What Hedge Funds Bought and Sold in Q4 2025: The Biggest Moves
Q4 2025 13F filings are in. Here's what the smartest institutional money actually did last quarter — the big additions, the quiet exits, and the themes nobody is talking about.
Why Q4 2025 13F Filings Matter More Than Usual
Q4 2025 was a strange quarter. The S&P 500 finished near all-time highs, AI stocks continued their run, and yet some of the sharpest institutional investors in the world were quietly making moves that don't fit the bull market narrative.
The 13F filings for Q4 2025 are now in. Here's what actually happened — not the headlines, but the specific trades that tell you something about where the smart money saw risk and opportunity.
Stanley Druckenmiller: Exited Meta, Bet on Brazil
Druckenmiller's Duquesne Family Office made one of the more counterintuitive moves of the quarter: a full exit from Meta after holding it for just one quarter, paired with a significant new bet on Brazil.
The Brazil trade is the interesting part. Druckenmiller added $247M in EWZ (iShares Brazil ETF) shares alongside call options — a structure that signals conviction, not a hedge. He deployed over $914M in total into new macro positions last quarter.
His top Q4 2025 holdings show the shift away from US mega-cap tech: NTRA (Natera, genomics) sits at 12.8% of the portfolio, followed by XLF (financials ETF) at 6.7% and EWZ at 5.5%.
The read: Druckenmiller appears to be rotating away from the crowded US tech trade and toward emerging market macro exposure. Whether this is a currency call, a commodity call, or a rate differential bet isn't clear from the 13F alone — but the position sizing tells you he has high conviction.
David Tepper / Appaloosa: China Stocks at the Top, Again
Appaloosa's Q4 2025 portfolio has BABA (Alibaba) at 10.9% — the single largest position. Tepper has been a vocal bull on Chinese tech, and the Q4 filing confirms he hasn't changed his view.
The top 8 positions paint a clear picture:
| Ticker | Name | Weight |
|---|---|---|
| BABA | Alibaba | 10.9% |
| GOOG | Alphabet C | 8.1% |
| AMZN | Amazon | 7.3% |
| MU | Micron | 7.2% |
| META | Meta | 5.7% |
| TSM | TSMC | 5.0% |
| NVDA | Nvidia | 4.6% |
| WHR | Whirlpool | 4.1% |
A few things stand out: Micron at 7.2% is a big bet on memory chip demand recovery. TSMC at 5% is another AI infrastructure play. And Whirlpool in the top 8 is unusual — Tepper is known for spotting value-to-recovery plays, and appliance manufacturers have been under pressure from housing weakness.
D.E. Shaw: NVDA #1 at $5.65B, Palantir at $2.73B
D.E. Shaw's $182B portfolio is one of the most closely watched quant funds in the world. Their Q4 2025 top holdings:
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | NVDA | $5.65B | 3.1% |
| 2 | MSFT | $3.94B | 2.2% |
| 3 | SPY | $3.71B | 2.0% |
| 4 | PLTR | $2.73B | 1.5% |
| 5 | TSLA | $2.62B | 1.4% |
| 6 | AMD | $2.54B | 1.4% |
Palantir at $2.73B is notable — D.E. Shaw isn't typically associated with high-multiple growth names. A quant fund holding PLTR as the #4 position suggests their models are seeing something in the data that fundamentals-focused analysts might miss.
The Cross-Fund Themes That Actually Matter
Looking across Q4 2025 filings, a few patterns repeat:
- AI infrastructure is still crowded — NVDA, MSFT, and AMZN show up in nearly every major fund. The consensus trade is intact.
- Alphabet is quietly becoming a consensus pick — GOOG appears in Appaloosa (#2), Fidelity (large addition), and multiple other Q4 filings. The market was skeptical about Google's AI position in 2024; big funds are apparently less so.
- China has its believers — Tepper (BABA at 10.9%) is the most visible, but he's not alone. Several managers are keeping China exposure while most retail investors have abandoned it.
- Macro hedges are back — Druckenmiller's EWZ, Swiss National Bank gold positions, Fisher adding duration exposure. After two years of pure equity bull market, some of the biggest names are buying insurance.
What 13F Data Won't Tell You
A critical reminder before you trade on any of this: 13F filings have a 45-day lag. By the time you read a Q4 filing, it's already mid-February at the earliest. The positions you're seeing are up to 90 days old.
Use this data to understand direction and conviction, not to copy entry points. Druckenmiller's EWZ bet was made at Q4 prices; those prices may have moved significantly by now.
The filings also only show long equity positions. Options strategies, short positions, and private investments are invisible. When you see a fund appear to "exit" a stock, they may have converted to a short position — you just can't see it.
How to Track These Funds Yourself
Each of these funds has a dedicated filer page on 13F Insight:
You can see their full holdings history, quarter-over-quarter changes, and concentration metrics. Free accounts can view current holdings. Pro accounts unlock the historical comparison and cross-fund consensus tools that show which stocks appear across multiple major filers simultaneously.
Q1 2026 filings will be due by May 15, 2026 — that's when we'll see whether these Q4 bets played out and what moves they made in the first three months of this year.
Frequently Asked Questions
What did hedge funds buy most in Q4 2025?
The most commonly held names across major Q4 2025 13F filings were NVDA, MSFT, AMZN, and GOOGL. D.E. Shaw held $5.65B in Nvidia alone. Alphabet (Google) saw notable additions from multiple managers including Fidelity and Appaloosa.
Did Druckenmiller sell Meta in Q4 2025?
Yes. Duquesne Family Office, Druckenmiller's investment vehicle, fully exited Meta in Q4 2025 after adding the position just one quarter earlier. He simultaneously built a new position in Brazilian equities (EWZ) worth $247M.
What is David Tepper buying in 2025?
As of Q4 2025, Appaloosa's largest position is Alibaba (BABA) at 10.9% of the portfolio. Tepper also holds significant positions in Alphabet, Amazon, Micron, Meta, and TSMC. His portfolio reflects high conviction on AI infrastructure and Chinese tech recovery.
When do Q1 2026 13F filings come out?
Q1 2026 13F filings are due by May 15, 2026 — 45 days after the March 31 quarter end. Most major institutions file close to the deadline. 13F Insight updates automatically when new filings are processed.
How do I see what a hedge fund owns right now?
You can view any major hedge fund's current holdings on 13F Insight. Search by fund name or browse the filer directory. The most recent 13F data is updated each quarter. Note that due to the 45-day filing lag, "current" holdings reflect positions from the end of the previous quarter.
Related Research
Explore all researchQ1 2026 13F filings are due May 15, 2026. Track Berkshire, Millennium, Bridgewater and more. See expected filing dates, AI/sector themes, and how to access data the moment it drops.
Mar 31, 2026
Arrowstreet Capital's systematic models triggered one of Q4 2025's most aggressive Apple trims (-38% shares) while more than doubling Google. With 93 new positions and $170.74B in 13F assets, here's what the quant signals are saying.
Mar 30, 2026
Simplex Trading reported a $177.41B Q4 2025 13F, but the filing reads less like a stock portfolio and more like an options-heavy market-structure book. That distinction is the whole story.
Apr 1, 2026
Israel Englander's multi-strategy giant allocated $34.15B to broad ETFs (IWM, IVV, QQQ, SPY) — the signature of pod-based beta hedging — while making outsized bets on WMT (+679% shares) and Bitcoin via IBIT.
Mar 30, 2026
IMC-Chicago filed a $275.42B Q4 2025 13F showing 84 new positions, 84 exits, and a book dominated by ETF, index, and derivative-style exposures.
Mar 29, 2026