Insider Monkey

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👇

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$AMRZ CEO Adds Another $938K - Day 2 of Buying Chairman and CEO Jan Jenisch bought another 19,001 shares of Amrize on May 19 for $938K at avg $49.39 (across 7 transactions, range $48.50-$49.96). 16,001 shares direct + 3,000 via spouse. Combined two-day campaign: 47,418 shares for ~$2.35M. Updated total beneficial: 1,741,000 direct + 515,000 via spouse = 2.26M shares (~$110.7M at current $49.05).

Bezos said the bottom half of earners should not pay federal income taxes. It sounds like a bold proposal, but the numbers explain why he framed it that way. The bottom half’s share of federal income tax payments is already marginal.

Track Leonardo DRS's full insider trading activity, hedge fund ownership, and set free email alerts for new $DRS transactions: insidermonkey.com/insider-tradin…

$1.1M Insider Buy: $DRS Director Reuben Jeffery III bought 25,000 shares of Leonardo DRS yesterday for $1.1M at $42.77. This is his first open-market position after joining the board on April 1, 2026 - only 7 weeks ago. Jeffery's background is unusual for a defense board: 18 years at Goldman Sachs (Managing Director of the Paris office), then senior US government roles 2002-2009 including Chairman of the CFTC, Under Secretary of State, Special Assistant to the President on the NSC, and Advisor to Ambassador Bremer in Iraq. Then CEO of Rockefeller & Co. 2010-2018. Yale BA, Stanford JD/MBA. The defense sector backdrop is the strongest in 70+ years. The Trump administration submitted a $1.5 trillion FY2027 defense budget request - a 44% increase over FY2026 and the largest single-year defense spending increase since the Korean War. The proposal includes $260B in base procurement, $220B in R&D, $65.8B for shipbuilding, and a meaningful expansion of the Golden Dome homeland missile defense architecture (now projected at $185B+). Leonardo DRS is directly positioned in the priority spending areas. On February 17, 2026, the company secured multiple awards under the Missile Defense Agency's $151 billion SHIELD IDIQ contract vehicle - the contracting backbone for Golden Dome. DRS makes the sensors, battle management hardware, and infrared countermeasure systems that sit at the center of the Golden Dome kill chain. The company also has major exposure to submarine electric power and propulsion (the FY2027 budget allocates $65.8B for shipbuilding), advanced sensing (radar, infrared), and force protection. Q1 2026 (May 5) was the strongest quarter in years. Revenue $846M (+6% YoY) beat $818M consensus. Adjusted EBITDA $105M (+28%), margin expanded 210bps to 12.4%. Adjusted EPS $0.26 (+30%). Funded backlog $4.7B (+8% YoY). 2026 guidance raised across every key metric. Key metrics: Market cap ~$11.5B, essentially debt-free (total debt/equity 9.8%) Trailing P/E ~39x, forward P/E ~32x EV/EBITDA ~24x Stock up 25.6% YTD Average analyst PT ~$49 (range $40-$58) implying ~15% upside Canaccord recently raised PT to $54 (Buy)

Access SGA's full Q1 2026 U.S. Large Cap Growth Strategy's investor letter here: Other names discussed: $MSFT $INTU $CRM $NOW $ARM $AVGO $GOOGL $AMZN $META $NVDA $AAPL $NFLX $AXP $V $SPGI $SNPS $DHR $ECL $NKE $UNH $IT $CP $WM $YUM $CMG $GWW $AON $COO insidermonkey.com/blog/sga-u-s-l…

SGA (Sustainable Growth Advisers) initiated a new position in $MA in Q1 2026. The thesis: - 200B+ transactions processed annually across 3B+ cards in circulation - ~25% of revenue tied to transaction counts, not dollar volumes (resilient when consumer spend per transaction softens) - 65% of revenue generated outside the US - Asset-light model with low-single-digit annual price increases - Quasi-oligopolistic market structure with strong pricing power The entry point: Trump's January proposal for a 10% cap on credit card interest rates, plus the Credit Card Competition Act, created a share price dislocation. SGA views the risk as limited since Mastercard is a payment network, not a lender. Risks they're watching: moderating consumer spend and stablecoin disintermediation. They see near-term stablecoin risk as modest given limited consumer protections and acceptance.

