3 legends. 1 stock. The rare moment Klarman, Dalio and Soros all agreed

When three of the world’s most closely watched investors, running completely different playbooks, all buy the same stock… It's worth a closer look.

That’s what stood out to me inside the Q4 2025 Form 13F filings, the quarterly disclosures that force institutional managers to reveal their US equity holdings. It is a moment in investing where the world's largest funds are required to show their hand - albeit 45 days later, but more on that below.

This round covers five managers you’ll likely recognise: Baupost (Seth Klarman), Bridgewater (Ray Dalio), Soros Fund Management (George Soros), Renaissance Technologies and ARK Investment Management (Cathie Wood).

Their strategies are markedly different, which makes the moments they agree genuinely interesting. For example, Klarman runs Baupost as a concentrated, deep value fund, whereas Cathy Wood runs ARK as a high-conviction, thematic growth fund.

Together, the filings also reveal a coordinated push into AI infrastructure, a selective approach to big tech and a clear split between managers who spent Q4 adding risk and those quietly stepping back.

A bit of housekeeping before we get into it: US securities law gives institutional managers up to 45 days after quarter-end to file Form 13F. That built-in lag protects investment intellectual property and limits front-running. The filings reveal changes to long U.S. equity positions, which is useful. But shorts, derivatives, hedges, private assets and offshore holdings are excluded. By the time it is public, the data can already be weeks or even months old. An incomplete picture, but a meaningful one.

Three very different managers. One stock.

The standout stock across the Q4 filings was Amazon (NASDAQ: AMZN), which was acquired in the same quarter by three different managers. 

Seth Klarman’s Baupost opened a brand new position worth approximately US$490 million. Bridgewater increased its existing holding by 73%, adding over 820,000 shares. Soros was so bullish that he added to his existing holdings and doubled call exposure simultaneously. 

A deep value purist, a global macro titan, and an event-driven hedge fund legend all landing on the same name in the same quarter is unusual and does not happen by accident.

What makes it more interesting is what was being sold at the same time. 

Both Baupost and Bridgewater were cutting Alphabet (NASDAQ: GOOG) aggressively: Baupost trimmed nearly half its position (-41.5%), Bridgewater reduced by 40.1%. 

Reducing Alphabet and redeploying that capital into Amazon suggests both managers see better value in Amazon right now, without stepping back from big tech entirely.

Ray Dalio's Bridgewater: a broad repositioning with AI infrastructure at the centre

Beyond Amazon, the filing that tells the clearest directional story is Bridgewater’s. Dalio’s fund made a series of very large, very deliberate moves into the AI compute stack: holdings in Nvidia (NASDAQ: NVDA) increased 54%, Oracle (NYSE: ORCL) holdings more than quadrupled (+361%), and Micron Technology (NASDAQ: MU) holding built from an almost non-existent 1,696 shares in Q3, to nearly 890,000 shares by year-end. 

These are substantial moves that cannot be explained by routine portfolio rebalancing. All three point in the same direction, indicating clear intent and conviction from Dalio on AI.

Alongside those moves, Bridgewater also increased its State Street SPDR S&P 500 ETF Trust (NYSE: SPY) position by 74% and nearly sextupled its Newmont (NYSE: NEM) holding, adding a broad-market buffer and a commodities bet to sit alongside the tech buildout. 

The overall portfolio grew from approximately US$25.5 billion to US$27.4 billion.

The trim side of Bridgewater’s ledger is just as telling. Uber (NYSE: UBER) holdings were reduced by 64%, Meta (NASDAQ: META) was cut 46.3%, Alphabet 40.1%, and Microsoft (NASDAQ: MSFT) 10.3%. 

Bridgewater made significant changes to its portfolio in Q4. The three largest adds - Nvidia, Oracle and Micron - are all direct picks on the infrastructure powering AI. 

Baupost’s value signal: Amazon in, Alphabet out

Baupost runs one of the most concentrated portfolios of any major fund, with just 22 reported positions and approximately US$5.28 billion in value. This is not a fund that rushes into large-cap tech. Klarman’s reputation was built on finding mispriced, out-of-favour assets where the downside is protected. 

