🧠 Smart Money Consensus Report

Q1 2026 | Based on 13F filings through May 15, 2026 | Generated May 19, 2026 15:34 UTC (FULL 20-FUND RUN)
Tracking 20/20 funds | Signal threshold: 3.0 | Data source: SEC EDGAR

Consensus (T1)

Solo-Expert (T2)

Cross-Domain (T3)

REDUCE Signals

Cult Stocks Flagged

22/20

Funds Processed

Executive Summary

Q1 2026 marks the latest Smart Money Consensus run, processing 13F-HR filings from all 22 watchlist funds (filing deadline May 15, 2026). The engine surfaced 62 trade-ready signals: 11 Tier-1 consensus (3+ funds converging), 49 Tier-2 solo-expert, and 2 Tier-3 cross-domain emerging signals. The headline story is a violent rotation away from crowded mega-cap tech (e.g. TSM held by 11/22, GOOGL held by 12/22 — both hit by 0.5x cult penalty and 0.67x Tiger-Cub haircut, dropping their scores below the 3.0 threshold despite near-universal ownership) and into AI infrastructure, nuclear power, and China reversal trades.

The top signal at MSFT (score 4.97) is driven by 7 funds across 4 styles.

AI infrastructure is the dominant consensus theme: CoreWeave (CRWV) emerges as the highest-conviction new signal with 8 funds buying NEW or ADD_BIG — including edge-specialist Aschenbrenner — giving it a score of 3.07 even after a 0.75x cult penalty. Nebius (NBIS) appears with 3 funds from 3 different styles. Broadcom (AVGO) and Arista (ANET) show heavy institutional accumulation. Vistra Energy (VST) with 3 funds is the purest AI-power-capex play.

On the sector rotation chart, the clear winners are AI Infra (+4 net), while the losers are Financials (-2 net), Healthcare (-2 net). Healthcare exits across 4 funds (Druckenmiller TRIM_TRIM_TRIM + Mandel LLY TRIM) contradict the prior Druckenmiller-only dry run, which had positioned healthcare as the dominant theme. The full-watchlist view reframes that as a Druckenmiller idiosyncrasy, not a smart-money consensus.

Top 10 Signals at a Glance

#	Ticker	Score	Tier	# Funds	Action	Entry Quality	Sector
1	MSFT	4.97	CONSENSUS	7	BUY	SMALL PREMIUM	🟡 +13.9% · $421.49	Tech
2	CVNA	4.37	CONSENSUS	5	BUY	CHASING	🟢 -0.7% · $62.44	Other
3	UBER	4.35	CONSENSUS	3	BUY	SMALL PREMIUM	🟢 +3.5% · $74.43	Tech
4	CPNG	4.27	CONSENSUS	3	BUY	STALE	⚫ -19.5% · $15.19	Other
5	META	3.91	CONSENSUS	8	REDUCE	SMALL PREMIUM	🟡 +5.7% · $604.75	Tech
6	NVDA	3.76	CONSENSUS	9	REDUCE	CHASING	🔴 +26.7% · $220.98	Other
7	EWZ	3.63	CROSS	2	SMALL_BUY	RIDING	⚫ -6.5% · $35.88	Other
8	MU	3.50	CONSENSUS	4	REDUCE	CHASING	🔴 +104.0% · $689.09	Semiconductors
9	AMZN	3.37	CONSENSUS	11	SMALL_BUY	CHASING	🔴 +23.0% · $256.1	Tech
10	GLW	3.32	CONSENSUS	4	SMALL_BUY	CHASING	🔴 +27.6% · $173.57	Other

📖 How to Read This Report (Share-Ready Walkthrough)

The thesis in one line: When multiple elite hedge fund managers independently converge on the same stock, or when one manager with proven edge takes a big solo bet in their edge domain, that's actionable alpha. This report finds those moments.

Step 1 — Start with the Executive Summary

The Executive Summary tells you the story of the quarter. What's the dominant rotation? What changed? Read this first to get the narrative before diving into specific tickers.

Step 2 — Look at the Top 10 Signals table

The Top 10 ranks every emitted signal by composite score. Read each column:

Column	What it means	What "good" looks like
Score	Composite signal strength. Higher = stronger conviction from the smart money.	≥5.0 = elite · 4.0-4.9 = strong · 3.0-3.9 = emerging · Below 3.0 doesn't emit
Tier	CONSENSUS = 3+ funds agree. SOLO = 1 fund, in their edge domain. CROSS = 2 funds, different styles.	CONSENSUS = safest. SOLO = highest-upside contrarian. CROSS = watchlist, may become CONSENSUS.
#Funds	How many of the 20 watchlist funds hold this (active, not exits)	3+ for CONSENSUS. 1 for SOLO. Holds over 10 trigger cult penalty.
Action	What to actually do, derived from fund behavior + score	STRONG_BUY > BUY > SMALL_BUY > WATCHLIST > REDUCE
Entry Quality	Are the funds still building, or long-held? How close are you to their average cost basis?	RIDING (best) > SMALL PREMIUM > CHASING > LATE (worst). "BELOW COST" is rare and interesting.
Sector	Primary sector classification	Helps you see portfolio balance — don't stack 5 AI-infra bets.

Step 3 — Click any signal row to expand the detail

Every row is clickable. The expanded view shows:

Raw Score Build-Up — exactly how the formula produced this score. You can see the top fund's raw contribution, then the style haircut, then the cult penalty.
Style Diversity — how many distinct investing styles are in this signal. 3+ styles is strong because it means uncorrelated managers independently reached the same conclusion.
Holding Funds (chips) — each fund that owns this name, sorted by their contribution to the score. Shows what action they took (NEW, ADD_BIG, HOLD, TRIM), what % of their portfolio it is, and any notes about their thesis.
Exiting Funds — if any of the signaling funds are bailing, they're flagged here. This is your early-warning system.

Step 4 — Check the Sector Rotation tab

This tells you the meta-signal: which sectors are the entire smart-money cohort buying or selling? If your individual signal is in a sector with strong positive rotation (like AI Infra this quarter), that's corroborating evidence. If your signal is in a sector the cohort is exiting, that's a yellow flag.

Step 5 — Check the Cult Stocks tab before trading

Before you buy ANY of the signals, check if it's on the Cult Stock list. These are names held by 6+ funds. They're crowded trades — everyone already owns them. The signal score already penalizes them (0.5x or 0.75x), but it's worth seeing the full list to understand what's "common knowledge" vs. what's distinctive.

Step 6 — Read the Methodology & FAQ tab

If anything in the report doesn't make sense, the FAQ covers it. Specific answers for "what's a good score?", "why did GOOGL not signal?", "what's the cult penalty for?", etc.

How to Actually Use This (Practical Playbook)

Pick 2-3 signals from the top of the list. Don't try to buy everything — smart money's signals have ~50% hit rate historically. Quality > quantity.
Size based on entry quality. RIDING = full size. SMALL PREMIUM = 2/3 size. CHASING = 1/3 size or skip. LATE = skip.
Respect the cult penalty. If a name is flagged as cult, sizing should be smaller even if score is above threshold — the alpha is probably mostly gone.
Watch for exit signals next quarter. If 2+ signaling funds exit, that's your signal to reduce.
13F is 45 days stale. Funds with high turnover (Druckenmiller 64%, Greenspan 52%) may have already rotated out. For them, treat signals as "what they bought 1-2 months ago" not "what they hold now."
This is not financial advice. Smart money is wrong ~40% of the time. Use it as one input, not gospel.

Quick-Share Summary (if you're sending this to a friend)

Q1 2026 Smart Money Signals (from 20 elite hedge fund 13Fs):

Top conviction trades this quarter:
  1. BABA (4.90) — Tepper, Sosin, Vinall all buying. Contrarian China reversal.
  2. VST (4.14) — Vistra. Nuclear power for AI. 3 funds agreeing.
  3. UBER (4.10) — Ackman top position. 5 funds, 4 styles agreeing.
  4. NBIS (3.52) — Nebius AI cloud. 3 funds, 3 different styles.
  5. CRWV (3.07) — CoreWeave. 8 funds piling in, edge-specialist Aschenbrenner included.

Big meta theme: Rotation into AI Infrastructure (+16 net buys, ZERO sells),
Nuclear Power (+6/0), and China (+6/0). Rotation out of Healthcare (-4) and SaaS (-2).

Notably absent from the signals: GOOGL, META, MSFT. Held by 8-17 of 20 funds
but no fresh conviction — the alpha is already priced in.

📊 Q/Q Changes: Q4 2025 → Q1 2026

This tab highlights what changed between quarters. Smart money flows are more actionable at the margin (fresh moves) than in the snapshot (holdings). Watch for new signals and tier upgrades for fresh entries; watch dropped signals and weakening scores for exit cues on prior positions.

🆕 New Signals

❌ Dropped Signals

📈 Strengthening

📉 Weakening

⬆️ Tier Upgrades

⬇️ Tier Downgrades

🆕 New Signals This Quarter

Signals that did not exist in Q4 2025. These are the freshest smart-money convergences.

Ticker	Company	Tier	Score	# Funds	Sector
MSFT	Microsoft Corp	CONSENSUS	4.97	7	Tech
CVNA	Carvana Co	CONSENSUS	4.37	5	Other
CPNG	Coupang Inc	CONSENSUS	4.27	3	Other
META	Meta Platforms Inc	CONSENSUS	3.91	8	Tech
NVDA	Nvidia Corporation	CONSENSUS	3.76	9	Other
EWZ	Ishares Inc	CROSS	3.63	2	Other
MU	Micron Technology Inc	CONSENSUS	3.5	4	Semiconductors
AMZN	Amazon Com Inc	CONSENSUS	3.37	11	Tech
GLW	Corning Inc	CONSENSUS	3.32	4	Other
SNDK	Sandisk Corp	CONSENSUS	3.13	3	Semiconductors
AMAT	Applied Matls Inc	CONSENSUS	3.07	4	Other
SMH	Vaneck Etf Trust	SOLO	2.24	1	Other
HGV	Hilton Grand Vacations Inc	SOLO	2.24	1	Other
QSR	Restaurant Brands Intl Inc	SOLO	1.92	1	Other
MOD	Modine Mfg Co	SOLO	1.68	1	Other
ORCL	Oracle Corp	SOLO	1.68	1	Tech
FUTU	Futu Hldgs Ltd	SOLO	1.6	1	Other
CACC	Credit Accep Corp Mich	SOLO	1.6	1	Other
ONC	Beone Medicines Ltd	SOLO	1.6	1	Other
IBKR	Interactive Brokers Group In	SOLO	1.6	1	Other
HHH	Howard Hughes Holdings Inc	SOLO	1.44	1	Other
FFIV	F5 Inc	SOLO	1.34	1	Other
ALAB	Astera Labs Inc	SOLO	1.26	1	Other
SOLS	Solstice Advanced Matls Inc	SOLO	1.26	1	Other
FOXA	Fox Corp	SOLO	1.26	1	Other
AVBP	Arrivent Biopharma Inc	SOLO	1.2	1	Other
CP	Canadian Pacific Kansas City	SOLO	1.2	1	Other
NAVN	Navan Inc	SOLO	1.2	1	Other
LEGN	Legend Biotech Corp	SOLO	1.2	1	Other
YUMC	Yum China Hldgs Inc	SOLO	1.2	1	Other
HTHT	H World Group Ltd	SOLO	1.2	1	Other
DY	Dycom Inds Inc	SOLO	1.12	1	Other
PWR	Quanta Scvs Inc	SOLO	1.12	1	Healthcare
BRK/B	Berkshire Hathaway Inc Del	SOLO	1.12	1	Financials
AEIS	Advanced Energy Inds	SOLO	1.12	1	Other
KO	Coca Cola Co	SOLO	1.12	1	Other
AXP	American Express Co	SOLO	1.12	1	Financials
FWONK	Liberty Media Corp Del	SOLO	1.01	1	Other
U	Unity Software Inc	SOLO	1.01	1	Other
LYV	Live Nation Entertainment In	SOLO	0.84	1	Other
ETN	Eaton Corp Plc	SOLO	0.84	1	Other
EWBC	East West Bancorp Inc	SOLO	0.84	1	Other
COF	Capital One Finl Corp	SOLO	0.84	1	Other
YPF	Ypf Sociedad Anonima	SOLO	0.84	1	Other
SHW	Sherwin Williams Co	SOLO	0.84	1	Other
BEKE	Ke Hldgs Inc	SOLO	0.8	1	Other
FN	Fabrinet	SOLO	0.56	1	Other
PCOR	Procore Technologies Inc	SOLO	0.56	1	Other
TKO	Tko Group Holdings Inc	SOLO	0.56	1	Other
MDB	Mongodb Inc	SOLO	0.56	1	Other
GTLB	Gitlab Inc	SOLO	0.56	1	Other
CB	Chubb Ltd Switz	SOLO	0.56	1	Other
CLS	Celestica Inc	SOLO	0.42	1	Other
CVX	Chevron Corporation	SOLO	0.42	1	Energy
CHYM	Chime Finl Inc	SOLO	0.42	1	Other
TOST	Toast Inc	SOLO	0.42	1	Other
BILL	Bill Holdings Inc	SOLO	0.28	1	Other
LITE	Lumentum Hldgs Inc	SOLO	0.28	1	AI Infra
CEG	Constellation Energy Corp	SOLO	0.28	1	Power/Nuclear

❌ Dropped Signals

Signals from Q4 2025 that fell below the 3.0 emission threshold or no longer have qualifying fund convergence. Review any positions you took on these.

Ticker	Company	Prior Tier	Prior Score	# Funds	Sector
BABA	Alibaba	CONSENSUS	4.9	3	China/EM
NBIS	Nebius Group	CONSENSUS	3.52	3	AI Infra
CNI	Canadian National Railway	CROSS	3.48	2	Industrials
CRWV	CoreWeave	CONSENSUS	3.07	8	AI Infra

📊 Score Deltas

Signals present in both quarters. Strengthening = smart money piling in further. Weakening = softening conviction.

Ticker	Company	Prior	Current	Δ	Direction	# Funds Δ
V	Visa Inc	3.3	1.6	-1.7	weakening	2 → 1
VST	Vistra Corp	4.14	3.01	-1.13	weakening	3 → 2

🔄 Tier Migrations

Signals that moved between tiers. T3 → T1 means a cross-domain signal graduated to full consensus (bullish acceleration). T1 → T3 means consensus is cooling.

Ticker	Company	Prior Tier	Current Tier	Direction	Score
VST	Vistra Corp	CONSENSUS	CROSS	⬇️ downgraded	3.01
V	Visa Inc	CROSS	SOLO	⬇️ downgraded	1.6

🌊 Sector Rotation Momentum

How sector rotation flows changed vs prior quarter. Accelerating sectors are compounding smart-money attention.

Sector	Prior Net	Current Net	Δ	Direction
Tech	+28	-6	-34	decelerating
Other	+0	-26	-26	decelerating
AI Infra	+16	+4	-12	decelerating
International	+2	-5	-7	decelerating
China/EM	+6	+0	-6	decelerating
Power/Nuclear	+6	+0	-6	decelerating
Financials	+2	-2	-4	decelerating
Industrials	+3	-1	-4	decelerating
Energy	+0	-3	-3	decelerating
Semiconductors	+5	+2	-3	decelerating
Healthcare	-4	-2	+2	accelerating
SaaS	-2	+0	+2	accelerating
Consumer	+2	+0	-2	decelerating
Auto/Tech	+1	+0	-1	decelerating
Materials	+1	+0	-1	decelerating

🎯 Fund-Level Position Changes

For signals present in both quarters, showing which specific funds changed their stance.

UBER — Uber Technologies Inc

greenspan: ADD → —
Atreides Management: ADD → —
Appaloosa LP: HOLD → ADD_BIG

V — Visa Inc

Lone Pine Capital: HOLD → —

VST — Vistra Corp

Whale Rock Capital Management: NEW → —
Situational Awareness LP: ADD_BIG → —
Lone Pine Capital: — → ADD
Atreides Management: ADD → —
Appaloosa LP: — → ADD_BIG

📋 Executive Signal Brief — Analyst Short List

Top 28 names out of 71 emitted signals that pass all three noise-reduction filters: (1) active conviction — NEW/ADD_BIG or 6%+ HOLD or building trajectory, (2) price edge intact — within -25% to +15% vs Q4 cutoff, (3) not majority-trimmed. Ranked by Analyst Priority Score combining signal strength, conviction size, trajectory, and price entry.

💡 Workflow: scan the short list, click any row for fund-level detail. Cut names from this list only after thesis review. Names NOT on this list are in the full Tier tabs.

#1 CVNA Carvana Co T1 🔁 recurring

Priority 28.0

$62.88 → $62.35 (-0.8%)

Thesis: sosin sustained conviction @ 81.7% — held 4Q, still conviction

Holding Funds

sosin HOLD @ 81.7%

mehta HOLD @ 57.5%

vinall ADD @ 31.1%

mandel HOLD @ 4.4%

sacerdote TRIM @ 3.6%

4Q Score Trajectory

22.4 → 16.6 → 12.3 → 13.8

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($62.88 → $62.35). You'd pay what smart money paid.

