Value Options Letter — Free Research
What the great value investors
actually bought last quarter.
We read the latest 13F filings of 38 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 2026-03-31.
Value Options Letter is a research publication, not an investment adviser. This digest summarizes publicly filed 13F-HR reports. 13F data is long-only, US-listed, and reported roughly 45 days after quarter-end; it does not show short positions, options exposure, or non-US holdings. It is a research starting point, not a recommendation to buy or sell any security.
Conviction clusters
Names that two or more of these managers newly bought in the same quarter — where independent value investors arrived at the same idea at the same time.
- Sunbelt Rentals Holdings IncBill Nygren, Glenn Greenberg, Thomas Gayner, Francois Rochon, Pat Dorsey, Tom Russo
- WATERS CORPBill Nygren, Steven Romick, Mario Gabelli
- S&P GLOBAL INCLi Lu, Pat Dorsey, Boykin Curry
- VERSANT MEDIA GROUP INCDavid Einhorn, Joel Greenblatt, Mario Gabelli
- LYONDELLBASELL INDUSTRIES NVHoward Marks, Chris Davis, Boykin Curry
- DELTA AIR LINES INCWarren Buffett, Mario Gabelli
- ALPHABET INCWarren Buffett, Christopher Bloomstran
- DNOW INC (DNOW)Seth Klarman, Edgar Wachenheim
- SPDR GOLD TRDaniel Loeb, Steven Romick
- LAM RESEARCH CORPDaniel Loeb, Mario Gabelli
- ASML HLDG NVDaniel Loeb, Wallace Weitz
- MARSH & MCLENNAN COS INCBill Nygren, Steven Romick
- Adobe Inc.Bill Nygren, Chris Davis
- SLM CORPDavid Einhorn, Michael Burry
- DAUCH CORPORATIONDavid Einhorn, Mario Gabelli
- GREAT LAKES DREDGE & DOCK COJoel Greenblatt, Mario Gabelli
- FRANCO NEV CORPJoel Greenblatt, Steven Romick
- ENTERPRISE PRODS PARTNERS LJoel Greenblatt, Thomas Gayner
- ENERGY TRANSFER L PJoel Greenblatt, Glenn Greenberg
- NATIONAL GRID PLC-SP ADRJoel Greenblatt, Mario Gabelli
- ONESTREAM INCJoel Greenblatt, Mario Gabelli
- NVIDIA CORPORATIONMichael Burry, Wallace Weitz
- PAYPAL HLDGS INCDonald Yacktman, Steven Romick
- GALLAGHER ARTHUR J & COSteven Romick, Boykin Curry
- SCOTTS MIRACLE-GRO COSteven Romick, John Rogers
- MASTERCARD INCORPORATEDChristopher Bloomstran, Boykin Curry
Sample: Warren Buffett
Warren Buffett
Berkshire Hathaway · concentrated long-hold
Snapshot 2026-03-31 (filed 2026-05-15) vs 2025-12-31
New buys: DELTA AIR LINES INC ($2.65B, 1% of port), ALPHABET INC ($1.03B, 0.4% of port), MACYS INC ($55.0M, 0% of port)
Added: ALPHABET INC (+204%), NEW YORK TIMES CO MTN BE (+199%), LENNAR CORP (+43%), LENNAR CORP (+31%)
Trimmed: BANK AMERICA CORP (-1%), CHEVRON CORPORATION (-35%), DAVITA INC (-5%), LIBERTY LIVE HOLDINGS INC (-3%), NUCOR CORP (-39%)
Exited: AMAZON COM INC, ATLANTA BRAVES HLDGS INC, CHARTER COMMUNICATIONS INC N, DIAGEO PLC, DOMINOS PIZZA INC, HEICO CORP NEW, LAMAR ADVERTISING CO NEW, LIBERTY MEDIA CORP DEL
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