What the First 18 Q3 Filers Bought: Nvidia, Amphenol, and $12.3 Billion of New Buying

Eighteen funds have filed their Q3 2026 13F reports so far, and their buying totals $12.31 billion: $2.90 billion in new positions plus $9.41 billion added to stocks they already owned. Nvidia drew the most dollars ($2.00 billion across five funds) and Amphenol the broadest buying (six funds) — but one fund, Sanders Capital, accounts for a quarter of all buys value, so every total below comes with an ex-Sanders check.

• Filed: 18 of 149 funds (18 of 147 with a CIK); deadline November 16, 2026; no new filers since November 4.
• Filed-fund Q3 value: $258.0 billion — 12.8% of the roster’s $2.02 trillion Q2 total; Q2 to Q3: $262.2B to $258.0B (−1.6%).
• Buys: $12.31 billion = $2.90B new (91 tickers) + $9.41B adds (358 tickers); 4.8% of filed Q3 value. Trims 603, exits 138, unchanged 192; tickers 1,291 to 1,244.
• Most-bought: NVDA $2.00B (5 funds); APH $893.0M (6 funds, broadest); RCL $593.4M; LMT $477.6M; MA $459.4M; META $458.5M.
• Concentration: Sanders $103.2B portfolio (40.0% of filed value); Sanders buys $3.12B (25.4% of buys); ex-Sanders buys $9.19B.

The headline

The 18 funds that have filed so far added $12.31 billion of stock exposure in the third quarter, measured the only way a 13F snapshot allows: new positions worth $2.90 billion plus $9.41 billion of added value in positions they already held. Buys equal 4.8% of the filers’ combined $258.0 billion of reported positions. The single most-bought stock was Nvidia: five funds increased their Nvidia exposure by a combined $2.00 billion. The broadest buying was in Amphenol, where six funds added a combined $893.0 million. One fund dominates the dollar totals — Sanders Capital, whose $103.2 billion portfolio is 40.0% of all early-filer value and whose $3.12 billion of buys is 25.4% of all buys value in this set. Strip Sanders out and the story changes shape: the remaining 17 funds bought $9.19 billion, led by Egerton Capital’s $1.90 billion and Flossbach von Storch’s $1.63 billion.

The set shrank slightly overall. The 18 funds reported $262.2 billion for Q2 and $258.0 billion for Q3, a decline of 1.6%. That net figure mixes price moves with trading, so it says little by itself; the position-level counts say more. Across the 18 funds, 91 tickers were new, 358 tickers were added to, 603 were trimmed, 138 were exited entirely, and 192 were unchanged. The funds held 1,291 tickers at the end of Q2 and 1,244 at the end of Q3.

The most-bought stocks

Nvidia’s $2.00 billion is mostly one fund. Sanders Capital raised its Nvidia stake from 22,560,894 shares to 29,948,467 shares, an increase of 7,387,573 shares worth $1,687.2 million at September 30 prices. The other Nvidia buyers were far smaller: Sustainable Growth Advisers added 940,946 shares ($214.9 million), Egerton Capital added 324,021 shares ($74.0 million), Mondrian Investment Partners opened a new position of 109,384 shares ($25.0 million), and Pzena Investment Management added just 50 shares ($11,419) — a rounding-level adjustment, not a conviction call. Counted strictly, five funds increased Nvidia exposure; counted by dollars, the Nvidia story is Sanders plus Sustainable Growth Advisers.

Amphenol is the better breadth story. Six funds bought it, the most for any ticker in this set: Egerton Capital added 5,842,025 shares ($492.5 million), Flossbach von Storch added 3,798,454 shares ($320.2 million), Sarasin & Partners opened a new position worth $3.7 million, and Montrusco Bolton, Torray Funds, and Matrix Asset Advisors added smaller amounts. Amphenol also appears on both sides of the quarter’s ledger in an instructive way: it is the kind of industrial compounder that several unrelated managers added to at once, without any single fund dominating the total.

Behind those two names, the leaderboard is a list of single-fund adds. Royal Caribbean’s $593.4 million is entirely Sanders Capital, which added 2,231,864 shares. Lockheed Martin’s $477.6 million comes from Sanders ($477.2 million) and one other fund. Mastercard’s $459.4 million spans three funds, led by Sanders ($337.3 million). Meta’s $458.5 million spans three funds: Egerton opened a new position worth $139.9 million, Flossbach added $317.9 million, and Matrix added a small amount. Globe Life’s $351.7 million is Pzena alone; Analog Devices’ $350.1 million is Flossbach alone. Amazon’s $317.7 million spans three funds, and Stryker’s $261.9 million is Flossbach alone.