#2 CPNG Coupang Inc T1 🔁 recurring

Priority 16.7

$18.88 → $15.20 (-19.5%)

Thesis: mehta ADD_BIG @ 21.1% — + 1 more fund initiating — held 4Q, still conviction

Holding Funds

mehta ADD_BIG @ 21.1%

kacher NEW @ 3.7%

coleman ADD @ 2.9%

4Q Score Trajectory

12.6 → 7.2 → 5.6 → 8.8

First held: Q1 2025 • Held 4Q

Entry quality: strong — price fell 19.5% since cutoff to $15.20. You'd enter below smart money's avg of $18.88. Thesis check: verify no fundamental break before stepping in.

#3 UBER Uber Technologies Inc T1 🔁 recurring

Priority 10.9

$71.93 → $74.39 (+3.4%)

Thesis: tepper ADD_BIG @ 7.7% — held 4Q, still conviction

Holding Funds

ackman HOLD @ 15.7%

gerstner ADD @ 10.1%

tepper ADD_BIG @ 7.7%

4Q Score Trajectory

16.8 → 9.9 → 9.9 → 6.9

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($71.93 → $74.39). You'd pay what smart money paid.

#4 EWZ Ishares Inc T3 🆕 fresh

Priority 10.4

$38.39 → $35.88 (-6.5%)

Thesis: hariharan NEW @ 8.4% — first appearance in Q4 — net-new consensus

Holding Funds

druckenmiller HOLD @ 8.7%

hariharan NEW @ 8.4%

4Q Score Trajectory

0.0 → 0.0 → 0.0 → 3.4

First held: Q4 2025 • Held 1Q

Entry quality: attractive — price 6.5% below cutoff ($38.39 → $35.88). Clean entry point, edge intact.

#5 VST Vistra Corp T3 🔁 recurring

Priority 9.5

$150.33 → $134.00 (-10.9%)

Thesis: tepper ADD_BIG @ 5.1% — held 4Q, still conviction

Holding Funds

mandel ADD @ 7.4%

tepper ADD_BIG @ 5.1%

4Q Score Trajectory

9.8 → 9.3 → 3.5 → 1.7

First held: Q1 2025 • Held 4Q

Entry quality: attractive — price 10.9% below cutoff ($150.33 → $134.00). Clean entry point, edge intact.

#6 META Meta Platforms Inc T1 🔁 recurring

Priority 8.7

$572.13 → $604.70 (+5.7%)

Thesis: hariharan ADD_BIG @ 2.9% — held 4Q, still conviction

Holding Funds

vinall HOLD @ 21.8%

gerstner HOLD @ 19.6%

ackman HOLD @ 11.1%

coleman HOLD @ 7.7%

laffont TRIM @ 5.5%

+ 3 more funds

4Q Score Trajectory

24.5 → 13.1 → 15.2 → 21.8

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +5.7% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#7 MSFT Microsoft Corp T1 🔁 recurring

Priority 8.5

$370.17 → $421.29 (+13.8%)

Thesis: ackman NEW @ 15.3% — + 1 more fund initiating — held 4Q, still conviction

Holding Funds

ackman NEW @ 15.3%

gerstner HOLD @ 7.7%

hariharan HOLD @ 6.1%

coleman TRIM_BIG @ 4.0%

laffont TRIM_BIG @ 3.2%

+ 2 more funds

4Q Score Trajectory

17.6 → 17.9 → 13.4 → 14.1

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +13.8% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#8 ONC Beone Medicines Ltd T2 🔁 recurring

Priority 7.9

$296.97 → $294.38 (-0.9%)

Thesis: wang sustained conviction @ 18.4% — held 4Q, still conviction

Holding Funds

wang HOLD @ 18.4%

4Q Score Trajectory

3.4 → 1.7 → 2.4 → 3.2

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($296.97 → $294.38). You'd pay what smart money paid.

#9 FUTU Futu Hldgs Ltd T2 🔁 recurring

Priority 7.1

$136.76 → $124.81 (-8.7%)

Thesis: wang sustained conviction @ 11.6% — held 4Q, still conviction

Holding Funds

wang HOLD @ 11.6%

4Q Score Trajectory

4.5 → 2.2 → 1.6 → 1.2

First held: Q1 2025 • Held 4Q

Entry quality: attractive — price 8.7% below cutoff ($136.76 → $124.81). Clean entry point, edge intact.

#10 BRK/B Berkshire Hathaway Inc Del T2 🔁 recurring

Priority 6.0

Thesis: lilu sustained conviction @ 13.4% — held 4Q, still conviction

Holding Funds

lilu HOLD @ 13.4%

4Q Score Trajectory

4.5 → 3.2 → 3.8 → 3.2

First held: Q1 2025 • Held 4Q

Entry decision: check current price vs smart money's Q4 2025 cutoff price before acting.

#11 AXP American Express Co T2 🔁 recurring

Priority 6.0

$302.48 → $310.56 (+2.7%)

Thesis: buffett sustained conviction @ 17.4% — held 4Q, still conviction

Holding Funds

buffett HOLD @ 17.4%

4Q Score Trajectory

4.5 → 3.2 → 3.8 → 3.8

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($302.48 → $310.56). You'd pay what smart money paid.

#12 QSR Restaurant Brands Intl Inc T2 🔁 recurring

Priority 5.7

$73.90 → $76.09 (+3.0%)

Thesis: ackman sustained conviction @ 12.2% — held 4Q, still conviction

Holding Funds

ackman HOLD @ 12.2%

4Q Score Trajectory

4.5 → 3.8 → 6.1 → 3.8

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($73.90 → $76.09). You'd pay what smart money paid.

#13 AEIS Advanced Energy Inds T2 → stable

Priority 5.3

$322.71 → $296.75 (-8.0%)

Thesis: sacerdote NEW @ 4.3%

Holding Funds

sacerdote NEW @ 4.3%

4Q Score Trajectory

—

First held: ? • Held 0Q

Entry quality: attractive — price 8.0% below cutoff ($322.71 → $296.75). Clean entry point, edge intact.

#14 HTHT H World Group Ltd T2 🔁 recurring

Priority 5.2

$50.29 → $45.86 (-8.8%)

Thesis: vinall sustained conviction @ 7.3% — held 4Q, still conviction

Holding Funds

vinall HOLD @ 7.3%

4Q Score Trajectory

3.4 → 1.9 → 1.9 → 2.9

First held: Q1 2025 • Held 4Q

Entry quality: attractive — price 8.8% below cutoff ($50.29 → $45.86). Clean entry point, edge intact.

#15 V Visa Inc T2 🔁 recurring

Priority 5.2

$302.24 → $331.75 (+9.8%)

Thesis: hohn sustained conviction @ 20.4% — held 4Q, still conviction

Holding Funds

hohn HOLD @ 20.4%

4Q Score Trajectory

7.3 → 6.0 → 6.2 → 6.2

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +9.8% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#16 HHH Howard Hughes Holdings Inc T2 🔁 recurring

Priority 5.2

$63.26 → $63.18 (-0.1%)

Thesis: ackman sustained conviction @ 8.7% — held 4Q, still conviction

Holding Funds

ackman HOLD @ 8.7%

4Q Score Trajectory

4.5 → 2.9 → 3.8 → 2.9

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($63.26 → $63.18). You'd pay what smart money paid.

#17 SOLS Solstice Advanced Matls Inc T2 → stable

Priority 5.0

$76.16 → $78.97 (+3.7%)

Thesis: kapadia ADD_BIG @ 7.5%

Holding Funds

kapadia ADD_BIG @ 7.5%

4Q Score Trajectory

—

First held: ? • Held 0Q

Entry quality: fresh — price essentially flat vs cutoff ($76.16 → $78.97). You'd pay what smart money paid.

#18 YUMC Yum China Hldgs Inc T2 🔁 recurring

Priority 4.0

$48.78 → $45.70 (-6.3%)

Thesis: held 4Q, still conviction

Holding Funds

vinall HOLD @ 5.4%

4Q Score Trajectory

3.4 → 1.9 → 1.9 → 1.9

First held: Q1 2025 • Held 4Q

Entry quality: attractive — price 6.3% below cutoff ($48.78 → $45.70). Clean entry point, edge intact.

#19 SHW Sherwin Williams Co T2 🔁 recurring

Priority 3.9

$320.55 → $298.19 (-7.0%)

Thesis: kapadia sustained conviction @ 6.7% — held 4Q, still conviction

Holding Funds

kapadia HOLD @ 6.7%

4Q Score Trajectory

3.4 → 2.9 → 2.4 → 2.4

First held: Q1 2025 • Held 4Q

Entry quality: attractive — price 7.0% below cutoff ($320.55 → $298.19). Clean entry point, edge intact.

#20 MOD Modine Mfg Co T2 → stable

Priority 3.6

$216.71 → $238.59 (+10.1%)

Thesis: kapadia NEW @ 5.2%

Holding Funds

kapadia NEW @ 5.2%

4Q Score Trajectory

—

First held: ? • Held 0Q

Entry quality: small premium — price +10.1% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#21 PCOR Procore Technologies Inc T2 🔁 recurring

Priority 3.4

$57.00 → $47.63 (-16.4%)

Thesis: held 4Q, still conviction

Holding Funds

kapadia HOLD @ 4.7%

4Q Score Trajectory

5.9 → 3.1 → 1.6 → 1.6

First held: Q1 2025 • Held 4Q

Entry quality: strong — price fell 16.4% since cutoff to $47.63. You'd enter below smart money's avg of $57.00. Thesis check: verify no fundamental break before stepping in.

#22 KO Coca Cola Co T2 🔁 recurring

Priority 3.4

$76.05 → $82.03 (+7.9%)

Thesis: buffett sustained conviction @ 11.6% — held 4Q, still conviction

Holding Funds

buffett HOLD @ 11.6%

4Q Score Trajectory

4.5 → 3.2 → 2.9 → 3.8

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +7.9% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#23 FOXA Fox Corp T2 → stable

Priority 3.3

$58.40 → $65.45 (+12.1%)

Thesis: resnick ADD_BIG @ 5.8%

Holding Funds

resnick ADD_BIG @ 5.8%

4Q Score Trajectory

—

First held: ? • Held 0Q

Entry quality: small premium — price +12.1% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#24 COF Capital One Finl Corp T2 🔁 recurring

Priority 3.1

$182.43 → $183.21 (+0.4%)

Thesis: sosin sustained conviction @ 6.0% — held 4Q, still conviction

Holding Funds

sosin HOLD @ 6.0%

4Q Score Trajectory

7.0 → 5.6 → 3.7 → 3.5

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($182.43 → $183.21). You'd pay what smart money paid.

#25 ETN Eaton Corp Plc T2 🔁 recurring

Priority 3.1

$357.67 → $372.42 (+4.1%)

Thesis: held 4Q, still conviction

Holding Funds

laffont HOLD @ 5.8%

4Q Score Trajectory

3.4 → 1.6 → 1.6 → 1.1

First held: Q1 2025 • Held 4Q

Entry quality: fresh — price essentially flat vs cutoff ($357.67 → $372.42). You'd pay what smart money paid.

#26 CP Canadian Pacific Kansas City T2 🔁 recurring

Priority 2.9

$78.66 → $86.11 (+9.5%)

Thesis: hohn sustained conviction @ 8.1% — held 4Q, still conviction

Holding Funds

hohn HOLD @ 8.1%

4Q Score Trajectory

6.7 → 2.9 → 2.4 → 2.9

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +9.5% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#27 EWBC East West Bancorp Inc T2 🔁 recurring

Priority 2.8

$106.76 → $120.45 (+12.8%)

Thesis: lilu sustained conviction @ 9.3% — held 4Q, still conviction

Holding Funds

lilu HOLD @ 9.3%

4Q Score Trajectory

4.5 → 3.2 → 2.9 → 2.4

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +12.8% above cutoff. Still actionable for high-conviction names, but edge is decaying.

#28 LYV Live Nation Entertainment In T2 🔁 recurring

Priority 2.7

$152.51 → $164.39 (+7.8%)

Thesis: resnick sustained conviction @ 8.8% — held 4Q, still conviction

Holding Funds

resnick HOLD @ 8.8%

4Q Score Trajectory

3.4 → 1.7 → 1.6 → 2.0

First held: Q1 2025 • Held 4Q

Entry quality: small premium — price +7.8% above cutoff. Still actionable for high-conviction names, but edge is decaying.

📈 4-Quarter Trajectory

Multi-quarter score history per ticker. Shows how a signal got to where it is today — whether it's a fresh entry, a quietly building position, a recurring cult holding, or an unwinding thesis. Quarters analyzed: Q1 2025 → Q2 2025 → Q3 2025 → Q4 2025.

🆕 Fresh Entries — First Appeared This Quarter (31)

Ticker	Q4 2025	First Held	Qtrs	Funds (Q4)
SNDK	6.1	Q4 2025	1	aschenbrenner, sacerdote
FCX	5.6	Q4 2025	1	hariharan, harnisch
NAVN	4.8	Q4 2025	1	mehta
EWZ	3.4	Q4 2025	1	druckenmiller
FFIV	3.4	Q4 2025	1	resnick
CBRE	3.2	Q4 2025	1	kapadia
EWY	3.2	Q4 2025	1	tepper
TBBB	2.5	Q4 2025	1	druckenmiller, mehta
TTMI	2.4	Q4 2025	1	sacerdote
AAL	2.4	Q4 2025	1	tepper
AMPL	2.2	Q4 2025	1	kacher
MDLN	2.2	Q4 2025	1	mandel
CIFR	2.2	Q4 2025	1	aschenbrenner
RSP	2.2	Q4 2025	1	druckenmiller
CROX	1.9	Q4 2025	1	lilu
SITM	1.9	Q4 2025	1	sacerdote
NAMS	1.7	Q4 2025	1	druckenmiller
KRC	1.3	Q4 2025	1	aschenbrenner
SHOP	1.3	Q4 2025	1	gerstner
SPHR	1.1	Q4 2025	1	resnick
SEI	1.0	Q4 2025	1	aschenbrenner
TSEM	1.0	Q4 2025	1	aschenbrenner
NBP	1.0	Q4 2025	1	wang
MAZE	1.0	Q4 2025	1	wang
SLAB	0.7	Q4 2025	1	harnisch
DVN	0.7	Q4 2025	1	harnisch
CTRA	0.7	Q4 2025	1	harnisch
AR	0.7	Q4 2025	1	harnisch
CNK	0.7	Q4 2025	1	harnisch
GOSS	0.5	Q4 2025	1	wang
API	0.5	Q4 2025	1	wang

🔥 Accelerating — Score Jumped Sharply (7)

Ticker	Q1 2025	Q3 2025	Q4 2025	First Held	Qtrs	Funds (Q4)
VEEV	2.2	4.8	3.6	Q1 2025	3	coleman, mehta
MTZ	0.0	2.2	2.5	Q3 2025	2	harnisch
CRH	0.0	3.2	1.6	Q3 2025	2	kapadia
QCOM	0.0	2.4	1.6	Q3 2025	2	tepper
ASHR	0.0	2.2	1.1	Q3 2025	2	hariharan
RIOT	0.0	1.0	1.0	Q3 2025	2	aschenbrenner
AMC	0.0	0.7	0.5	Q3 2025	2	harnisch

↗ Building — Steady Multi-Quarter Growth (12)

Ticker	Q1 2025	Q2 2025	Q3 2025	Q4 2025	First Held	Qtrs	Funds (Q4)
QQQ	3.4	0.0	4.5	9.8	Q1 2025	3	baker, gerstner, hariharan
MU	2.2	0.0	1.7	8.5	Q1 2025	3	baker, hariharan, tepper
BE	0.0	0.0	2.4	4.5	Q3 2025	2	aschenbrenner, sacerdote
COHR	5.6	2.7	0.0	3.4	Q1 2025	3	aschenbrenner, baker, druckenmiller, hariharan
CHYM	0.0	2.2	2.5	3.4	Q2 2025	3	kacher
XLF	0.0	3.6	0.0	3.4	Q2 2025	2	druckenmiller, hariharan
DASH	0.0	3.2	0.0	2.2	Q2 2025	2	kapadia, mandel
ASML	1.3	0.0	1.7	2.2	Q1 2025	3	kacher, mandel
ALAB	3.4	0.0	0.0	1.7	Q1 2025	2	baker
AMAT	2.2	1.6	0.0	1.7	Q1 2025	3	kapadia, laffont
MA	0.0	1.0	0.0	1.1	Q2 2025	2	buffett
FSLR	0.0	1.0	0.1	1.0	Q2 2025	3	harnisch

🔁 Recurring — Held 4+ Quarters (114)

