Berkshire adds $136 million of Lennar; Cevian takes a Pearson board seat
A filing-by-filing guide to this week's executed buying and selling, a $500 million block sale, a 19.4% stake that took a board seat, and the ownership maps filed between September 22 and September 28.
The disclosure window runs from September 22, 2026 at 8:00 a.m. through September 29, 2026 at 8:00 a.m. (UTC-05:00). Every filing below became publicly available inside that window. Each entry keeps two dates apart: the availability date says when the market could first read the disclosure, and the underlying date says when the purchase, sale, or measurement actually happened.
What separates a signal worth following from background is the kind of evidence a filing carries. An executed trade at a price anyone could have paid is the strongest record a filing can hold, and it comes with both a share count and a dollar figure. A position declared without a transaction table says only who holds what, on a stated date. A stake that arrives through an initial public offering allotment, a block agreed with a single seller, or a quarterly distribution in kind carries a price the parties set between themselves.
Quick scan
| Company and holder | Filing available / underlying date | Disclosed change | Remaining stake or structure | Follow-up question |
|---|---|---|---|---|
| LEN — Berkshire Hathaway | Sep. 25 / Sep. 23–25 | Bought 1,679,700 shares at a weighted average of $81.1962, about $136.4 million | 25,927,026 shares | Does the buying continue above $81? 1 |
| GPI — Conifer Management | Sep. 22 and 28 / Sep. 21–25 | Bought 126,288 shares at $247.26 to $253.85, about $31.5 million, and took a board seat | 1,638,578 shares | What does the new director change? 23 |
| CRBG — Nippon Life Insurance | Sep. 23–28 / Sep. 21–24 | Bought 987,847 shares at $33.85 to $35.08, about $33.9 million | 124,595,032 shares | Four more sessions in the same pattern? 4567 |
| GSHD — Durable Capital Partners | Sep. 24 / Sep. 22 | Bought 150,000 Class A shares at $47.32, about $7.1 million | 2,720,260 shares | Does the fund keep adding? 8 |
| MTN — Oasis Management | Sep. 22 / Sep. 16–18 | Group bought 423,546 shares at $139.00 to $139.68, after paying about $373 million for its stake in total | 2,623,912 shares, 7.4% | Settlement with Vail Resorts, or a proxy fight? 9 |
| Pearson — Cevian Capital | Sep. 23 / Sep. 22 | No trades; a relationship agreement gives Cevian a board seat from Oct. 1 | 116,765,346 shares, about 19.4% | What does the new director push for? 10 |
| IEP — Carl Icahn | Sep. 25 / Sep. 23 | 40,531,194 depositary units received in the regular quarterly distribution | 658,924,537 units, 87.69% | Any change to the distribution policy? 11 |
| ZTO — Alibaba Group | Sep. 22 / Sep. 21 | Sold 25,000,000 ADSs at $20.02, about $500.5 million, under Rule 144 | 46,941,287 Class A shares, 6.1% | Where does the remaining stake go? 12 |
| AVGO — Henry Samueli | Sep. 25 / Sep. 23 | Sold 702,190 shares at $354.71 to $361.79, about $250.0 million | 35,810,224 shares | Does the trading plan keep selling? 13 |
| BEKE — Peng Yongdong | Sep. 29 / Sep. 25 | Sold 16,033,983 Class A shares at $5.2733, about $84.6 million | 62,824,251 shares | Scheduled plan or a one-off? 14 |
| MEDP — August Troendle | Sep. 23 and 25 / Sep. 21–24 | Sold 114,817 shares at $621.33 to $628.64, about $71.8 million | 389,456 shares | How much of the amended selling program is left? 151617 |
| ASPN — Wood River Capital | Sep. 24 / Sep. 23 | Sold all 12,280,426 shares at $4.73 in a block trade, $58,086,415 | 0 shares | Who took the other side of the block? 1819 |
| INNV — TCO Group and Ignite Aggregator | Sep. 28 / Sep. 24 | Sold 10,000,000 shares at $9.25, $92.5 million, reported by two co-filers on one block | 102,576,555 shares | First step of a sell-down? 2021 |
| TORM — Hafnia and Oaktree | Sep. 24 and 25 / Sep. 24 | Two 13D/A amendments restate both holders on one share count of 102,553,688 | Hafnia 19.85%; Oaktree 6.17% | Does Hafnia move toward an offer? 2223 |
| Millicom — Atlas Investissement | Sep. 24 / Sep. 25 | 76,982,244 shares held, plus 6,000,000 scheduled to be bought under equity derivatives | About 49.5% of the shares outstanding | Does Atlas cross 50%? 24 |
