What the managers we follow bought and sold in Q4 2025

Most widely bought by the managers we follow, Q4 2025: managers buying and selling

Most widely bought by the managers we follow

The securities the most managers we follow opened or added to in Q4 2025, by number of managers, then by estimated net value. Open a count to see the managers. Net shares are the shares those managers bought or sold, all together; the estimated net value is those shares valued at the quarter-end price the filings imply. Top 20.

Most widely sold by the managers we follow

The securities the most managers we follow reduced or exited in Q4 2025, by number of managers, then by the largest estimated net selling. Top 20.

Largest net buying by the managers we follow, by estimated value

Shares bought minus shares sold by the managers we follow, valued at the quarter-end price the filings imply (the median of reported value over shares across the managers holding the security at the end of Q4 2025). ETFs are included and can top this table. Top 20.

Largest net selling by the managers we follow, by estimated value

The same measure, largest net selling first. A security no manager we follow held at the end of Q4 2025 has no implied price, so its net value is not estimated (1,194 this quarter); the largest exits below show those at their previous reported values. Top 20.

Largest new positions among the managers we follow

A security on a manager's Q4 2025 filing that was not on its previous filing, by reported value as filed for Q4 2025. Top 20.

Largest exits among the managers we follow

A security on a manager's previous filing that is not on its Q4 2025 filing, by the reported value on that previous filing. Top 20.

Lines left out by the price check: 9 (listed under Method and limitations).

The managers we follow and their filings for Q4 2025

Each manager's Form 13F-HR filings for Q4 2025 (a later document for the same quarter is listed under the first), the day Kresmion first stored their rows (a re-walk can move this date; it is not the filing date, which is on each EDGAR filing page), and the quarter it is compared with (its previous filed quarter). The counts are its lines in this study; its fund page has every position.

