Every quarter, the SEC requires institutional investors managing over $100 million to disclose their holdings through 13F filings. These filings offer a window into the strategies of the world’s most successful money managers — and the Q4 2025 filings, released in February 2026, reveal some of the most dramatic positioning shifts in recent memory.
At BMInsider, we track 20 of the world’s top fund managers through our Smart Money Tracker. Here’s what the latest filings tell us about where institutional capital is flowing — and what it means for your portfolio.
Warren Buffett — Berkshire Hathaway
The most closely watched portfolio in the world continued its gradual rotation in Q4 2025. Buffett trimmed his Apple position to 22.6% of the portfolio, down from a peak of over 40%. American Express has risen to the number two position at 20.5%. What stands out most is Berkshire’s cash pile — now approaching $300 billion, a record.
This cash accumulation is not accidental. Buffett has consistently stated that he deploys capital only when he sees “wonderful businesses at fair prices.” The fact that the most famous value investor in history is sitting on his largest-ever cash position while the S&P 500 trades near all-time highs should give investors pause.
Berkshire’s Q4 moves suggest a defensive posture. The Apple trim continues a pattern that began in early 2024. The growing cash position indicates that Buffett sees few attractive opportunities at current valuations — or that he is positioning for a significant market dislocation.
Michael Burry — Scion Asset Management
If Buffett’s positioning is cautiously defensive, Burry’s is aggressively bearish. The Q4 2025 filing shows that approximately 80% of Scion’s portfolio is allocated to put options on AI-related stocks, including PLTR and NVDA. This is a massive directional bet against what Burry appears to view as an AI bubble.
Burry has a track record of making concentrated contrarian bets that the market initially dismisses — most famously his subprime mortgage short in 2007. His current positioning suggests he believes AI valuations have reached unsustainable levels and that a significant correction is imminent.
Notably, Burry has also taken contrarian long positions in Pfizer calls, betting on a recovery in the pharmaceutical company after a steep decline from its pandemic highs. This is classic Burry — simultaneously short the consensus trade and long the out-of-favor name.
Stanley Druckenmiller — Duquesne Family Office
Druckenmiller’s Q4 filing reveals a pivot toward financials and equal-weight strategies. New positions in XLF (Financial Select Sector SPDR) and RSP (Invesco S&P 500 Equal Weight) suggest he is rotating away from mega-cap tech concentration toward broader market exposure.
He also trimmed biotech positions, reducing exposure to a sector that has underperformed for several consecutive quarters. Druckenmiller’s macro-driven approach typically signals his view on the direction of interest rates and the economic cycle. The move into financials suggests he may expect a steepening yield curve or a more favorable regulatory environment for banks.
What It Means for Investors
The divergence between these three investors is itself informative. Buffett is building a war chest. Burry is betting on a crash. Druckenmiller is repositioning for a rotation. They cannot all be right — but the common thread is that none of them are complacent about current market conditions.
For retail investors, the actionable insight is not to blindly follow any single manager’s trades, but to understand the thesis behind each position. Buffett’s cash accumulation is a signal about valuation. Burry’s AI puts are a thesis about sentiment and bubble dynamics. Druckenmiller’s rotation is a view on the macro cycle.
Track all 20 Smart Money managers in real-time on the BMInsider Smart Money Tracker.