YWR: Hedge Fund Holdings Analysis
We all want to know.
Are hedge funds crowded into precious metals miners?
Have they ruined the trend?
I’ll let you know the answer at the bottom in the Gold Positioning Analysis.
We analysed the top 20 equity holdings for 443 hedge funds with AUM > $1 billion based on the latest public filings. For most positions this will be September 30, 2025.
A link to the full datasheet with the Top 20 equity positions for over 1,500 funds is at the bottom of the post.
The Top 21 Most Consensus Hedge Fund Positions
What do we see? Lots of Amazon.
Amazon is the most popular stock. 31% of all hedge funds own Amazon in their Top 20 positions.
Then Meta, Microsoft, Alphabet, Apple
Then lots of semis: Nvidia, TSMC, AMD
And memory: Micron, Western Digital, Sandisk.
But none of the inflection sectors from the Global Factor Model.
No energy. No oil services. No manufacturing. No mining.
No investment banks. No asset managers.
No exchanges. No US regional banks.
It’s also interesting to note two large AI tech stocks which aren’t in the Top 21. Palantir ($350 bn) and Oracle ($472 bn).
When you go through the individual fund positioning data (full spreadsheet at the bottom) you see Renaissance Tech’s top position is Palantir. And you see Oracle is a Top 20 position for Coatue.
You can look up Coatue’s other 19 positions in the full database at the bottom.
Then everyone says they don't like Oracle, but are we going to look back and say it was absolutely brilliant to be the first mover and lock-up all this infrastructure and grid capacity? Are the future data center builders going to find out, ‘Sorry, there is no grid capacity for you. Go talk to Oracle?’ Is grid capacity the new moat? Is there a reason Larry Ellison is one of the best tech CEO’s in the world?
Going out on the Mag 7 Shield
It’s good to analyse hedge fund positioning, but we do it less frequently these days, because it rarely changes.
For example, take the top 21 positions in January 2026 compared with June 2024. 19 months have passed and the top holdings are mostly the same.
Even though the dominance of Mag7 is breaking down, the large hedge funds are sticking with them.
And as you can see it is the largest hedge funds which are most concentrated in the Top 21 most consensus stocks.
Top Non-Consensus Fund Ideas
Here we take the all funds which have no overlap between their Top 20 holdings and our Top 21 most consensus stocks list. We call these ‘non-consensus funds’. We then loop through their holdings to see the favourite ideas amongst ‘non-consensus funds’. Effectively, what is consensus among the non-consensus?
I’ve done this a lot so I know it will be always be a mishmash of things with a lot of biotech.
But interesting that there aren’t any mining stocks in here either.
Now what you’ve been waiting for.
