Key insights
- An analysis of Q4 2025 13F filings reveals concentrated hedge fund positions in META, NFLX, EA, BA and DASH. Pershing Square initiated a $1.76B META position, while SRS and Edgewood significantly increased their NFLX holdings. Pentwater Capital boosted its stakes in EA and BA. Durable Capital increased DASH. These moves suggest bullish sentiment from some large funds, but the data is backward-looking and may not reflect current positions.
I've been tracking quarterly 13F filings from the 500 largest US hedge funds for a while now. Together these funds control roughly 80% of US institutional money. To make sense of the volume, I built a scoring model that rates every reported position from 0-100 based on how much of the fund's portfolio is committed, how aggressively they're increasing, and the dollar size behind it.
I filtered for positions scoring 95+ with at least $500M behind them. Q4 2025:
| Fund | Stock | Action | Value | Score | |------|-------|--------|-------|-------| | Pershing Square (Ackman) | META | New position | $1.76B | 100 | | SRS Investment | NFLX | +900% increase | $1.42B | 100 | | Pentwater Capital | EA | +128% increase | $2.24B | 100 | | Pentwater Capital | BA | +165% increase | $1.44B | 100 | | Edgewood Management | NFLX | +634% increase | $1.14B | 100 | | Durable Capital | DASH | +114% increase | $811M | 100 |
Some context on the names that caught my eye:
**Pentwater and EA** - EA reported $3.05B in net bookings last quarter (up 38% YoY) after Battlefield 6 crushed it. They trade around 22x forward earnings with 74% gross margins. Pentwater put $2.24B behind it and more than doubled their position.
**Two funds on Netflix independently** - SRS and Edgewood don't share a parent company or common management. Both increased Netflix positions by 600%+ in the same quarter. Netflix at the time had 325M subscribers and was trading around 33x forward earnings after a year where subscriber growth reaccelerated.
**Ackman's new META position** - Pershing Square opened a $1.76B position in Meta. Ackman runs a concentrated portfolio (typically 6-10 positions), so $1.76B represents significant commitment relative to his fund size.
**What this doesn't tell you:** 13F filings reflect positions as of December 31, 2025. These funds may have adjusted since. The conviction score is my own analytical overlay - it measures portfolio commitment, not future performance.
That said, when I've backtested positions in the top conviction band against their forward returns, they've consistently beaten the S&P. Curious whether others track institutional positioning or find it useful beyond entertainment.