Institutional investors with more than $100 million in US equity holdings were required to file 13F forms within 45 days of the end of the second quarter, and the filings show capital moving selectively into segments the market previously viewed with skepticism.
Vates Invest, a German asset manager, examined the Q2 2026 13F data and found that while large AI-related stocks remain near-universal portfolio holdings, professional investors are increasingly targeting specific opportunities in software and healthcare rather than making broad sector bets.
"The key question is no longer whether AI will destroy software, but which companies can translate AI into better growth, higher margins and stronger products," said Vates analyst Komoss, noting renewed institutional interest in software names.
Unity Software, a games and 3D-development specialist, remained on the radar of top investors after attracting attention in the prior quarter. The company reported 24 percent revenue growth in Q2 and issued a guidance outlook calling for another 24 percent growth rate, with operational improvement remaining the central focus.
Snowflake also drew institutional interest. The data-platform company signaled structural growth driven by the increasing importance of large datasets and how enterprises will make their data usable for AI applications, and it raised both its revenue and earnings forecasts.
The healthcare sector appeared even more diversified across institutional positions. Vates noted that healthcare is "no uniform block," with purchases spanning classic value stocks with stable cash flow, high-growth companies, defensive service providers and innovative diagnostic specialists. Despite the volume of buying, pharma — the sector's largest sub-segment — showed comparatively little purchase activity, suggesting investors are picking specific areas of value creation rather than rotating into the sector broadly.
Within health insurance, UnitedHealth and Humana were bought by professional investors in Q1 and remained in demand through Q2. UnitedHealth showed particularly broad institutional presence with multiple portfolio increases. Vates described the pattern as familiar: political and regulatory headwinds create uncertainty and weigh on share prices, while the long-term economics of the business models remain intact.
Across diagnostics and care, two very different themes emerged. Sotera Health, a medical-device sterilization and laboratory-analysis services provider, was seen as a margin-strong, defensive business with high barriers to entry. Natera, a pioneer in cell-free DNA testing and genetic diagnostics, represented a bet on the structural growth of precision medicine. Additionally, Brookdale Senior Living — a senior-care facility operator — appeared as a new position for some institutional buyers, illustrating what Vates called a highly selective approach across a diverse field.
"Top investors are not simply buying software or healthcare blindly," Vates concluded. "They are looking specifically for companies where operational improvements are underway, structural growth is underpriced, or short-term risks may be overstated." The throughline, according to the firm, is "no blanket flight into a sector — but targeted wagers on underestimated operational strength."