| TeraWulf — Google | Sep. 25 / — | New Schedule 13G reporting 41,011,803 shares | 7.6% | Does the position grow? 25 |
Berkshire buys Lennar again, and this time it pays up
Berkshire Hathaway bought 1,679,700 Lennar shares over September 23, 24 and 25, and the Form 4 shows every fill. On September 23 it bought 532,993 Class A shares at $81.65 and 1,263 Class B shares at $79.99. On September 24 it added 399,238 Class A shares at $80.58 and 241,692 at $81.44, with 9,415 Class B shares at $79.42 and 2,975 at $79.91. On September 25 it took 313,379 Class A shares at $80.90 and 171,723 at $81.60, plus 7,022 Class B shares at $79.53. 1
Weighting those fills by size puts the average at $81.1962 a share and the total at about $136.4 million. The position is now 25,378,134 Class A shares and 548,892 Class B shares, 25,927,026 in all. 1
The same buyer paid a weighted average of $77.4168 for its Lennar shares a week earlier, and the highest price in that earlier batch was $79.41. 26 This week's cheapest fill was $79.42, so Berkshire kept buying after the stock had moved through its previous ceiling.
Follow-up: the next Form 4, and whether a fourth session appears above $81.
Buying done inside the window
Conifer Management bought Group 1 Automotive stock again and came away with a board seat. It bought 126,288 shares on September 24 and 25 at prices from $247.26 to $253.85, about $31.5 million and an average of $249.6248, taking its holding to 1,638,578 shares. 2 Under a stockholder agreement dated September 21, the company expanded its board from ten directors to eleven and appointed Benjamin Hart, an analyst at Conifer, to the new seat. The amendment adds that Conifer paid about $40,526,828.72 for the shares it bought since its previous amendment, commission excluded. 3
Nippon Life Insurance bought Corebridge Financial stock again, across four consecutive sessions from September 21 to 24. It took 212,828 shares on September 21 at $35.08, 296,868 on September 22 at $34.31, 219,273 on September 23 at $34.13 and 258,878 on September 24 at $33.85. The run totals 987,847 shares and about $33.9 million, and it leaves the insurer with 124,595,032 shares. Every one of the four purchases was made under a Rule 10b5-1 plan adopted on August 7, 2026. 4567
Durable Capital Partners bought 150,000 Goosehead Insurance Class A shares on September 22 at $47.32, about $7.1 million, for a holding of 2,720,260 shares. 8
Electra Therapeutics listed this month, and its largest pre-listing holders reported together. OrbiMed's OPI VII fund converted 4,793,558 preferred shares into common stock on the listing and bought a further 333,333 shares at $15.00 in the initial public offering; OrbiMed Genesis converted 758,279 and bought 1,000,000. The two purchases cost $19,999,995 in total. 27 The identical transactions appear on a second Form 4 signed by Carl L. Gordon, a member of OrbiMed Advisors, so the two filings report one set of trades. 28 The Schedule 13D counts 62,766,955 shares outstanding and puts OPI VII at 5,126,891 shares, 8.2%, and OrbiMed Genesis at 1,758,279 shares, 2.8%. 29
Activist and board-level filings
Oasis Management bought more Vail Resorts stock after taking its position activist. The group now reports 2,623,912 shares, about 7.4% of the 35,633,526 shares outstanding on June 3, against the 2,200,366 shares it disclosed on September 16. The addition came in three sessions: 23,546 shares on September 16 at $139.68, 150,000 on September 17 at $139.02 and 250,000 on September 18 at $139.33. Oasis paid about $373 million for the shares it holds, and the filing records a further 1,350 shares held by Mr. Hudson and bought with his personal funds for about $200,000. 9
Cevian Capital turned its Pearson stake into a board seat. A relationship agreement dated September 22 commits Pearson to appoint Alexander Svensson, Cevian's nominee, as a non-executive director and a member of the nomination and governance committee from October 1, 2026, and to recommend his re-election at each annual meeting during the agreement's term. The agreement also carries standstill, voting and confidentiality provisions, and Cevian reported no trades in the previous sixty days. Its master fund holds 116,765,346 Pearson shares, about 19.4% of the 601,719,893 shares outstanding on August 31. 10