Full Baron Opportunity Fund Q1 2026 letter: Their largest position is SpaceX at 15.4% of the fund. Other names mentioned: $NVDA $AVGO $GOOGL $AMZN $TSLA $META $TSM $ASML $LRCX $RBRK $SPOT $DDOG $SHOP $IOT $ANET $GILD $ACLX $SCHW insidermonkey.com/blog/baron-opp…

Baron Opportunity Fund exited $MSFT in Q1 2026. Their reasons: - Azure revenue growth missed expectations on capacity constraints, including capacity allocated to first-party apps - Heavy dependence on OpenAI for core AI models = meaningful vendor concentration risk - Internal AI development efforts have been underwhelming - Microsoft 365 Copilot adoption remains limited vs. its enormous installed base of commercial users - Nimbler competitors pulling ahead at the enterprise AI application layer - Being a "fast follower with adequate but not leading products" is not viable when innovation pace is paramount - Microsoft's historical moat (distribution, bundling, enterprise entrenchment) looks less durable in the agentic stack than in prior platform shifts

$2.5M Insider Cluster Buy: $ADC Two senior insiders reported buying Agree Realty stock on consecutive days last week. CEO Joey Agree bought 13,295 shares on May 14 for $1.0M at $75.41. Total beneficial: ~679,067 shares (~$51M). Director John Rakolta Jr. bought 20,000 shares on May 15 for $1.5M at $74.57. Total beneficial: ~595,944 shares (~$45M). Combined: $2.5M from the CEO and a senior director over two trading days. ~$96M of combined existing skin in the game. Joey Agree is the son of founder Richard Agree and has been CEO since 2013. Under his leadership, ADC grew from 109 properties to 2,756. Rakolta is Chairman of Walbridge (Detroit construction, founded 1916) and former US Ambassador to the UAE who played a role in the Abraham Accords. 15-year board tenure. What Agree Realty actually does: - $12.9B retail net lease REIT, headquartered in Royal Oak, Michigan - 2,756 properties, 57.5M sq ft, all 50 states - Top tenants: Walmart, Tractor Supply, TJX, Dollar General, Home Depot - ~65% investment-grade tenant exposure - highest among net lease REITs - Three external growth platforms: acquisitions, development, developer-funded - Investment-grade credit ratings: A- Fitch / Baa1 Moody's / BBB+ S&P - Monthly dividend (since 2021), 169 consecutive dividend payments The investment thesis: - Recession-resistant retail (essentials, off-price, discount, hardware) outperforms in late-cycle environments - 5.4% AFFO growth at the midpoint of 2026 guidance, faster than Realty Income (3.0-3.7%) - 4.2% monthly dividend yield with 5.3% 10-year dividend CAGR - Fortress balance sheet: $2.3B liquidity, 3.2x proforma net debt/EBITDA, no debt maturities until 2028 - Q1 2026 just delivered the strongest quarterly AFFO growth (+7.9% YoY) since Q2 2022 The bear case to balance: - Trades at ~17x AFFO - the growth premium is priced in vs slower-growing peers - Top-tenant concentration is higher than O's diversified base - Net lease REITs broadly sensitive to long-rate path - 10-year yield trajectory matters The CEO and a long-tenured director with $96M of existing skin in the game adding $2.5M three weeks after a record Q1 print.

Worth noting Alpine Fox's full Q1 2026 13F: ~85% of the portfolio is crypto and Bitcoin infrastructure (CIFR, IBIT calls, IREN, ETH, ASST, BMNR). BKKT was only 0.19% of the fund at quarter-end with 40,000 shares. This 585,000-share buy takes the position ~15x higher in 7 weeks - elevating BKKT into the same tier as Alfred's Bitcoin miner holdings. Track Alpine Fox's full portfolio and get notified when the next quarterly 13F is published: insidermonkey.com/hedge-fund/alp…

$4.8M Insider Buy: $BKKT Mike Alfred bought 585,000 shares across May 15-18 at $7.91-$8.93 through Alpine Fox LP. Total ~$4.8M. The stock jumped 16% to $10.13 in after-hours trading on May 18 after the Form 4 hit. Alfred runs Alpine Fox LP, a value fund focused on Bitcoin and AI equities he founded in January 2023. He co-founded BrightScope (sold to Strategic Insight) and Digital Assets Data (sold to NYDIG in 2020). Board seats at IREN and Eaglebrook Advisors. Series B in Bitwise, seed in Swan Bitcoin. When he joined the Bakkt board on September 22, 2025, the stock ripped 40% that day on the announcement. He's been on the board for 8 months. This is his first open-market buy. He sat through the Loyalty divestiture, the Custody sale to ICE, the Up-C collapse, the debt elimination, the $100M raise, and the DTR acquisition before deploying personal capital. His own framing in the tweet above: "now it's time to accelerate." That's the read. The cleanup is done, and he's putting $4.8M behind what comes next.