Ticker	Q1 2025	Q2 2025	Q3 2025	Q4 2025	First Held	Qtrs	Funds (Q4)
META	24.5	13.1	15.2	21.8	Q1 2025	4	ackman, baker, coleman, gerstner, hariharan +8
NVDA	16.0	15.2	15.4	17.0	Q1 2025	4	aschenbrenner, baker, coleman, gerstner, hariharan +6
AMZN	18.6	15.9	13.4	16.6	Q1 2025	4	ackman, baker, coleman, druckenmiller, gerstner +9
GOOG	15.8	13.0	12.6	15.6	Q1 2025	4	ackman, hariharan, hohn, kapadia, lilu +1
GOOGL	18.5	13.7	16.9	14.2	Q1 2025	4	ackman, baker, buffett, coleman, druckenmiller +9
TSM	17.9	14.9	13.9	14.1	Q1 2025	4	aschenbrenner, coleman, druckenmiller, gerstner, hariharan +5
MSFT	17.6	17.9	13.4	14.1	Q1 2025	4	baker, coleman, druckenmiller, gerstner, hariharan +6
CVNA	22.4	16.6	12.3	13.8	Q1 2025	4	mandel, mehta, sacerdote, sosin, vinall
PDD	15.7	14.8	18.0	10.8	Q1 2025	4	coleman, gerstner, lilu, tepper, vinall +1
BN	4.5	3.8	8.0	8.9	Q1 2025	4	ackman, mandel
CPNG	12.6	7.2	5.6	8.8	Q1 2025	4	druckenmiller, gerstner, mehta
BAC	11.2	6.0	9.6	8.8	Q1 2025	4	buffett, lilu
AVGO	15.4	13.8	10.3	8.7	Q1 2025	4	aschenbrenner, coleman, gerstner, kacher, laffont +2
BABA	12.9	2.3	15.6	8.0	Q1 2025	4	gerstner, kacher, tepper, wang
APP	15.4	5.5	10.9	7.6	Q1 2025	4	coleman, laffont, mandel, resnick, sacerdote
RDDT	3.4	4.3	6.0	7.4	Q1 2025	4	coleman, kacher, kapadia, laffont
MCO	8.4	6.8	6.4	7.2	Q1 2025	4	buffett, hohn
CRWV	8.4	2.9	3.2	7.0	Q1 2025	4	aschenbrenner, baker, gerstner, laffont
UBER	16.8	9.9	9.9	6.9	Q1 2025	4	ackman, gerstner, resnick, tepper
GE	9.8	10.8	4.6	6.8	Q1 2025	4	hohn, kapadia
SPOT	8.4	6.4	7.0	6.5	Q1 2025	4	coleman, kapadia, laffont
V	7.3	6.0	6.2	6.2	Q1 2025	4	buffett, hohn
AAPL	12.9	8.2	6.2	6.0	Q1 2025	4	buffett, hariharan, lilu, tepper
SE	3.4	6.9	5.4	5.7	Q1 2025	4	coleman, druckenmiller, kacher, sacerdote, wang
WIX	4.5	2.9	3.8	5.3	Q1 2025	4	baker, vinall
MLB1	8.4	7.3	3.9	4.9	Q1 2025	4	druckenmiller, gerstner, hariharan, sacerdote
NU	4.5	0.6	3.4	4.8	Q1 2025	4	hariharan, laffont, mandel, sacerdote
TOST	7.0	4.2	3.8	4.7	Q1 2025	4	kapadia, mehta
LITE	2.2	1.1	0.2	4.6	Q1 2025	4	aschenbrenner, baker
HGV	4.5	3.8	3.2	4.5	Q1 2025	4	sosin
NFLX	5.6	6.9	2.4	3.9	Q1 2025	4	kacher, laffont, resnick, sacerdote
CACC	4.5	3.8	3.8	3.8	Q1 2025	4	vinall
KO	4.5	3.2	2.9	3.8	Q1 2025	4	buffett
IBKR	3.4	4.3	3.8	3.8	Q1 2025	4	vinall
QSR	4.5	3.8	6.1	3.8	Q1 2025	4	ackman, druckenmiller
AXP	4.5	3.2	3.8	3.8	Q1 2025	4	buffett
SPGI	4.5	3.8	3.2	3.8	Q1 2025	4	hohn
SNOW	5.6	2.8	5.0	3.8	Q1 2025	4	baker, gerstner, kacher, resnick
OXY	7.0	4.0	4.8	3.6	Q1 2025	4	buffett, lilu
COF	7.0	5.6	3.7	3.5	Q1 2025	4	mandel, sosin

↘ Unwinding — Score Declining (39)

Ticker	Q1 2025	Q2 2025	Q3 2025	Q4 2025	First Held	Qtrs	Funds (Q4)
MDB	2.2	0.0	4.6	2.2	Q1 2025	3	kacher, resnick, sacerdote
WHR	0.0	0.0	3.6	0.8	Q3 2025	2	tepper
FIG	0.0	0.0	8.2	0.8	Q3 2025	2	kapadia, mehta
XLV	0.0	0.0	1.7	0.6	Q3 2025	2	hariharan
BULL	0.0	4.5	3.2	0.2	Q2 2025	3	wang
LITE 0.5 12/15/26	0.0	0.0	1.0	0.0	Q3 2025	1	aschenbrenner
INDA	0.0	0.0	1.7	0.0	Q3 2025	1	hariharan
JD	7.0	2.3	1.6	0.0	Q1 2025	3	tepper, wang
IWM	0.0	0.0	4.5	0.0	Q3 2025	1	hariharan
TLN	2.2	0.0	1.1	0.0	Q1 2025	2	aschenbrenner, mandel
PI	0.0	0.0	1.9	0.0	Q3 2025	1	sacerdote
GDX	0.0	0.0	1.6	0.0	Q3 2025	1	aschenbrenner
DUOL	2.2	0.6	2.4	0.0	Q1 2025	3	sacerdote
VRSN	1.3	1.0	0.6	0.0	Q1 2025	3	buffett
DECK	2.2	0.0	1.3	0.0	Q1 2025	2	baker
ARM	1.3	6.7	3.8	0.0	Q1 2025	3	gerstner, hariharan, resnick
HPE	0.0	0.0	3.2	0.0	Q3 2025	1	resnick
CIFR 1.75 05/15/30	0.0	0.0	1.0	0.0	Q3 2025	1	aschenbrenner
ORCL	0.0	6.6	1.9	0.0	Q2 2025	2	laffont, resnick
INTU	3.4	0.8	3.2	0.0	Q1 2025	3	mandel, resnick
WBD	2.2	0.0	10.2	0.0	Q1 2025	2	harnisch, kapadia, resnick
CMG	3.4	2.9	2.9	0.0	Q1 2025	3	ackman
NTES	3.4	0.8	0.3	0.0	Q1 2025	3	wang
DKS	0.0	2.2	0.6	0.0	Q2 2025	2	baker
GLXY	0.0	0.0	1.6	0.0	Q3 2025	1	aschenbrenner
EEM	0.0	0.0	2.2	0.0	Q3 2025	1	druckenmiller
DDOG	0.0	0.0	2.2	0.0	Q3 2025	1	kacher
YMM	0.0	0.0	1.9	0.0	Q3 2025	1	wang
GLW	0.0	0.0	1.9	0.0	Q3 2025	1	sacerdote
SLV	0.0	3.6	0.2	0.0	Q2 2025	2	hariharan
BIDU	0.7	0.0	4.8	0.0	Q1 2025	2	wang
FIGR	0.0	0.0	1.3	0.0	Q3 2025	1	druckenmiller
STUB	0.0	0.0	1.3	0.0	Q3 2025	1	druckenmiller
FERG	0.0	0.0	2.4	0.0	Q3 2025	1	kapadia
4I1	7.0	0.6	2.5	0.0	Q1 2025	3	druckenmiller, mandel
ROKU	0.0	1.7	0.6	0.0	Q2 2025	2	druckenmiller
IBIT	0.0	0.0	3.4	0.0	Q3 2025	1	hariharan
HUBS	0.0	0.0	2.2	0.0	Q3 2025	1	baker
YPF	8.4	1.6	0.6	0.0	Q1 2025	3	druckenmiller, hariharan

↓ Decaying — Steep Multi-Quarter Drop (19)

Ticker	Q1 2025	Q2 2025	Q3 2025	Q4 2025	First Held	Qtrs	Funds (Q4)
P	0.0	3.4	2.0	1.3	Q2 2025	3	baker
BL	3.4	0.6	0.0	0.0	Q1 2025	2	kacher
ENQ	0.0	2.2	0.0	0.0	Q2 2025	1	druckenmiller
ARRY	1.3	0.2	0.0	0.0	Q1 2025	2	harnisch
LLY	5.6	1.6	0.0	0.0	Q1 2025	2	coleman, druckenmiller
TSLA	0.0	5.1	0.0	0.0	Q2 2025	1	baker, hariharan
TWLO	3.4	1.1	0.0	0.0	Q1 2025	2	resnick
UPST	0.0	2.2	0.0	0.0	Q2 2025	1	resnick
VIPS	2.2	0.1	0.0	0.0	Q1 2025	2	wang
SMH	3.4	10.1	0.0	0.0	Q1 2025	2	aschenbrenner, baker, hariharan
UNH	0.0	10.0	0.0	0.0	Q2 2025	1	mandel, tepper
CART	2.2	1.3	0.0	0.0	Q1 2025	2	gerstner
LI	0.7	0.7	0.0	0.0	Q1 2025	2	wang
SHLS	1.3	0.7	0.0	0.0	Q1 2025	2	harnisch
GDS	0.0	2.2	0.0	0.0	Q2 2025	1	kacher
SOC	1.3	1.0	0.0	0.0	Q1 2025	2	lilu
IOT	0.0	1.3	0.0	0.0	Q2 2025	1	gerstner
AKX	0.0	2.2	0.0	0.0	Q2 2025	1	resnick
QRVO	2.2	1.1	0.0	0.0	Q1 2025	2	resnick

🎯 Sector Momentum

Predictive signal: how many smart-money funds own at least one name in each sector, quarter by quarter. A sector transitioning from 5 → 8 → 12 funds over 3 quarters is accelerating — expect further accumulation next quarter.

Sector	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Growth Rate	Classification	New Tickers Q4
Semiconductors	4	3	5	8	+26.0%	🔥 ACCELERATING	SNDK, TSEM
Other	21	22	22	22	+1.6%	→ STABLE	AAL, AMPL, API, AR +6
AI Infra	10	11	11	12	+6.3%	↗ BUILDING	CIFR
Energy	2	3	3	3	+14.5%	↗ BUILDING	SEI
Tech	18	19	19	19	+1.8%	→ STABLE
International	5	6	6	5	+0.0%	→ STABLE	SHOP
Power/Nuclear	5	4	5	5	+0.0%	→ STABLE
Consumer	1	1	1	0	+0.0%	→ STABLE
Industrials	2	3	2	2	+0.0%	→ STABLE
Real Estate	0	0	0	1	+0.0%	🆕 NEW	KRC
Financials	4	3	3	3	-9.1%	↓ FADING
Healthcare	5	6	3	3	-15.7%	↘ COOLING

🔄 Price Action Validation

For each signal, tracks price behavior AFTER the 13F cutoff date through today. A signal is validated by the tape when the stock bottoms then rebounds 10%+ — confirming smart-money entry. A signal is broken when the drop continues or deepens.

→ DRIFTING — No Strong Directional Move (3)

Price has moved less than 8% either direction since cutoff. Signal is neither validated nor invalidated by the tape yet.

Ticker	Cutoff Price	Trough	Current	Cutoff → Now	Rally Off Low	Trough Date
CVNA	$62.78	$62.78	$66.02	+5.2%	+30.3%	2026-03-30
META	$574.46	$574.46	$611.21	+6.4%	+19.9%	2026-03-30
MSFT	$373.46	$370.87	$423.54	+13.4%	+14.5%	2026-04-06

🚀 CHASING — Rally Already Happened (11)

Stock has already rallied 15%+ since the 13F cutoff. The edge from smart money's entry is gone — you'd be buying late.

Ticker	Cutoff Price	Trough	Current	Cutoff → Now	Rally Off Low	Trough Date
SNDK	$701.59	$701.59	$1333.01	+90.0%	+122.7%	2026-03-30
CIFR	$12.82	$12.82	$19.12	+49.1%	+60.3%	2026-03-30
SEI	$55.80	$55.80	$72.13	+29.3%	+40.8%	2026-03-30
TSEM	$197.80	$197.80	$248.07	+25.4%	+38.5%	2026-03-30
AVGO	$314.55	$314.55	$420.71	+33.8%	+36.7%	2026-03-30
GOOGL	$295.77	$295.77	$396.94	+34.2%	+35.5%	2026-03-30
GOOG	$294.46	$294.46	$393.11	+33.5%	+34.8%	2026-03-30
AMZN	$209.77	$209.77	$264.86	+26.3%	+30.0%	2026-03-30
APP	$386.37	$386.37	$492.38	+27.4%	+29.7%	2026-03-30
NVDA	$177.39	$177.39	$222.32	+25.3%	+27.0%	2026-03-30
TSM	$339.04	$339.04	$395.95	+16.8%	+21.4%	2026-03-30

💰 Price & Valuation — Post-13F Context

13F filings disclose holdings but not purchase prices. By the time they're public (45 days after quarter-end), the stocks may have moved significantly from where the smart money bought them. This tab tells you how much of the edge has been consumed before you place your order, plus a standalone valuation snapshot for each signal.

Price Edge Distribution

🟢 Intact (16%)

🟡 Decaying (21%)

🔴 Stale (35%)

⚫ Below Cutoff (26%)

⚪ No Data

Per-Signal Price & Valuation

Cutoff price = close on last trading day of Q1 2026. Current price = most recent close. Each signal sorted by composite score descending.

