OAKMONT Corp

OAKMONT Corp's Q1 2026 13F is a $526M, 31-position concentrated long-only portfolio with one of the lowest turnover profiles in institutional data -- 16 of 31 positions (51.6%) were completely unchanged, and 12 of the remaining 15 changes were modest share-count adjustments in deeply-held anchor positions rather than new-opens or full liquidations. Total AUM fell from $578.1M in Q4 2025 to $526.5M in Q1 2026 (-$51.6M or -8.9%), a moderate contraction driven primarily by mark-to-market weakness in the portfolio's mega-cap-technology core (Amazon -$7.1M, Microsoft -$16.9M, S&P Global -$6.8M, Fair Isaac -$14.2M, TransDigm -$3.9M) that was only partially offset by appreciation in NVIDIA, Apple, Walmart, and Costco. The eight-anchor core -- Amazon ($82.1M, 15.6%, 394,318 shares, +2.1% shares), Microsoft ($65.9M, 12.5%, 177,897 shares, +4.0% shares), Mastercard ($62.3M, 11.8%, 124,667 shares, +2.0%), Apple ($50.4M, 9.6%, 198,611 shares, +1.9%), NVIDIA ($49.7M, 9.4%, 284,749 shares, +8.6% shares), S&P Global ($35.7M, 6.8%, 84,037 shares, +3.2%), TransDigm ($30.5M, 5.8%, 26,289 shares, +1.9%), and Waste Connections ($27.5M, 5.2%, 169,412 shares, +1.8%) -- accounts for 76.7% of AUM. The stock list is unusual: the portfolio holds BOTH classes of Alphabet stock (GOOGL $542K, 1,886 shares AND GOOG $540K, 1,884 shares -- effectively a $1.08M pair on 3,770 shares total, a tiny hedge or legacy dual-class position), and RTX appeared as both a SOLD position in Q4 and a NEW position in Q1 at virtually identical pricing ($258.6K in Q4 vs $272K in Q1, 1,410 shares in both -- meaning the manager sold RTX at the end of Q4 and repurchased the same number of shares in Q1, likely a wash-sale or tax-loss-rebate pattern). Three new opens are all tiny speculative positions: BlackSky Technology ($1.3M), RTX ($272K -- as noted, a round-trip), and Kyndryl Holdings ($1.5K, essentially de minimis). Three sold: BlackSky ($1.1M, a near-complete round-trip), RTX's prior position (sold-and-rebought), and Kyndryl's old position. The only meaningful absolute decreases were... actually there are NO topDecreases listed (empty array), which means every single position that changed did so via an increase -- the AUM decline was entirely mark-to-market, not position reduction. The sector breakdown -- Technology $229.0M (43.5%), Consumer Cyclical $112.9M (21.5%, Amazon/TransDigm/Walmart/Costco/Home Depot), Financial Services $62.5M (11.9%, Mastercard/AFLAC/BAC), Consumer Defensive $54.7M (10.4%, Walmart/Costco), ETF $36.9M (7.0%, SPY), Utilities $27.5M (5.2%, Waste Connections), Unknown $1.7M (0.3%, BlackSky), Communication Services $1.1M (0.2%, Alphabet tiny), Healthcare $0.1M, Industrials $0.1M -- reflects a manager concentrated in high-quality mega-cap US equities with a strong technology, consumer, and payment-processing bias. The 77.0 whaleScore on $526M is threshold-eligible. The portfolio's identity reads as a high-conviction, low-turnover, quality-growth long-only mandate -- the kind of portfolio run by a single-family office, a small hedge fund with a concentrated best-ideas book, or a sub-$600M long-only equity fund. The near-zero turnover (only 3 tiny speculative opens, 16 positions flat) is the defining characteristic: this manager does NOT trade for trading's sake, accumulates anchor positions over years, and only adjusts at the margin. The -8.9% AUM decline is qualified by the fact that the manager INCREASED shares in every position that changed (12 increased, 0 decreased in the change summary) -- meaning the AUM drop is pure mark-to-market erosion on the technology core, not any form of forced-liquidity or rebalancing. The Q1 delta is best read as: a patient, concentrated, mega-cap-quality-and-technology manager absorbing a normal market drawdown in Q1 2026 without a single defensive reduction, while adding tiny speculative toeholds (BlackSky, Kyndryl) and re-entering RTX via a tax-optimized round-trip.