Act Two Investors LLC
Long book
$453.2M
Q1 2026
Positions
36
Top-10 weight
74%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
15%
of book per quarter
Strategy in plain words
auto-generated from filingsAct Two Investors LLC is a concentrated fundamental stock-picker, running a $453.2M US long book across 36 positions.
The portfolio is concentrated: the top 10 names carry 74% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: ALPHABET INC-CL C, MICROSOFT CORP, AMAZON.COM INC, T-MOBILE US INC, VISA INC-CLASS A SHARES.
Over the last 9 quarters its long book ran on average 1.7pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.8%
Q2 2024
+3.1%
Q3 2024
-0.2%
Q4 2024
-1.1%
Q1 2025
+7.1%
Q2 2025
+7.4%
Q3 2025
+1.5%
Q4 2025
-9.0%
Q1 2026
+11.3%
Sector allocation
Technology 43%
Services media 12%
Consumer discretionary 11%
Healthcare 9%
Communications 8%
Utilities 7%
Financials 6%
Industrials 2%
Long book by quarter
What does Act Two own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOG ALPHABET INC-CL C | Technology | 236.6K | $67.9M | 15.0% | -6.9% |
| MSFT MICROSOFT CORP | Technology | 142.7K | $52.8M | 11.7% | -2.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 177.5K | $37.0M | 8.2% | -2.2% |
| TMUS T-MOBILE US INC | Communications | 151.8K | $31.9M | 7.0% | -3.4% |
| V VISA INC-CLASS A SHARES | Services media | 104.2K | $31.5M | 6.9% | +1.5% |
| ES EVERSOURCE ENERGY | Utilities | 409.3K | $28.4M | 6.3% | -3.7% |
| IQV IQVIA HOLDINGS INC | Healthcare | 158.6K | $27.1M | 6.0% | -3.7% |
| AAPL APPLE INC | Technology | 77.2K | $19.6M | 4.3% | -5.9% |
| DIS WALT DISNEY CO/THE | Services media | 201.3K | $19.4M | 4.3% | +18.9% |
| NVDA NVIDIA CORP | Technology | 104.9K | $18.3M | 4.0% | +0.9% |
| SLM SLM CORP | Financials | 707.6K | $15.1M | 3.3% | +1786.2% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 46.8K | $9.5M | 2.1% | New |
| JPM JPMORGAN CHASE & CO | Financials | 27.5K | $8.1M | 1.8% | -2.8% |
| MCK MCKESSON CORP | Consumer discretionary | 8.9K | $7.7M | 1.7% | Held |
| LLY ELI LILLY & CO | Healthcare | 8.2K | $7.5M | 1.7% | -3.2% |
| INTU INTUIT INC | Technology | 11.7K | $5.0M | 1.1% | New |
| SYK STRYKER CORP | Healthcare | 12.0K | $3.9M | 0.9% | -0.7% |
| GOOGL ALPHABET INC-CL A | Technology | 12.6K | $3.6M | 0.8% | -13.3% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 33.0K | $3.4M | 0.7% | -77.4% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 6.7K | $3.3M | 0.7% | Held |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 35.2K | $2.8M | 0.6% | Held |
| MCD MCDONALD'S CORP | Consumer discretionary | 6.8K | $2.1M | 0.5% | Held |
| META META PLATFORMS INC-CLASS A | Technology | 3.5K | $2.0M | 0.4% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.9K | $1.4M | 0.3% | -9.1% |
| AON AON PLC-CLASS A | Financials | 2.3K | $734K | 0.2% | Held |
| NFLX NETFLIX INC | Services media | 6.6K | $631K | 0.1% | -90.8% |
| BKNG BOOKING HOLDINGS INC | Industrials | 141 | $594K | 0.1% | Held |
| EWBC EAST WEST BANCORP INC | Financials | 5.3K | $563K | 0.1% | Held |
| AXP AMERICAN EXPRESS CO | Financials | 979 | $296K | 0.1% | Held |
| ORCL ORACLE CORP | Technology | 1.7K | $256K | 0.1% | -53.5% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 1.2K | $234K | 0.1% | -74.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 36 | $453.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 38 | $555.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 39 | $564.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 37 | $489.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 41 | $471.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 46 | $513.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 45 | $530.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 49 | $505.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 48 | $497.9M | canonical | SEC ↗ |
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