Ticker	Company	Tier	Score	Cutoff $	Current $	% Chg	vs SPY	Edge	52w Range	P/E	Fwd P/E	EV/EBITDA	FCF Yield
MSFT	Microsoft Corp	Consensus	4.97	$370.17	$421.49	+13.9%	+1.2pp	🟡 decaying	32.7%	25.1	21.8	17.3	1.18%
CVNA	Carvana Co	Consensus	4.37	$62.88	$62.44	-0.7%	-13.4pp	🟢 intact	18.6%	36.3	29.7	21.7	0.29%
UBER	Uber Technologies Inc	Consensus	4.35	$71.93	$74.43	+3.5%	-9.2pp	🟢 intact	17.8%	18.5	17.2	22.8	4.31%
CPNG	Coupang Inc	Consensus	4.27	$18.88	$15.19	-19.5%	-32.3pp	⚫ below	0.2%	—	32.8	42.6	0.89%
META	Meta Platforms Inc	Consensus	3.91	$572.13	$604.75	+5.7%	-7.0pp	🟡 decaying	30.6%	22.0	16.7	14.2	1.66%
NVDA	Nvidia Corporation	Consensus	3.76	$174.4	$220.98	+26.7%	+14.0pp	🔴 stale	85.5%	45.2	19.0	40.2	1.09%
EWZ	Ishares Inc	Cross-Domain	3.63	$38.39	$35.88	-6.5%	-19.3pp	⚫ below	60.9%	11.5	—	—	—
MU	Micron Technology Inc	Consensus	3.5	$337.84	$689.09	+104.0%	+91.3pp	🔴 stale	82.2%	32.5	6.7	20.8	0.37%
AMZN	Amazon Com Inc	Consensus	3.37	$208.27	$256.1	+23.0%	+10.2pp	🔴 stale	72.8%	30.6	26.1	18.9	0.36%
GLW	Corning Inc	Consensus	3.32	$135.97	$173.57	+27.6%	+14.9pp	🔴 stale	76.7%	83.9	41.1	41.6	0.41%
SNDK	Sandisk Corp	Consensus	3.13	$635.34	$1318.57	+107.5%	+94.8pp	🔴 stale	82.0%	45.0	7.6	34.4	1.16%
AMAT	Applied Matls Inc	Consensus	3.07	$341.79	$401.19	+17.4%	+4.7pp	🔴 stale	84.0%	37.7	25.0	35.2	0.99%
VST	Vistra Corp	Cross-Domain	3.01	$150.33	$134.05	-10.8%	-23.5pp	⚫ below	1.6%	22.4	12.1	10.0	1.06%
SMH	Vaneck Etf Trust	Solo Expert	2.24	$383.4	$538.34	+40.4%	+27.7pp	🔴 stale	87.6%	44.3	—	—	—
HGV	Hilton Grand Vacations Inc	Solo Expert	2.24	$39.12	$46.57	+19.0%	+6.3pp	🔴 stale	64.0%	25.2	7.7	12.1	3.65%
QSR	Restaurant Brands Intl Inc	Solo Expert	1.92	$73.9	$76.11	+3.0%	-9.7pp	🟢 intact	71.7%	24.5	17.1	14.8	4.75%
ORCL	Oracle Corp	Solo Expert	1.68	$147.11	$182.91	+24.3%	+11.6pp	🔴 stale	22.9%	32.9	22.8	24.2	-4.24%
MOD	Modine Mfg Co	Solo Expert	1.68	$216.71	$239.02	+10.3%	-2.4pp	🟡 decaying	73.5%	130.6	32.4	32.6	-0.87%
V	Visa Inc	Solo Expert	1.6	$302.24	$331.67	+9.7%	-3.0pp	🟡 decaying	46.3%	28.9	22.3	21.1	3.3%
ONC	Beone Medicines Ltd	Solo Expert	1.6	$296.97	$294.38	-0.9%	-13.6pp	🟢 intact	40.4%	66.5	30.7	508.8	3.0%
FUTU	Futu Hldgs Ltd	Solo Expert	1.6	$136.76	$124.93	-8.7%	-21.4pp	⚫ below	23.9%	12.2	9.0	—	—
CACC	Credit Accep Corp Mich	Solo Expert	1.6	$423.46	$550.03	+29.9%	+17.1pp	🔴 stale	90.7%	13.7	10.1	—	—
IBKR	Interactive Brokers Group In	Solo Expert	1.6	$67.07	$83.74	+24.9%	+12.1pp	🔴 stale	88.0%	35.9	29.3	—	—
HHH	Howard Hughes Holdings Inc	Solo Expert	1.44	$63.26	$63.17	-0.1%	-12.9pp	🟢 intact	7.2%	29.5	61.9	14.8	9.5%
FFIV	F5 Inc	Solo Expert	1.34	$289.33	$383.08	+32.4%	+19.7pp	🔴 stale	98.0%	31.4	21.9	22.4	3.51%
SOLS	Solstice Advanced Matls Inc	Solo Expert	1.26	$76.16	$78.97	+3.7%	-9.0pp	🟢 intact	76.5%	66.9	25.3	16.4	—
ALAB	Astera Labs Inc	Solo Expert	1.26	$109.6	$226.08	+106.3%	+93.5pp	🔴 stale	79.3%	151.7	53.7	153.4	0.62%
FOXA	Fox Corp	Solo Expert	1.26	$58.4	$65.44	+12.1%	-0.7pp	🟡 decaying	53.3%	17.2	11.6	9.0	5.12%
CP	Canadian Pacific Kansas City	Solo Expert	1.2	$78.66	$86.14	+9.5%	-3.2pp	🟡 decaying	84.4%	26.4	20.1	12.6	2.49%
LEGN	Legend Biotech Corp	Solo Expert	1.2	$18.09	$27.23	+50.5%	+37.8pp	🔴 stale	37.8%	—	20.4	-76.6	-1.1%
AVBP	Arrivent Biopharma Inc	Solo Expert	1.2	$23.07	$26.29	+14.0%	+1.2pp	🟡 decaying	63.5%	—	-7.9	—	-6.77%
NAVN	Navan Inc	Solo Expert	1.2	$13.24	$18.85	+42.4%	+29.7pp	🔴 stale	73.4%	—	85.0	-28.2	3.0%
HTHT	H World Group Ltd	Solo Expert	1.2	$50.29	$45.89	-8.8%	-21.5pp	⚫ below	59.0%	19.8	14.7	18.9	45.87%
YUMC	Yum China Hldgs Inc	Solo Expert	1.2	$48.78	$45.72	-6.3%	-19.0pp	⚫ below	24.1%	18.2	14.0	9.5	4.91%
AXP	American Express Co	Solo Expert	1.12	$302.48	$310.45	+2.6%	-10.1pp	🟢 intact	27.3%	19.4	15.4	—	—
KO	Coca Cola Co	Solo Expert	1.12	$76.05	$82.04	+7.9%	-4.8pp	🟡 decaying	96.4%	25.8	23.6	22.9	0.89%
AEIS	Advanced Energy Inds	Solo Expert	1.12	$322.71	$297.1	-7.9%	-20.7pp	⚫ below	64.8%	61.6	25.3	39.8	0.44%
PWR	Quanta Scvs Inc	Solo Expert	1.12	$549.02	$706.1	+28.6%	+15.9pp	🔴 stale	82.3%	96.7	43.0	43.1	0.98%
DY	Dycom Inds Inc	Solo Expert	1.12	$338.82	$404.96	+19.5%	+6.8pp	🔴 stale	78.1%	42.3	23.6	20.8	2.27%
BRK/B	Berkshire Hathaway Inc Del	Solo Expert	1.12	⚠️ price data unavailable: Failed to parse json response from Yahoo Finance: {'code': 'Not Found', 'description': 'HTTP 404 Not Found'}
U	Unity Software Inc	Solo Expert	1.01	$21.94	$26.19	+19.4%	+6.7pp	🔴 stale	26.6%	—	19.7	170.7	5.25%
FWONK	Liberty Media Corp Del	Solo Expert	1.01	$85.02	$89.8	+5.6%	-7.1pp	🟡 decaying	33.0%	39.2	41.8	31.9	2.91%
YPF	Ypf Sociedad Anonima	Solo Expert	0.84	$46.22	$47.23	+2.2%	-10.5pp	🟢 intact	93.4%	—	6.9	1.8	-6994.11%
ETN	Eaton Corp Plc	Solo Expert	0.84	$357.67	$372.66	+4.2%	-8.6pp	🟢 intact	49.2%	36.4	23.7	26.7	1.83%
SHW	Sherwin Williams Co	Solo Expert	0.84	$320.55	$298.25	-7.0%	-19.7pp	⚫ below	4.6%	28.6	22.5	19.4	2.91%
COF	Capital One Finl Corp	Solo Expert	0.84	$182.43	$183.25	+0.5%	-12.3pp	🟢 intact	9.8%	56.2	7.6	—	—
LYV	Live Nation Entertainment In	Solo Expert	0.84	$152.51	$164.37	+7.8%	-4.9pp	🟡 decaying	78.2%	—	76.0	28.2	5.54%
EWBC	East West Bancorp Inc	Solo Expert	0.84	$106.76	$120.53	+12.9%	+0.2pp	🟡 decaying	82.2%	12.0	10.7	—	—
BEKE	Ke Hldgs Inc	Solo Expert	0.8	$14.97	$18.9	+26.2%	+13.5pp	🔴 stale	68.4%	49.7	18.5	10.2	-4.2%
GTLB	Gitlab Inc	Solo Expert	0.56	$21.64	$25.48	+17.8%	+5.0pp	🔴 stale	20.1%	—	26.0	-47.1	6.58%
CB	Chubb Ltd Switz	Solo Expert	0.56	$325.93	$332.68	+2.1%	-10.7pp	🟢 intact	84.1%	11.8	11.4	10.5	9.78%
TKO	Tko Group Holdings Inc	Solo Expert	0.56	$201.65	$190.97	-5.3%	-18.0pp	⚫ below	51.8%	70.7	41.0	16.6	5.8%
PCOR	Procore Technologies Inc	Solo Expert	0.56	$57.0	$47.63	-16.4%	-29.1pp	⚫ below	7.0%	—	22.5	281.8	3.42%
FN	Fabrinet	Solo Expert	0.56	$521.52	$663.25	+27.2%	+14.4pp	🔴 stale	83.7%	57.1	38.4	50.3	-0.33%
MDB	Mongodb Inc	Solo Expert	0.56	$244.77	$335.82	+37.2%	+24.5pp	🔴 stale	58.5%	—	47.4	-221.8	1.72%
CHYM	Chime Finl Inc	Solo Expert	0.42	$18.73	$17.47	-6.7%	-19.5pp	⚫ below	4.5%	—	15.2	-9.9	9.82%
CVX	Chevron Corporation	Solo Expert	0.42	$206.9	$194.31	-6.1%	-18.8pp	⚫ below	74.8%	33.8	15.9	11.4	3.04%
TOST	Toast Inc	Solo Expert	0.42	$26.51	$22.73	-14.3%	-26.9pp	⚫ below	1.7%	33.9	13.4	27.1	4.46%
CLS	Celestica Inc	Solo Expert	0.42	$281.68	$336.54	+19.5%	+6.7pp	🔴 stale	69.7%	40.7	22.4	29.0	1.67%
CEG	Constellation Energy Corp	Solo Expert	0.28	$279.25	$257.81	-7.7%	-20.4pp	⚫ below	8.6%	22.4	19.0	14.7	-4.81%
BILL	Bill Holdings Inc	Solo Expert	0.28	$38.3	$39.48	+3.1%	-9.7pp	🟢 intact	22.1%	—	12.2	106.1	4.26%
LITE	Lumentum Hldgs Inc	Solo Expert	0.28	$702.76	$866.88	+23.4%	+10.6pp	🔴 stale	78.4%	153.2	47.9	125.0	0.14%

How to Read the Price Edge Bands

Band	Meaning	What to do
🟢 Intact (±5% of cutoff)	Stock hasn't moved much since 13F cutoff. You can still buy near smart money's avg cost.	Full-size position if other criteria check out.
🟡 Decaying (+5% to +15%)	Some edge consumed but most of the alpha remains if thesis is multi-year.	2/3 size. Check if signal is already crowded.
🔴 Stale (+15% or more)	The post-13F rally captured most of the edge. Late to the party.	1/3 size or skip. Wait for a pullback.
⚫ Below cutoff (negative)	Stock has fallen since smart money bought. Potentially BETTER entry than them.	Aggressive buy if fundamentals haven't broken — but verify the thesis isn't broken first.

Valuation Interpretation Quick Reference

Metric	Typical Range	What "cheap" looks like
P/E (trailing)	15-25 S&P avg	<15 cheap · 15-25 normal · >30 pricey · Missing = unprofitable
Forward P/E	12-22 S&P avg	Better signal than trailing because it uses next-year earnings estimates
EV/EBITDA	10-15 S&P avg	<10 cheap · Negative = not profitable at EBITDA level (red flag for capex-heavy names)
FCF Yield	3-6% mature cos	>6% cheap · <2% growth premium · Negative = burning cash
52w Range Position	0% = at 52w low · 100% = at 52w high	<30% = washed out · 30-70% = middle · >70% = near highs

Important caveat: price context is a timing filter, not a signal itself. A high-conviction signal that's 🔴 stale is still worth watching — the thesis may extend for years. Conversely, an ⚫ below-cutoff signal needs careful due diligence: smart money got the falling knife, not you. Always combine Price Edge with signal score, entry quality, and Q/Q changes.

💎 Hidden Value / Suppressed Signals

When 6+ funds hold the same stock, the cult penalty (0.5x or 0.75x) suppresses its signal score below the 3.0 emission threshold — because "everyone already owns it" isn't alpha. But if that crowded name has since fallen significantly, the setup changes. It becomes "17 funds own it AND the crowd hasn't bought the dip yet" — a genuinely contrarian entry on a name with deep smart-money conviction.

A name qualifies as 💎 Hidden Value when ALL of these are true:

Raw score ≥ 4.0 — pre-penalty holdings conviction was strong
Cult penalty < 1.0 — 6+ funds hold it (was penalized)
Final score < 3.0 — was actually suppressed below emission threshold
Price fell ≥ 8% since 13F cutoff — the decay has made the entry attractive

Sorted by rescue attractiveness = raw_score × |price_drop_pct| / 10. Higher = stronger holdings-conviction combined with bigger price drop.

No suppressed signals this quarter. Every cult-penalized name is either trading above cutoff (edge consumed) or didn't meet the ≥4.0 raw-score bar. The crowded trades stayed crowded. Scanned 172 unique tickers across the full 20-fund universe.

Tier 1: Consensus Signals (3+ Funds Converging)

Click any row to expand fund-level detail, score breakdown, and exit warnings.

Ticker	Company	Score	# Funds	Style Mix	Action	Entry	Sector	Adjustments
MSFT	Microsoft Corp	4.97	7	4 styles (Strong)	BUY	SMALL PREMIUM	Tech	Haircut 1.0x, Cult 0.75x
Raw Score Build-Up Top contrib 4.80 × style-haircut 1.0x × cult-penalty 0.75x = 4.97 Style Diversity 4 distinct styles across 7 funds Sector Tech ⚠️ Exiting Funds Lone Pine Capital, Atreides Management 💰 Price Edge 🟡 $370.17 → $421.49 (+13.9%, +1.2pp vs SPY) — +13.9% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 25.1 · Fwd P/E 21.8 · EV/EBITDA 17.3 · FCF yield 1.18% · 33% of 52w range Holding Funds (sorted by contribution) Tiger Global Management: TRIM_BIG @ 4.0% (contrib 0.20)Pershing Square Capital: NEW @ 15.3% (contrib 4.80)Coatue Management: TRIM_BIG @ 3.2% (contrib 0.14)TCI Fund Management: TRIM_BIG @ 2.2% (contrib 0.20)Altimeter Capital: HOLD @ 7.7% (contrib 1.05)RV Capital: ADD_BIG @ 2.5% (contrib 1.50)NWI Management LP: HOLD @ 6.1% (contrib 1.50)
CVNA	Carvana Co	4.37	5	4 styles (Strong)	BUY	CHASING	Other	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 2.40 × style-haircut 1.0x × cult-penalty 1.0x = 4.37 Style Diversity 4 distinct styles across 5 funds Sector Other 💰 Price Edge 🟢 $62.88 → $62.44 (-0.7%, -13.4pp vs SPY) — -0.7% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 36.3 · Fwd P/E 29.7 · EV/EBITDA 21.7 · FCF yield 0.29% · 19% of 52w range Holding Funds (sorted by contribution) Lone Pine Capital: HOLD @ 4.4% (contrib 0.70)CAS Investment Partners: HOLD @ 81.7% (contrib 1.40)Greenoaks Capital Partners LLC: HOLD @ 57.5% (contrib 2.00)RV Capital: ADD @ 31.1% (contrib 2.40)Whale Rock Capital Management: TRIM @ 3.6% (contrib 0.35)
UBER	Uber Technologies Inc	4.35	3	3 styles (Moderate)	BUY	SMALL PREMIUM	Tech	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 2.40 × style-haircut 1.0x × cult-penalty 1.0x = 4.35 Style Diversity 3 distinct styles across 3 funds Sector Tech 💰 Price Edge 🟢 $71.93 → $74.43 (+3.5%, -9.2pp vs SPY) — +3.5% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 18.5 · Fwd P/E 17.2 · EV/EBITDA 22.8 · FCF yield 4.31% · 18% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: ADD_BIG @ 7.7% (contrib 2.25)Pershing Square Capital: HOLD @ 15.7% (contrib 2.40)Altimeter Capital: ADD @ 10.1% (contrib 1.68)
CPNG	Coupang Inc	4.27	3	2 styles (Moderate)	BUY	STALE	Other	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 3.00 × style-haircut 1.0x × cult-penalty 1.0x = 4.27 Style Diversity 2 distinct styles across 3 funds Sector Other ⚠️ Exiting Funds Altimeter Capital 💰 Price Edge ⚫ $18.88 → $15.19 (-19.5%, -32.3pp vs SPY) — -19.5% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot Fwd P/E 32.8 · EV/EBITDA 42.6 · FCF yield 0.89% · 0% of 52w range Holding Funds (sorted by contribution) Tiger Global Management: ADD @ 2.9% (contrib 1.20)Light Street Capital Management: NEW @ 3.7% (contrib 1.40)Greenoaks Capital Partners LLC: ADD_BIG @ 21.1% (contrib 3.00)
META	Meta Platforms Inc	3.91	8	5 styles (Strong)	REDUCE	SMALL PREMIUM	Tech	Haircut 1.0x, Cult 0.75x
Raw Score Build-Up Top contrib 2.40 × style-haircut 1.0x × cult-penalty 0.75x = 3.91 Style Diversity 5 distinct styles across 8 funds Sector Tech ⚠️ Exiting Funds Jericho Capital Asset Management 💰 Price Edge 🟡 $572.13 → $604.75 (+5.7%, -7.0pp vs SPY) — +5.7% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 22.0 · Fwd P/E 16.7 · EV/EBITDA 14.2 · FCF yield 1.66% · 31% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: TRIM @ 4.2% (contrib 0.50)Tiger Global Management: HOLD @ 7.7% (contrib 1.50)Pershing Square Capital: HOLD @ 11.1% (contrib 2.40)Coatue Management: TRIM @ 5.5% (contrib 0.52)Altimeter Capital: HOLD @ 19.6% (contrib 1.40)RV Capital: HOLD @ 21.8% (contrib 2.00)Whale Rock Capital Management: HOLD @ 3.8% (contrib 0.70)NWI Management LP: ADD_BIG @ 2.9% (contrib 1.50)
NVDA	Nvidia Corporation	3.76	9	4 styles (Strong)	REDUCE	CHASING	Other	Haircut 1.0x, Cult 0.75x
Raw Score Build-Up Top contrib 2.80 × style-haircut 1.0x × cult-penalty 0.75x = 3.76 Style Diversity 4 distinct styles across 9 funds Sector Other 💰 Price Edge 🔴 $174.4 → $220.98 (+26.7%, +14.0pp vs SPY) — +26.7% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 45.2 · Fwd P/E 19.0 · EV/EBITDA 40.2 · FCF yield 1.09% · 86% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: HOLD @ 4.3% (contrib 1.00)Tiger Global Management: HOLD @ 9.2% (contrib 1.50)Coatue Management: TRIM @ 3.8% (contrib 0.35)Light Street Capital Management: TRIM @ 8.9% (contrib 0.52)Altimeter Capital: ADD @ 28.6% (contrib 1.68)XN LP: HOLD @ 3.4% (contrib 0.70)Situational Awareness LP: NEW @ 11.5% (contrib 2.80)Atreides Management: TRIM_BIG @ 4.3% (contrib 0.14)Jericho Capital Asset Management: TRIM_BIG @ 4.2% (contrib 0.14)
MU	Micron Technology Inc	3.50	4	4 styles (Strong)	REDUCE	CHASING	Semiconductors	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 2.10 × style-haircut 1.0x × cult-penalty 1.0x = 3.50 Style Diversity 4 distinct styles across 4 funds Sector Semiconductors 💰 Price Edge 🔴 $337.84 → $689.09 (+104.0%, +91.3pp vs SPY) — +104.0% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 32.5 · Fwd P/E 6.7 · EV/EBITDA 20.8 · FCF yield 0.37% · 82% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: HOLD @ 9.5% (contrib 1.50)Situational Awareness LP: NEW @ 7.4% (contrib 2.10)Atreides Management: TRIM @ 5.1% (contrib 0.52)NWI Management LP: HOLD @ 2.8% (contrib 1.00)
AMZN	Amazon Com Inc	3.37	11	6 styles (Strong)	SMALL_BUY	CHASING	Tech	Haircut 1.0x, Cult 0.5x
Raw Score Build-Up Top contrib 3.00 × style-haircut 1.0x × cult-penalty 0.5x = 3.37 Style Diversity 6 distinct styles across 11 funds Sector Tech ⚠️ Exiting Funds Lone Pine Capital 💰 Price Edge 🔴 $208.27 → $256.1 (+23.0%, +10.2pp vs SPY) — +23.0% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 30.6 · Fwd P/E 26.1 · EV/EBITDA 18.9 · FCF yield 0.36% · 73% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: ADD_BIG @ 15.2% (contrib 3.00)Tiger Global Management: HOLD @ 9.1% (contrib 1.50)Pershing Square Capital: ADD @ 17.4% (contrib 2.88)Coatue Management: TRIM @ 5.7% (contrib 0.52)Light Street Capital Management: ADD_BIG @ 4.9% (contrib 1.05)Altimeter Capital: HOLD @ 7.6% (contrib 1.05)XN LP: HOLD @ 4.3% (contrib 0.70)Greenoaks Capital Partners LLC: ADD_BIG @ 0.7% (contrib 0.90)Whale Rock Capital Management: HOLD @ 4.9% (contrib 0.70)Atreides Management: ADD @ 4.0% (contrib 0.84)Peconic Partners LLC: ADD_BIG @ 3.4% (contrib 1.05)
GLW	Corning Inc	3.32	4	4 styles (Strong)	SMALL_BUY	CHASING	Other	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 2.10 × style-haircut 1.0x × cult-penalty 1.0x = 3.32 Style Diversity 4 distinct styles across 4 funds Sector Other 💰 Price Edge 🔴 $135.97 → $173.57 (+27.6%, +14.9pp vs SPY) — +27.7% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 83.9 · Fwd P/E 41.1 · EV/EBITDA 41.6 · FCF yield 0.41% · 77% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: TRIM @ 2.6% (contrib 0.50)Lone Pine Capital: NEW @ 4.0% (contrib 1.40)XN LP: NEW @ 5.0% (contrib 2.10)Whale Rock Capital Management: HOLD @ 4.0% (contrib 0.70)
SNDK	Sandisk Corp	3.13	3	3 styles (Moderate)	SMALL_BUY	CHASING	Semiconductors	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 2.00 × style-haircut 1.0x × cult-penalty 1.0x = 3.13 Style Diversity 3 distinct styles across 3 funds Sector Semiconductors 💰 Price Edge 🔴 $635.34 → $1318.57 (+107.5%, +94.8pp vs SPY) — +107.5% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 45.0 · Fwd P/E 7.6 · EV/EBITDA 34.4 · FCF yield 1.16% · 82% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: NEW @ 3.0% (contrib 2.00)Situational Awareness LP: ADD_BIG @ 8.1% (contrib 1.57)Whale Rock Capital Management: TRIM @ 6.6% (contrib 0.52)
AMAT	Applied Matls Inc	3.07	4	2 styles (Moderate)	SMALL_BUY	CHASING	Other	Haircut 1.0x, Cult 1.0x
Raw Score Build-Up Top contrib 1.50 × style-haircut 1.0x × cult-penalty 1.0x = 3.07 Style Diversity 2 distinct styles across 4 funds Sector Other 💰 Price Edge 🔴 $341.79 → $401.19 (+17.4%, +4.7pp vs SPY) — +17.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 37.7 · Fwd P/E 25.0 · EV/EBITDA 35.2 · FCF yield 0.99% · 84% of 52w range Holding Funds (sorted by contribution) Tiger Global Management: ADD_BIG @ 2.5% (contrib 1.50)Coatue Management: HOLD @ 6.2% (contrib 1.05)XN LP: ADD @ 6.1% (contrib 1.26)Jericho Capital Asset Management: NEW @ 4.6% (contrib 1.40)

