Gray Foundation
Long book
$396.8M
Q1 2026
Positions
11
Top-10 weight
99%
concentration
Last quarter
+18.6%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsGray Foundation is an institutional manager, specialised in services_media (81% of the long book), running a $396.8M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: HILTON WORLDWIDE HOLDINGS IN, ISHARES EXPANDED TECH SECTOR, ALPHABET INC-CL C, ISHARES MSCI INDIA ETF, ROBO GLOBAL ROBOTICS AND AUT.
Over the last 9 quarters its long book ran on average 1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.2%
Q2 2024
+3.1%
Q3 2024
+3.7%
Q4 2024
-7.7%
Q1 2025
+15.2%
Q2 2025
+3.0%
Q3 2025
+9.4%
Q4 2025
-0.4%
Q1 2026
+18.6%
Sector allocation
Services media 83%
Technology 12%
Healthcare 3%
Industrials 2%
Long book by quarter
What does Gray Foundation own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| HLT HILTON WORLDWIDE HOLDINGS IN | Services media | 731.7K | $222.5M | 56.1% | Held |
| GOOG ALPHABET INC-CL C | Technology | 112.0K | $32.1M | 8.1% | Held |
| HGV HILTON GRAND VACATIONS INC | Services media | 212.5K | $8.3M | 2.1% | Held |
| BA BOEING CO/THE | Industrials | 26.4K | $5.3M | 1.3% | Held |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 37.8K | $5.0M | 1.3% | Held |
| AZN ASTRAZENECA PLC | Healthcare | 18.3K | $3.6M | 0.9% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 22, 2026 | 11 | $396.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 29, 2026 | 11 | $398.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 30, 2025 | 8 | $351.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 4, 2025 | 9 | $353.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 11 | $320.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 14 | $350.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 1, 2024 | 12 | $337.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 6, 2024 | 12 | $327.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 29, 2024 | 11 | $320.1M | canonical | SEC ↗ |
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