Six Funds Added to Broadcom in Q1. D. E. Shaw's Stake Jumped 127% to $2 Billion.

Six of the hedge funds Kresmion tracks added to their Broadcom positions in the first quarter, and the largest buyer raised its stake by a full 127 percent. That buyer was D. E. Shaw, the quantitative manager, whose common-share Broadcom stake reached $2.02 billion at the March 31 reporting line. Five other tracked funds built positions in the same quarter, every one of them recorded at the same $309.51 quarter-end mark. These are end-March holdings, filed in mid-May, so they describe where conviction sat at the last reporting line, not current positioning. Broadcom has since risen about 23 percent to $382.07, and the cluster lands three trading days before Kevin Warsh chairs his first Federal Reserve meeting on June 16 to 17.

Key takeaways

D. E. Shaw led a six-fund move

The standout line in Kresmion's first-quarter 13F data is D. E. Shaw's Broadcom position. The firm reported 6,527,708 common shares worth $2,020,390,903 as of March 31, a 127% increase over the prior quarter. That figure matches the firm's own filing with the SEC to the share: the information table in D. E. Shaw's 13F-HR, filed May 15, 2026, lists three common-stock lots in Broadcom totaling exactly 6,527,708 shares and $2,020,390,903.

Five other tracked funds were building the same name in the same quarter. Bridgewater Associates raised its stake 57% to $568 million. Renaissance Technologies built a $246 million position. Soros Fund Management added 52% to reach $48 million. Two Sigma Investments roughly tripled its position to $16 million. Third Point opened a new $15 million holding. The six funds with strong accumulation signals held a combined $2.91 billion in Broadcom at quarter-end.

Every one of these rows carries the same implied price, $309.51 per share, because that was Broadcom's actual closing price on March 31, 2026. Kresmion verifies each cluster's implied mark against the real quarter-end close before publishing, which is how it separates clean filings from the data errors that periodically appear in raw 13F feeds. A position whose implied price does not match the quarter's real close does not survive that check.

It was not a unanimous vote

Crowding is not the same as consensus, and the Broadcom tape shows both sides. Of the ten tracked funds holding the stock, six posted strong accumulation signals and a seventh, Tiger Global, increased its position about 25% to $1.11 billion. The other three moved the other way. Coatue Management held its $1.70 billion position roughly flat, a 0.1% trim. Millennium Management reduced about 7%, and Point72 trimmed a similar amount. Across all ten tracked holders, the combined Broadcom stake was about $6.62 billion at quarter-end.

So the accurate reading is concentration among the buyers, not a clean sweep. The funds that added did so with conviction, led by a single quantitative manager committing $2 billion, while two of the largest incumbent holders stepped back at the same mark.

The same shape in Visa

Broadcom was not the only place tracked funds converged last quarter. Six funds built Visa positions at the $302.24 March 31 close, led by Viking Global Investors, which raised its stake 59% to $1.91 billion. Coatue opened a $217 million position, Renaissance Technologies tripled its holding to $205 million, and Two Sigma, Lone Pine and Point72 all added. Visa closed at $322.39 on June 12, about 7% above the quarter-end mark.

One Visa row was excluded from that count. A single filing listed roughly 701,000 shares carrying an implied price of $0.30, far from the $302.24 close, so it failed the mark check and was dropped rather than counted as a seventh buyer. That is the routine work behind a clean convergence number.

What Wednesday tests

These are long-duration, rate-sensitive megacaps, and they head into the first Federal Reserve meeting chaired by Kevin Warsh on June 16 and 17. It is his first Summary of Economic Projections and his first dot plot, the market's first direct read on where the new chair and the committee see rates heading. Prediction markets price a June hold at 98.45% on a single venue with a $9.95 million pool, so the decision itself is close to settled. The projections are the variable.

The inflation data framing that meeting is firm. May headline CPI came in at 4.2% year over year, with core at 2.9%, and May producer prices rose 6.5% year over year, the largest twelve-month increase since November 2022. Against that, Kresmion's cross-asset regime engine reads a smoothed score of +0.0957, classified Neutral for a 46th consecutive day at HIGH conviction. The score is positive, but the label has not moved.

Kresmion Research frames this as structural context, not a forecast. The 13F figures describe positioning as of March 31; they are not a market call, and crowded ownership says nothing about what any of these stocks will do next. Yesterday's note covered the week's regime round-trip; this one covers where institutional conviction sat at the last reporting line.

Frequently asked questions

How current is 13F positioning data?

A 13F report is a quarterly snapshot. The filings discussed here cover holdings as of March 31, 2026 and were filed in mid-May, so they are roughly ten to eleven weeks old by mid-June. They show where large managers stood at the last reporting line, not where they stand today. Broadcom has risen about 23% since that quarter-end mark, which means the positions captured a move that had already begun, not a prediction of one.

Does fund crowding mean a stock will rise?

No. Crowding describes how many tracked managers hold a name and how aggressively they added; it is a measure of positioning, not a forecast of price. In Broadcom's case the picture is mixed even among large holders, with six funds adding strongly while two of the biggest incumbents trimmed at the same mark. Kresmion publishes this as context, not as advice.

Why was one Visa holding excluded?

Kresmion groups 13F holdings by CUSIP and checks each position's implied price, calculated as reported value divided by reported shares, against the stock's actual quarter-end close. One Visa filing implied a price of $0.30 per share against an actual close of $302.24, a clear data error, so it was excluded from the six-fund count rather than treated as a genuine new position.

What is priced for Warsh's first FOMC?

A single-venue prediction market with a $9.95 million pool prices no change in rates at the June 16 to 17 meeting at 98.45%, a near-certain hold by market-implied probability. The more open question is the Summary of Economic Projections, the new chair's first dot plot, which arrives alongside the rate decision and carries the committee's rate-path estimates. These are prediction-market readings and projections, not Kresmion forecasts.

Sources

• D. E. Shaw 13F-HR information table, period 2026-03-31, SEC EDGAR
• Broadcom (AVGO) price history, Yahoo Finance
• Visa (V) price history, Yahoo Finance
• May 2026 Consumer Price Index, U.S. Bureau of Labor Statistics
• May 2026 Producer Price Index, U.S. Bureau of Labor Statistics
• Kevin Warsh's first Fed meeting, June 2026 preview, J.P. Morgan / Chase