Report summarizes quarterly investment activity of five select hedge funds (Berkshire Hathaway, Appaloosa, Yacktman Asset Management, Pershing Square Capital Management, and Millennium Management).
These funds were selected based on their performance in recent years as well as their style of investing. The chosen hedge funds tend to invest in a traditional way: their portfolios are relatively concentrated and they mostly follow a buy-and-hold investment strategy. Because these funds trade infrequently, their portfolio data can be useful for investors despite being reported with delay.
Summary:
• In 4Q25, 2 out of 5 hedge funds outperformed S&P 500 (the S&P 500 index gained 2.4% over the 4Q25, while on average selected funds gained 0.2%)
• Compared to the S&P 500, the funds remain overweight in Finance, Consumer Discretionary, Real Estate, Energy and Consumer Staples while underweight in Technology, Industrials, and Healthcare.
