We compiled all the Q1 2026 hedge fund investor letters in one place. What top funds are buying: $CRCL $HIMS $HOOD $MELI $APP $CRM $GOOGL $NFLX $BKNG $AVGO and dozens more. Oakmark, ClearBridge, Jacob Funds, Lakehouse and many others. Updated regularly. See their full strategies and allocations below👇

🚨 New 13G: $2.6B AI Infrastructure Bet from Leopold Aschenbrenner's Situational Awareness LP - $NBIS Situational Awareness LP just disclosed a 5.6% stake in Nebius Group, equal to 12,410,060 shares. At today's ~$208 close, that's a ~$2.58 billion position - and the trigger date for the 13G is May 19, 2026. NBIS is up ~10% in after-hours trading on the news. At ~$228, the position is now worth ~$2.83B.At this size, Nebius now stands as Situational Awareness's largest disclosed position based on the most recent filings. The previous top holding in the Q1 13F (filed for positions as of March 31) was a $2.04B notional SMH PUT, and NBIS wasn't on that filing at all - meaning the position was built entirely between April 1 and the May 19 disclosure trigger. This is the fund run by 23-year-old Leopold Aschenbrenner, the former OpenAI Superalignment researcher whose June 2024 manifesto "Situational Awareness: The Decade Ahead" argued that AGI is coming by 2027 and the world isn't ready. He launched the fund weeks later with $225M. As of Q1 2026, disclosed U.S. equity exposure stands at ~$5.5B - a multi-hundred-percent return in roughly 12 months. The fund returned 47% in H1 2025 versus 6% for the S&P. Backers include Patrick and John Collison (Stripe), Nat Friedman (ex-GitHub CEO), and Daniel Gross. Carl Shulman is co-portfolio manager and is also listed on the 13G. The thesis behind the Nebius position fits the broader Situational Awareness playbook. Q1 13F shows Aschenbrenner is short the semiconductor complex and long the AI picks-and-shovels: 8 of the fund's top 12 positions are PUTs - on SMH (VanEck Semiconductor ETF), $NVDA, $AMD, TSM, ASML, ORCL, AVGO, and MU. The longs are concentrated in power (Bloom Energy 6.4%), storage (SanDisk 5.3%), and neoclouds (CoreWeave 4.1%, IREN 2.9%, Core Scientific 2.8%, Applied Digital 2.3%). Now Nebius joins as a major new long - and goes straight to the top of the book. What Nebius does: an Amsterdam-based AI infrastructure company that emerged from the restructuring of Russia's Yandex, led by Yandex co-founder Arkady Volozh. It builds GPU-dense data centers and rents capacity to hyperscalers and AI labs. The contracted backlog is what makes this remarkable. Nebius has signed $46B in long-term AI compute contracts: $19.4B with Microsoft (September 2025), expanded to $27B with Meta (March 2026), plus a $2B equity investment from Nvidia. Q1 2026 revenue grew 684% YoY to $399M. Management is targeting $7-9B in exit ARR by end of 2026 (up from $1.25B in 2025) and planning $16-20B in 2026 capex. Key metrics: - Market cap ~$52B at close, trading ~$228 after-hours (up ~10% on the 13G news, ~95% YTD) - Q1 2026 revenue $399M ( 684% YoY), adj EBITDA $129.5M - Total contracted backlog: $46B (Microsoft $19.4B, Meta up to $27B) - 2026 capex plan: $16-20B; targeting 2.5 GW contracted compute by year-end - 2026 ARR target: $7-9B (vs $1.25B exit 2025) - 15 analysts: Buy consensus, avg PT $231 (Citi raised to $287 post-Q1) - Situational Awareness 5.6% stake: 12,410,060 shares, ~$2.58B at close / ~$2.83B at current after-hours