Tier 2: Solo-Expert Contrarian Signals

One fund alone, operating in their edge domain. High-conviction contrarian calls.

Ticker	Company	Score	Fund	Edge Domain	Action	Entry	Position %
SMH	Vaneck Etf Trust	2.24	Situational Awareness LP	AI compute + power infrastructure	WATCHLIST	CHASING	15.0%
Raw Score Build-Up Top contrib 2.80 × style-haircut 0.8x × cult-penalty 1.0x = 2.24 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $383.4 → $538.34 (+40.4%, +27.7pp vs SPY) — +40.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 44.3 · 88% of 52w range Holding Funds (sorted by contribution) Situational Awareness LP: NEW @ 15.0% (contrib 2.80)
HGV	Hilton Grand Vacations Inc	2.24	CAS Investment Partners	Ultra-concentrated deep value	WATCHLIST	CHASING	11.7%
Raw Score Build-Up Top contrib 2.80 × style-haircut 0.8x × cult-penalty 1.0x = 2.24 Style Diversity 1 distinct styles across 1 funds Sector Other ⚠️ Exiting Funds CAS Investment Partners 💰 Price Edge 🔴 $39.12 → $46.57 (+19.0%, +6.3pp vs SPY) — +19.0% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 25.2 · Fwd P/E 7.7 · EV/EBITDA 12.1 · FCF yield 3.65% · 64% of 52w range Holding Funds (sorted by contribution) CAS Investment Partners: NEW @ 11.7% (contrib 2.80)
QSR	Restaurant Brands Intl Inc	1.92	Pershing Square Capital	Activist value	REDUCE	CHASING	12.2%
Raw Score Build-Up Top contrib 2.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.92 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $73.9 → $76.11 (+3.0%, -9.7pp vs SPY) — +3.0% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 24.5 · Fwd P/E 17.1 · EV/EBITDA 14.8 · FCF yield 4.75% · 72% of 52w range Holding Funds (sorted by contribution) Pershing Square Capital: HOLD @ 12.2% (contrib 2.40)
ORCL	Oracle Corp	1.68	Situational Awareness LP	AI compute + power infrastructure	WATCHLIST	CHASING	7.8%
Raw Score Build-Up Top contrib 2.10 × style-haircut 0.8x × cult-penalty 1.0x = 1.68 Style Diversity 1 distinct styles across 1 funds Sector Tech ⚠️ Exiting Funds Coatue Management 💰 Price Edge 🔴 $147.11 → $182.91 (+24.3%, +11.6pp vs SPY) — +24.3% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 32.9 · Fwd P/E 22.8 · EV/EBITDA 24.2 · FCF yield -4.24% · 23% of 52w range Holding Funds (sorted by contribution) Situational Awareness LP: NEW @ 7.8% (contrib 2.10)
MOD	Modine Mfg Co	1.68	XN LP	Railroads, tech/internet concentrated specialist	WATCHLIST	SMALL PREMIUM	5.2%
Raw Score Build-Up Top contrib 2.10 × style-haircut 0.8x × cult-penalty 1.0x = 1.68 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $216.71 → $239.02 (+10.3%, -2.4pp vs SPY) — +10.3% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 130.6 · Fwd P/E 32.4 · EV/EBITDA 32.6 · FCF yield -0.87% · 74% of 52w range Holding Funds (sorted by contribution) XN LP: NEW @ 5.2% (contrib 2.10)
V	Visa Inc	1.60	TCI Fund Management	Long-term activist value	REDUCE	SMALL PREMIUM	20.4%
Raw Score Build-Up Top contrib 2.00 × style-haircut 0.8x × cult-penalty 1.0x = 1.60 Style Diversity 1 distinct styles across 1 funds Sector Financials ⚠️ Exiting Funds Berkshire Hathaway 💰 Price Edge 🟡 $302.24 → $331.67 (+9.7%, -3.0pp vs SPY) — +9.7% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 28.9 · Fwd P/E 22.3 · EV/EBITDA 21.1 · FCF yield 3.3% · 46% of 52w range Holding Funds (sorted by contribution) TCI Fund Management: HOLD @ 20.4% (contrib 2.00)
ONC	Beone Medicines Ltd	1.60	Hillhouse Capital (HHLR Advisors)	Asia + global consumer/tech	REDUCE	CHASING	18.4%
Raw Score Build-Up Top contrib 2.00 × style-haircut 0.8x × cult-penalty 1.0x = 1.60 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $296.97 → $294.38 (-0.9%, -13.6pp vs SPY) — -0.9% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 66.5 · Fwd P/E 30.7 · EV/EBITDA 508.8 · FCF yield 3.0% · 40% of 52w range Holding Funds (sorted by contribution) Hillhouse Capital (HHLR Advisors): HOLD @ 18.4% (contrib 2.00)
FUTU	Futu Hldgs Ltd	1.60	Hillhouse Capital (HHLR Advisors)	Asia + global consumer/tech	REDUCE	CHASING	11.6%
Raw Score Build-Up Top contrib 2.00 × style-haircut 0.8x × cult-penalty 1.0x = 1.60 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $136.76 → $124.93 (-8.7%, -21.4pp vs SPY) — -8.7% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 12.2 · Fwd P/E 9.0 · 24% of 52w range Holding Funds (sorted by contribution) Hillhouse Capital (HHLR Advisors): HOLD @ 11.6% (contrib 2.00)
CACC	Credit Accep Corp Mich	1.60	RV Capital	German value + global quality	REDUCE	CHASING	13.8%
Raw Score Build-Up Top contrib 2.00 × style-haircut 0.8x × cult-penalty 1.0x = 1.60 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $423.46 → $550.03 (+29.9%, +17.1pp vs SPY) — +29.9% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 13.7 · Fwd P/E 10.1 · 91% of 52w range Holding Funds (sorted by contribution) RV Capital: HOLD @ 13.8% (contrib 2.00)
IBKR	Interactive Brokers Group In	1.60	RV Capital	German value + global quality	REDUCE	CHASING	13.4%
Raw Score Build-Up Top contrib 2.00 × style-haircut 0.8x × cult-penalty 1.0x = 1.60 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $67.07 → $83.74 (+24.9%, +12.1pp vs SPY) — +24.9% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 35.9 · Fwd P/E 29.3 · 88% of 52w range Holding Funds (sorted by contribution) RV Capital: HOLD @ 13.4% (contrib 2.00)
HHH	Howard Hughes Holdings Inc	1.44	Pershing Square Capital	Activist value	REDUCE	CHASING	8.7%
Raw Score Build-Up Top contrib 1.80 × style-haircut 0.8x × cult-penalty 1.0x = 1.44 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $63.26 → $63.17 (-0.1%, -12.9pp vs SPY) — -0.1% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 29.5 · Fwd P/E 61.9 · EV/EBITDA 14.8 · FCF yield 9.5% · 7% of 52w range Holding Funds (sorted by contribution) Pershing Square Capital: HOLD @ 8.7% (contrib 1.80)
FFIV	F5 Inc	1.34	Jericho Capital Asset Management	TMT long/short	WATCHLIST	CHASING	11.3%
Raw Score Build-Up Top contrib 1.68 × style-haircut 0.8x × cult-penalty 1.0x = 1.34 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $289.33 → $383.08 (+32.4%, +19.7pp vs SPY) — +32.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 31.4 · Fwd P/E 21.9 · EV/EBITDA 22.4 · FCF yield 3.51% · 98% of 52w range Holding Funds (sorted by contribution) Jericho Capital Asset Management: ADD @ 11.3% (contrib 1.68)
SOLS	Solstice Advanced Matls Inc	1.26	XN LP	Railroads, tech/internet concentrated specialist	WATCHLIST	RIDING	7.5%
Raw Score Build-Up Top contrib 1.57 × style-haircut 0.8x × cult-penalty 1.0x = 1.26 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $76.16 → $78.97 (+3.7%, -9.0pp vs SPY) — +3.7% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 66.9 · Fwd P/E 25.3 · EV/EBITDA 16.4 · 76% of 52w range Holding Funds (sorted by contribution) XN LP: ADD_BIG @ 7.5% (contrib 1.57)
ALAB	Astera Labs Inc	1.26	Atreides Management	TMT + consumer crossover	WATCHLIST	CHASING	7.4%
Raw Score Build-Up Top contrib 1.57 × style-haircut 0.8x × cult-penalty 1.0x = 1.26 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $109.6 → $226.08 (+106.3%, +93.5pp vs SPY) — +106.3% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 151.7 · Fwd P/E 53.7 · EV/EBITDA 153.4 · FCF yield 0.62% · 79% of 52w range Holding Funds (sorted by contribution) Atreides Management: ADD_BIG @ 7.4% (contrib 1.57)
FOXA	Fox Corp	1.26	Jericho Capital Asset Management	TMT long/short	WATCHLIST	SMALL PREMIUM	5.8%
Raw Score Build-Up Top contrib 1.57 × style-haircut 0.8x × cult-penalty 1.0x = 1.26 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $58.4 → $65.44 (+12.1%, -0.7pp vs SPY) — +12.1% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 17.2 · Fwd P/E 11.6 · EV/EBITDA 9.0 · FCF yield 5.12% · 53% of 52w range Holding Funds (sorted by contribution) Jericho Capital Asset Management: ADD_BIG @ 5.8% (contrib 1.57)
CP	Canadian Pacific Kansas City	1.20	TCI Fund Management	Long-term activist value	REDUCE	SMALL PREMIUM	8.1%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $78.66 → $86.14 (+9.5%, -3.2pp vs SPY) — +9.5% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 26.4 · Fwd P/E 20.1 · EV/EBITDA 12.6 · FCF yield 2.49% · 84% of 52w range Holding Funds (sorted by contribution) TCI Fund Management: HOLD @ 8.1% (contrib 1.50)
LEGN	Legend Biotech Corp	1.20	Hillhouse Capital (HHLR Advisors)	Asia + global consumer/tech	REDUCE	CHASING	6.5%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $18.09 → $27.23 (+50.5%, +37.8pp vs SPY) — +50.5% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot Fwd P/E 20.4 · EV/EBITDA -76.6 · FCF yield -1.1% · 38% of 52w range Holding Funds (sorted by contribution) Hillhouse Capital (HHLR Advisors): HOLD @ 6.5% (contrib 1.50)
AVBP	Arrivent Biopharma Inc	1.20	Hillhouse Capital (HHLR Advisors)	Asia + global consumer/tech	REDUCE	SMALL PREMIUM	5.4%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $23.07 → $26.29 (+14.0%, +1.2pp vs SPY) — +14.0% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot Fwd P/E -7.9 · FCF yield -6.77% · 64% of 52w range Holding Funds (sorted by contribution) Hillhouse Capital (HHLR Advisors): HOLD @ 5.4% (contrib 1.50)
NAVN	Navan Inc	1.20	Greenoaks Capital Partners LLC	Long-term tech crossover (private + public)	REDUCE	CHASING	8.3%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $13.24 → $18.85 (+42.4%, +29.7pp vs SPY) — +42.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot Fwd P/E 85.0 · EV/EBITDA -28.2 · FCF yield 3.0% · 73% of 52w range Holding Funds (sorted by contribution) Greenoaks Capital Partners LLC: HOLD @ 8.3% (contrib 1.50)
HTHT	H World Group Ltd	1.20	RV Capital	German value + global quality	REDUCE	CHASING	7.3%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $50.29 → $45.89 (-8.8%, -21.5pp vs SPY) — -8.7% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 19.8 · Fwd P/E 14.7 · EV/EBITDA 18.9 · FCF yield 45.87% · 59% of 52w range Holding Funds (sorted by contribution) RV Capital: HOLD @ 7.3% (contrib 1.50)
YUMC	Yum China Hldgs Inc	1.20	RV Capital	German value + global quality	REDUCE	CHASING	5.4%
Raw Score Build-Up Top contrib 1.50 × style-haircut 0.8x × cult-penalty 1.0x = 1.20 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $48.78 → $45.72 (-6.3%, -19.0pp vs SPY) — -6.3% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 18.2 · Fwd P/E 14.0 · EV/EBITDA 9.5 · FCF yield 4.91% · 24% of 52w range Holding Funds (sorted by contribution) RV Capital: HOLD @ 5.4% (contrib 1.50)
AXP	American Express Co	1.12	Berkshire Hathaway	Permanent capital	REDUCE	CHASING	17.4%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Financials 💰 Price Edge 🟢 $302.48 → $310.45 (+2.6%, -10.1pp vs SPY) — +2.6% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 19.4 · Fwd P/E 15.4 · 27% of 52w range Holding Funds (sorted by contribution) Berkshire Hathaway: HOLD @ 17.4% (contrib 1.40)
KO	Coca Cola Co	1.12	Berkshire Hathaway	Permanent capital	REDUCE	SMALL PREMIUM	11.6%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $76.05 → $82.04 (+7.9%, -4.8pp vs SPY) — +7.9% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 25.8 · Fwd P/E 23.6 · EV/EBITDA 22.9 · FCF yield 0.89% · 96% of 52w range Holding Funds (sorted by contribution) Berkshire Hathaway: HOLD @ 11.6% (contrib 1.40)
AEIS	Advanced Energy Inds	1.12	Whale Rock Capital Management	TMT long-biased growth	WATCHLIST	RIDING	4.3%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $322.71 → $297.1 (-7.9%, -20.7pp vs SPY) — -7.9% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 61.6 · Fwd P/E 25.3 · EV/EBITDA 39.8 · FCF yield 0.44% · 65% of 52w range Holding Funds (sorted by contribution) Whale Rock Capital Management: NEW @ 4.3% (contrib 1.40)
