Five Funds Opened New Meta Positions in Q1. Five Others Trimmed Theirs.

By Kresmion Research

Five large funds opened brand-new Meta positions in the first quarter, a combined 1.23 billion dollars of fresh money, even as five others trimmed theirs. The same quarter that drew Viking Global, Dragoneer, Renaissance Technologies, Third Point and Soros into the stock for the first time saw Coatue cut a quarter of its position and Millennium halve its own. This was not a consensus move into the stock. It was a two-sided rotation, and the same pattern shows up in Nvidia.

The figures come from the 13F filings that large managers submit to the SEC every quarter. They land on the day a new Federal Reserve chair begins his first meeting, so the positioning sits against an unusually quiet macro reading. More on that below.

Key takeaways

Among the roughly two dozen managers Kresmion tracks, fourteen disclosed a Meta position at the end of the first quarter and twelve disclosed Nvidia. Every Meta filer carried the position at an identical mark of $572.13 per share, and every Nvidia filer at $174.40. A single shared mark across every filer is the check that these rows are clean quarter-end values and not a data artifact.

What the Meta filings show

The fresh money was real and it was spread across five managers. Viking Global opened the largest new stake, 1,062,575 shares worth $607.9 million, followed by Dragoneer at $407.8 million, Renaissance Technologies at $145.0 million, Third Point at $51.5 million and Soros at $19.8 million. Three more funds added to existing holdings: Tiger Global lifted its position 12.2 percent to 3,086,864 shares, the single largest Meta stake in the group at $1,766.1 million; Bridgewater added 30.4 percent and Point72 added 25.2 percent.

The other side of the ledger was just as active. Coatue cut its Meta holding 25.6 percent to $1,608.9 million, Millennium reduced its stake 52.8 percent to $855.3 million, Appaloosa trimmed 27.3 percent, D. E. Shaw cut 8.0 percent and Two Sigma cut 13.6 percent. Pershing Square held roughly flat, down 0.5 percent at $1,522.4 million.

Across the fourteen funds, the new and added money totaled about $3.23 billion. The reductions totaled about $3.28 billion. By dollars, the funds cutting Meta slightly outweighed the funds buying it. That balance is the story: the data does not show institutions converging on the stock. It shows them disagreeing about it.

Nvidia tells the same story

Twelve tracked funds disclosed Nvidia at the end of the quarter, valued at about $10.39 billion in total. The largest holder, Millennium, sat almost perfectly flat at 23,618,000 shares worth $4,119.0 million, up 0.4 percent. Tiger Global added 9.1 percent to $2,094.8 million. Seven funds in all added or surged, led by Renaissance, which raised its Nvidia stake 190 percent to $440.7 million, and Soros, up 61.2 percent.

But four funds pulled back. Coatue cut its Nvidia holding 31.2 percent, the same fund that trimmed Meta, and Third Point cut 93.6 percent, taking its position from roughly 2.95 million shares down to 190,000. The cross-currents are visible at the fund level: Coatue reduced both names, Tiger Global added to both, and Renaissance opened Meta while raising Nvidia.

Why this is not a consensus

A 13F is a backward-looking document. It captures where a fund stood on March 31, filed by the May 15 deadline, which makes this snapshot roughly eleven weeks old. It says nothing about what any of these managers have done since, and it does not disclose options, shorts or hedges sitting alongside the long stock. Read plainly, the Q1 filings show fresh institutional money entering Meta and Nvidia from some managers at the same time others were taking money out. There is no single direction to read from it, and Kresmion does not assign one.

For transparency, one widely cited Berkshire Hathaway row for Alphabet was excluded from this analysis as a known data error; its share count is inflated relative to the filing of record.

What the Fed does this week

The filings arrive as the Federal Open Market Committee meets on June 16 and 17, the first meeting chaired by Kevin Warsh, who was confirmed by the Senate on May 13 and succeeded Jerome Powell. The rate decision and the first Summary of Economic Projections under Warsh are due on June 17. Prediction markets put the odds of no change to the current 3.50 to 3.75 percent range at 98.45 percent on Polymarket, with about $9.95 million of volume on the question. The same venue prices the chance of a July cut at just 1.45 percent, with a 93.50 percent chance the Fed holds again at its July meeting, while the odds of any rate increase during 2026 sit at 19.50 percent.

Warsh has signaled that he wants to limit the Fed's forward guidance, and reports suggest he may reshape or decline to contribute to the dot-plot that markets lean on for the rate path. That makes tomorrow's projections, the rate-sensitive valuation anchor for stocks like Meta and Nvidia, harder to read than usual.

The cross-asset picture going in is calm. Kresmion's macro-regime model reads a smoothed score of +0.22, squarely Neutral, with high conviction and the regime 48 days old. The 10-year Treasury yield sits at 4.48 percent and the 2-year at 4.09 percent, leaving the curve slope at about +40 basis points. The high-yield credit spread is 266 basis points, historically tight, and financial conditions read accommodative. The backdrop is the hottest inflation since 2022, with May CPI at 4.2 percent and PPI at 6.5 percent, covered in yesterday's note.

Frequently asked questions

What is a 13F and how current is this data?

A 13F is the quarterly report large US investment managers file with the SEC disclosing their long equity holdings. It is due within 45 days of quarter-end. This data is the March 31, 2026 snapshot, filed by the May 15 deadline, so it is roughly eleven weeks old. It shows where funds stood at quarter-end, not where they are positioned today.

Does this mean the funds were buying Meta?

No. Among the funds Kresmion tracks, five opened new Meta positions and three added, but five trimmed and one held flat. By dollar value the reductions slightly outweighed the new and added money. The filings show a two-sided rotation, not a one-directional move, and Kresmion does not infer a direction from it.

Why does the same price appear for every fund?

Every Meta filer reports the position at an identical implied mark of $572.13 per share, and every Nvidia filer at $174.40. That is the quarter-end price each fund used to value the holding. A uniform mark across every filer is the integrity check that the rows are clean and not a merged or corrupted data point.

What is the Federal Reserve doing this week?

The Federal Open Market Committee meets June 16 and 17, the first meeting chaired by Kevin Warsh. Prediction markets price a 98 percent chance of no change to the 3.50 to 3.75 percent target range. The rate decision and the first Summary of Economic Projections under Warsh are scheduled for June 17.