According to the latest 13F filings, several top investors increased their holdings in PepsiCo Inc. (PEP) this quarter, signaling continued confidence in the company’s defensive earnings profile, global brand strength, and ability to compound cash flows through economic cycles. Below are the most notable additions from the period:
AQR Capital Management LLC (Cliff Asness)
Shares: 5,916,417 Change: +3,235,726 Value: $0.83B
Cliff Asness made the largest increase among superinvestors this quarter, more than doubling AQR’s position. The sizable addition suggests strong quantitative conviction in PepsiCo’s stable free-cash-flow generation, pricing power across beverages and snacks, and attractive risk-adjusted returns within consumer staples.
Fisher Asset Management, LLC (Ken Fisher)
Shares: 8,112,038 Change: +155,636 Value: $1.14B
Ken Fisher continued to build on an already large position, reinforcing his preference for globally dominant franchises with durable demand, broad distribution networks, and long-term earnings consistency.
Gotham Asset Management, LLC (Joel Greenblatt)
Shares: 120,464 Change: +50,132 Value: $0.02B
Joel Greenblatt increased Gotham’s stake meaningfully, aligning with a value-driven view of PepsiCo as a high-quality business trading at attractive returns on capital with dependable cash flows.
Bridgewater Associates, LP (Ray Dalio)
Shares: 83,180 Change: +5,570 Value: $0.01B
Ray Dalio modestly increased Bridgewater’s position, consistent with exposure to globally diversified, non-cyclical companies that offer resilience across macroeconomic regimes.
Grantham, Mayo, Van Otterloo & Co. LLC (Jeremy Grantham)
Shares: 60,248 Change: +3,485 Value: $0.01B
Jeremy Grantham added incrementally, reflecting selective confidence in PepsiCo’s brand equity, inflation pass-through capability, and defensive characteristics within equities.
GAMCO Investors, Inc. et al. (Mario Gabelli)
Shares: 68,543 Change: +519 Value: $0.01B
Mario Gabelli made a small addition, consistent with his long-standing focus on durable consumer franchises with steady cash generation and long-term intrinsic value growth.
New Positions
Point72 Asset Management, L.P. (Steve Cohen)
Shares: 142,402 Change: NEW POSITION Value: $0.02B
Steve Cohen initiated a new position in PepsiCo, suggesting tactical interest in a defensive, cash-rich business with earnings stability and potential upside from operational execution.
Maverick Capital Ltd (Lee Ainslie)
Shares: 16,067 Change: NEW POSITION Value: $0.00B
Lee Ainslie also established a new stake, indicating confidence in PepsiCo’s ability to deliver steady compounding returns supported by brand strength and global scale.
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