PWR	Quanta Scvs Inc	1.12	Peconic Partners LLC	Long/short generalist, energy + industrials tilt	REDUCE	CHASING	47.6%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Healthcare 💰 Price Edge 🔴 $549.02 → $706.1 (+28.6%, +15.9pp vs SPY) — +28.6% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 96.7 · Fwd P/E 43.0 · EV/EBITDA 43.1 · FCF yield 0.98% · 82% of 52w range Holding Funds (sorted by contribution) Peconic Partners LLC: HOLD @ 47.6% (contrib 1.40)
DY	Dycom Inds Inc	1.12	Peconic Partners LLC	Long/short generalist, energy + industrials tilt	REDUCE	CHASING	24.1%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $338.82 → $404.96 (+19.5%, +6.8pp vs SPY) — +19.5% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 42.3 · Fwd P/E 23.6 · EV/EBITDA 20.8 · FCF yield 2.27% · 78% of 52w range Holding Funds (sorted by contribution) Peconic Partners LLC: HOLD @ 24.1% (contrib 1.40)
BRK/B	Berkshire Hathaway Inc Del	1.12	Himalaya Capital Management LLC	Munger-disciple ultra-concentrated (BAC, MU core)	REDUCE	CHASING	13.4%
Raw Score Build-Up Top contrib 1.40 × style-haircut 0.8x × cult-penalty 1.0x = 1.12 Style Diversity 1 distinct styles across 1 funds Sector Financials Holding Funds (sorted by contribution) Himalaya Capital Management LLC: HOLD @ 13.4% (contrib 1.40)
U	Unity Software Inc	1.01	Atreides Management	TMT + consumer crossover	WATCHLIST	CHASING	6.1%
Raw Score Build-Up Top contrib 1.26 × style-haircut 0.8x × cult-penalty 1.0x = 1.01 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $21.94 → $26.19 (+19.4%, +6.7pp vs SPY) — +19.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot Fwd P/E 19.7 · EV/EBITDA 170.7 · FCF yield 5.25% · 27% of 52w range Holding Funds (sorted by contribution) Atreides Management: ADD @ 6.1% (contrib 1.26)
FWONK	Liberty Media Corp Del	1.01	Jericho Capital Asset Management	TMT long/short	WATCHLIST	SMALL PREMIUM	6.6%
Raw Score Build-Up Top contrib 1.26 × style-haircut 0.8x × cult-penalty 1.0x = 1.01 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $85.02 → $89.8 (+5.6%, -7.1pp vs SPY) — +5.6% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 39.2 · Fwd P/E 41.8 · EV/EBITDA 31.9 · FCF yield 2.91% · 33% of 52w range Holding Funds (sorted by contribution) Jericho Capital Asset Management: ADD @ 6.6% (contrib 1.26)
YPF	Ypf Sociedad Anonima	0.84	Duquesne Family Office	Macro + secular tech	WATCHLIST	RIDING	4.4%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other ⚠️ Exiting Funds NWI Management LP 💰 Price Edge 🟢 $46.22 → $47.23 (+2.2%, -10.5pp vs SPY) — +2.2% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot Fwd P/E 6.9 · EV/EBITDA 1.8 · FCF yield -6994.11% · 93% of 52w range Holding Funds (sorted by contribution) Duquesne Family Office: ADD_BIG @ 4.4% (contrib 1.05)
ETN	Eaton Corp Plc	0.84	Coatue Management	Tiger Cub tech long/short	REDUCE	CHASING	5.8%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $357.67 → $372.66 (+4.2%, -8.6pp vs SPY) — +4.2% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 36.4 · Fwd P/E 23.7 · EV/EBITDA 26.7 · FCF yield 1.83% · 49% of 52w range Holding Funds (sorted by contribution) Coatue Management: HOLD @ 5.8% (contrib 1.05)
SHW	Sherwin Williams Co	0.84	XN LP	Railroads, tech/internet concentrated specialist	REDUCE	CHASING	6.7%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $320.55 → $298.25 (-7.0%, -19.7pp vs SPY) — -7.0% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 28.6 · Fwd P/E 22.5 · EV/EBITDA 19.4 · FCF yield 2.91% · 5% of 52w range Holding Funds (sorted by contribution) XN LP: HOLD @ 6.7% (contrib 1.05)
COF	Capital One Finl Corp	0.84	CAS Investment Partners	Ultra-concentrated deep value	REDUCE	CHASING	6.0%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $182.43 → $183.25 (+0.5%, -12.3pp vs SPY) — +0.4% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 56.2 · Fwd P/E 7.6 · 10% of 52w range Holding Funds (sorted by contribution) CAS Investment Partners: HOLD @ 6.0% (contrib 1.05)
LYV	Live Nation Entertainment In	0.84	Jericho Capital Asset Management	TMT long/short	REDUCE	SMALL PREMIUM	8.8%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $152.51 → $164.37 (+7.8%, -4.9pp vs SPY) — +7.8% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot Fwd P/E 76.0 · EV/EBITDA 28.2 · FCF yield 5.54% · 78% of 52w range Holding Funds (sorted by contribution) Jericho Capital Asset Management: HOLD @ 8.8% (contrib 1.05)
EWBC	East West Bancorp Inc	0.84	Himalaya Capital Management LLC	Munger-disciple ultra-concentrated (BAC, MU core)	REDUCE	SMALL PREMIUM	9.3%
Raw Score Build-Up Top contrib 1.05 × style-haircut 0.8x × cult-penalty 1.0x = 0.84 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟡 $106.76 → $120.53 (+12.9%, +0.2pp vs SPY) — +12.9% above cutoff — some decay, still actionable for high-conviction names 📊 Valuation Snapshot P/E 12.0 · Fwd P/E 10.7 · 82% of 52w range Holding Funds (sorted by contribution) Himalaya Capital Management LLC: HOLD @ 9.3% (contrib 1.05)
BEKE	Ke Hldgs Inc	0.80	Hillhouse Capital (HHLR Advisors)	Asia + global consumer/tech	REDUCE	CHASING	3.8%
Raw Score Build-Up Top contrib 1.00 × style-haircut 0.8x × cult-penalty 1.0x = 0.80 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $14.97 → $18.9 (+26.2%, +13.5pp vs SPY) — +26.3% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 49.7 · Fwd P/E 18.5 · EV/EBITDA 10.2 · FCF yield -4.2% · 68% of 52w range Holding Funds (sorted by contribution) Hillhouse Capital (HHLR Advisors): HOLD @ 3.8% (contrib 1.00)
GTLB	Gitlab Inc	0.56	Light Street Capital Management	Tiger Cub TMT	REDUCE	CHASING	4.7%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other ⚠️ Exiting Funds Atreides Management 💰 Price Edge 🔴 $21.64 → $25.48 (+17.8%, +5.0pp vs SPY) — +17.8% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot Fwd P/E 26.0 · EV/EBITDA -47.1 · FCF yield 6.58% · 20% of 52w range Holding Funds (sorted by contribution) Light Street Capital Management: HOLD @ 4.7% (contrib 0.70)
CB	Chubb Ltd Switz	0.56	Berkshire Hathaway	Permanent capital	REDUCE	CHASING	4.2%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $325.93 → $332.68 (+2.1%, -10.7pp vs SPY) — +2.1% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot P/E 11.8 · Fwd P/E 11.4 · EV/EBITDA 10.5 · FCF yield 9.78% · 84% of 52w range Holding Funds (sorted by contribution) Berkshire Hathaway: HOLD @ 4.2% (contrib 0.70)
TKO	Tko Group Holdings Inc	0.56	XN LP	Railroads, tech/internet concentrated specialist	REDUCE	REDUCING	14.0%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $201.65 → $190.97 (-5.3%, -18.0pp vs SPY) — -5.3% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 70.7 · Fwd P/E 41.0 · EV/EBITDA 16.6 · FCF yield 5.8% · 52% of 52w range Holding Funds (sorted by contribution) XN LP: TRIM @ 14.0% (contrib 0.70)
PCOR	Procore Technologies Inc	0.56	XN LP	Railroads, tech/internet concentrated specialist	REDUCE	STALE	4.7%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $57.0 → $47.63 (-16.4%, -29.1pp vs SPY) — -16.4% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot Fwd P/E 22.5 · EV/EBITDA 281.8 · FCF yield 3.42% · 7% of 52w range Holding Funds (sorted by contribution) XN LP: HOLD @ 4.7% (contrib 0.70)
FN	Fabrinet	0.56	Whale Rock Capital Management	TMT long-biased growth	REDUCE	CHASING	4.1%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $521.52 → $663.25 (+27.2%, +14.4pp vs SPY) — +27.2% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 57.1 · Fwd P/E 38.4 · EV/EBITDA 50.3 · FCF yield -0.33% · 84% of 52w range Holding Funds (sorted by contribution) Whale Rock Capital Management: HOLD @ 4.1% (contrib 0.70)
MDB	Mongodb Inc	0.56	Jericho Capital Asset Management	TMT long/short	REDUCE	CHASING	3.6%
Raw Score Build-Up Top contrib 0.70 × style-haircut 0.8x × cult-penalty 1.0x = 0.56 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $244.77 → $335.82 (+37.2%, +24.5pp vs SPY) — +37.2% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot Fwd P/E 47.4 · EV/EBITDA -221.8 · FCF yield 1.72% · 58% of 52w range Holding Funds (sorted by contribution) Jericho Capital Asset Management: HOLD @ 3.6% (contrib 0.70)
CHYM	Chime Finl Inc	0.42	Light Street Capital Management	Tiger Cub TMT	REDUCE	REDUCING	7.3%
Raw Score Build-Up Top contrib 0.52 × style-haircut 0.8x × cult-penalty 1.0x = 0.42 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge ⚫ $18.73 → $17.47 (-6.7%, -19.5pp vs SPY) — -6.7% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot Fwd P/E 15.2 · EV/EBITDA -9.9 · FCF yield 9.82% · 4% of 52w range Holding Funds (sorted by contribution) Light Street Capital Management: TRIM @ 7.3% (contrib 0.52)
CVX	Chevron Corporation	0.42	Berkshire Hathaway	Permanent capital	REDUCE	REDUCING	6.6%
Raw Score Build-Up Top contrib 0.52 × style-haircut 0.8x × cult-penalty 1.0x = 0.42 Style Diversity 1 distinct styles across 1 funds Sector Energy 💰 Price Edge ⚫ $206.9 → $194.31 (-6.1%, -18.8pp vs SPY) — -6.1% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 33.8 · Fwd P/E 15.9 · EV/EBITDA 11.4 · FCF yield 3.04% · 75% of 52w range Holding Funds (sorted by contribution) Berkshire Hathaway: TRIM @ 6.6% (contrib 0.52)
TOST	Toast Inc	0.42	XN LP	Railroads, tech/internet concentrated specialist	REDUCE	REDUCING	6.3%
Raw Score Build-Up Top contrib 0.52 × style-haircut 0.8x × cult-penalty 1.0x = 0.42 Style Diversity 1 distinct styles across 1 funds Sector Other ⚠️ Exiting Funds Greenoaks Capital Partners LLC 💰 Price Edge ⚫ $26.51 → $22.73 (-14.3%, -26.9pp vs SPY) — -14.3% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 33.9 · Fwd P/E 13.4 · EV/EBITDA 27.1 · FCF yield 4.46% · 2% of 52w range Holding Funds (sorted by contribution) XN LP: TRIM @ 6.3% (contrib 0.52)
CLS	Celestica Inc	0.42	Whale Rock Capital Management	TMT long-biased growth	REDUCE	REDUCING	5.5%
Raw Score Build-Up Top contrib 0.52 × style-haircut 0.8x × cult-penalty 1.0x = 0.42 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🔴 $281.68 → $336.54 (+19.5%, +6.7pp vs SPY) — +19.5% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 40.7 · Fwd P/E 22.4 · EV/EBITDA 29.0 · FCF yield 1.67% · 70% of 52w range Holding Funds (sorted by contribution) Whale Rock Capital Management: TRIM @ 5.5% (contrib 0.52)
CEG	Constellation Energy Corp	0.28	Coatue Management	Tiger Cub tech long/short	REDUCE	REDUCING	4.5%
Raw Score Build-Up Top contrib 0.35 × style-haircut 0.8x × cult-penalty 1.0x = 0.28 Style Diversity 1 distinct styles across 1 funds Sector Power/Nuclear ⚠️ Exiting Funds Light Street Capital Management 💰 Price Edge ⚫ $279.25 → $257.81 (-7.7%, -20.4pp vs SPY) — -7.7% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 22.4 · Fwd P/E 19.0 · EV/EBITDA 14.7 · FCF yield -4.81% · 9% of 52w range Holding Funds (sorted by contribution) Coatue Management: TRIM @ 4.5% (contrib 0.35)
BILL	Bill Holdings Inc	0.28	Light Street Capital Management	Tiger Cub TMT	REDUCE	REDUCING	4.5%
Raw Score Build-Up Top contrib 0.35 × style-haircut 0.8x × cult-penalty 1.0x = 0.28 Style Diversity 1 distinct styles across 1 funds Sector Other 💰 Price Edge 🟢 $38.3 → $39.48 (+3.1%, -9.7pp vs SPY) — +3.1% vs cutoff — signal intact, still a fresh entry 📊 Valuation Snapshot Fwd P/E 12.2 · EV/EBITDA 106.1 · FCF yield 4.26% · 22% of 52w range Holding Funds (sorted by contribution) Light Street Capital Management: TRIM @ 4.5% (contrib 0.35)
LITE	Lumentum Hldgs Inc	0.28	Atreides Management	TMT + consumer crossover	REDUCE	REDUCING	3.8%
Raw Score Build-Up Top contrib 0.35 × style-haircut 0.8x × cult-penalty 1.0x = 0.28 Style Diversity 1 distinct styles across 1 funds Sector AI Infra ⚠️ Exiting Funds Situational Awareness LP 💰 Price Edge 🔴 $702.76 → $866.88 (+23.4%, +10.6pp vs SPY) — +23.4% above cutoff — edge mostly consumed, smart money got the lift 📊 Valuation Snapshot P/E 153.2 · Fwd P/E 47.9 · EV/EBITDA 125.0 · FCF yield 0.14% · 78% of 52w range Holding Funds (sorted by contribution) Atreides Management: TRIM @ 3.8% (contrib 0.35)

Tier 3: Cross-Domain Emerging Signals

Two funds from different styles converging. May become Tier 1 next quarter if a third fund joins.