$1.0M Insider Buy: $SYY Director John Hinshaw bought 13,304 shares of Sysco on May 26 for $1.0M at $75.17, increasing his direct stake nearly 50% to 40,200 shares (~$3.0M). Sysco announced a transformative $29.1B acquisition of Jetro Restaurant Depot on March 30. The stock fell ~12% as investors digested the $21B in new debt required to fund it, and has yet to recover to pre-deal levels. Hinshaw is buying that post-announcement dip with full board-level visibility into the deal. Hinshaw's credentials carry weight. He was Group COO of HSBC from 2020 to 2024, running an operation of 130,000 employees with an $11B budget. Before that, EVP Technology and Operations at Hewlett Packard, Chief Customer Officer at HPE, Chief Information Officer of Boeing, and 14 years at Verizon. He has been on Sysco's board since 2018 and chairs the Corporate Governance and Nominating Committee - the committee that vets major strategic decisions like the Jetro deal. He also sits on the boards of Genpact, SingleStore, Illumio, and HSBC Innovation Banking. What Sysco does: the largest US foodservice distributor with ~18% share of the fragmented $377B domestic market. The Jetro deal adds 166 cash-and-carry warehouses across 35 states, 725,000 independent restaurant customers, and ~$16B in revenue, making the combined company a ~$100B multi-channel distribution platform. Key metrics: - Market cap ~$36B, trading ~$75 (~2% YTD, ~12% below pre-deal levels around $82) - Q3 FY2026 sales 4.7% to $20.5B, US local case growth 3.3% - FY2026 guidance reaffirmed: adj EPS $4.50-$4.60 (tracking high end) - Forward P/E ~16x on guidance midpoint; ~2.7% dividend yield - Jetro deal: $29.1B EV, day-one accretive, mid-teens EPS accretive in year 2 - Combined company: ~$100B revenue ( 20%), $6.4B EBITDA ( 45%), $5.5B FCF ( 55%) - Buyback paused for deleveraging; ~1.0x leverage reduction targeted in 24 months

RT @insidermonkey: @SJosephBurns @grok Grok doesn't understand the gravity of VRRM's latest earnings results. This isn't a 20% annual reven…

$2.5M Insider Buy: $NCLH - And This Time It's the CEO A Form 4 filed today shows President and CEO John Chidsey bought 153,000 shares of Norwegian Cruise Line on May 22 for $2.5M at $16.37, near the 52-week low. This increased his direct stake 15.5% to 1,139,940 shares (~$19.5M). This is the bigger signal in an expanding insider cluster. Chidsey only became CEO in February 2026 - three months ago - and this is his first major open-market buy in the role. Chidsey is a turnaround and operations specialist. He spent 5 years as CEO of Subway (through its 2024 sale), was CEO of Burger King Holdings, and ran two divisions at Cendant (Avis, Budget, Wright Express, Jackson Hewitt). He first joined the NCLH board in 2013, served until 2022, returned in 2025, and was tapped to run the company in February. He knows this business from the boardroom and now owns the execution. On the Q1 call, Chidsey openly called NCLH a "turnaround" and attributed the problems to "self-inflicted" missteps in marketing and revenue management. That candor matters - he's buying $2.5M of stock into a situation he's publicly framed as fixable and internal, not structural. Q1 2026 (May 4) actually beat on profitability: revenue $2.33B ( 10% YoY), adjusted EPS $0.23 versus $0.14 expected, adjusted EBITDA $532.9M ( 18%). But management slashed full-year guidance - adjusted EPS cut ~30% to $1.45-$1.79, net yield now seen down 3-5% - citing Middle East disruption, soft Europe demand, and the booking shortfall. The stock fell ~9% to near its 52-week low. Key metrics: - Market cap ~$7.4B, trading ~$17 (down ~23% YTD) - Forward P/E ~10-12x on cut FY2026 guidance (vs ~8x pre-cut) - Q1 2026 revenue $2.33B ( 10% YoY), adj EPS $0.23 (beat $0.14) - FY2026 guidance cut: adj EPS $1.45-$1.79 (from $2.38), adj EBITDA $2.48-$2.64B - Net yield seen -3% to -5%; ~26% of Q2 capacity in Europe - $125M annualized SG&A savings program underway - Net leverage 5.3x, total debt $15.15B, liquidity $1.6B - Multiple banks cut PTs but most maintain Buy/Neutral

The thesis is playing out in real time. $MOD just signed a $4B Long-Term Capacity Agreement for its Airedale data center cooling products, calendar 2027 through 2029, with $165M cash upfront. Stock 16.5% on pre-market today. Modine was one of the names we highlighted on the liquid cooling theme. The multi-year order book just got a lot bigger.