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What value investors bought and sold in Q3 2026

So far 2 of 64 value investors have filed for Q3 2026. The most popular buy was Crocs, added to by 1 managers, followed by Zoetis and Western Alliance Bancorporation. The most sold was Amgen, cut by 2 managers, with Target and Bank of America close behind. Merck & Co. is the most widely held, owned by 2.

  • 2 managers filed
  • Still to file: Abrams Capital Management, AKO Capital, Akre Capital Management, AltaRock Partners, Appaloosa, Baupost Group, Berkshire Hathaway, Biglari Capital, Brave Warrior Advisors, Cantillon Capital Management, Carl Icahn, CAS Investment Partners, Chou Associates, Conifer Management, Daily Journal Corp, Dalal Street (Mohnish Pabrai), Davis Selected Advisers, Dodge & Cox, Dorsey Asset Management, Engaged Capital, Fairfax Financial Holdings, Fairholme Capital Management, First Eagle Investment Management, First Pacific Advisors (FPA), Fundsmith, Gardner Russo & Quinn, Gates Foundation Trust, Giverny Capital, Greenlea Lane Capital, Greenlight Capital, H&H International (Duan Yongping), Harris Associates (Oakmark), Himalaya Capital, Horizon Kinetics, Jensen Investment Management, Kahn Brothers, Lindsell Train, Mairs & Power, Markel Group, Miller Value Partners, Muhlenkamp & Company, Oakcliff Capital, Oaktree Capital Management, Omega Family Office (Leon Cooperman), Pershing Square, Polen Capital Management, Punch Card Management, Ruane, Cunniff & Goldfarb (Sequoia), RV Capital, Semper Augustus, Southeastern Asset Management, TCI Fund Management, Third Avenue Management, Trian Fund Management, Troy Asset Management, Tweedy, Browne, Valley Forge Capital Management, ValueAct, Vulcan Value Partners, Wedgewood Partners, Weitz Investment Management, Yacktman Asset Management

