Q3 2026 in brief, so far
With 11 of 85 managers filed, these are early signs. The strongest buying theme so far is insurance: 5 managers bought (mostly Berkshire Hathaway and American International Group), against 1 selling. That’s a turn: the quarter before, more managers sold than bought. Pharmaceuticals and leisure and entertainment are also more bought than sold. The clearest selling is in variety stores: 5 managers cut or sold holdings such as Target and Costco Wholesale, and none bought.
So far 11 of 85 value investors have filed for Q3 2026. The most popular buy was Microsoft, added to by 4 managers, followed by Walt Disney and Amazon.com. Thermo Fisher Scientific was the most popular new position, started by 2 managers. The most sold was Alphabet, cut by 5 managers, with Bank of America and Visa close behind. Alphabet is the most widely held, owned by 8.
Themes: what’s being bought and sold
Being bought
Insurance
5 buying · 1 selling
Berkshire Hathaway 2, American International Group 1, Chubb 1
Quarter before: 21 buying, 23 selling
Pharmaceuticals
7 buying · 4 selling · 2 new · 2 sold out
Quarter before: 30 buying, 27 selling
Leisure and entertainment
4 buying · 1 selling · 1 new
Quarter before: 13 buying, 14 selling
Online retail
4 buying · 1 selling
Amazon.com 3, CDW 1
Quarter before: 17 buying, 24 selling
Software
6 buying · 4 selling · 1 new · 2 sold out
Microsoft 4, Intuit 2, Adobe 2
Quarter before: 40 buying, 36 selling
Electricity utilities
3 buying · 1 selling
NextEra Energy 2, American Electric Power 1, Constellation Energy 1
Quarter before: 12 buying, 14 selling
Being sold
Variety stores
0 buying · 5 selling
Target 3, Costco Wholesale 2, Dollar General 1
Oil majors and refiners
1 buying · 5 selling
Exxon Mobil 2, ConocoPhillips 2, Chevron 1, Equinor 1
Quarter before: 11 buying, 19 selling
Investment banks and brokers
1 buying · 5 selling · 1 new
Goldman Sachs Group 2, Morgan Stanley 2, Charles Schwab 2
Quarter before: 15 buying, 18 selling
Biotech
0 buying · 4 selling · 1 sold out
Payments and business services
5 buying · 8 selling · 2 new · 2 sold out
Visa 3, eBay 3, Accenture 2, Mastercard 1
Quarter before: 50 buying, 43 selling
Regional banks
2 buying · 4 selling
M&T Bank 2, BNY 2, Fifth Third Bancorp 2, State Street 1
Quarter before: 12 buying, 17 selling
By sector
| Sector | Buying | Share of managers buying and selling | Selling | Quarter before |
|---|---|---|---|---|
| Utilities | 5 | 1 | 20% / 29% | |
| Consumer discretionary | 10 | 9 | 75% / 73% | |
| Industrials | 9 | 8 | 64% / 69% | |
| Health care | 8 | 7 | 59% / 54% | |
| Insurance | 5 | 4 | 40% / 40% | |
| Technology | 7 | 7 | 65% / 66% | |
| Communication and media | 7 | 7 | 48% / 65% | |
| Materials | 5 | 5 | 41% / 41% | |
| Consumer staples | 4 | 4 | 34% / 28% | |
| Real estate | 1 | 1 | 19% / 19% | |
| Financials | 9 | 10 | 64% / 68% | |
| Energy | 4 | 6 | 32% / 31% |
The companies
Most bought
- Microsoft 4 managers
- Walt Disney 4 managers, 1 new
- Amazon.com 3 managers
- Thermo Fisher Scientific 3 managers, 2 new
- Tyson Foods 3 managers
Most sold
- Alphabet 5 managers
- Bank of America 3 managers
- Visa 3 managers
- Target 3 managers
- Amgen 3 managers
Who has filed for Q3 2026 (11)
Daily Journal Corp, Egerton Capital, Greenhaven Associates, Lindsell Train, Markel Group, Matrix Asset Advisors, Pzena Investment Management, Smead Capital Management, Torray Investment Partners, Troy Asset Management, Yacktman Asset Management
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