Method and limitations

• Universe: the 22 managers we follow (each one linked on this page), not every 13F filer; every count on this page is a number of these managers.
• Timing: a Form 13F-HR is due 45 days after the quarter ends (for Q4 2025, by 2026-02-17), so this page shows positions held at 2025-12-31, up to about six weeks before the filings are public.
• Each manager's Q4 2025 filing is compared with its own previous filed quarter (Q3 2025 on this page), by share count on each CUSIP: new (not on the previous filing), added (more shares), reduced (fewer shares), exited (not on the Q4 2025 filing) or unchanged. Buying is new plus added; selling is reduced plus exited. Two share classes (for example Alphabet's CUSIPs) are two securities.
• Stock splits: when a corroborated split of the security has an ex date between the two period ends, the previous share count is put on the new basis before the comparison (multiplied by 5 for a 5-for-1 split, divided by 10 for a 1-for-10 reverse split; the reported value stays as filed), and the line says so, for example "split-adjusted 5:1, ex 2026-05-08". Corroborated means Kresmion's split record holds it with a second witness agreeing on the ratio (a filed share count or the market value). If that record cannot be read, a line held on both filings is not compared. On this page: 22 lines compared split-adjusted, in Aethlon Medical Inc (AEMD) (split-adjusted 1:10, ex 2025-10-20); Aptevo Therapeutics Inc. (APVO) (split-adjusted 1:18, ex 2025-12-30); Boxlight Corp (BOXL) (split-adjusted 1:6, ex 2025-12-23); CDT Equity Inc. (CDT) (split-adjusted 1:8, ex 2025-10-13); Dragonfly Energy Holdings Corp. (DFLI) (split-adjusted 1:10, ex 2025-12-18); Elong Power Holding Ltd. (ELPW) (split-adjusted 1:16, ex 2025-12-26); Enveric Biosciences, Inc. (ENVB) (split-adjusted 1:12, ex 2025-10-28); EZGO Technologies Ltd. (EZGO) (split-adjusted 1:25, ex 2025-11-21); Harrison Global Holdings Inc. (BLMZF) (split-adjusted 1:10, ex 2025-11-21); Inno Holdings Inc. (INHD) (split-adjusted 1:24, ex 2025-12-22); Interlink Electronics Inc (LINK) (split-adjusted 3:2, ex 2025-10-29); iOThree Ltd (IOTR) (split-adjusted 1:10, ex 2025-11-10); iPower Inc. (IPW) (split-adjusted 1:30, ex 2025-10-27); Meihua International Medical Technologies Co., Ltd. (MHUAF) (split-adjusted 1:100, ex 2025-11-24); Netflix Inc (NFLX) (split-adjusted 10:1, ex 2025-11-17); NewGenIvf Group Ltd (NIVF) (split-adjusted 1:5, ex 2025-12-01); Nuvve Holding Corp. (NVVE) (split-adjusted 1:40, ex 2025-12-15); ProMIS Neurosciences Inc. (PMN) (split-adjusted 1:25, ex 2025-11-28); ProPhase Labs, Inc. (PRPH) (split-adjusted 1:10, ex 2025-12-22); ReTo Eco-Solutions, Inc. (RETO) (split-adjusted 1:5, ex 2025-11-03); Robin Energy Ltd. (RBNE) (split-adjusted 1:5, ex 2025-12-24); ServiceNow, Inc. (NOW) (split-adjusted 5:1, ex 2025-12-18); TEN Holdings, Inc. (XHLD) (split-adjusted 1:15, ex 2025-12-02); Texas Pacific Land Corp (TPL) (split-adjusted 3:1, ex 2025-12-23); Yunhong Green Cti LTD. (YHGJ) (split-adjusted 1:10, ex 2025-10-01).
• Tickers: a 13F lists CUSIPs, not tickers. A ticker is shown, linked and used for the split adjustment only on the CUSIP most managers we follow hold under it in the quarter; another share class, a tracking stock or a unit of the same issuer shows its issuer name and CUSIP only.
• A security that changed CUSIP for the same company (an ADR replaced by the ordinary share, a reverse split with a new CUSIP, units separated into shares, a tracking stock exchanged for the new company's shares) would read as one exit and one new position. When a manager left one CUSIP and opened another of the same company in the quarter (the same ticker as filed, the same issuer name, or the same first word of the name with exactly the same share count), both lines are not compared (security changed) and count as neither buying nor selling. On this page: 207 lines, 103 changes, the first 25 listed.
  • Millennium Management: 1RT Acquisition Corp. (CUSIP G6757R121), 329,000 shares in Q3 2025, then 1RT Acquisition Corp. (ONCH), 261,952 shares.
  • Millennium Management: 374WATER Inc (CUSIP 88583P104), 1,084,003 shares in Q3 2025, then 374Water Inc. (SCWO), 88,658 shares.
  • Two Sigma Investments: 374WATER Inc (CUSIP 88583P104), 143,251 shares in Q3 2025, then 374Water Inc. (SCWO), 13,627 shares.
  • Millennium Management: A Paradise Acquisition Corp (CUSIP G04819127), 547,500 shares in Q3 2025, then A Paradise Acquisition Corp (CUSIP G04819101), 977,500 shares.
  • Millennium Management: A Paradise Acquisition Corp (CUSIP G04819127), 547,500 shares in Q3 2025, then A Paradise Acquisition Corp (CUSIP G04819119), 504,930 shares.
  • Citadel Advisors: Adicet Bio Inc (CUSIP 007002108), 583,948 shares in Q3 2025, then Adicet Bio, Inc. (ACET), 107,814 shares.
  • Renaissance Technologies: Adicet Bio Inc (CUSIP 007002108), 1,828,949 shares in Q3 2025, then Adicet Bio, Inc. (ACET), 242,945 shares.
  • Two Sigma Investments: Adicet Bio Inc (CUSIP 007002108), 854,568 shares in Q3 2025, then Adicet Bio, Inc. (ACET), 144,796 shares.
  • Citadel Advisors: Assertio Holdings Inc (CUSIP 04546C205), 325,507 shares in Q3 2025, then Assertio Holdings, Inc. (ASRT.D), 44,706 shares.
  • Millennium Management: Assertio Holdings Inc (CUSIP 04546C205), 605,983 shares in Q3 2025, then Assertio Holdings, Inc. (ASRT.D), 34,478 shares.
  • Renaissance Technologies: Assertio Holdings Inc (CUSIP 04546C205), 2,942,276 shares in Q3 2025, then Assertio Holdings, Inc. (ASRT.D), 190,697 shares.
  • Two Sigma Investments: Assertio Holdings Inc (CUSIP 04546C205), 371,429 shares in Q3 2025, then Assertio Holdings, Inc. (ASRT.D), 18,670 shares.
  • Two Sigma Investments: Bain Cap GSS Invt Corp (CUSIP G0R78B122), 643,750 shares in Q3 2025, then Bain Capital GSS Investment Corp. (BCSS), 854,756 shares.
  • Renaissance Technologies: Bank Montreal Que (BULZ), 4,400 shares in Q3 2025, then MS Fang+ 3X Leveraged ETN (FNGU), 28,700 shares.
