David Einhorn announced Greenlight Capital will close to new investors on July 1, 2026, calling the US equity market 'the most expensive we've seen since we began managing money.' The fund returned 9% in 2025 (vs S&P 500 +17.9%), but macro investments — primarily gold (+64%) and copper (+40%) — contributed 14.5% alpha. The Q4 2025 13F reveals GRBK still dominates at 21%, GPK surged 79%, and Einhorn's net long exposure is just 39%.
Gold surged 60% in 2025 while oil crashed 15%. Seven whale funds split into three camps: gold bulls (Einhorn, Bridgewater), energy concentrated (Icahn at 76%, Berkshire at $31B), and the macro hedge (Soros shorting energy with $578M in puts while buying gold miners). The data reveals the widest commodity positioning gap since 2020.
Stanley Druckenmiller exited Meta after one quarter, re-entered Brazil (EWZ) with $247M in shares plus call options, and deployed $914M into new macro ETF positions — financials, equal-weight, and index calls. Duquesne's AUM hit $4.49B with a 43% turnover rate.
Paulson & Co. surged from $520M and 3 holdings to $3.26B and 9 positions in Q4 2025 — a 527% AUM explosion driven by a near-billion-dollar Madrigal Pharma bet and four gold/antimony miners worth $1.3B.
Dan Loeb's Third Point sold 15.8 million PG&E shares (-32%) — unwinding the decade's most famous utility activist bet — and simultaneously doubled Union Pacific to $419M (+107%). With $719M across three railroads and 14 new positions including Chipotle and Alibaba, the $7.3B Q4 2025 filing reveals an activist fund pivoting from utilities to transport infrastructure.
Stephen Mandel's Lone Pine Capital dumped its entire $971M Meta Platforms position and opened 14 new positions worth $6.4B in Q4 2025. The portfolio went from 25 to 32 holdings with a strikingly flat concentration — no single stock above 6.82%. A breakdown of the most dramatic single-quarter transformation by any Tiger Cub this filing season.
Healthcare was the quiet consensus trade of Q4 2025. Point72 put $4.3B (11.3% of its portfolio) into healthcare led by a $1.1B BridgeBio bet. Soros deployed $10.9B across 37 positions. DE Shaw held 31 healthcare names worth $10.9B. But the approaches diverged wildly — from biotech moonshots to managed care defensives. A cross-fund breakdown.
Elliott nearly doubled its 13F from $11.7B to $22.6B in Q4 2025, deploying $6.9B across activist targets Phillips 66, Suncor, and Southwest Airlines. Gold hedge held firm at $5.8B as the world's most active activist reloaded for parallel campaigns.
Philippe Laffont deployed $15.7B across 27 new positions — including a $3.2B semiconductor equipment cluster in LRCX and AMAT — while fully exiting CoreWeave. Coatue's AUM hit an all-time high of $39.96B with top-10 concentration dropping 14.5 points.
Institutional investors added 883 new positions in Micron and 856 in AMD during Q4 2025, but NVIDIA barely grew despite being a $3 trillion position. ARM was the only major semiconductor to lose value. Here's where 5,578 institutions stand on the AI chip trade.
The 100 largest institutional investors shifted $49.5 trillion across sectors in Q4 2025. Healthcare was the clear winner at +12.7%, Communication Services gained 8.2%, while Consumer Defensive and Utilities barely moved. Here's the full sector-by-sector breakdown.
Nearly 1,700 corporate insiders collectively spent $12 billion buying their own companies' stock in Q4 2025. From a $7.6 billion biotech mega-deal to a DoorDash board member's $100 million conviction bet, here's where executives put their money where their mouth is.
Soros Fund Management expanded 13F value by 22.93% in Q4 2025, added 59 holdings, and launched a $415M XOP position while keeping Amazon as the top core holding.
Coatue's Q4 2025 13F shows a $12.7B portfolio expansion with broad-based additions in semis and mega-cap tech, while concentration fell sharply versus Q3.
D.E. Shaw's Q4 2025 13F highlights de-crowding: a $3.81B QQQ line exit offset by larger SPY and AMD allocations, with top-10 concentration declining to 15.97%.
Appaloosa's Q4 2025 13F shows a dramatic concentration reset: Alibaba weight fell from 32.07% to 10.88% as portfolio value rose 92.67% and holdings breadth more than doubled.