AI Analysis · Q1 2026

Lingotto Investment Management LLPs March 2026 13F is one of the most distinctive filings in the coverage universe: a $5.06 billion, 35-position London-based portfolio with concentrated heavy industry, commodity, and special-situations exposure. The funds whaleScore of 81.25 reflects two extraordinarily large named-entity positions: Teva Pharmaceutical at $836 million (16.5% of assets) and Carvana at $801 million (15.8%) representing nearly a third of public capital. The Q1 2026 behavior was a partial rebalancing away from consumer-cyclical and media positions: Carvana was reduced by 307,000 shares (a 10.8% share-count decrease), producing a $404 million value reduction and shifting from 20% to 15.8% of assets. Paramount Skydance fell 2.4% in shares, losing $215 million in value and declining from 11% to 8.2% of the portfolio. The most striking timing trade was Valaris: shares reduced by 0.3% while the position gained $176 million in value as offshore-drilling day rates surged. Range Resources and SLB were each trimmed marginally at 0.3% and 2.4% share reductions, taking partial profits on an oil-and-gas trade that has been Lingottos most consistent commodity position. Q1 new positions clustered in two thematic buckets: a technology special-situations sleeve with Intuitive Surgical ($61 million), Tempus AI ($64M added), Cloudflare (up 70.8% at $62M), NVIDIA (up 19.3%), plus Aurora Innovation and Pony AI; and a gold-and-mining sleeve anchored by Novagold Resources ($331M, the highest-conviction new entry) and continuing large positions in First Majestic Silver ($215M), Sibanye Stillwater ($246M), and VanEck Junior Gold Miners ETF ($239M). The most dramatic action was the liquidation of Harmony Gold: the 4.9 million share position worth $97 million at year-end reduced to 161,787 shares worth $2.5 million -- a 96.7% liquidation as gold and platinum prices fell in Q1. Two exploratory additions at $2.5M each -- KKR and Blue Owl Capital -- represent the funds first move toward listed alternative-asset-manager exposure. Sector breakdown: Unknown non-ETF 23%, Healthcare 18%, Consumer Cyclical 17%, Energy 12%, Basic Materials 9%, Technology 8%, Communication Services 8%, ETF 5%. Lingotto is the most cyclically-commodity-heavy manager in the coverage universe, with roughly 60% of capital tied to energy, precious-metals, and healthcare restructuring outcomes.

The $675 million decline from $5.74B (Q4 2025) to $5.06B (Q1 2026) is primarily price-driven. Teva faced albuterol litigation pressuring the stock approximately 15% in Q1, trimming $127M from Lingottos largest position. Carvana fell 20% as consumer finance rates stayed elevated and used-car prices rolled over, producing a $404M markdown. The 10.8% Q1 share reduction in Carvana (from 2.855M to 2.548M shares) was deliberate risk-management at a position that had reached 21% of the portfolio at year-end peak; Lingotto still holds $801M as its second-largest holding through a long-standing thesis. Teva at $836M (16.5% weight) is the portfolio's largest position and one of the larger single-name special-situations bets in the coverage universe -- Lingotto is betting that albuterol litigation setbacks are temporary and that Teva's drug-patent-cliff recovery continues. Paramount Skydance fell to $417M from $632M (a $215M loss), trimmed 2.4%, reflecting streaming and theatrical underwhelming continued.

Energy and commodities: Valaris gained $176M in value on offshore drilling day-rate surges while shares were barely touched; Range Resources gained $70.5M value on natural gas price strength; SLB (Schlumberger) lost $71.4M value after a 2.4% trim. The combined energy exposure at approximately $1B represents Lingottos most successful and most thematically consistent cluster. Novagold ($331M new position, 36.8M shares, sixth-largest holding) is a 5-to-10-year bet on copper-and-gold porphyry development at Donlin Creek (Alaska) and Galore Creek (British Columbia) requiring permitting and capital the fund is willing to commit. Cloudflare (up 70.8% shares despite 22% price decline) is the filing's most aggressive add-into-crash trade, reflecting belief that enterprise and security software normalization in Q1 created a buying opportunity in a company with durable network effects. NVIDIA up 19.3%, Tempus AI up 23.8%, Intuitive Surgical entered as $61M new position, plus Aurora and Pony AI complet an 8.5% of assets technology special-situations sleeve. Harmony Gold essentially liquidated -- 96.7% sold -- removing South African mining exposure. The portfolio's 35-position structure with two dominant names around 16% each, followed by a long tail of smaller positions, is unusual for a $5B fund and reflects focused thematic betting rather than diversification for its own sake. Lingotto is the most cyclically-commodity-heavy and special-situations-heavy manager at the top of the whaleScore distribution.

Quarter at a glance — Q1 2026

Top 10 holdings

Filing history