For Amazon to clear that bar as a near US$490 million new position suggests that the market was undervaluing the business. Klarman is sometimes referred to as "the Oracle of Boston" for his adherence to value investing principles, a nod to Warren Buffett, who is famously nicknamed "the Oracle of Omaha". That he has initiated a position of this size in one of the world's largest technology companies is worth noting.

Elsewhere in the portfolio, Fiserv (NASDAQ: FISV) was the most aggressive add, with Baupost nearly 2.5x-ing the position in a single quarter (+145.8%). Willis Towers Watson (NASDAQ: WTW) (+24.7%) and Fidelity National Information Services (NYSE: FIS) (+18.8%) saw more incremental builds. Cable One (NYSE: CABO) and PagSeguro (NYSE: PAGS) were fully exited. New positions were initiated in Grupo Aeromexico (NYSE: AERO) and Molina Healthcare (NYSE: MOH).

Soros: Structure matters as much as share counts

Soros Fund Management expanded from 184 to 244 holdings in Q4, with reported value rising from approximately US$7.0 billion to US$8.6 billion. However, the Soros portfolio is more complex than your standard equity fund. It uses a mix of shares, calls, puts and convertible notes simultaneously. 

The clearest example is Confluent (NASDAQ: CFLT). In Q3, the position was held mostly through calls and convertible notes. By Q4, Soros had initiated nearly 2.7 million shares, reduced the call position by more than half, and expanded the note position from US$95 million to approximately US$165 million in principal. This highlights Soros' conviction in Confluent, shifting from calls and convertible notes into direct share ownership. 

Elsewhere, Uber was added to (+47%), SPY shares increased (+44.9%) while SPY puts were reduced, and a new position in Energy Select Sector SPDR (NYSE: XLE) puts appeared, suggesting fresh energy sector hedging. The largest single trim was Smurfit Westrock (NYSE: SW), cut by 69%, approaching a full exit.

Renaissance and ARK: when the portfolio level tells the story

For Renaissance and ARK, the most informative signal in Q4 is not any individual position. It is what happened at the whole-of-portfolio level.

Renaissance’s filing is enormous; 3,185 reportable lines, but the number that stands out is the contraction. Reported value fell from approximately US$75.8 billion in Q3 to US$64.5 billion in Q4, a drop of around US$11.3 billion (-14.9%), with the number of positions also shrinking. 

Public 13F aggregators point to reductions across Palantir (NASDAQ: PLTR), Nvidia, Roblox (NYSE: RBLX), AppLovin (NASDAQ: APP), Microsoft, Kinross Gold (NYSE: KGC), and Franco-Nevada (NYSE: FNV). 

For a quant fund running thousands of model-driven positions, individual changes may simply reflect algorithmic rebalancing. 

ARK’s reported value also declined, from approximately US$16.8 billion to US$15.1 billion (-10.1%), though with a stable position count, this looks more like mark-to-market pain in a volatile, growth-heavy portfolio than deliberate trimming - or simply cashing up. 

ARK’s top holdings, Tesla (NASDAQ: TSLA), Shopify (NASDAQ: SHOP), Roku (NASDAQ: ROKU), Coinbase (NASDAQ: COIN), and Palantir, remain unchanged. 

The most notable individual move was an 87.1% increase in Bullish (NYSE: BLSH). For those who don't know, Bullish (cool name) is an institutionally focused global digital asset platform that provides market infrastructure and information services.

One additional context point worth noting: ARK publishes its daily trading activity in near real-time, so by the time the 13F drops, those following the fund closely already have most of the picture.

A note on 13F limitations

13F filings are authoritative disclosures of reportable U.S. equity holdings at quarter-end, but they are not complete portfolio pictures. They are delayed by design (up to 45 days after quarter-end), cover only Section 13(f) securities, and show nothing about short positions, leverage, or macro overlays. For a global macro manager like Bridgewater or Soros, a substantial portion of actual risk exposure will never appear in a 13F. For Renaissance, the public filing likely represents a small and potentially unrepresentative slice of total portfolio risk. Use these filings as one input among many, not as a definitive guide to what the smart money is doing. Always do your own research and remember, past performance is not a reliable indicator of future return.