The biggest new positions

New positions — tickers a fund held at September 30 that it did not hold at June 30 — totaled $2.90 billion across 91 tickers. The largest new positions were concentrated in a handful of funds:

Two patterns stand out. First, Egerton and Alphinity dominate the new money. Egerton opened just four new positions but they total $594.7 million, an average of about $149 million each — concentrated bets, not a shopping list. Alphinity opened six new positions worth $796.4 million, the largest new-position total of any fund, even though its overall portfolio shrank by 25.0% in the quarter (see below). Second, Mondrian’s new money is essentially one name: Haleon accounts for $158.7 million of its $184.0 million in new positions. Sarasin is the opposite — the most new names (18) but a smaller total ($454.9 million), led by Applied Materials and Illinois Tool Works.

Fund spotlights

Sanders Capital — the elephant. Sanders filed on November 2 with $103.2 billion, up 3.4% from $99.8 billion in Q2, and it is the only fund in this set above $35 billion. It opened just one new ticker (worth $174 thousand) and instead added to 16 existing positions for $3.12 billion. After Nvidia and Royal Caribbean, its adds were Lockheed Martin ($477.2 million), Mastercard ($337.3 million), and a tail of smaller defense, payments, and industrial adds. Sanders’ buying is 3.0% of its portfolio — a modest tilt, not a repositioning — but because the fund is so large, that tilt is a quarter of all buys value in the early set. Any conclusion drawn from the $12.31 billion total should be checked against the $9.19 billion ex-Sanders total.

Egerton Capital — the most aggressive buyer, proportionally. Egerton’s $1.90 billion of buys equals 19.4% of its $9.82 billion portfolio, the highest share among funds above $1 billion except Alphinity. It opened four new positions ($594.7 million: ICE, META, TMO, and Disney at $97.9 million) and added to nine more ($1.31 billion), led by Amphenol ($492.5 million) and Amazon ($284.2 million). Egerton runs a concentrated book of just 23 tickers, so moves of this size are portfolio-shaping, not marginal.

Alphinity Investment Management — rotation, not growth. Alphinity’s portfolio fell 25.0%, from $6.01 billion to $4.51 billion, the steepest decline in this set — yet it opened six new positions worth $796.4 million and added $123.3 million to two more. That combination (a shrinking total with large new positions) means selling elsewhere outweighed the buying. The new names are transportation, utilities, beverages, logistics real estate, biotech, and equipment rental — a diversified set, not a single theme. Do not read Alphinity’s new positions as a bullish signal for its portfolio as a whole; the fund got smaller while it bought.

Sarasin & Partners — the broadest new buying. Sarasin opened 18 new tickers, more than any other fund, worth $454.9 million, and added to 32 more ($187.5 million). Its portfolio grew 4.6%, from $8.54 billion to $8.93 billion. The new names span semiconductors (Applied Materials, Micron), industrials (Illinois Tool Works, MSI), and financials (WFC, CBOE, ALL), with every other new position under $12 million. Sarasin’s buying is broad rather than concentrated: its largest new position is 2.5% of its portfolio.

Pzena Investment Management — adds, not new names. Pzena added to 51 tickers, the most adds of any fund, for $1.49 billion, while opening just 7 new tickers worth $83.9 million. Its largest add was Globe Life ($351.7 million), followed by LKQ ($169.3 million) and Accenture ($167.3 million). Pzena’s pattern — many small-to-medium adds across a 157-ticker book — is consistent with adding to existing value positions rather than discovering new ones.

Mondrian Investment Partners — one new name dominates. Mondrian opened 10 new tickers worth $184.0 million, of which Haleon alone is $158.7 million. Its portfolio fell 16.8%, from $6.48 billion to $5.39 billion, the second-steepest decline in the set after Alphinity. Mondrian also has the most unmapped rows in this set (23), though their combined value is under $1 million; the largest unclassified value sits with Matrix ($107.0 million across 19 rows).

The other side of the ledger

Buying was not the whole quarter. The 18 funds trimmed 603 tickers and exited 138 entirely, against 449 buying actions (91 new plus 358 adds). Net ticker counts fell at most funds: the set held 1,291 tickers at June 30 and 1,244 at September 30. The funds with the most exits are not named here because exit values cannot be stated precisely from the registry’s ticker-level Q2 data (it carries shares and weights, not per-ticker values); the counts are exact and the dollar ranking is not attempted. The balance of the quarter — more trims and exits than buys — fits a set of funds that mostly shrank: 11 of the 18 reported lower Q3 totals than Q2 totals. Only Sanders (+3.4%), Pzena (+0.1%), Sarasin (+4.6%), Yacktman (+3.6%), ACR Alpine (+4.4%), Torray (+2.2%), and Investment Management Associates (+0.6%) grew; the rest declined, led by Alphinity (−25.0%), Mondrian (−16.8%), Flossbach (−11.1%), and Lindsell Train (−10.4%).

