Seven funds piled into one flooring stock

Institutional filings released around May 11, 2026 · Q1 2026 reporting period (ended March 31, 2026)

Peak season for 13F disclosures is here — the May 15 deadline has pushed dozens of major funds to release their Q1 2026 holdings in the past several days. What stands out in this batch: a rare consensus accumulation in a mid-cap building-products name, a nine-figure AI short from the most famous contrarian investor alive, and a handful of activist and strategic stakes that crossed reporting thresholds. Here is what moved, who did it, and what it might mean.

The consensus buy: seven smart-money funds, one flooring stock

The strongest signal in this batch comes not from one fund — it comes from seven of them moving in the same direction on the same stock in the same quarter.

Mohawk Industries 1 (NYSE: MHK), a $6.15 billion flooring manufacturer, attracted concentrated buying across value, quant, macro, and multi-strategy shops in Q1 2026. Mohawk makes ceramic tile, laminate, hardwood, and vinyl flooring for residential and commercial markets — a business that moves with housing activity and renovation cycles. Approximate share price: ~$101. P/E: 15.58.

Here is exactly what each fund did:

Fund	Manager	Move	Shares after	Approx. value
Appaloosa LP	David Tepper	+513,500	675,000	~$70M
AQR Capital Management	Cliff Asness	+251,012	1,829,347	~$200M
Pzena Investment Management	Rich Pzena	+7,332	1,186,400	~$130M
Point72 Asset Management	Steve Cohen	New position	86,845	~$8.8M
Bridgewater Associates	Jensen / Prince / Karniol-Tambour	New position	10,785	~$1.1M
Gotham Asset Management	Joel Greenblatt	+61,035	96,995	~$9.8M
Olstein Capital Management	Rob Olstein	+13,250	68,750	~$6.9M

No fund in this reviewed batch reduced or exited MHK — pure accumulation across the board.

What makes this notable is the cross-style agreement. Tepper's Appaloosa ($6.9B+ AUM, 28% annualized gross since 1993 launch) runs high-conviction cyclical bets; his 513,500-share addition is the kind of sizing that signals a real thesis, not a routine rebalance. AQR's $200M position reflects systematic value and momentum signals converging on the same name. Greenblatt at Gotham is a disciplined "magic formula" value investor. Bridgewater is a macro-driven firm that now manages $150B and focuses on portfolio resilience rather than individual stock concentration — its small new MHK position suggests the name cleared macro filters, not that it is a centerpiece bet.

The common thread across these very different investment styles is the housing and renovation cycle. MHK's multiple near P/E 15 may understate normalized earnings power if residential construction and renovation activity recovers from its post-rate-hike lows. Whether that recovery materializes in 2026 is the question still open.

Filing lag note: these positions reflect March 31, 2026 holdings, disclosed roughly 42 days after quarter-end. MHK's price may have moved since. The signal is directional, not a live bid.

Burry's $886M AI short — what the number actually means

Analyst reviewing multi-screen portfolio data

Image: Pexels / AlphaTradeZone

Michael Burry 2 maintained and expanded put positions with roughly $886 million notional value against AI-driven technology stocks through Q1 2026. Burry wound down Scion Asset Management in late 2025 and now operates as a private investor, publishing analysis on Substack under the name "Cassandra Unchained."

Key short positions (all via put options):

NVIDIA (NVDA): $110 strike, expiring December 2027 — deeply out of the money, with NVDA trading around $215 at the time
Palantir (PLTR): puts at $100 strike (December 2026) and $50 strike (June 2027)
SOXX (Philadelphia Semiconductor ETF), QQQ (Nasdaq-100 ETF), Oracle (ORCL)

One number that got widely misreported: the actual capital deployed was approximately $9.2 million, not $886M. That is notional option value, not invested capital — a roughly 100x difference. Burry corrected this publicly after the initial media cycle inflated the figure.

His long book runs the opposite side of the same thesis: he bought traditional software companies sold off in anticipation of AI disruption — Adobe (ADBE), Salesforce (CRM), Autodesk (ADSK), Veeva Systems (VEEV), and MSCI. If AI capex is overcounted and enterprise IT eventually compresses rather than expands, these names may be the actual bargains.

Track record so far: the PLTR short has been profitable — the stock fell from its 52-week high of ~$207 to ~$137 since Burry entered. On valuation, he has said he sees Palantir's fair value in the "low single digits to low double digits." Palantir CEO Alex Karp has publicly said he "could not understand" the short position; Wedbush analyst Dan Ives called Burry's claim that Anthropic is eating into Palantir's positioning a "fictional narrative."