Full Goldman podcast: Shawn Tuteja on bubble concerns and the AI trade. More highlights from the conversation: Hyperscalers committed to $755B capex this year, +38% YoY. Tuteja calls the number "mind-blowing." 6th consecutive quarter of double-digit EPS growth in the S&P. Forward multiple actually compressed from 22x to 21x as earnings outran the rally. GS Risk Appetite Indicator at 5-year highs. Prime book semiconductor exposure setting new record highs daily. 30Y yields above 5% is the key level to watch. US-China meetings this week also a swing factor. goldmansachs.com/insights/the-m…

Semis under pressure this week. NVDA earnings tomorrow night. Where does the AI trade rotate next? Goldman's Shawn Tuteja walks the evolution: semis → hyperscalers → data centers → AI equipment → memory chips → fiber optics. His team's next call: liquid cooling. Theme up only 30% YTD vs optical networking +100%. Why it matters: data centers spend nearly as much electricity on cooling as on compute. Liquid cooling cuts that by up to 10x. Goldman flagged the theme. We did the stock work. Pure plays: $MOD - Spinning off legacy auto biz via Reverse Morris Trust with Gentherm in Q4. Becomes a pure-play climate solutions co with data center as the growth engine. Guiding 50-70% annual DC growth over the next two years. $NVT - Infrastructure now 55% of sales, up from 12% at spin. Liquid cooling driving +34% growth at 20%+ margins. NVIDIA partner. $VRT - The scale name. Q1 EPS +83% YoY. $15B+ backlog. NVIDIA Vera Rubin partner. Trades in the 50s on fwd PE. $ECL - Buying CoolIT from KKR for $4.75B at 29x EBITDA. Closes Q3. The actual pure-play target. $ETN - Bought Boyd Thermal for $9.5B in March. Liquid cooling bolt-on to electrical portfolio.

Track Shake Shack's full insider trading activity, hedge fund ownership, and set free email alerts for new $SHAK transactions: insidermonkey.com/insider-tradin…

Quick bull/bear on $SHAK alongside the Meyer/Silverman cluster buy. The bull case: → 21 consecutive quarters of positive same-Shack sales. Q1 came in at +4.6% YoY with +1.4% traffic growth - the third consecutive quarter of positive traffic. Demand at the store level is intact. → Restaurant-level margin expanded 50 bps to 21.2% in Q1 despite the headline miss. Supply-chain savings are offsetting beef inflation at the store level. → Unit growth still aggressive. 685 system-wide locations at quarter-end, up from 589 a year prior. 17 new company-operated Shacks opened in Q1 alone. → Founder/Chairman buying $2M. Meyer has owned Shake Shack since founding it as a 2001 hot dog cart. His ~$99M existing position means $2M is incremental, but the signal at the 52-week low matters. → Q2 catalysts loaded. BBQ Boneless Baby Back Rib Sandwich launched in May, World Cup traffic expected to lift June comps. Management guided Q2 comps to +3-5%. → BofA upgrade in April. Sara Senatore moved SHAK from Underperform to Neutral, PT $88 → $101 - removing one of the most visible bear ratings on the street. The bear case: → Hedge funds exited ahead of the Q1 print. Per Insider Monkey's 13F database, long holders dropped from 45 (Q4 2024 peak) to 41 (Q4 2025) to 36 (Q1 2026) - a 20% reduction in institutional sponsorship in 15 months, with the most acute exit (-12% QoQ) occurring in Q1 2026 before the May earnings disaster. Smart money was positioning short ahead of the print. → Valuation is the central problem. ~50x forward earnings vs Chipotle at 28x - SHAK trades like a high-growth comp despite delivering Chipotle-like comps and far worse margins. → Profitability lags peers. Net margin 2.8% vs Chipotle ~12% and Cava ~5%. → Q1 was an actual miss, not a "noisy beat." Revenue missed $5M, adj EPS $0.00 vs $0.12 consensus, adj EBITDA missed by 19%, operating margin -0.7% vs +0.9% prior year. The 19.9% one-day drop wasn't an overreaction. → April comp turned negative (-0.6%). NYC tourism slump cited as the driver. Q2 guide of +3-5% comps requires May/June acceleration that's still unproven. → Free cash flow -$38.7M in Q1 vs +$1.9M prior year. Aggressive unit growth and capex are pressuring cash generation. → High single-digit beef inflation guided for 2026. Restaurant margins held in Q1, but absorbing another year of input cost pressure at 21% margins leaves limited room for further surprises.

