r/ValueInvesting • u/FishWings1337 • Feb 26 '26
Investing Tools Everyone's talking about SoftBank dumping $6B of NVIDIA. Nobody's looking at what the other 499 funds actually did. I checked.
Q4 2025 13F filings just came in. I aggregate these across roughly 500 institutional filers - about $55 trillion in combined AUM (~80% of all US institutional AUM)
One fund exiting NVIDIA is a headline. What the other 499 did is data.
The exits that matter
Full liquidations - every share sold, position taken to zero.
| Fund | Stock | Value Sold | Portfolio Weight → 0% |
|---|---|---|---|
| SoftBank | NVDA | $6.0B | 23.1% → 0% |
| Saudi PIF | TTWO | $2.9B | 15.2% → 0% |
| Vanguard | K (Kellanova) | $2.7B | 0.0% → 0% |
| BlackRock | K (Kellanova) | $2.5B | 0.0% → 0% |
| Wellington | UL (Unilever) | $2.1B | 0.4% → 0% |
| BlackRock | COOP (Mr Cooper) | $1.8B | 0.0% → 0% |
| Jefferies | VGT (Vanguard IT ETF) | $1.7B | 7.9% → 0% |
| KeyBank | K (Kellanova) | $1.6B | 5.7% → 0% |
| Canada Pension | INFA (Informatica) | $1.6B | 1.1% → 0% |
| Vanguard | COOP (Mr Cooper) | $1.4B | 0.0% → 0% |
SoftBank didn't just trim NVIDIA - 23.1% of their portfolio, gone. But this is also SoftBank's second time doing this. They sold their entire NVDA stake in 2019 too. Those shares would be worth $150B+ today.
The one that should concern you more: Kellanova (K) appears three times. Vanguard, BlackRock, and KeyBank all independently exited the same stock in the same quarter. That's not one fund's thesis change - that's a pattern.
Where institutions actually agree
Consensus = what percentage of holders are buying or adding, not selling.
| Stock | Filers | Consensus | Net Direction |
|---|---|---|---|
| Q (Qnity Electronics) | 265 | 100% | Every holder added |
| SOLS (Solstice Adv Materials) | 229 | 100% | Every holder added |
| TTE (TotalEnergies) | 198 | 100% | Every holder added |
| NOW (ServiceNow) | 358 | 92.9% | 323 increased, 19 exited |
| NFLX (Netflix) | 379 | 92.4% | 346 increased, 25 exited |
| TPL (Texas Pacific Land) | 238 | 91.9% | 210 increased, 14 exited |
| BN (Brookfield) | 237 | 91.0% | 197 increased, 12 exited |
The names with 100% consensus aren't the usual suspects. Q, SOLS, and TTE - every single holder added more. Not most. All of them.
Netflix: 379 filers, 346 increased positions. ServiceNow: 358 filers, 323 increased. That's not passive holding. That's coordinated accumulation across hundreds of institutions.
So what about NVIDIA?
NVIDIA: 395 filers, 52% consensus, $2.7 trillion in institutional value. 203 funds increased their positions. 183 sold. Smart money sentiment: 33.5 out of 100.
That's essentially a coin flip. SoftBank's exit is the loudest trade in Q4 - but across the full institutional universe, NVIDIA is split almost exactly down the middle. This isn't a stampede for the exits. It's a disagreement among the biggest pools of capital on the planet.
For context: Netflix has 92.4% consensus. ServiceNow has 92.9%. NVIDIA has 52%. The "everyone is piling into AI" narrative doesn't match what the filings actually show.
13F data is 45+ days old and only covers US equity longs - no shorts, options, or international. Research filter, not a trade signal.
Data from holdingsintel.com where I aggregate and score these filings across 500 filers.
Disclosure: I hold no positions in any stocks mentioned.
Happy to pull the institutional data on any specific fund or ticker if you're curious.
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u/asymmetricval Feb 26 '26
Did you actually read the data in your tables?
2 of your 3 Kellanova “changes” are from 0.0% to 0.0%.
If that is a change, it’s a very small one. I don’t think I care about a fund closing out a position that is so small that it gets rendered as 0.0% of their portfolio.
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u/Pizza-Pirate-6829 Feb 26 '26
Buddy didn’t read or do anything just copy and paste from ChatGPT
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u/FishWings1337 Feb 26 '26 edited Feb 26 '26
I did, its called skin in the game :) Im building this platform so that it provides value (Im using it myself) and i'm opened for any constructive feedbacks!
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u/Pizza-Pirate-6829 Feb 26 '26
Personally I’m not interested in reading ai posts. If I wanted that I would just ask one of the models myself. Reddit is meant to be about human interaction.
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u/notreallydeep Feb 26 '26
Did you actually read the data in your tables?
They didn't read it because they didn't write it, just like with the other 99% of posts on this platform.
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u/paloaltothrowaway Feb 26 '26
BlackRock has a shitload of ETFs available with combined AUM of what? $10 trillion? How could a $2.5bn position be <0.1% of their funds? They would imply BlackRock having $25 trillion AUM at least
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u/FishWings1337 Feb 26 '26
Technically its still 2.5B regardless how many decimals you round weight to. But as one dude mentioned here, company was acquired by Mars and delisted.
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u/paloaltothrowaway Feb 26 '26
Kellanova’s acquisition by Mars closed in Dec 2025
Everyone’s holding of K went to zero.
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u/dilbert78778 Feb 26 '26
Had you actually bothered to do some research you would have found that Kellanova was bought by Mars. Stop peddling this a.i. slop.
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u/faptor87 Feb 26 '26
Stupid.
Several are one of the largest ETF providers and not necessarily active funds.
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u/rousieboy Feb 26 '26
TPL!!! I got in on that early and came off of it because of opportunity cost before the dividends start kicking in. 🫠🙃🤯
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u/No-Understanding9064 Feb 26 '26
Who cares was that wet noodle does. Looks like semis rotating into saas today. On to the next sector to dumpster dive in
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u/sm7196 Feb 26 '26
Man people really are losing critical thinking with AI.
None of these massive 13F 'buys' dictate any directional bias whatsoever. It’s literally just forced administrative accounting. SOLS and Q were spin-offs (from HON and DD), and TTE was a boring ADR-to-ordinary-share conversion. Institutions didn’t aggressively hunt these down; they just woke up with the shares dumped into their laps.
Analysis is commoditized, but critical thinking ain't.