Four positions account for 76.4% of AUM: Hinge Health ($361.5M, 25.4%, flat shares, -$73.9M value decline from $435.5M -- pure mark-to-market erosion in a digital-musculoskeletal-and-virtual-care company), EquipmentShare ($275.5M, 19.3%, flat shares, +$53.1M in value from $222.5M -- pure mark-to-market appreciation in a construction-equipment-technology company), Udemy ($175.7M, 12.3%, flat shares, -$46.8M value decline from $222.5M), and NVIDIA ($116.8M, 8.2%, +$14.3M, +21.9% shares, +$14.3M value -- the portfolio's only large increase, with the manager adding 120,310 shares into strength). The quarter's 39 total changes (9 new, 11 sold, 12 increased, 2 decreased, 5 unchanged) reflects a portfolio in active rebalancing mode, concentrated in the technology sleeve: the manager increased META (+88.4% shares, +$23.3M into weakness, the largest percentage increase in the portfolio), Spotify (+317.6% shares, +$10.9M), Shopify (+231.8% shares), Kyverna (+97.9% shares), Constellation Energy (+97.9% shares), Applied Materials (NEW), Intel (+19.8%), and Broadcom (+2.9%), while decreasing Microsoft (-62.1% shares, -$62.7M, the largest absolute reduction) and Palo Alto Networks (-40.0% shares, -$4.5M). Nine new opens: EquipmentShare ($275.5M), Kyverna ($8.5M), StubHub ($11.0M, flat at $21.4M after Q4 held it at $46.5M), Real Brokerage ($17.4M), Constellation Energy ($7.1M), Axon ($6.8M), Cloudflare ($6.8M), Applied Materials ($12.8M), Shopify ($11.2M), Bloom Energy ($11.1M), MACOM ($4.8M), Lumentum ($4.2M), AMD ($3.9M), Robinhood ($2.9M), Micron ($223K). Eleven sold: AppFolio, MongoDB, AppLovin, Visa, Synopsys, Samsara, Tesla, Vertiv, Celestica, plus 2 smaller. A 77.25 whaleScore on $1.34B reflects AUM and the extreme 4-name concentration. The portfolio's identity is best read as a concentrated long/short or activist healthcare-and-technology fund with deep exposure to digital health (Hinge Health), construction technology (EquipmentShare), online education (Udemy), and semiconductor/AI infrastructure (NVIDIA, Broadcom, AMD, TSM, Applied Materials, Lumentum, MACOM, Micron, Intel, Cloudflare, Shopify) -- the Q1 delta shows the manager adding to semiconductor and AI infrastructure names (NVIDIA, META, TSM, AMD, Intel, Applied Materials, Lumentum, MACOM) while drastically reducing Microsoft and selectively rotating within the healthcare sleeve.