Major institutional investor Triple Frond Partners reduced its position in Alphabet (GOOG) by 17.52% during the second quarter of 2026, according to a recent SEC filing. The firm sold over 61,900 shares, though its remaining stake is still valued at approximately $103 million, making up 9.19% of its concentrated portfolio. This disclosure comes from a delayed 13F filing, which reports trades made between March 31 and June 30, 2026.
During that period, Alphabet reported strong Q2 revenue growth of 24% year-over-year, driven by an 82% surge in its Cloud division. However, the company also significantly increased its capital expenditures, leading to negative free cash flow for the quarter, a first for the company. Concurrently, Triple Frond Partners also trimmed its holdings in Amazon while initiating new positions elsewhere.