Maverick Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of Maverick Capital during this period is one of strategic evolution and rigorous rebalancing. With a portfolio value of $8.60 billion, the firm occupies a "sweet spot" in the institutional landscape—large enough to command significant influence and access to corporate management, yet nimble enough to rotate out of multi-billion dollar positions without causing undue market friction. The presence of 239 stocks indicates that while the "head" of the portfolio (the top 10 to 20 holdings) drives the majority of the performance, the "tail" is used as a laboratory for emerging themes, particularly in the healthcare and technology sectors. This structure allows the firm to manage risk through diversification while maintaining the "Tiger" tradition of aggressive, research-heavy bets on industry leaders.

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II. Sector Allocation Analysis

The reduction in Industrials (9.64%) and Financials (9.48%)—highlighted by the complete exit of Union Pacific Corporation and The Charles Schwab Corporation—indicates a move away from "macro-sensitive" cyclical stocks. By trimming these sectors, Maverick is signaling a cautious view on the broader industrial economy and traditional financial intermediaries. Instead, the capital is being recycled into "specialized cyclicals" like Materials (4.10%), where the firm added a massive new position in Linde plc, a leader in industrial gases. This suggests that Maverick prefers companies with pricing power and essential roles in the supply chain over those that are purely dependent on general economic volume.

Maverick’s sector layout suggests a judgment that the economy is in a "late-cycle" or "transition" phase. The high weight in Healthcare and Consumer Staples (5.06%) points to a desire for "certainty of earnings." Meanwhile, the continued high exposure to Technology, specifically in hardware and semiconductors (NVIDIA, ASML, Applied Materials), shows that they believe the AI infrastructure build-out is far from over. However, the shift from software giants like Microsoft toward hardware and specialized materials indicates a belief that the "value" in the tech chain is migrating from the application layer back down to the enabling infrastructure and the physical sciences.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The logic behind this addition likely stems from NVIDIA's transition from a mere chip designer to a full-stack computing platform. With the rollout of new architectures and the deepening of the CUDA software moat, NVIDIA has become the "toll booth" for the entire generative AI economy. Maverick’s increase in shares, combined with a rise in portfolio weight from 5.98% to 6.39%, indicates an active decision to let this winner run, even while trimming other tech giants. It reflects a belief that NVIDIA’s earnings power is still being underestimated by the broader market.

Conversely, the 36.93% reduction in Microsoft Corporation (MSFT) is a major strategic contraction. Microsoft fell from a nearly 6% weight to just 3.10%. This indicates that Maverick may believe Microsoft’s valuation has become "full" relative to its near-term AI monetization prospects, leading them to rotate that capital into higher-alpha names like Argan, Inc. (AGX) , which saw its weight nearly double. Argan, a provider of engineering and construction services to the power industry, represents a "pick and shovel" play on the massive need for electrical grid upgrades to support AI data centers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most obvious trend in the buying activity is the Semiconductor Diversification . While Maverick trimmed TSM and MSFT, it added new positions in AMD (Advanced Micro Devices) and Intel Corporation (INTC) . This suggests a "relative value" play. AMD is the primary challenger to NVIDIA in the AI GPU space, and Intel is undergoing a massive multi-year turnaround to become a world-class foundry. By adding these names, Maverick is betting that the "AI tide" will lift more than just NVIDIA’s boat, and they are seeking alpha in the companies that are currently catching up.

The total estimated capital deployed in these top 8 buys exceeds $1.3 billion . When compared to the funds recouped from the major exits and reductions (discussed in Section V), it is clear that Maverick is engaged in a "Sell A to Buy B" rotation. They are selling "mature" tech (MSFT) and "old economy" cyclicals (UNP, SCHW) to fund these new entries into "next-gen" tech (Quantum, AMD) and "high-conviction" healthcare (ABT, RGEN, DHR). This rotation increases the portfolio's "active share" and shifts the focus toward companies with higher idiosyncratic growth potential rather than broad market beta.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most significant exit this quarter was the complete liquidation of Union Pacific Corporation, a move that realized an estimated $303.77 million . This is a "Strategic Retreat" from the industrial sector. Having held a 3.26% weight in the previous quarter, the decision to sell the entire position suggests a fundamental breakdown in the investment thesis. Railroads are often seen as a proxy for the physical economy; exiting UNP indicates that Maverick may be pessimistic about near-term domestic freight volumes or believes that the "rail renaissance" has peaked. This capital was likely the primary source of funding for the new position in Linde plc, representing a shift from "transportation" to "specialized materials."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

For retail investors, the reference value here is the "Healthcare as the New Tech" thesis. Maverick is treating companies like Repligen and Danaher with the same growth-oriented enthusiasm usually reserved for SaaS companies. This suggests that "bioprocessing" and "diagnostics" may be the "cloud computing" of the 2020s—a high-margin, recurring-revenue business model with decades of growth ahead. However, investors should note that Maverick’s move into Intel and AMD while trimming TSM is a sophisticated "relative value" play that requires deep industry knowledge to execute successfully.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.