Most widely held

Companies held by the most managers in their Q3 2026 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q2 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
Merck & Co.MRK2−8 vs Q2$335m−83% vs Q23.6%7.1%Smead Capital Management 7.1%, Matrix Asset Advisors 0.0%
AmgenAMGN2−3 vs Q2$283m−0.2% vs Q24.1%5.3%Smead Capital Management 5.3%, Matrix Asset Advisors 2.9%
TargetTGT2−2 vs Q2$200m−14% vs Q22.3%4.1%Smead Capital Management 4.1%, Matrix Asset Advisors 0.6%
American ExpressAXP2−14 vs Q2$172m−100% vs Q21.9%3.6%Smead Capital Management 3.6%, Matrix Asset Advisors 0.1%
JPMorgan ChaseJPM2−10 vs Q2$170m−78% vs Q23.1%3.5%Matrix Asset Advisors 3.5%, Smead Capital Management 2.7%
Bank of AmericaBAC2−13 vs Q2$121m−100% vs Q21.4%2.5%Smead Capital Management 2.5%, Matrix Asset Advisors 0.2%
Home DepotHD2−6 vs Q2$100m−89% vs Q21.6%1.7%Smead Capital Management 1.7%, Matrix Asset Advisors 1.5%
M&T BankMTB2−1 vs Q2$73.5m−25% vs Q21.2%1.3%Smead Capital Management 1.3%, Matrix Asset Advisors 1.1%
Ishares TrEFA2−6 vs Q2$39.5m−72% vs Q21.6%3.2%Matrix Asset Advisors 3.2%, Smead Capital Management 0.0%
Cenovus EnergyCVE1$422m+27% vs Q29.0%9.0%Smead Capital Management 9.0%
APAAPA1−1 vs Q2$320m+26% vs Q26.8%6.8%Smead Capital Management 6.8%
MacerichMAC1$253m−13% vs Q25.4%5.4%Smead Capital Management 5.4%
Simon Property GroupSPG1−1 vs Q2$252m−22% vs Q25.3%5.3%Smead Capital Management 5.3%
ConocoPhillipsCOP1−7 vs Q2$195m−94% vs Q24.2%4.2%Smead Capital Management 4.2%
D.R. HortonDHI1−3 vs Q2$191m−46% vs Q24.1%4.1%Smead Capital Management 4.1%
LennarLEN1−5 vs Q2$186m−89% vs Q24.0%4.0%Smead Capital Management 4.0%
Diamondback EnergyFANG1−2 vs Q2$183m−49% vs Q23.9%3.9%Smead Capital Management 3.9%
NVRNVR1−3 vs Q2$171m−61% vs Q23.6%3.6%Smead Capital Management 3.6%
Occidental PetroleumOXY1−5 vs Q2$163m−99% vs Q23.5%3.5%Smead Capital Management 3.5%
Fifth Third BancorpFITB1−1 vs Q2$158m−52% vs Q23.4%3.4%Smead Capital Management 3.4%
Western Alliance BancorporationWAL1−1 vs Q2$142m+5.5% vs Q23.0%3.0%Smead Capital Management 3.0%
UnitedHealth GroupUNH1−12 vs Q2$119m−98% vs Q22.5%2.5%Smead Capital Management 2.5%
ZoetisZTS1−5 vs Q2$110m−69% vs Q22.4%2.4%Smead Capital Management 2.4%
U Haul Holding CompanyUHAL1−4 vs Q2$106m−85% vs Q22.3%2.3%Smead Capital Management 2.3%
Credit AcceptanceCACC1−2 vs Q2$104m−48% vs Q22.2%2.2%Smead Capital Management 2.2%
MicrosoftMSFT1−28 vs Q2$88.7m−99% vs Q27.3%7.3%Matrix Asset Advisors 7.3%
EbayEBAY1−3 vs Q2$85.5m−76% vs Q21.8%1.8%Smead Capital Management 1.8%
CrocsCROX1−5 vs Q2$83.3m−74% vs Q21.8%1.8%Smead Capital Management 1.8%
Ulta BeautyULTA1$63.6m+20% vs Q21.4%1.4%Smead Capital Management 1.4%
Ea Series TrustMAVF1$55.0m+1.4% vs Q24.5%4.5%Matrix Asset Advisors 4.5%
AppleAAPL1−19 vs Q2$50.3m−100% vs Q24.1%4.1%Matrix Asset Advisors 4.1%
AlphabetGOOG1−37 vs Q2$48.1m−100% vs Q24.0%4.0%Matrix Asset Advisors 4.0%
QualcommQCOM1−3 vs Q2$48.0m−62% vs Q24.0%4.0%Matrix Asset Advisors 4.0%
Morgan StanleyMS1−1 vs Q2$38.6m−12% vs Q23.2%3.2%Matrix Asset Advisors 3.2%
PNC Financial Services GroupPNC1−4 vs Q2$38.6m−78% vs Q23.2%3.2%Matrix Asset Advisors 3.2%
US BancorpUSB1−5 vs Q2$38.5m−98% vs Q23.2%3.2%Matrix Asset Advisors 3.2%
PepsicoPEP1−12 vs Q2$37.7m−93% vs Q23.1%3.1%Matrix Asset Advisors 3.1%
FrontlineFRO1$37.7m+71% vs Q20.8%0.8%Smead Capital Management 0.8%
Vanguard Index FdsVOO1−7 vs Q2$36.9m−60% vs Q23.0%3.0%Matrix Asset Advisors 3.0%
MedtronicMDT1−3 vs Q2$36.8m−98% vs Q23.0%3.0%Matrix Asset Advisors 3.0%

Most bought in Q3 2026

Companies the most managers added to or bought new, with the approximate amount bought at quarter-end prices.

Most bought companies
Who
CrocsCROX1–$25.9mSmead Capital Management
ZoetisZTS1–$24.3mSmead Capital Management
Western Alliance BancorporationWAL1–$22.2mSmead Capital Management
LennarLEN1–$21.6mSmead Capital Management
McdonaldsMCD1–$11.7mMatrix Asset Advisors
Uber TechnologiesUBER11$11.2mMatrix Asset Advisors
FrontlineFRO1–$6.3mSmead Capital Management
Cenovus EnergyCVE1–$6.1mSmead Capital Management
West Fraser TimberWFG1–$4.7mSmead Capital Management
Tyson FoodsTSN1–$4.4mMatrix Asset Advisors
Garrett MotionGTX1–$4.3mSmead Capital Management
PepsicoPEP1–$3.7mMatrix Asset Advisors
QualcommQCOM1–$3.1mMatrix Asset Advisors
American Electric PowerAEP1–$3.0mMatrix Asset Advisors
TE ConnectivityTEL1–$2.9mMatrix Asset Advisors
Vanguard Index FdsVOO1–$1.9mMatrix Asset Advisors
Nextera EnergyNEE1–$1.8mMatrix Asset Advisors
Constellation BrandsSTZ1–$1.8mMatrix Asset Advisors
AccentureACN1–$1.8mMatrix Asset Advisors
Vanguard Scottsdale FdsVGSH1–$1.7mMatrix Asset Advisors
Lowe’sLOW1–$1.2mMatrix Asset Advisors
Amazon.comAMZN1–$891kMatrix Asset Advisors
Vanguard Tax-Managed FdsVEA1–$688kMatrix Asset Advisors
Meta PlatformsMETA1–$664kMatrix Asset Advisors
Exxon MobilXOM11$573kMatrix Asset Advisors
ComcastCMCSA1–$568kMatrix Asset Advisors
Abbott LaboratoriesABT1–$548kMatrix Asset Advisors
Berkshire HathawayBRK.B1–$498kMatrix Asset Advisors
Procter & GamblePG1–$494kMatrix Asset Advisors
Vanguard Whitehall FdsVYM1–$475kMatrix Asset Advisors

Most sold in Q3 2026

Companies the most managers trimmed or sold out of, with the approximate amount sold.

