Tom Russo, synonymous with long-term value investing, made quiet but meaningful adjustments to his portfolio in Q1 2026. His signature style — concentrating $8.4B in AUM across just 20 holdings — remains intact, but this quarter saw a notable full exit and a fresh initiation simultaneously, sending a clear signal of directional shift.
Top 5 Holdings — Q1 2026
- Berkshire Hathaway Inc Cl A: $1.0B (12.3%)
- GOOG: $961M (11.3%)
- MA: $777M (9.1%)
- PM: $761M (9.0%)
- HEINY: $643M (7.6%)
3 Key Trades This Quarter
The standout move was the complete liquidation of ASHTY (Ashtead Group). Russo fully exited what was once a $418M position, while simultaneously initiating a $394M stake in SUNB (Sunbelt Rentals Holdings) within the same equipment rental sector. This reads as an intra-sector rotation, suggesting Russo identified a stronger competitive advantage or more attractive valuation in Sunbelt's business model. He also deployed $224M into Eurofins Scientific as a fresh entry, extending his reach into healthcare and life sciences.
- ASHTY fully exited ($418M) → SUNB initiated ($394M): intra-sector rotation within equipment rentals
- NFLX +12% to $539M and DASH +8%: reinforcing consumer platform exposure
- JPM -72% and AXP -47%: meaningfully reducing traditional financial sector exposure
Core positions remain firmly in place. BRK (Berkshire Hathaway Cl A+B combined, ~18.6%) is the largest holding, followed by GOOG (11.3%), MA (9.1%), and PM (9.0%). On the growth platform side, Russo added 12% to NFLX, bringing it to $539M, and trimmed up positions in UBER (+1%) and DASH (+8%). In contrast, JPM was slashed by 72% to just $44M remaining, and AXP was cut by 47%. The overall portfolio is rotating away from financials and toward consumer-facing platform businesses.
Concentration and Conviction: Russo's Next Move
This rebalancing reaffirms Russo's philosophy: change infrequently, but when you do, move with conviction. The new positions in SUNB and Eurofins reflect long-term bets on physical infrastructure and life sciences as dual pillars of durable growth. Meanwhile, the expanded platform exposure through NFLX, UBER, and DASH signals deepening conviction in subscription- and network-driven business models. The JPM and AXP reductions likely reflect a proactive response to the evolving interest rate environment. Taken together, the portfolio's center of gravity is shifting toward global consumer staples, platforms, and physical infrastructure.