The NVDA short is deeply underwater. NVIDIA privately distributed a seven-page memo to Wall Street analysts rebutting Burry's GPU depreciation thesis — arguing that 4–6 year GPU useful lives are grounded in actual utilization data, with A100 GPUs from 2020 still showing high utilization rates. Burry's response: "I'm not saying NVIDIA is Enron." 2 His macro thesis is that AI infrastructure spending mirrors the late-1990s fiber optic buildout — massive capital expenditure that eventually proved overcapacitized. He estimates hyperscalers will understate approximately $176 billion in depreciation expenses between 2026 and 2028.

Activist and strategic stakes: filings that crossed thresholds

Schedule 13D and 13G filings are triggered when a single holder crosses 5% ownership in a company — more timely than 13F (typically filed within 10 days of the triggering event, versus up to 45 days for quarterly 13F holdings).

Standard Investments / Ashland Inc. (ASH) 3 — Standard Investments and affiliates now hold 3,115,001 shares (6.803%) of the specialty chemicals company, purchased in the open market for a total of $158.6 million. Combined with total return swaps, their economic exposure reaches approximately 9.89% of outstanding shares (based on 45,787,777 shares outstanding as of March 31, 2026). Filed as Schedule 13D — the activist variant, meaning the filers may push for operational or strategic changes, rather than the passive 13G. The filing states the investors view Ashland's shares as "an attractive investment opportunity."

Jane Street / Riot Platforms (RIOT) 4 — Jane Street Group entities disclosed 20,107,200 shares (5.3%) in Riot Platforms (NASDAQ: RIOT), a $9.58 billion Bitcoin mining company, via Schedule 13G filed May 11, 2026. Holdings are split across Jane Street Capital (10,209,130 shares / 2.7%), Jane Street Global Trading (9,893,465 shares / 2.6%), and Jane Street Singapore (4,605 shares). All holdings carry shared voting and dispositive power.

Context matters here: Jane Street is primarily a quantitative trading firm and market maker, not a traditional long-only asset manager. A 5.3% stake in a Bitcoin miner filed under the passive 13G classification is more likely to reflect market-making inventory, ETF-related hedging, or proprietary quant positioning than a conventional directional long. That is a meaningfully different signal from a hedge fund building a concentrated stake.

Goldman Sachs / GRAF Global Corp (GRAF) 5 — Goldman Sachs entities disclosed 1,501,400 Class A shares (6.5%) in GRAF Global Corp via passive Schedule 13G, joint-filed May 7, 2026 (reporting date: March 31, 2026).

Millennium Management / TPG Inc. (TPG) 6 — Israel Englander's Millennium Management entities filed a 13G/A amendment (May 8, 2026), disclosing 6,647,858 shares (4.3%) of TPG Inc., the global alternative asset manager. A Millennium subsidiary, Integrated Core Strategies, holds a separate 5,593,545 shares (3.6%). Both positions are passive.

Notable fund-level moves

Jennison Associates — $317.4M new position in Carpenter Technology (CRS) 7 — The largest single new position initiation in this filing batch. Carpenter Technology makes specialty alloys and engineered materials for aerospace, defense, and medical applications. A $317M opening position signals high conviction.

Halter Ferguson Financial — +253% in Upstart (UPST) 8 — The fund added 1,052,039 shares (+253.3%), bringing total holdings to 1,467,360 shares worth ~$37.6 million. UPST now accounts for 8.26% of Halter Ferguson's 13F AUM — a top-five position for a fund whose largest holding is Tesla (TSLA) at 47.7% of AUM. The buy was filed April 28, 2026, with Upstart having fallen from a 52-week high of $87.30 to a Q1 low near $23.97 before this purchase. Upstart reported 64% year-over-year revenue growth to $1 billion, with a price-to-sales ratio near a multi-year low at the time of the purchase.

Davis Selected Advisers ($21.78B) — rotating toward value and healthcare defense 9 — Davis opened a new position in LyondellBasell Industries (LYB), a $23.7B specialty chemicals company, and substantially built up Cigna Corp (CI), a managed healthcare company trading at P/E 12.2. On the sell side: reduced Applied Materials (AMAT), Capital One Financial (COF), Alphabet (GOOGL), and Berkshire Hathaway (BRK). The net move is away from technology and financial winners toward cyclical value and lower-multiple healthcare, with portfolio concentration increasing — which in Davis's disciplined value framework generally signals higher conviction in what remains.

