Q2 2026: where the top-rated 13F funds are overweight, and where they are not

Take every top-50 position of the 763 top-rated funds, label it with its industry, and add up the dollars. Then do the same for the 3,363 bottom-rated funds. The top-rated book is 23.5% semiconductors; the bottom-rated book is 7.9%. Internet content (9.1% vs 6.5%), infrastructure software, branded pharma and biotech follow. The elite book is also far more concentrated by industry: its ten largest industries hold 62% of its dollars against 44% for the crowd.

The crowd's book is heavier in the industries a diversified equity manager holds by default: credit services (Visa, Mastercard, Capital One) at 4.5% against 2.0%, diversified banks at 3.4% against 1.9%, consumer electronics (Apple) at 4.2% against 2.8%.

A reminder of what a three-year rating measures: the top-rated group is, by definition, the group whose disclosed books did best from mid-2023 to mid-2026, and semiconductors were the best-performing industry over that window. Some of this tilt is what winning looked like, not a choice made before the fact. The Q2 flow study shows the same funds were net sellers of chips in the quarter.

Divide the elite share by the crowd share and the largest overweights are not the largest industries. Tobacco is 5.5x: 2.0% of top-rated dollars against 0.4% for the crowd, $54.6bn across 62 funds, led by Philip Morris, British American Tobacco and Altria. Computer hardware is 4.8x, which in 2026 means the disk-drive and flash makers Western Digital, Seagate and Sandisk, $53.9bn across 285 funds. Semiconductors are 3.0x on a far larger base. Independent power producers (Constellation, Talen, Vistra) are 2.9x; engineering and construction (IES, Quanta, MasTec) 2.3x; auto manufacturers, which here is mostly Tesla, 2.1x; biotechnology 2.0x.

Three of those are the AI build-out one step removed from the chips: storage, power and the contractors who build data centers. Tobacco and biotech are not, and they are the tilts that would surprise a reader who assumed the top-rated funds were simply long the Nasdaq.

The other end of the ratio is where the crowd's money sits and the elite money does not. Retail REITs: 0.02% of the elite book against 0.3% of the crowd's, a ratio of 0.06x. Exchanges and data providers (CME, ICE, Coinbase): 0.09x. Life insurers 0.11x. Diversified insurance, which is mostly Berkshire Hathaway, 0.14x: 1,379 bottom-rated funds hold the industry, and it is 1.9% of their dollars against 0.26% of the elite's. Packaged foods, waste management, specialty REITs, midstream energy, soft drinks and household products complete the list.

These are the industries whose defining quality is stability. Over a three-year window in which the index rose two thirds and semiconductors several-fold, stability was what the bottom of the rating table owned.

At the sector level the picture collapses to two numbers. Technology is 39.6% of the top-rated book and 23.2% of the crowd's; Finance is 8.0% against 19.5%. Health care, telecommunications (which carries Alphabet and Meta in this taxonomy) and consumer discretionary are close to even. Industrials, energy, materials, utilities and real estate are all lighter in the elite book.

By dollars, the top-rated book is more mega-cap than the crowd's: 58% of elite dollars sit in companies above $200bn against 41% of the crowd's, because the elite's largest positions are Nvidia, Broadcom, Amazon, Microsoft and Micron. By position count the tilt reverses: 9% of elite positions are in small caps ($300m to $2bn) against 4% for the crowd, and 16% are mid caps against 10%. Top-rated funds hold more small and mid-cap names, sized small, under a few very large mega-cap positions.

Dollar shares can be driven by a few very large funds. A breadth measure asks how many funds in each group have a meaningful position in the industry: at least 5% of their top-50 book. 60% of top-rated funds clear that bar in semiconductors against 24% of the crowd. Internet content: 35% against 16%. Biotechnology: 13% against 4%. Computer hardware: 10% against 1%. The tilt is broad, not the work of a handful of large books.

For each stock, count the top-rated and bottom-rated funds that hold it. Top-rated funds are 18.5% of the two groups combined, so a stock held in proportion would have a top-rated holder share near 19%. 52 stocks held by at least ten top-rated funds have a share of 60% or more. Tower Semiconductor leads at 85% (22 top-rated holders, 4 bottom-rated), then LB Pharmaceuticals, Veradermics, Hut 8 (34 vs 10), MaxLinear, PDF Solutions, TTM Technologies, AAR, Turning Point Brands, Kratos, Talen Energy (36 vs 16), Silicon Motion, Vishay, CoreWeave and Lumentum (56 vs 30, the most widely held name on the list).

The pattern in the names is the pattern in the industries: foundry and analog chips, bitcoin miners turned data-center hosts, printed circuit boards, power, optical components, and a run of clinical-stage biotech. The crowd's equivalents, the names held by at least 60 bottom-rated funds where top-rated funds are under a tenth of holders, are Aon, Canadian National Railway, Cintas, Becton Dickinson, ADP, IDEXX, US Bancorp, Colgate, Aflac, Accenture, Altria, PepsiCo and Southern Company: quality compounders and dividend payers.

Neither list is a recommendation. The elite-tilted names include stocks that have already re-rated (the cost-basis study shows Tower Semiconductor's median top-rated holder up roughly 3x on cost) and the crowd-tilted names include some the top-rated funds may simply consider fully priced.

The StockDrifts Q2 2026 flow study measured what 758 active top-rated funds bought and sold between March 31 and June 30. Re-keyed to the industries here, the direction is one-way: the industries where the elite are overweight by 1.5x or more lost a net $59.6bn in the quarter, almost all of it semiconductors (−$38.7bn) and computer hardware (−$10.9bn); the underweight industries gained a net +$4.2bn; the industries in between gained +$18.8bn. The largest inflows went to internet content (+$6.6bn), application software (+$5.7bn), specialty retail, farm machinery and healthcare REITs. Tobacco, already the largest overweight, drew another +$2.4bn.

The positions in this article are a snapshot of where the money sat at June 30 after those trades. The tilt toward chips is what remained after a quarter of selling into a triple.

Search 2,498 stocks held by at least five top-rated or bottom-rated funds. Elite share is the top-rated funds' share of the two groups' holders; the baseline is 18.5%.