# Fermi (FRMI): value investors who own it | moatshark

2 value investors held Fermi in their Q3 2026 13F, led by Horizon Kinetics, Davis Selected Advisers.

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| Horizon Kinetics | 0.1% | $7.5m | Added +55% | 3 |
| Davis Selected Advisers | 0.0% | $4.1m | Added +48% | 2 |

## Directors buying and selling (Form 4, last 12 months)

| Date | Who | Role | Bought or sold | Shares | Value |
| --- | --- | --- | --- | --- | --- |
| 2026-10-14 | NEUGEBAUER TOBY R | 10% owner | Sold | 1297200 | $4.1m |
| 2026-10-13 | NEUGEBAUER TOBY R | 10% owner | Sold | 2750000 | $10.3m |

## Fund holders

| Fund | Manager | Weight | Value | As at |
| --- | --- | --- | --- | --- |
| Horizon Kinetics Inflation Beneficiaries ETF | Horizon Kinetics | 0.0% | $604k | 2026-06-30 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/frmi). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.