What this does not show

First, the pending list. As of November 5, 129 of 147 tracked funds with a CIK have not filed. The pending names include, with their Q2 reported totals: Berkshire Hathaway ($299.3 billion), Dodge & Cox ($191.0 billion), TCI ($52.8 billion), Coatue ($48.6 billion), Tiger Global ($24.0 billion), Pershing Square ($19.5 billion), Lone Pine ($16.4 billion), Appaloosa ($7.7 billion), Baupost ($5.4 billion), Third Point ($4.7 billion), and Greenlight ($3.9 billion). When those funds file — most will file between now and November 16 — the most-bought leaderboard will almost certainly change. Nvidia’s lead, in particular, should be treated as an early-filer artifact until the large funds report.

Second, 13F is a quarter-end snapshot. It shows what a fund held on September 30, not what it traded during the quarter. A fund can buy and sell a stock entirely within the quarter without it ever appearing. “Added” here means the September 30 share count exceeds the June 30 share count; “added value” is added shares times the position’s September 30 implied price, not cash spent and not the price actually paid. Prices, splits, and corporate actions between the two dates are inside these numbers only to the extent that the reported share counts reflect them.

Third, scope limits. This analysis covers long share positions only. Six option rows ($110.1 million) and four principal-amount rows ($2.4 million) were excluded from buy rankings. Sixty-four share rows ($449.8 million) could not be matched to a ticker and are included in the $258.0 billion total but excluded from new/add rankings; they cannot be classified as new or added from the registry’s ticker-level Q2 data. Comparison is at ticker level: a company that changed tickers between quarters would appear as an exit plus a new position. A related caution: Yacktman’s U-Haul position spans two share classes (COM and COM SER N). Summed across both classes it moved from 6,522,586 shares at June 30 to 6,525,946 at September 30 — essentially unchanged. A match that kept only one class’s row would have invented a $330 million “add”; share counts here are summed across all rows for each ticker to prevent exactly that error. Short positions, which 13F does not require, are absent entirely.

Method and sources

Data. Filings were taken from SEC EDGAR as of November 5, 2026. For each of the 18 funds, the complete information-table XML was parsed — every row, not a sample — and aggregated by ticker for long share positions. Each fund’s total was confirmed against its filing cover total (tableValueTotal): all 18 matched in dollars, with no unit adjustment needed. Q2 positions come from the site’s registry Q2 holdings (ticker and shares). Funds were matched by accession and filing-manager name, never by CIK prefix alone, because several funds file under a shared series CIK. No partial sum is presented as a total: the $258.0 billion is the sum of all 18 funds’ complete filing totals, and each ticker total is the sum of every buying fund’s complete rows for that ticker.

Limits. No claim about the 129 funds that have not filed, about periods outside Q3 2026, or about tradability after costs and liquidity. No causal claim. Past patterns are not a promise of future results. For education only — not investment advice.

Sources (all accessed November 5, 2026; each link opens the fund’s filing index on EDGAR):

• Matrix Asset Advisors, filed October 13, 2026 — filing index
• Sarasin & Partners, filed October 13, 2026 — filing index
• Montrusco Bolton Investments, filed October 13, 2026 — filing index
• Sustainable Growth Advisers, filed October 15, 2026 — filing index
• PineStone Asset Management, filed October 16, 2026 — filing index
• Egerton Capital, filed October 20, 2026 — filing index
• Mondrian Investment Partners, filed October 23, 2026 — filing index
• Greenhaven Associates, filed October 26, 2026 — filing index
• Flossbach von Storch, filed October 28, 2026 — filing index
• Investment Management Associates, filed October 29, 2026 — filing index
• Pzena Investment Management, filed October 30, 2026 — filing index
• Markel Group, filed October 30, 2026 — filing index
• Torray Funds, filed October 30, 2026 — filing index
• Yacktman Asset Management, filed November 2, 2026 — filing index
• Alphinity Investment Management, filed November 2, 2026 — filing index
• Lindsell Train, filed November 2, 2026 — filing index
• Sanders Capital, filed November 2, 2026 — filing index
• ACR Alpine Capital Research, filed November 2, 2026 — filing index

For education only — not investment advice. Holdings data: SEC EDGAR Form 13F filings. This article will be revised when further funds file; figures describe the 18 filers above and no one else.

Data download

Per-fund Q3-vs-Q2 summary (ticker level): buys_datasheet.csv. All 91 new positions with shares, values, and filing links: new_positions.csv. All 358 adds with added shares and added value: adds.csv. All 275 tickers bought, ranked by buys value: ticker_buys.csv

Revision history

Nov 5, 2026: First published.