Top fund managers just revealed their new buys for Q4 2025.

Here’s the most interesting moves from the top managers:

Warren Buffett (Berkshire Hathaway)
$NYT 📰 — 0.1%

Stan Druckenmiller (Duquesne)
$XLF 🏦 — 7.1%
$RSP ⚖️ — 5.3%
$EWZ 🇧🇷 — 2.7%
$AA 🏗️ — 1.7%
$ENTG 🧪 — 1.7%

Bill Ackman (Pershing Square)
$META 🤖 — 11.4%

Seth Klarman (Baupost)
$AMZN 📦 — 9.3%
$MOH 🏥 — 2.1%
$AERO ✈️ — 2.0%

Stephen Mandel (Lone Pine)
$ASML 🔬 — 4.8%
$DASH 🚗 — 4.2%
$MDLN 🏥 — 3.6%
$CRS 🏭 — 3.0%

Dan Loeb (Third Point)
$CMG 🌯 — 2.4%
$CEG ⚡ — 2.3%
$BABA 🛍️ — 1.7%

The large caps now at +211%, up from +160% three weeks ago. Big bumps from both $MU (+53% YTD and now +413% total), and $BABA (+19% YTD), while $GOOG is #2 Mag 7 YTD.

This type of returns on mega caps in a bit over a year (with the S&P500 +17-18%) seems like pretty solid Alpha.

Wasteland Capital: $MU now passed the 300%+ return mark. Meanwhile $AEO just hit new 4-year highs.

$LYFT outperforming +55-60% vs $UBER and $DASH (both of those are negative).

Average return now +139%.

Compounding is beautiful.

$MU now passed the 300%+ return mark. Meanwhile $AEO just hit new 4-year highs.

$LYFT outperforming +55-60% vs $UBER and $DASH (both of those are negative).

Average return now +139%.

Compounding is beautiful.

Wasteland Capital: Apart from my earnings reviews, I’ve only tweeted five new cases on here over the last year.

They ended up the #1 Mag7 YTD $GOOG, the #1 Semi YTD $MU & #1 China LargeCap YTD $BABA. Plus 2 🚀 smallcaps, $AEO & $LYFT

Average return +111% currently.

Less is more, as they say.