Brad Gerstner's Altimeter Capital significantly reduced its stake in Meta Platforms (META) during the second quarter of 2026, selling 600,000 shares. The sale decreased its total holdings by nearly 31% to 1.35 million shares, with the position valued at approximately $763 million as of June 30. This trade is part of a broader rebalancing where the funding for new and increased positions came from trimming consumer-focused holdings like Meta.
As with all 13F filings, this disclosure comes with a delay; the trades were executed between April 1 and June 30 but only made public on August 14. The sale lowered Meta from nearly 20% of Altimeter's reported portfolio to under 8%. During the same period, Altimeter initiated a massive new $1.6 billion position in AI hardware company Cerebras Systems, making it the fund's second-largest holding after Nvidia.