$2.5M Cluster Insider Buy: $SHAK Two notable Shake Shack insider buys filed May 15, 2026: Founder and Chairman Danny Meyer bought 32,258 shares for $2.0M at $61.88 through the Daniel H. Meyer Investment Trust. Post-buy beneficial ownership across all entities (Investment Trust + DHM 2012 Gift Trust + direct): ~1.66M shares (~$99M). Former Director Josh Silverman bought 8,290 shares for $501K at $60.38 via the Silverman-Ghotbi Revocable Trust. Silverman served on the SHAK board from November 2016 until stepping down May 1, 2026 - he's buying personally just two weeks after leaving the boardroom. He still holds 9,997 shares directly from his board tenure. Meyer is the founder of Shake Shack (started as a hot dog cart in Madison Square Park in 2001, IPO'd in 2015) and has been Chairman since January 2010. He also founded and runs Union Square Hospitality Group, which operates Union Square Cafe, Gramercy Tavern, The Modern, and other landmark NYC restaurants. He's one of the most recognized figures in the US restaurant industry - recipient of the Julia Child Award (2017), TIME 100 Most Influential (2015), and 25 James Beard Foundation Awards across his career. Silverman is Executive Chair of Etsy (after serving as CEO from 2017 to December 2025) and sits on the Instacart board. He's a consumer technology operator with prior runs as CEO of Skype, CEO of Shopping.com (eBay), and President of Consumer Products at American Express. His SHAK buy is small in absolute size but meaningful in context - he chose to buy stock personally right after exiting the board, when he has no fiduciary obligation to do so. The buys came eight days after a Q1 disaster. Q1 2026 (May 7): revenue $366.7M missed $372M consensus, adj EPS $0.00 missed $0.12 by 100%, adj EBITDA $37M missed $45.6M by 19%, operating margin -0.7% vs +0.9% prior year. Stock fell 19.9% the day of the print. But same-Shack sales grew 4.6% YoY (21st consecutive quarter of positive comps), traffic +1.4%, total revenue +14.3%, and 17 new company-operated Shacks opened in Q1. Management reaffirmed 2026 guidance and pointed to the BBQ Boneless Baby Back Rib Sandwich launch in May and World Cup traffic in June. The founder buying $2M and a just-departed director buying $501K. Both at the post-Q1 trough.

$1.4M Insider Buy: $AMRZ Chairman and CEO Jan Jenisch bought 28,417 shares on May 15 for $1.4M at an average of $49.53 (purchase made in CHF at 39.05). Direct post-buy stake: 1,724,999 shares. Plus 512,000 indirect via spouse. Total beneficial: ~2.24M shares (~$111M). Jenisch is one of the most credentialed building materials operators in the world. He was CEO of Sika 2012-2017, where he led the company into the Swiss Market Index. He then served as CEO of Holcim 2017-2024 and Chairman 2023-2025, transforming it into an industry-leading-margin business. He led the Amrize spin-off from Holcim in June 2025 and remains Chairman and CEO. 12+ year track record running SMI-listed building materials companies. Amrize is the former North American operations of Holcim, spun off in June 2025. The company is the #1 cement producer in North America with 19,000 employees and ~$12B+ in expected 2026 revenue. Two segments: Building Materials (cement, aggregates, ready-mix concrete, asphalt - ~70% of revenue) and Building Envelope (roofing and exterior systems - ~30%). End-market mix: 51% commercial, 28% infrastructure, 21% residential. Dual-listed on NYSE and SIX Swiss Exchange. Q1 2026 (April 29) showed the bifurcated story: Building Materials revenue +12.9% with adj EBITDA +41.7% and margin +230bps - driven by accelerating commercial demand from data centers and energy projects, double-digit cement and aggregates volume growth, and the PB Materials acquisition (West Texas aggregates leader, closed February 18). The Building Envelope (roofing) segment was the drag - revenue -9.8%, adj EBITDA -37.1% on soft roofing demand. Stock dropped 5% on the print. Management reaffirmed 2026 guidance (revenue +4-6%, adj EBITDA +8-11%), announced a $1B buyback to begin post-Q1, declared a first quarterly dividend of $0.11 plus a special $0.44 dividend, and pointed to roofing volume recovery in H2 2026 as commercial projects that started in 2025 convert to envelope work. ~50% of IIJA infrastructure funding still to be deployed, commercial construction accelerating into data center and energy buildout, conservative 1.7x net leverage. Jenisch is buying 2 weeks after the post-Q1 dip with his entire 12-year operating record at building materials companies behind him.

