Key Findings — Q1 2026

Broad AUM declines across the board. Coatue dropped 27%, Tiger Global 23%, Dragoneer 35%, Altimeter 14%. Only D1 Capital grew (+5%). Total tracked AUM fell from $225B to $211B despite adding a 12th fund.

TSM overtakes AMZN as the most widely held name — 10 of 12 funds now own it. ASML saw 6 new positions. The semiconductor supply chain consensus is broadening beyond NVDA.

MSFT is the biggest cross-fund sell — net -5. Meanwhile META is net +4. Funds are differentiating within mega-cap tech.

Situational Awareness LP joins the universe at $13.7B with a hardware-heavy thesis: Micron, SanDisk, Oracle alongside NVDA/TSM.