Value Options Letter — Free Research
What the great value investors
actually bought last quarter.
We read the latest 13F filings of 37 of the most respected value investors — Buffett, Klarman, Ackman, Tepper, Loeb, Marks, and more — and distilled every new buy, add, trim, and exit into one digest. Positions as of June 30, 2026.
Value Options Letter is a research publication, not an investment adviser. This digest summarizes publicly filed 13F-HR reports. 13F reports show long positions in securities on the SEC’s Section 13(f) list (mostly US-listed stocks, ETFs, and ADRs, plus some convertible notes) as of quarter-end, and are filed up to 45 days after the quarter closes. They do not show short positions, cash, or most non-US holdings. Put and call option positions reported in the filings are excluded from this digest. Buys, adds, trims, and exits are inferred by comparing two quarter-end snapshots, so trades made and reversed within a quarter are not visible. It is a research starting point, not a recommendation to buy or sell any security.
Conviction clusters
Securities that two or more of these managers reported as new positions for the quarter ended June 30, 2026 — held at quarter-end, not held the quarter before. Only new positions worth at least $1 million and 0.05% of that manager’s reported portfolio count; option positions and shares received through spin-offs or other corporate actions are excluded.
- NETFLIX INC.Bill Ackman, Wallace Weitz, Terry Smith
- CAPITAL ONE FINL CORPWallace Weitz, John Rogers
- MASTERCARD INCORPORATEDBill Ackman, Terry Smith
- S&P GLOBAL INCBill Ackman, Christopher Bloomstran
- SPACE EXPLORATION TECHN CORPDavid Tepper, Daniel Loeb
- VEEVA SYS INCFrancois Rochon, Terry Smith
- WARNER BROS DISCOVERY INCDaniel Loeb, David Einhorn
Not included this quarter: Michael Burry (Scion Asset Management) — Latest 13F filing is for the quarter ended 2025-09-30; nothing filed since.
Sample: Warren Buffett
Warren Buffett
Berkshire Hathaway · concentrated long-hold
Quarter ended 2026-06-30 (filed 2026-08-14) vs 2026-03-31
Added: ALPHABET INC (Cl C) (+658%), MACYS INC (+142%), ALPHABET INC (Cl A) (+45%), DELTA AIR LINES INC (+44%), LENNAR CORP (Cl A) (+30%)
Trimmed: CAPITAL ONE FINL CORP (-58%), NUCOR CORP (-52%), KROGER CO (-22%), ALLY FINL INC (-7%), BANK OF AMER CORP (-6%)
Exited: CONSTELLATION BRANDS INC
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