Hussman Strategic Advisors — near-complete portfolio overhaul 10 — Hussman exited 81 holdings in Q1 2026, including a full exit of Qualcomm (QCOM, 27,300 shares). He simultaneously opened 97 new positions — led by Ulta Beauty (ULTA, $3.84M), American Eagle Outfitters (AEO, $3.51M), and Collegium Pharmaceutical (COLL, $3.47M) — while increasing 39 positions and reducing 45 others. The result is a 268-stock portfolio with no position above 1.1% of AUM. At $617.4M in assets and that level of diversification, individual moves have no measurable market impact. Hussman's portfolio is more useful as a market-sentiment read than as a list of actionable trades.

Aurora Investment Counsel — new position in Dorman Products (DORM) 11 — Aurora initiated 25,612 shares in Dorman Products (NASDAQ: DORM), a supplier of automotive replacement parts, at an estimated transaction value of $3.05M. The position represents 1.48% of Aurora's $180.32M in 13F AUM.

Three sector reads from this batch

Building products — two independent accumulations

Two separate industrial names attracted new money in Q1 2026, each from different fund types. Mohawk (MHK) drew the seven-fund consensus detailed above. Separately, Catawba River Capital disclosed 12 a new position in Graham Corporation (GHM), acquiring 117,716 shares at approximately $9.22M. GHM ($1.09B market cap) designs fluid, heat transfer, and vacuum technologies for defense, space, and energy industries. Two independent buying decisions in the same broad sector in the same quarter is not conclusive — but within this batch, the weight is pointing in one direction.

Semiconductors — disagreement, not direction

Three significant semiconductor moves in Q1 2026, all divergent:

Bridgewater ($150B AUM) fully liquidated Intel (INTC)
Renaissance Technologies ($64.5B AUM) increased Intel by 12%
Hussman fully exited Qualcomm (QCOM)

This is not a sector signal — it is a sector disagreement. Bridgewater's co-CIO Greg Jensen put it this way: 13 "We are entering a period of easing monetary policy and transformation of tech which could lead to bubble dynamics. We don't know the turning point, but there will be major equity drawdowns along the way." Renaissance's 12% INTC increase likely reflects quant signals rather than a matching macro view. Two of the most sophisticated and well-resourced fund families going opposite directions on the same stock in the same quarter is a data point worth keeping in mind before making a semiconductor call right now.

Crypto — institutions testing the water, carefully

Two institutional disclosures of crypto-linked positions stand out: 14

UBS Group ($5.7T in total client assets) disclosed holdings in the Volatility Shares XRP ETF (197,369 shares) and Grayscale XRP Trust (317 shares) through its Q1 2026 13F — estimated total value roughly $1.5 million. Against UBS's scale, that is a rounding error in the portfolio. But it is one of the first major traditional-finance disclosures of regulated XRP exposure, which signals that compliance teams at large banks are now clearing the paperwork for crypto-linked instruments.

Jane Street's 5.3% passive stake in Riot Platforms (RIOT) adds a second data point from the same period — though, as noted above, the market-making context makes that signal harder to read as a directional bet.

The pattern across both is the same: cautious, regulated-wrapper entry, not a portfolio pivot. Institutions are testing exposure through ETFs, trusts, and equity stakes in miners rather than direct crypto custody.

On the radar — filings still due May 15

Two high-profile disclosures have not yet been filed as of this writing:

Berkshire Hathaway — Q1 2026 13F is due May 15. Early data from Berkshire's Q1 2026 earnings suggests the firm bought approximately $16 billion in equities while selling $24 billion, with cash reserves near $400 billion. 15 The 13F will show which specific names changed hands under Greg Abel, who succeeded Warren Buffett as CEO.

Third Point (Daniel Loeb) — Also due mid-May. According to TheMarketContext, 16 Loeb's $7.3B fund reportedly dropped its S&P 500 hedge and shifted toward AI infrastructure exposure — a directional opposite to Burry's bet.

Filing lag disclosure: 13F filings reflect positions as of March 31, 2026. Schedule 13D/G filings are more timely, typically filed within 10 days of the threshold-crossing event. All data sourced from SEC filings and financial news reporting. This is not investment advice.