  • Citadel Advisors: Biomx Inc (CUSIP 09090D301), 161,781 shares in Q3 2025, then Biomx Inc (HLSQ), 18,707 shares.
  • Citadel Advisors: Blue Acquisition Corp. (CUSIP G1331A124), 237,377 shares in Q3 2025, then Blue Acquisition Corp. (CUSIP G1331A108), 66,643 shares.
  • Citadel Advisors: Blue Acquisition Corp. (CUSIP G1331A124), 237,377 shares in Q3 2025, then Blue Acquisition Corp. (CUSIP G1331A116), 250,100 shares.
  • Point72 Asset Management: Brown Forman Corp (BF-A), 23,569 shares in Q3 2025, then Brown Forman Corp (BF-B), 334,904 shares.
  • Point72 Asset Management: Cango Inc (CUSIP 137586103), 71,100 shares in Q3 2025, then Cango Inc. (CANG), 17,154 shares.
  • Two Sigma Investments: Chenghe Acquisition III Co (CUSIP G2086N113), 398,750 shares in Q3 2025, then Chenghe Acquisition III Co. (CHEC), 398,750 shares.
  • Renaissance Technologies: Companhia Paranaense De Ener (CUSIP 20441B605), 541,600 shares in Q3 2025, then Companhia Paranaense De Ener (ELPC), 390,992 shares.
  • D. E. Shaw & Co.: Composecure Inc (CMPOW), 843,130 shares in Q3 2025, then Composecure Inc (GPGI), 134,336 shares.
  • Citadel Advisors: Critical Metals Corp. (CRML), 45,517 shares in Q3 2025, then Critical Metals Corp (CUSIP G2662B111), 169,774 shares.
  • Millennium Management: CSLM Digita Asset Acq Corp I (CUSIP G2584S135), 200,000 shares in Q3 2025, then CSLM Digita Asset Acq Corp I (CUSIP G2584S101), 200,000 shares.
  • D. E. Shaw & Co.: Drugs Made in Amer Acq II Co (CUSIP G2851K120), 1,000,000 shares in Q3 2025, then Drugs Made In America Acquisition II Corp. (DMII), 1,000,000 shares.
• ETFs are included: a manager's index, sector or commodity fund counts like any other security, so an ETF can top the value tables. A security is tagged ETF where the OpenFIGI map Kresmion keeps classes its CUSIP as an exchange-traded product, and shows the fund's own name from that map where the 13F names only its trust.
• Warrants, rights, units and preferred shares reported as a share count are kept, each as its own security under its own CUSIP. Option lines (puts and calls) are left out, and so are notes: a line reported by principal amount, or a CUSIP whose issue number (characters 7 and 8) has a letter, which in these filings is mostly a convertible note (1,141 lines this quarter and in the quarters compared).
• Values are the values reported in the filings for the quarter end. Kresmion reads no market price here: the implied price of a security is its median reported value per share across the managers holding it at the end of Q4 2025, and the estimated net value is the net share change times that price.
• Price check: a line whose implied price is more than 25% away from that median, when at least 3 managers hold the security, is left out of every count and sum on this page (a value reported in the wrong unit or a share count that does not match its value). Lines left out on this page: 9, listed below.
  • Millennium Management LLC, Payoneer Global Inc. (PAYO), Q4 2025: 4,676,041 shares reported at $19,682,388, an implied $4.21 a share against a median of $5.62 over 7 holders.
  • Point72 Asset Management, L.P., Zenas BioPharma, Inc. (ZBIO), Q4 2025: 368,400 shares reported at $9,213,684, an implied $25.01 a share against a median of $36.31 over 4 holders.
  • Millennium Management LLC, Hewlett Packard Enterprise C (CUSIP 42824C208), Q3 2025: 191,800 shares reported at $261,633, an implied $1.36 a share against a median of $67.90 over 3 holders.
  • Millennium Management LLC, OmniAb, Inc. (OABI), Q3 2025: 285,801 shares reported at $260,069, an implied $0.91 a share against a median of $1.60 over 5 holders.
  • Millennium Management LLC, Strive, Inc. (ASST), Q3 2025: 11,112,791 shares reported at $14,893,089, an implied $1.34 a share against a median of $2.50 over 3 holders.
  • Millennium Management LLC, United Homes Group, Inc. (UHG.D), Q3 2025: 53,011 shares reported at $143,848, an implied $2.71 a share against a median of $4.13 over 3 holders.
  • Renaissance Technologies LLC, Strategy Inc (MSTR), Q3 2025: 225,730 shares reported at $42,102,865, an implied $186.52 a share against a median of $322.21 over 6 holders.
  • Third Point LLC, Aurora Innovation, Inc. (AUR), Q3 2025: 1,032,463 shares reported at $2,173,719, an implied $2.11 a share against a median of $5.39 over 5 holders.
  • Two Sigma Investments, LP, Lunai Bioworks Inc. (LNAI), Q3 2025: 16,417 shares reported at $2,136, an implied $0.13 a share against a median of $1.42 over 3 holders.
• No ranking by percentage change: a manager that scales a 1,000-share position up to a full one reads as an increase of many thousand percent, so this page ranks by number of managers and by dollars only.
• Filings can be amended. When a manager files a later document for the same quarter, Kresmion merges it into that quarter and this page changes with it.
• A 13F lists long positions in the securities on the SEC's 13(f) list (mainly US-listed stocks and other equity securities) held at quarter end. It does not show short positions, cash or other holdings, and it does not say why a position changed or what the manager holds today.

Q3 2025: what they bought and soldQ1 2026: what they bought and soldEvery quarterAll the managers we followHow to read a 13F filing

Fund pages: Berkshire Hathaway Inc · Citadel Advisors LLC · D. E. Shaw & Co., Inc. · Millennium Management LLC · Two Sigma Investments, LP · Renaissance Technologies LLC · Point72 Asset Management, L.P. · Coatue Management LLC · Viking Global Investors LP · Bridgewater Associates, LP · Tiger Global Management LLC · Lone Pine Capital LLC · Elliott Investment Management L.P. · Pershing Square Capital Management, L.P. · Greenhaven Associates Inc · Soros Fund Management LLC · Appaloosa LP · Baupost Group LLC · Third Point LLC · Himalaya Capital Management LLC · Dragoneer Investment Group, LLC · JANA Partners Management, LP