AI Analysis · Q1 2026

Pertento Partners' Q1 2026 13F is a $1.37B, 19-position portfolio that more than doubled AUM from $1.06B in Q4 2025 to $1.37B in Q1 2026 (+$311M or +29.2%) via dramatic increases in existing anchors and five new opens. The defining trade is Berkshire Hathaway ($304M, 22.2%, +106.2% shares, +$149.3M -- the portfolio's largest absolute increase and largest position, doubling from $154.5M to $304M) -- a massive conviction add into Warren Buffett's conglomerate that signals the manager views BRK/B as undervalued or as a portfolio anchor. US Foods ($171M, 12.5%, +10.5% shares, +$44.6M) -- foodservice distributor -- was the second-largest increase. IES Holdings ($110M, 8.1%, +10.5% shares, +$28.7M) -- industrial-and-electrical-systems -- increased. Primo Brands ($100M, 7.3%, +16.9% shares, +$25.7M) -- bottled-water-and-beverages -- increased. Cellebrite ($92M, 6.7%, +11.8% shares, still reduced in value -$15.6M due to mark-to-market) -- mobile-forensics-and-digital-intelligence software -- held and increased despite share-price weakness. Five new opens: Airbnb ($55M, 4.1%) -- short-term-rental marketplace; Astronics ($54M, 4.0%) -- aerospace-and-defense electronics; Invesco Senior Loan ETF BKLN ($41M, 3.0%) -- leveraged-loan ETF, the portfolio's first fixed-income opening; SPY ($25M, 1.8%) -- S&P 500 beta overlay; ON Holding ($11M, 0.8%) -- Swiss performance-footwear. Four sold: Enviri ($27.4M), NETGEAR ($23.8M), Sable Offshore ($10M), Idaho Strategic Resources ($8.6M). The sector breakdown -- Unknown $401.5M (29.4%, primarily Cellebrite, Kyivstar, Patria, Primo Brands, Nutex Health), Financial Services $303.8M (22.2%, overwhelmingly Berkshire), Consumer Cyclical $174.6M (12.8%, US Foods/Ies/Airbnb/Astronics), Consumer Defensive $170.9M (12.5%, US Foods), Industrials $110.2M (8.1%, IES), Technology $101.7M (7.4%, Cellebrite/Silicon Motion), ETF $68.7M (5.0%, BKLN/SPY), Real Estate $35.8M (2.6%, Compass). The 76.25 whaleScore on $1.37B reflects AUM. The portfolio's identity reads as a concentrated activist/special-situations book with heavy exposure to consumer-defensive (US Foods), financial-services (Berkshire Hathaway as the defining anchor), industrial (IES Holdings), and Israeli/tech (Cellebrite, Kyivstar). The +29.2% AUM growth is the quarter's headline. The Q1 2026 delta is best read as: Pertento Partners, a $1.37B activist hedge fund, executed a high-conviction quarter -- dramatically doubling the Berkshire Hathaway position (+106%, +$149.3M, now 22.2% of AUM), increasing the five core anchors (US Foods, IES, Primo Brands, Cellebrite, PriceSmart), adding five new opens (Airbnb, Astronics, BKLN, SPY, ON Holding), selling four legacy positions, and growing AUM +29.2%. The post-Q1 book is more diversified (19 positions) but still extremely concentrated in the top 5 (66.7% of AUM). The Berkshire Hatheway anchor at 22.2% is the portfolio's defining identity -- this is one of the largest BRK/B positions in institutional data relative to AUM.

The anchor core: Berkshire Hathaway ($304M, 22.2%, 634K shares, +106.2% shares, +$149.3M from $154.5M) -- the portfolio's defining conviction. Doubling the BRK/B position in a single quarter signals the manager's strong view that Berkshire is undervalued or that it serves as the ultimate quality-and-diversification anchor for the portfolio. US Foods ($171M, 12.5%, 1.85M shares, +10.5% shares, +$44.6M) -- foodservice distribution (the second-largest US foodservice distributor behind Sysco) -- is the portfolio's second-largest position and consumer-anchor; increased as the post-COVID restaurant-recovery and supply-chain-normalization narratives played out. IES Holdings ($110M, 8.1%, 231K shares, +10.5% shares, +$28.7M) -- electrical-and-industrial-systems (specialty electrical equipment for data centers, utilities, and industrial) -- is the portfolio's third position and industrial anchor; increased into strength. Primo Brands ($100M, 7.3%, 5.30M shares, +16.9% shares, +$25.7M) -- bottled-water-and-beverages (Primo Water, Arrowhead, Sparkling Ice) -- is the portfolio's fourth position and consumer-staples anchor; increased. Cellebrite ($92M, 6.7%, 6.66M shares, +11.8% shares, value reduced -$15.6M from $107.4M due to stock decline) -- mobile-forensics-and-digital-intelligence software (used by law enforcement and intelligence agencies) -- is the portfolio's fifth anchor and technology position; increased shares despite the stock's Q1 weakness, signaling continued conviction in the digital-forensics and government-software thesis.

The increased positions: PriceSmart ($79M, 5.8%, 525K shares, +7.4%, +$19.1M) -- Caribbean-and-Latin-America retail -- increased. Patria Investments ($66M, 4.8%, 5.21M shares, +16.1%, slight value reduction -$5.6M) -- Latin American alternative-asset manager -- increased shares despite mark-to-market. Nutex Health ($36M, 2.6%, 374K shares, +15.3%, value reduced -$17.9M from $53.4M) -- healthcare-and-behavioral-health facilities -- increased shares into weakness. Masterbrand ($41M, 3.0%, 4.96M shares, -5.2%, slight reduction from $42.8M) -- cabinetry-and-building-products -- slightly reduced. Stratus Properties ($34.6M, 2.5%, flat) -- real-estate -- held steady. Silicon Motion ($46M, 3.4%, 413K shares, -64.2%, -$60.4M from $106.7M) -- semiconductor-IP (USB and SSD controllers) -- the portfolio's most dramatic decrease, slashed 2/3 despite being a Q4 top-5 position. RB Global ($17.6M, 1.3%, flat) -- auction-and-asset-recovery -- held. NB Bancorp ($46M, 3.4%, 2.21M shares, -5.8%, nearly flat) -- regional bank -- slightly reduced.

Quarter at a glance — Q1 2026

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