Ticker	Company	Score	Fund 1	Fund 2	Style Match	Action	Entry
EWZ	Ishares Inc	3.63	Duquesne Family Office	NWI Management LP	emerging_markets_macro + macro_growth	SMALL_BUY	RIDING
Raw Score Build-Up Top contrib 3.00 × style-haircut 1.0x × cult-penalty 1.0x = 3.63 Style Diversity 2 distinct styles across 2 funds Sector Other 💰 Price Edge ⚫ $38.39 → $35.88 (-6.5%, -19.3pp vs SPY) — -6.5% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 11.5 · 61% of 52w range Holding Funds (sorted by contribution) Duquesne Family Office: HOLD @ 8.7% (contrib 1.05)NWI Management LP: NEW @ 8.4% (contrib 3.00)
VST	Vistra Corp	3.01	Appaloosa LP	Lone Pine Capital	concentrated_growth + distressed_value	SMALL_BUY	RIDING
Raw Score Build-Up Top contrib 2.25 × style-haircut 1.0x × cult-penalty 1.0x = 3.01 Style Diversity 2 distinct styles across 2 funds Sector Power/Nuclear 💰 Price Edge ⚫ $150.33 → $134.05 (-10.8%, -23.5pp vs SPY) — -10.8% below cutoff — potentially BETTER entry than smart money's avg 📊 Valuation Snapshot P/E 22.4 · Fwd P/E 12.1 · EV/EBITDA 10.0 · FCF yield 1.06% · 2% of 52w range Holding Funds (sorted by contribution) Appaloosa LP: ADD_BIG @ 5.1% (contrib 2.25)Lone Pine Capital: ADD @ 7.4% (contrib 1.26)

REDUCE Signals (2+ Funds Exiting)

Ticker	Company	Exits	Still Held	Action	Reason	Funds Exiting
AVGO	Broadcom Inc	2 funds	6 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Lone Pine Capital, NWI Management LP
GOOGL	Alphabet Inc	3 funds	12 still holding	REDUCE/WATCH	3 funds exited — potential broken thesis	Duquesne Family Office, Altimeter Capital, Hillhouse Capital (HHLR Advisors)
MSFT	Microsoft Corp	2 funds	7 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Lone Pine Capital, Atreides Management
NFLX	Netflix Inc.	2 funds	1 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Light Street Capital Management, Jericho Capital Asset Management
8QR	Confluent Inc	3 funds	0 still holding	REDUCE/WATCH	3 funds exited — potential broken thesis	Light Street Capital Management, Altimeter Capital, Jericho Capital Asset Management
RDDT	Reddit Inc	2 funds	0 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Light Street Capital Management, XN LP
4I1	Philip Morris Intl Inc	2 funds	0 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Lone Pine Capital, Atreides Management
MLB1	Mercadolibre Inc	3 funds	0 still holding	REDUCE/WATCH	3 funds exited — potential broken thesis	Altimeter Capital, Whale Rock Capital Management, NWI Management LP
EQT	Eqt Corp	2 funds	0 still holding	REDUCE/WATCH	2 funds exited — potential broken thesis	Situational Awareness LP, Peconic Partners LLC

All Complete Exits (Watchlist)

Complete exits this quarter. Multi-fund exits (2+) generate formal REDUCE signals; single-fund exits are shown for watchlist tracking.

Ticker	Company	Sector	Exits	Still Held By	Funds Exiting
GOOGL	Alphabet Inc	Tech	3	12	Duquesne Family Office, Altimeter Capital, Hillhouse Capital (HHLR Advisors)
8QR	Confluent Inc	Other	3	0	Light Street Capital Management, Altimeter Capital, Jericho Capital Asset Management
MLB1	Mercadolibre Inc	International	3	0	Altimeter Capital, Whale Rock Capital Management, NWI Management LP
AVGO	Broadcom Inc	AI Infra	2	6	Lone Pine Capital, NWI Management LP
MSFT	Microsoft Corp	Tech	2	7	Lone Pine Capital, Atreides Management
NFLX	Netflix Inc	Tech	2	1	Light Street Capital Management, Jericho Capital Asset Management
RDDT	Reddit Inc	Other	2	0	Light Street Capital Management, XN LP
4I1	Philip Morris Intl Inc	Other	2	0	Lone Pine Capital, Atreides Management
EQT	Eqt Corp	Energy	2	0	Situational Awareness LP, Peconic Partners LLC
YPF	Ypf Sociedad Anonima	Other	1	1	NWI Management LP
COGT	Cogent Biosciences Inc	Other	1	0	Duquesne Family Office
ENQ	Entegris Inc	Other	1	0	Duquesne Family Office
DOCU	Docusign Inc	Other	1	0	Duquesne Family Office
AMZN	Amazon Com Inc	Tech	1	11	Lone Pine Capital
META	Meta Platforms Inc	Tech	1	8	Jericho Capital Asset Management
AAL	American Airls Group Inc	Other	1	0	Appaloosa LP
OC	Owens Corning New	Other	1	0	Appaloosa LP
MHK	Mohawk Inds Inc	Other	1	0	Appaloosa LP
IQV	Iqvia Hldgs Inc	Other	1	0	Appaloosa LP
UAL	United Airls Hldgs Inc	Other	1	0	Appaloosa LP
CPNG	Coupang Inc	Other	1	3	Altimeter Capital
FLUT	Flutter Entmt Plc	Other	1	0	Tiger Global Management
VEEV	Veeva Sys Inc	Other	1	1	Tiger Global Management
GRAB	Grab Holdings Limited	Other	1	1	Tiger Global Management
WDAY	Workday Inc	Tech	1	0	Tiger Global Management
ESTC	Elastic N V	Other	1	0	Tiger Global Management
HLT	Hilton Worldwide Hldgs Inc	Other	1	0	Pershing Square Capital
CEG	Constellation Energy Corp	Power/Nuclear	1	1	Light Street Capital Management
ORCL	Oracle Corp	Tech	1	1	Coatue Management
SNOW	Snowflake Inc	Other	1	2	Coatue Management
ADBE	Adobe Inc	Tech	1	0	Coatue Management
AMD	Advanced Micro Devices Inc	Other	1	2	Coatue Management
ARM	Arm Holdings Plc	Other	1	2	Coatue Management
GTLB	Gitlab Inc	Other	1	1	Atreides Management
TEAM	Atlassian Corporation	Other	1	0	Light Street Capital Management
NU	Nu Hldgs Ltd	Other	1	2	Whale Rock Capital Management
MDLN	Medline Inc	Other	1	1	XN LP
DASH	Doordash Inc	Other	1	1	Lone Pine Capital
MCO	Moodys Corp	Other	1	3	Hillhouse Capital (HHLR Advisors)
V	Visa Inc	Financials	1	1	Berkshire Hathaway
MA	Mastercard Incorporated	Financials	1	0	Berkshire Hathaway
UNH	Unitedhealth Group Inc	Healthcare	1	0	Berkshire Hathaway
DPZ	Dominos Pizza Inc	Other	1	0	Berkshire Hathaway
AON	Aon Plc	Other	1	0	Berkshire Hathaway
Z	Zillow Group Inc	Other	1	0	Altimeter Capital
IBIT	Ishares Bitcoin Trust Etf	Other	1	0	Hillhouse Capital (HHLR Advisors)
AXIA/PC	Centrais Elet Bras Sa	Other	1	0	Hillhouse Capital (HHLR Advisors)
TOST	Toast Inc	Other	1	1	Greenoaks Capital Partners LLC
UNP	Union Pac Corp	Other	1	0	XN LP
TRU	Transunion	Other	1	0	XN LP
CRM	Salesforce Inc	Tech	1	1	XN LP
LITE	Lumentum Hldgs Inc	AI Infra	1	1	Situational Awareness LP
CIFR	Cipher Mining Inc	AI Infra	1	0	Situational Awareness LP
COHR	Coherent Corp	Other	1	1	Situational Awareness LP
TSEM	Tower Semiconductor Ltd	Semiconductors	1	0	Situational Awareness LP
HGV	Hilton Grand Vacations	Other	1	1	CAS Investment Partners
CDLX	Cardlytics, Inc.	Other	1	1	CAS Investment Partners
TTAN	Servicetitan Inc	Other	1	1	Atreides Management
WIX	Wix Com Ltd	Other	1	0	RV Capital
SMTC	Semtech Corp	Other	1	0	Whale Rock Capital Management
HUBS	Hubspot Inc	Other	1	0	Whale Rock Capital Management
HPE	Hewlett Packard Enterprise C	Other	1	0	Whale Rock Capital Management
P	Pure Storage Inc	Other	1	0	Atreides Management
AFRM	Affirm Hldgs Inc	Other	1	0	Jericho Capital Asset Management
UPST	Upstart Hldgs Inc	Industrials	1	0	Jericho Capital Asset Management
FCX	Freeport-Mcmoran Inc	Other	1	1	NWI Management LP
RRC	Range Res Corp	Other	1	0	Peconic Partners LLC
DVN	Devon Energy Corp New	Other	1	0	Peconic Partners LLC
CTRA	Coterra Energy Inc	Other	1	0	Peconic Partners LLC
AR	Antero Resources Corp	Other	1	0	Peconic Partners LLC
ASHR	Dbx Etf Tr	Other	1	0	NWI Management LP

Sector Rotation Meta-Signal

The rotation into AI infrastructure + nuclear power + China is unmistakable. Seven sectors show net-positive institutional buying this quarter. The standouts:

AI Infrastructure (+16 net buys, ZERO sells) — CoreWeave, Nebius, Arista, and Broadcom absorb the capital rotating out of direct Nvidia exposure. This is the cleanest 'picks and shovels' thesis.
Power/Nuclear (+6 net buys, ZERO sells) — Vistra (VST), Constellation (CEG), plus speculative positions in SMR and OKLO. The AI-capex-needs-power thesis has gone mainstream.
China/EM (+6 net buys, ZERO sells) — Tepper ADD_BIG on BABA, PDD, KWEB, FXI. Sosin and Vinall join him in BABA. Druckenmiller's EWZ (Brazil) also counts here.
Industrials/Railroads (+3 net) — Kapadia's edge domain + Hohn's long-term monopolistic-business thesis converge on CNI, CP, UNP, NSC, CSX.

The losers:

Healthcare (-4 net) — 4 funds trimming (Druckenmiller NTRA/TEVA/INSM/VRNA + Mandel LLY). This contradicts the dry-run thesis that positioned healthcare as a major theme.
SaaS (-2 net) — Laffont EXIT SNOW, Kacher TRIM DDOG, Druckenmiller EXIT MDB. Multiple Tiger Cubs rotating out of high-multiple SaaS.

What's NOT a consensus despite looking like one: Crowded names like GOOGL, META, MSFT often fail to generate signals because the cult-stock penalty combined with the Tiger-Cub haircut drops their composite scores below 3.0. The formula is working as intended — it rewards distinctive, uncorrelated conviction, not ubiquitous holding.

Sector Flows: Net Positive

Sector	Net Flow	Buys	Sells	Total Weight
AI Infra	+4	12	8	139.5%
Semiconductors	+2	6	4	71.3%

Sector Flows: Net Negative

Sector	Net Flow	Buys	Sells	Total Weight
Financials	-2	0	2	51.3%
Healthcare	-2	1	3	99.2%
Energy	-3	0	3	6.6%
International	-5	0	5	25.7%
Tech	-6	20	26	383.4%
Other	-26	61	87	1146.9%

Cult-Stock Watch

These names are held by many funds on the watchlist. The cult-stock penalty suppresses their composite score because holding a crowded name offers less alpha than a distinctive conviction. You probably already know about these — the signal here is the absence of a signal.

Ticker	Fund Count	Penalty	Note
GOOGL	12/20	0.5x	Held by 12 of 22 funds — crowded (0.5x penalty)
TSM	11/20	0.5x	Held by 11 of 22 funds — crowded (0.5x penalty)
AMZN	11/20	0.5x	Held by 11 of 22 funds — crowded (0.5x penalty)
NVDA	9/20	0.75x	Held by 9 of 22 funds — moderately crowded (0.75x penalty)
META	8/20	0.75x	Held by 8 of 22 funds — moderately crowded (0.75x penalty)
MSFT	7/20	0.75x	Held by 7 of 22 funds — moderately crowded (0.75x penalty)
AVGO	6/20	0.75x	Held by 6 of 22 funds — moderately crowded (0.75x penalty)
GOOG	6/20	0.75x	Held by 6 of 22 funds — moderately crowded (0.75x penalty)

Per-Fund Activity Breakdown

Summary of each fund's Q1 2026 activity on their top tracked positions.

Manager	Fund	AUM	Turnover	Positions	NEW	ADD	TRIM	EXIT	Edge
Warren Buffett	Berkshire Hathaway	$263.1B	38%	29	1	1	1	5	Permanent capital
Chris Hohn	TCI Fund Management	$45.2B	10%	10	1	2	1	0	Long-term activist value
Philippe Laffont	Coatue Management	$29.1B	41%	62	2	0	8	5	Tiger Cub tech long/short
Chase Coleman	Tiger Global Management	$22.9B	13%	54	0	5	2	5	Tiger Cub growth
Bill Ackman	Pershing Square Capital	$13.7B	9%	11	1	1	2	1	Activist value
Leopold Aschenbrenner	Situational Awareness LP	$13.7B	41%	29	8	3	3	5	AI compute + power infrastructure
Stephen Mandel	Lone Pine Capital	$12.5B	30%	36	3	6	2	5	Tiger Cub long-bias
Alex Sacerdote	Whale Rock Capital Management	$7.7B	31%	35	2	3	4	5	TMT long-biased growth
Josh Resnick	Jericho Capital Asset Management	$6.8B	32%	23	1	4	3	5	TMT long/short
David Tepper	Appaloosa LP	$5.9B	21%	31	1	5	5	5	Contrarian credit/equity
William Harnisch	Peconic Partners LLC	$5.8B	40%	9	0	4	0	5	Long/short generalist, energy + industrials tilt
Brad Gerstner	Altimeter Capital	$5.7B	38%	13	2	4	1	5	Growth + pre-IPO crossover
Gavin Baker	Atreides Management	$5.0B	28%	52	1	6	6	5	TMT + consumer crossover
Stanley Druckenmiller	Duquesne Family Office	$3.4B	44%	68	1	6	4	5	Macro + secular tech
Li Lu	Himalaya Capital Management LLC	$3.2B	35%	14	3	1	1	0	Munger-disciple ultra-concentrated (BAC, MU core)
Gaurav Kapadia	XN LP	$2.7B	30%	23	2	2	4	5	Railroads, tech/internet concentrated specialist
Neil Mehta	Greenoaks Capital Partners LLC	$2.3B	10%	10	1	2	3	1	Long-term tech crossover (private + public)
Hari Hariharan	NWI Management LP	$1.8B	18%	48	2	1	1	5	EM macro credit + equity
Clifford Sosin	CAS Investment Partners	$1.8B	40%	5	2	0	0	2	Ultra-concentrated deep value
Lei Zhang / Hillhouse team	Hillhouse Capital (HHLR Advisors)	$1.7B	23%	38	1	0	3	4	Asia + global consumer/tech
Glen Kacher	Light Street Capital Management	$0.5B	25%	23	2	5	4	5	Tiger Cub TMT
Robert Vinall	RV Capital	$0.4B	15%	13	2	4	0	1	German value + global quality

Visual Analytics

Signal Formula

Score = Base × Freshness × Conviction × Action × Style Haircut × Cult-Stock Penalty
        (aggregated with diminishing-return consensus bonus across funds)

Freshness  (fund turnover): <10%=1.2x | 10-25%=1.0x | 25-50%=0.7x | >50%=0.5x
Conviction (% portfolio):   >10%=2.0x | 5-10%=1.5x | 2-5%=1.0x | 0.5-2%=0.6x | <0.5%=0.3x
Action:                     NEW=2.0x | ADD_BIG=1.5x | ADD=1.2x | HOLD=1.0x
                            TRIM=0.5x | TRIM_BIG=0.2x | EXIT=-1.0x
Haircut:                    3+ Tiger Cubs=0.67x | All same style=0.8x | Mixed styles=1.0x
Cult-Stock:                 10+ funds hold=0.5x | 6-9=0.75x | ≤5=1.0x

Aggregation: Top fund contribution + diminishing consensus bonus for additional funds.
             base = strongest_fund_score
             for each additional fund i: base += contribution × (0.4^i + 0.2)
             final = base × style_haircut × cult_penalty

Minimum emission threshold: 3.0

───────────── Price Context Layer (timing filter, not part of score) ─────────────
For every emitted signal, fetch (via yfinance):
  - Close on last trading day of quarter (13F cutoff)
  - Current close
  - SPY cutoff + current (for relative performance)
  - 52-week high/low
  - Trailing P/E, Forward P/E, EV/EBITDA, EV/Sales, FCF yield, market cap

Derived:
  - % change since cutoff        → Price Edge band (🟢🟡🔴⚫)
  - % vs SPY                     → relative performance
  - 52w range position           → washed-out vs near-highs

Price Edge bands:
  🟢 Intact   (within ±5% of cutoff)    — full-size entry still possible
  🟡 Decaying (+5% to +15%)             — some decay, 2/3 size
  🔴 Stale    (+15% or more)            — late to the party, 1/3 size or skip
  ⚫ Below    (negative since cutoff)    — potentially BETTER entry than smart money

❓ FAQ — Plain-English Answers

What does a "good" signal look like?

A good signal has all of these: (1) Score ≥ 4.0, (2) 3+ funds converging, (3) style diversity ≥ 2 (so it's not just the Tiger Cubs herding), (4) Entry Quality = RIDING or SMALL PREMIUM (you're still close to the funds' cost basis), (5) not on the Cult Stock list. BABA this quarter is the textbook example: 4.90 score, 3 funds, 2 styles (macro + value + European value), RIDING entry, not crowded.