Most sold companies
Who
AmgenAMGN2–$33.2mSmead Capital Management, Matrix Asset Advisors
TargetTGT2–$32.3mSmead Capital Management, Matrix Asset Advisors
Bank of AmericaBAC2–$25.1mSmead Capital Management, Matrix Asset Advisors
M&T BankMTB2–$4.4mMatrix Asset Advisors, Smead Capital Management
Merck & Co.MRK2–$3.7mSmead Capital Management, Matrix Asset Advisors
JPMorgan ChaseJPM2–$3.6mSmead Capital Management, Matrix Asset Advisors
Ishares TrEFA2–$282kMatrix Asset Advisors, Smead Capital Management
Simon Property GroupSPG1–$32.4mSmead Capital Management
Lockheed MartinLMT11$17.0mMatrix Asset Advisors
NikeNKE11$9.2mMatrix Asset Advisors
MacerichMAC1–$4.6mSmead Capital Management
PNC Financial Services GroupPNC1–$3.8mMatrix Asset Advisors
APAAPA1–$3.1mSmead Capital Management
NVRNVR1–$2.9mSmead Capital Management
D.R. HortonDHI1–$2.9mSmead Capital Management
IntuitINTU11$2.8mMatrix Asset Advisors
Fifth Third BancorpFITB1–$2.6mSmead Capital Management
American ExpressAXP1–$2.4mSmead Capital Management
BNYBK1–$2.3mMatrix Asset Advisors
Diamondback EnergyFANG1–$2.2mSmead Capital Management
US BancorpUSB1–$2.1mMatrix Asset Advisors
ConocoPhillipsCOP1–$2.0mSmead Capital Management
Thermo Fisher ScientificTMO1–$1.9mMatrix Asset Advisors
UnitedHealth GroupUNH1–$1.7mSmead Capital Management
Credit AcceptanceCACC1–$1.5mSmead Capital Management
U Haul Holding CompanyUHAL1–$1.5mSmead Capital Management
Goldman Sachs GroupGS1–$1.4mMatrix Asset Advisors
AbbvieABBV1–$1.3mMatrix Asset Advisors
Home DepotHD1–$1.3mSmead Capital Management
EbayEBAY1–$1.1mSmead Capital Management

Biggest single bets

The largest positions as a share of a manager’s whole 13F portfolio.

Largest positions by portfolio weight
Cenovus EnergyCVESmead Capital Management9.0%$422m
MicrosoftMSFTMatrix Asset Advisors7.3%$88.7m
Merck & Co.MRKSmead Capital Management7.1%$335m
APAAPASmead Capital Management6.8%$320m
MacerichMACSmead Capital Management5.4%$253m
Simon Property GroupSPGSmead Capital Management5.4%$252m
AmgenAMGNSmead Capital Management5.3%$247m
Ea Series TrustMAVFMatrix Asset Advisors4.5%$55.0m
ConocoPhillipsCOPSmead Capital Management4.1%$195m
AppleAAPLMatrix Asset Advisors4.1%$50.3m
TargetTGTSmead Capital Management4.1%$193m
D.R. HortonDHISmead Capital Management4.1%$191m
AlphabetGOOGMatrix Asset Advisors4.0%$48.1m
LennarLENSmead Capital Management4.0%$186m
QualcommQCOMMatrix Asset Advisors4.0%$48.0m
Diamondback EnergyFANGSmead Capital Management3.9%$183m
NVRNVRSmead Capital Management3.6%$171m
American ExpressAXPSmead Capital Management3.6%$171m
JPMorgan ChaseJPMMatrix Asset Advisors3.5%$42.7m
Occidental PetroleumOXYSmead Capital Management3.5%$163m
Fifth Third BancorpFITBSmead Capital Management3.4%$158m
Morgan StanleyMSMatrix Asset Advisors3.2%$38.6m
PNC Financial Services GroupPNCMatrix Asset Advisors3.2%$38.6m
US BancorpUSBMatrix Asset Advisors3.2%$38.5m
Ishares TrEFAMatrix Asset Advisors3.2%$38.4m

From each manager’s 13F for the quarter. Amounts bought and sold are estimates at quarter-end prices; a new listing or spin-off can show as a purchase.