I tracked the 13F filings of 64 long-term value managers back to 2016. Only 8 stocks ever made their top 5.

I wanted to see where long-term managers agree, not what one of them owns. So I took 64 of them (Berkshire, Pershing Square, Himalaya, Akre, Fundsmith, Lindsell Train, Baupost, Markel, Sequoia/Ruane Cunniff and others) and only counted a stock when it's at least 3% of that manager's 13F. A 0.3% position doesn't tell you much about conviction.

Going back 40 quarters, Q3 2016 to Q2 2026, with each manager counted on the filing it had made at the time:

* Alphabet was the most-backed stock in every one of those quarters. 20 of 48 managers in 2016, 35 of 64 now.
* Only 8 companies have ever made the top 5. Three of them are gone: Wells Fargo, Baidu and Facebook back when it was Facebook.
* Amazon went from 17% of managers to 38%.
* Nvidia and TSMC had nobody at 3% or more in 2016. Nine each today.
* What faded: Wells Fargo from 10 managers to 1, Baidu from 9 to 0, Alibaba from 9 to 1, PayPal from 9 in 2020 to 2. Meta reached 21 between 2019 and 2021 and is at 14.

In the last quarter Applied Materials and Elevance Health entered the top 20, and Lennar and Aon dropped out.

The usual 13F limits apply: 45 days late, only US-listed longs, nothing about cost basis. It's what they reported, not a recommendation.

The thing I can't answer from the data: the ones who left Wells Fargo and Alibaba early, were they early or just right?

I built the site the data comes from. It's free: [https://stockquorum.com](https://stockquorum.com)