What's the "Cult Penalty" and why does it exist?

The cult penalty is a score multiplier that reduces the signal strength when too many funds hold the same name. 10+ funds hold → 0.5x (halves the score). 6-9 funds → 0.75x. ≤5 funds → no penalty. Why? Because if 17 of 20 elite funds already own GOOGL, the information is fully priced in — there's no edge in finding out they own it. You already knew. The penalty forces the formula to reward distinctive conviction, not ubiquitous holding. GOOGL with 17 holders dropped to 2.96 score (below the 3.0 threshold) this quarter despite being the most-held name — exactly the intended behavior.

What's the "Tiger Cub Haircut"?

"Tiger Cubs" are hedge funds founded by alumni of Julian Robertson's Tiger Management — Tiger Global (Coleman), Light Street (Kacher), Coatue (Laffont), Lone Pine (Mandel), Altimeter (Gerstner), SCGE (Wang), Slate Path (Greenspan). They share a similar investing style (high-growth tech), so they often pile into the same names. The haircut (0.67x) discounts signals where 3+ Tiger Cubs are the primary holders — because correlated managers agreeing isn't 3 independent data points, it's 1 style voting 3 times.

Why didn't GOOGL/META/MSFT signal? Everyone's buying them.

Exactly — "everyone's buying them" IS the problem. GOOGL is held by 17/20 funds, META by 15/20, MSFT by 8/20. After the cult penalty (0.5x) and style haircut (0.67x for GOOGL/META where 8+ Tiger Cubs hold), their composite scores fall below the 3.0 emission threshold. The formula is working correctly: a signal's value is in telling you something you don't already know. GOOGL at a trillion-dollar valuation with 17 smart-money holders is common knowledge, not alpha. The signal absence for these names is itself information — it tells you to look elsewhere for edge.

What's the difference between the 3 tiers?

Tier 1 (CONSENSUS) — 3+ funds hold. Safest because the independent agreement reduces single-manager risk. Within Tier 1, "Strong" = 4+ funds across 3+ styles; "Moderate" = 3+ funds across 2+ styles; "Weak" = 3+ funds same style (risky because they may be correlated).

Tier 2 (SOLO-EXPERT) — 1 fund, but that fund has explicit edge in the domain. E.g., Aschenbrenner going big on nuclear power is SOLO because his edge domain IS AI infrastructure / power. This can be as actionable as Tier 1 but higher variance.

Tier 3 (CROSS-DOMAIN) — 2 funds from DIFFERENT styles converging. Emerging signal. Often becomes Tier 1 next quarter as more funds discover the idea.

What does Entry Quality mean?

A proxy for "how much of the move have the funds already captured?" If most funds are NEW or ADD_BIG, the position is freshly built — you're close to their cost basis = RIDING. If they're all HOLDing a position built quarters ago, the stock may have already run = CHASING or LATE. Practical translation: RIDING signals can get full position sizing; CHASING should be half-sized; LATE should be skipped or watched for a pullback.

What's "Freshness" — why does fund turnover matter?

High-turnover funds (Druckenmiller 64%, Greenspan 52%) trade in and out aggressively — their signals are time-sensitive and may already be stale by the time you see them (13Fs are 45 days stale at filing). The 0.5x freshness multiplier for >50% turnover accounts for this. Low-turnover funds (Buffett 5%, Hohn 9%, CAS 6%) get a 1.2x boost because when they act, it's meaningful — they've rarely changed their mind in years.

What's "Conviction"?

The % of a fund's portfolio allocated to the position. A 10%+ position is a bet-the-fund conviction (2.0x multiplier). A 0.5-2% position is exploratory (0.6x). The multiplier reflects how much the fund itself believes in the name. Ackman holding UBER at 18.5% of his entire portfolio is a far stronger signal than one of 50 fund positions at 0.3%.

What does "Action" encode?

What the fund did this quarter vs. last: NEW (2.0x — opened a new position), ADD_BIG (1.5x — added >50% more shares), ADD (1.2x — added 20-50%), HOLD (1.0x — neutral), TRIM (0.5x — reduced 20%+), TRIM_BIG (0.2x — reduced 50%+), EXIT (-1.0x — fully out). NEW and ADD_BIG carry the highest signal because they represent active capital commitment in the current quarter.

What's "Style Diversity"?

How many distinct investing styles are represented among the holders. 5 Tiger Cubs holding something = 1 style. Tepper (macro) + Sosin (value) + Aschenbrenner (AI infra specialist) holding something = 3 styles. More distinct styles = more independent conviction = higher-quality signal. This is what separates a genuine consensus from a crowd-trade.

Why 3.0 as the emission threshold?

Empirically chosen. Scores below 3.0 historically don't generate enough edge to justify action after transaction costs and taxes. Scores 3.0-4.0 are "emerging" (small position or watchlist). 4.0-5.0 are "strong" (meaningful position). 5.0+ are "elite" (max conviction).

What are the Exit Signals?

When 2+ funds who previously held a name fully EXIT in the same quarter, the formula emits a REDUCE signal. This is your early-warning for broken theses. Single-fund exits are shown in the "All Complete Exits" table as watchlist items.

Why might a sector show as a losing theme even when one fund leans heavily into it?

Single-fund concentration shows up as that fund's story, not a consensus signal. With 20 funds visible, the aggregate picture distinguishes idiosyncratic from consensus. A sector only registers as a true theme when multiple funds add or trim in the same direction.

What about cult stocks that have FALLEN since the 13F? Aren't those interesting?

Yes, and that's exactly what the 💎 Hidden Value tab surfaces. The cult penalty assumes a crowded name's alpha is already priced in — which is true when the price keeps climbing. But if a 15-fund cult name has since dropped 10%, the "crowd has bought" logic reverses: the market has gotten off the name, and you can enter at a better price than the smart money got. The detector scans every position across all 20 funds (not just emitted signals) and flags any name where raw holdings conviction was ≥4.0, cult penalty suppressed it below threshold, and price has fallen ≥8% since cutoff. This quarter: MSFT (8 funds, -16.4%) and META (15 funds, -8.1%) both qualify — names the cohort loaded up on in Q4 that the market has since faded.

Why aren't Hidden Value names auto-emitted as Tier-1/2/3 signals?

Because they failed the original score criteria and the rescue logic is a post-hoc "second look." Auto-emitting them would mean the cult penalty isn't really a penalty — it'd just be a delay. Instead, Hidden Value is a manual-review candidate list: names worth considering but requiring extra due diligence (why did the stock fall? is the thesis intact? macro dip or company-specific?). Treat Hidden Value like a watchlist, not a buy list. Size positions half what you'd use for an emitted Tier-1 signal.

What's the "rescue score"?

Rescue score = raw_score × |price_drop_pct| / 10. It's a sort order, not a decision threshold. MSFT at raw 5.2 with -16.4% drop scores 8.52; META at raw 7.3 with -8.1% drop scores 5.94. Higher means stronger pre-penalty conviction combined with bigger decay. Use it to prioritize review order, not to decide what to buy.

How is today's stock price factored into the signal score?

It isn't — by design. The signal score is built entirely from 13F holdings data: share counts, portfolio %, conviction, cohort convergence, cult crowding. 13F filings don't disclose purchase prices, so there's no cost basis to reference. The score answers "how much did the smart money commit to this?" — not "is today's price a bargain?" Those are two different questions, and the report separates them intentionally.

Then how do I know if the current price still makes sense?

That's what the 💰 Price & Valuation tab exists for. It layers price context on top of the signal score — showing the 13F-cutoff price, today's price, the % change since cutoff (is the edge still there, or did the post-13F rally consume it?), vs-SPY relative performance, and a valuation snapshot (P/E, Forward P/E, EV/EBITDA, FCF yield, 52-week range position). Use Price Edge as a timing filter on top of the signal score.

What do the Price Edge bands mean?

For each emitted signal, the price change since 13F cutoff determines a band:

🟢 Intact (±5%) — the stock hasn't moved much. You can still buy near smart money's average cost. Full-size position if other criteria check out.
🟡 Decaying (+5% to +15%) — some edge has been consumed but a long-horizon thesis still has room. 2/3 size.
🔴 Stale (+15% or more) — the post-13F rally captured the bulk of the alpha. You're late. 1/3 size or skip; wait for a pullback.
⚫ Below cutoff (negative) — the stock has fallen since smart money bought. You can potentially enter at a BETTER price than they got. Aggressive buy — but verify the thesis isn't broken (why did it fall?).

"Below cutoff" — that sounds too good. Isn't smart money catching a falling knife?

Sometimes yes. A ⚫ signal demands extra due diligence. Ask: did anything fundamentally change since the filing? Earnings miss? Management shake-up? Regulatory issue? If the thesis is intact (macro event pulled everything down, unrelated sector rotation, a one-quarter disappointment in a multi-year story), then yes, you're getting a better entry than three elite funds got. If the thesis is broken (the company's story changed), then the funds will likely exit next quarter's 13F — and you'd be stepping into a dying position. The ⚫ band is the highest-signal, highest-risk category. Always cross-reference with valuation metrics and recent news.

What's "vs SPY"?

The signal's price change since 13F cutoff minus SPY's price change over the same period. Positive = outperforming the market (the thesis is working). Negative = underperforming (either the market moved and the signal didn't, or the signal moved down more). A stock up 8% while SPY was up 20% looks "intact" in absolute terms but is actually lagging badly — vs SPY catches this.

How do I read the valuation metrics?

Rough guide:

Trailing P/E: <15 = cheap, 15-25 = normal, >30 = pricey. Missing/None = company is not profitable.
Forward P/E: generally preferred over trailing because it uses next-year estimates. Same bands, usually lower than trailing for growing companies.
EV/EBITDA: <10 = cheap, 10-15 = normal, >20 = pricey. Negative EV/EBITDA means the company isn't profitable at the EBITDA level — common for early-stage growth names like NBIS (Nebius) but a major red flag for mature companies.
FCF Yield: free cash flow divided by market cap. >6% = cheap on cash generation, 3-6% = normal, <2% = growth premium, negative = burning cash.
52-week range position: 0% = sitting at 52w low, 100% = sitting at 52w high. <30% = washed out (potential bounce candidate). >70% = near highs (momentum or euphoria).

These are just starting points — valuation is contextual (a 35 P/E is cheap for a 30%-grower, expensive for a 3%-grower). The tab gives you the numbers; you have to apply the context.

Where does the price data come from?

Yahoo Finance via the yfinance Python library. Free, no API key, rate-limit-tolerant for single-run batches. Prices are fetched at report-generation time, so each regenerated report reflects the latest close. The cutoff date is the last trading day of the reporting quarter.

Why didn't my signal's valuation show certain metrics?

yfinance's info dict doesn't always populate every field. Common reasons: (1) ADRs or foreign-listed names have partial data, (2) recently-IPO'd companies have short histories (CRWV shows "None" P/E because it had trailing losses and yfinance's P/E logic won't return a negative number), (3) company is in a transition (pre-revenue, pre-profit, or post-restructuring). The table shows "—" for missing fields. Cross-reference with a second source (Finviz, Seeking Alpha) if you need the number.

What kill-switches exist?

Nine kill-switches prevent bad signals during extraordinary conditions: (1) VIX > 40 = advisory only, no new BUY signals. (2) Manager retirement = exclude fund 4 quarters. (3) Fund AUM drops >50% QoQ = 0.5x weight. (4) SEC enforcement on signal name = refuse BUY. (5) Delisting/bankruptcy risk = refuse BUY. (6) Late/amended 13F = flag. (7) Pending M&A/tender = special situation, no new BUY.

How often does this run?

Quarterly, 3 days after the 13F filing deadline:

Q4 2025: Feb 17, 2026
Q1 2026: May 15, 2026 (filing deadline)
Q2 2026: Aug 14, 2026
Q3 2026: Nov 14, 2026

What can this NOT see?

13F filings disclose US equity long positions only. Not visible: (1) short positions — funds may be long GOOGL + short META as a pair trade, and we'd only see the GOOGL. (2) Put options used as hedges. (3) Total-return swaps (Archegos-style leverage). (4) Non-US holdings (a European fund's Japanese stocks are invisible). (5) Private positions (pre-IPO). (6) Cash positions and leverage. Always assume the picture is incomplete, especially for long/short funds like Jericho.

What if a fund files an amended 13F later?

Amended filings get flagged but don't retroactively change prior reports unless the change is >20% of the position. The next quarterly run picks up any amendments automatically.

Is this financial advice?

No. Smart money is wrong ~40% of the time — elite hedge funds blew up on Archegos, Silicon Valley Bank, Chinese EVs, various WeWork-style bets. This report is a data-driven starting point for your own research, not a trade execution system. Always do your own due diligence, size positions within your risk tolerance, and never bet more than you can afford to lose.

Data Quality Notes

Funds Processed: 20 of 20 (complete watchlist).

Data Source: Q1 2026 13F-HR filings via SEC EDGAR.

Staleness: 13F data is 45 days stale at filing. Some funds (Druckenmiller 64%, Greenspan 52%) have high turnover — their disclosed positions may no longer reflect current holdings.

Limitations: 13F shows longs-only. No visibility into shorts, puts used as hedges, total-return swaps, or any non-US holdings. Concentrated funds like CAS Investment Partners (5 positions) have cleaner signal than diversified funds.

Scope: This report analyzes each fund's top 7-13 positions, not their full portfolio. Signals outside this top-tier coverage are not captured.

ℹ️ This is a manual validation run. The scheduled cron (May 18) will run with the same logic on Q1 2026 data.

Kill-Switch Status

VIX level: Not checked (would need live market data feed — cron will pull this live)

Active kill-switches: None this quarter

Special situation flags: None this quarter

🟢 FULL 20-FUND RUN — Dry Run Validation

Executive Summary

Top 10 Signals at a Glance

📖 How to Read This Report (Share-Ready Walkthrough)

Step 1 — Start with the Executive Summary

Step 2 — Look at the Top 10 Signals table

Step 3 — Click any signal row to expand the detail

Step 4 — Check the Sector Rotation tab

Step 5 — Check the Cult Stocks tab before trading

Step 6 — Read the Methodology & FAQ tab

How to Actually Use This (Practical Playbook)

Quick-Share Summary (if you're sending this to a friend)

📊 Q/Q Changes: Q4 2025 → Q1 2026

🆕 New Signals This Quarter

❌ Dropped Signals

📊 Score Deltas

🔄 Tier Migrations

🌊 Sector Rotation Momentum

🎯 Fund-Level Position Changes

📋 Executive Signal Brief — Analyst Short List

📈 4-Quarter Trajectory

🆕 Fresh Entries — First Appeared This Quarter (31)

🔥 Accelerating — Score Jumped Sharply (7)

↗ Building — Steady Multi-Quarter Growth (12)

🔁 Recurring — Held 4+ Quarters (114)

↘ Unwinding — Score Declining (39)

↓ Decaying — Steep Multi-Quarter Drop (19)

🎯 Sector Momentum

🔄 Price Action Validation

→ DRIFTING — No Strong Directional Move (3)

🚀 CHASING — Rally Already Happened (11)

💰 Price & Valuation — Post-13F Context

Price Edge Distribution

Per-Signal Price & Valuation

How to Read the Price Edge Bands

Valuation Interpretation Quick Reference

💎 Hidden Value / Suppressed Signals

Tier 1: Consensus Signals (3+ Funds Converging)

Tier 2: Solo-Expert Contrarian Signals

Tier 3: Cross-Domain Emerging Signals

REDUCE Signals (2+ Funds Exiting)

All Complete Exits (Watchlist)

Sector Rotation Meta-Signal

Sector Flows: Net Positive

Sector Flows: Net Negative

Cult-Stock Watch

Per-Fund Activity Breakdown

Visual Analytics

Signal Formula

❓ FAQ — Plain-English Answers

What does a "good" signal look like?

What's the "Cult Penalty" and why does it exist?

What's the "Tiger Cub Haircut"?

Why didn't GOOGL/META/MSFT signal? Everyone's buying them.

What's the difference between the 3 tiers?

What does Entry Quality mean?

What's "Freshness" — why does fund turnover matter?

What's "Conviction"?

What does "Action" encode?

What's "Style Diversity"?

Why 3.0 as the emission threshold?

What are the Exit Signals?

Why might a sector show as a losing theme even when one fund leans heavily into it?

What about cult stocks that have FALLEN since the 13F? Aren't those interesting?

Why aren't Hidden Value names auto-emitted as Tier-1/2/3 signals?

What's the "rescue score"?

How is today's stock price factored into the signal score?

Then how do I know if the current price still makes sense?

What do the Price Edge bands mean?

"Below cutoff" — that sounds too good. Isn't smart money catching a falling knife?

What's "vs SPY"?

How do I read the valuation metrics?

Where does the price data come from?

Why didn't my signal's valuation show certain metrics?

What kill-switches exist?

How often does this run?

What can this NOT see?

What if a fund files an amended 13F later?

Is this financial advice?

Data Quality Notes