$1.0M Insider Buy: $NIQ Executive Chairman and CEO James Peck bought 118,625 shares of NIQ Global Intelligence on May 18 for $1.0M at $8.43, three trading days after the stock hit its all-time low of $8.06. The stock is up ~10% today on the disclosure. Direct post-buy stake: 424,683 shares. Total beneficial including PAVentures II, LLC: ~10.1M shares (~$91M). Peck has run NIQ for 5 years after acquiring it from Nielsen with Advent International in March 2021. Before NIQ, he was CEO of TransUnion (2012-2019), where he took the company public in 2015 and grew enterprise value from $3B to over $16B, delivering nearly 300% return to public shareholders. The stock has collapsed on a series of compounding problems since its July 2025 IPO at $21. Q3 2025 EPS missed by 40%, COO Tracey Massey resigned for personal reasons in January 2026 (stock fell ~10% that day with no replacement plan), the 2026 consumer tech market outlook flattened to -0.4% global sales growth, and Q4 2025 EPS missed by 31%. The Q1 2026 print on May 13 added another leg down: revenue and adjusted EPS beat ($1.07B vs $1.05B, $0.15 vs $0.10), but the GAAP loss came in $0.06 wider than expected, sending the stock down 11.6% the next day to a new all-time low. But the operational picture is improving. Q1 2026 revenue +11.1% YoY, adjusted EBITDA $224.8M (+19.1%), margin expanded 150 bps to 21.0%, and management reaffirmed 2026 guidance while expanding the restructuring program to target $70-80M in additional cost savings. Stifel called the stock "undervalued at current levels" post-print. Analyst consensus PT ~$22 implies 140%+ upside from current. NIQ holds #1 global market share in Retail Measurement Services, monitors $4T+ in consumer spending, and serves ~80% of Fortune 100 (Coca-Cola 100 years, Colgate 80+ years, Nestlé 75 years). A 20-year information services veteran with the TransUnion track record buying $1M three days after his stock's all-time low.

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Quick bull/bear on $MSCI alongside the Fernandez buy. The bull case: → Permanent switching costs in the Index segment. Fund mandate rewrites, LP notifications, and derivative contract renegotiations make benchmark migration prohibitively expensive. Retention rate held at 95.4% in Q1. → Passive investing tailwinds compound at zero incremental cost. $21T benchmarked to MSCI indices and $2.4T in equity ETFs tracking MSCI products. Record $103B of Q1 ETF inflows. → Q1 2026 was a beat. Organic revenue +13%, adjusted EBITDA +19% YoY, record asset-based fee run rate of $872M (+25% YoY). 11 consecutive years of double-digit adjusted EPS growth. → Private assets franchise scaling fast. Private Capital Solutions recurring net new sales +44%. Replicating the index playbook in a $10T+ private equity and credit market that lacks institutional-grade benchmarks. → Strong analyst conviction. 14 Buy, 2 Hold, 1 Sell. Average PT ~$685, implying ~17% upside from current $584. → Hedge fund holders stable. Per Insider Monkey's database: 69 funds (Q1 2025), 63 (Q4 2025), 64 (Q1 2026). Institutional sponsorship steady through the broader information services pullback. The bear case: → Valuation is genuinely premium. Trades at ~36x trailing P/E with a dividend yield of 1.3% vs the industry average of 2.4%. Bear analysts like Owen Lau at Oppenheimer have a $535 PT - below current price. → ETF-fee dependency cuts both ways. Asset-based fees scaled to $872M run rate at the same time markets are at all-time highs. A meaningful market drawdown directly compresses this revenue line. → Subscription growth is slower than ABF growth. Recurring subscription Run Rate growth was 7.7% organic in Q4 2025 - decent but below the 10%+ rates investors used to underwrite. → Competitive pressure from S&P Global, FTSE Russell, and Bloomberg in index licensing. Custom index proliferation is partly the company's response to fee pressure, not just pure demand. → The simple compounder argument depends on passive flows continuing. Active management resurgence or sustained equity market volatility would compress both ABF revenue and new ETF launches. Bottom line: This is a quality compounder with a real moat - but the price is set. Bulls see another decade of mid-teens EPS growth from passive + private assets tailwinds. Bears see a 36x multiple in a name that depends on asset prices staying elevated. Fernandez has bought ~$9M at $540-$565 over 12 months. He's been right about this company every year for 28 years.