Below is a Q4 2025 13F recap for major funds – we provide data about high-profile hedge funds and how it differs from their Q3 2025 holdings.
As a reminder: 13F recaps do not provide in-depth portfolio analyses but rather a sneak peek into hedge fund activities in the last quarter. 13F filings also do not include information about when the holdings were bought or sold, nor do they indicate whether the firm in question still owns them.
As an important note, these reports do not show activities of the mentioned companies on a global scale but focus on U.S.-traded stocks. Derivatives, cash, or credit-type investments are also not covered in these reports.
You can see our hedge fund letters database for much more insight into stock purchases by funds.
First a summary of overall trends.
The pattern across virtually every major fund in Q4 2025 is the same – hedge funds piling into AMZN, META, MSFT, GOOGL (the compounders with AI tailwinds) while simultaneously exiting or slashing positions in CMG, NFLX, FLUT, PM, and other former high-conviction names that had big runs. Even Pershing Square exited CMG entirely after years holding it.
Duquesne, Discovery, Appaloosa, Senator, and others all opened airline positions in the same quarter, which almost never happens across this many prominent funds simultaneously.
Hedge funds bought one stock which was off the radar.
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