Carl Icahn's stake in Icahn Enterprises rose to 658,924,537 depositary units, about 87.69%, on a quarterly distribution in kind. The company issued the reporting group 40,531,194 units on September 23 as its regular quarterly distribution, and the percentage is calculated on the 710,915,093 units outstanding on August 4 plus those new units. 11
Fund 1 Investments reported 5,497,413 Funko shares, about 9.8% of the 55,995,766 shares outstanding on August 4, held with sole voting and dispositive power and bought for about $39,523,665. The amendment also discloses cash-settled total return swaps with an unaffiliated financial institution that give the fund economic exposure to additional shares. 30
Saba Capital Management reported 2,494,542 shares of the Japan Smaller Capitalization Fund, 8.8% of the 28,333,893 shares outstanding on April 30, and told the fund it may solicit proxies and nominate directors. 31
Legion Partners restated its Lifecore Biomedical position by fund. Legion Partners I holds 4,084,268 shares bought for about $33,506,562, Legion Partners II holds 319,286 shares bought for about $2,348,906, and the filing restates its denominator as 37,905,846 shares outstanding on September 25, 2026, taken from a Form 8-K filed September 28, plus the shares underlying its Series A preferred stock. A voting agreement is filed with the amendment. 32
The week's largest disclosed sale: Alibaba cuts ZTO Express
On September 21, Alibaba ZT Investment Limited sold 23,391,178 ZTO Express Class A ordinary shares and New Retail Strategic Opportunities Investments 2 Limited sold 1,608,822, each in the form of ADSs at $20.02 per ADS through broker transactions on the New York Stock Exchange under Rule 144. The two sales come to 25,000,000 ADSs and about $500.5 million, the largest single disposal disclosed this week. After them, the Alibaba group reports 46,941,287 Class A ordinary shares, about 6.1% of the 763,430,906 shares outstanding. 12
Selling done inside the window
Henry Samueli, Broadcom's co-founder, sold 702,190 shares on September 23 in sixteen blocks at prices from $354.71 to $361.79, about $250.0 million and an average of $356.0378, leaving him 35,810,224 shares. He also disposed of 72,474 shares as a gift. The sales ran under a Rule 10b5-1 plan adopted on December 16, 2025. 13
CrowdStrike's chief financial officer, Burt Podbere, sold 480,000 Class A shares on September 24 at $259.35 to $263.51, about $125.5 million and an average of $261.4404, leaving 53,804 shares. The sales are covered by a 10b5-1 plan adopted on June 24, 2026. 33
GitLab's co-founder Sytse Sijbrandij sold 2,116,200 Class A shares on September 24, 25 and 28 at $44.83 to $49.12, about $101.1 million and an average of $47.7695, leaving 12,785,851 shares. The shares sit in the Sytse Sijbrandij Revocable Trust, and a trading plan governs the sales. 34
InnovAge's two largest holders sold 10,000,000 shares at $9.25 on September 24 for $92.5 million. TCO Group Holdings and Ignite Aggregator each filed a Form 4 for the same block, and both report the same 102,576,555 shares remaining, so the two filings describe one sale between them. 2021
KE Holdings' chief executive, Peng Yongdong, sold 16,033,983 Class A ordinary shares on September 25 at $5.2733, about $84.6 million, leaving 62,824,251 shares. 14
August Troendle, Medpace's chief executive, sold 114,817 shares across September 21 to 24 at prices from $621.33 to $628.64, about $71.8 million in total. He retains 389,456 shares. 1516 An amended Schedule 13D filed September 28 lists his open-market sales from August 10 through September 25, order by order. 17
Wood River Capital left Aspen Aerogels entirely. It sold 12,280,426 shares at $4.73 in a block trade on September 23 for $58,086,415 and finished with nothing. 18 The Schedule 13D/A says the reporting persons disposed of all their public shares, hold none now, and have no present plans or proposals for the company. 19
Gwynne Shotwell, SpaceX's president and chief operating officer, exercised options and sold 342,170 Class A shares on September 22 at $151.15 to $154.72, about $52.5 million and an average of $153.5684, leaving 2,472,035 shares. The trades ran under a plan adopted June 23, 2026. 35
