It’s 13F season again. Any fund managing over $100 million in U.S. equities is required to disclose their holdings, giving us a rare chance to peek into the minds of the top investors. But rather than get distracted by every small move, we focused on what really matters—their highest conviction positions.
We went through the latest 2Q 2025 filings and picked out the largest holding in each top fund. These are the stocks they’re willing to make or break their portfolio on.
#1 Berkshire Hathaway - Warren Buffett
Berkshire Hathaway, led by Warren Buffett, still holds Apple as its top position, making up 22% of the portfolio. But Buffett continued trimming it in 2Q—offloading another 20 million shares, worth $4.3 billion. At this rate, Apple may soon lose its crown to American Express, which sits at 19%. Interestingly, Buffett has never sold a single share of AmEx. The biggest buy this quarter was UnitedHealth, which we’ve previously covered. It seems Buffett saw value after the stock’s recent plunge.
#2 Pershing Square - Bill Ackman
Bill Ackman’s Pershing Square remains highly concentrated, with just 11 stocks after exiting Canadian Pacific Kansas. Uber is now the largest position at 21% of the portfolio, followed by Brookfield—one of the leading players in alternative assets. Ackman also made a big move into big tech with a $1.28 billion stake in Amazon and a $153 million top-up to Alphabet. It’s a clear shift toward dominant digital platforms.
#3 Scion Asset Management - Michael Burry
Michael Burry’s Scion Asset Management continues to be contrarian and highly active. Of the six stocks in his portfolio, five were new in 2Q. His top holding is Estee Lauder at 22%, closely followed by Lululemon at 21%. Both are battered consumer names that have fallen out of favor. It looks like Burry is betting on a retail turnaround. That said, his rapid turnover means his portfolio today could already look quite different. 13Fs are dated, and with Burry, it’s tough to copy him in time.