Robinhood's chief executive, Vladimir Tenev, exercised options and sold the same shares on two consecutive days: 259,166 Class A shares on September 21 for about $32.5 million and 240,834 on September 22 for about $30.2 million. Each day ended with no shares left in the account. Both trades ran under a plan adopted September 5, 2025. 3637
Two Meta insiders sold in the same week. Chief product officer Christopher Cox sold 40,000 Class A shares on September 21 in two blocks at $700.50 and $725.02, about $28.5 million, under a plan adopted May 19, 2026. 38 Mark Zuckerberg's vehicles sold 27,474 shares on September 24 at a weighted average of $777.4425, about $21.4 million, under a plan dated January 31, 2026. 39
David Duffield, Workday's co-founder, converted 99,613 Class B shares into Class A shares on September 23 and sold all 99,613 at $188.92 to $193.62, about $19.1 million and an average of $192.14. He retains 105,049 Class A shares. The sale ran under a trust plan dated December 2, 2025. 40
ISQ Global Fund II sold a further 64,131 Kinetik Holdings Class A shares on September 22 and 23 at $53.55 to $53.72, about $3.4 million, leaving 384,142 Class A shares. These are the first sales since the ones that took the fund below 10% and terminated its right to designate directors. 41
Corporate holders at or near control
Atlas Investissement reported 76,982,244 Millicom International Cellular common shares, about 49.5% of the company, and said it was scheduled to buy 6,000,000 more on September 25 under equity derivative transaction agreements, which would take it to 82,982,244. Xavier Niel sits above Atlas through Iliad Holding and Maya, and the filing treats the Niel family as sharing beneficial ownership. 24
LetterOne's LPE holds 840,625,000 VEON shares, 45.46% of the 1,849,190,667 shares outstanding. VEON approved a buyback and cancellation of 72,500,000 shares on September 22, and on September 24 LPE signed a share purchase agreement to participate in it proportionately. 42
TORM plc drew two whale amendments in the same week. Hafnia Limited reported 20,356,061 Class A shares, about 19.85% of the 102,553,688 outstanding on September 18, with sole voting and dispositive power over all of them. 22 Oaktree's funds separately reported 6,329,874 Class A shares, about 6.17%, calculated on the same September 24 share count. 23
Ownership maps and their measurement dates
These filings report a position and a date. Each one tells a reader who holds what on the measurement date, and where the number includes instruments that convert into stock, the filing says so.
- TeraWulf — Google. 41,011,803 shares, 7.6%, in a new Schedule 13G. 25
- Nurix Therapeutics — Perceptive Advisors. 5,536,629 shares, 5.3%, against 103,781,683 shares outstanding. 43
- Electra Therapeutics — Redmile Group. 5,462,881 shares, 8.7%, reported by Redmile and by Jeremy Green. 44
- Array Digital Infrastructure — Hawk Ridge Capital Management. 2,728,548 shares, 5.1%. 45
- Coursera — New Enterprise Associates 13. 12,867,769 shares, 4.9%. 46
- Leader's Advantage Acquisition Corp — Sculptor Capital. 1,485,000 shares, 9.77%. 47
What deserves another look
- LEN: Berkshire's next Form 4, which will show whether the buying continued past September 25.
- GPI: whether Conifer keeps buying now that it holds a board seat.
- CRBG: the next Nippon Life filing, to see how long the daily purchases run.
- MTN: whether Vail Resorts settles with Oasis before its annual meeting.
- Pearson: what Cevian's director does after he takes his seat on October 1.
- ZTO: whether Alibaba sells more of its 6.1%.
- ASPN: who took the other side of Wood River's 12.28 million-share block.
- INNV: whether TCO Group and Ignite Aggregator keep selling.
- Millicom: whether Atlas completes the 6,000,000 shares and crosses 50%.
- TORM: whether Hafnia or Oaktree makes a move toward an offer.
- TeraWulf: the next Google filing, against a 7.6% base.
- Ownership maps: the next filing from Perceptive on Nurix, Hawk Ridge on Array Digital and New Enterprise Associates on Coursera.
References
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