Josh Kushner's Trades and Holdings in Q1 2026

Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on April 27, 2026.

Who are Joshua Kushner and Thrive Capital?

Joshua Kushner is the founder and managing partner of Thrive Capital (commonly referred to as Thrive Capital). The fund is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holdings comprising nearly 100% of assets, and variable cash holdings when high-conviction opportunities are scarce. His investment strategy is a growth-oriented approach across venture and public equities, emphasizing high-conviction bets on exceptional founders and innovative companies that can achieve massive scale and long-term value creation. Kushner focuses on undervalued or high-potential technology-enabled businesses, particularly in software, internet, AI, and healthcare sectors, that can disrupt industries, with strong qualitative factors like visionary leadership, rapid growth potential, network effects, defensible moats, business model innovation, and the resilience to navigate early-stage challenges while compounding capital over decades.

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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Joshua Kushner's Thrive Capital continues to pair its highly concentrated venture-style public equity bets—largely expressed through broad index vehicles like Invesco QQQ and a suite of Vanguard funds—with a growth-oriented philosophy that prizes visionary founders and technology-enabled disruption in software, internet, AI, and healthcare. In Q1 2026 the fund's rapid churn in a handful of legacy industrial and consumer-staples names—rotating in and then swiftly out of positions such as CF Industries, Procter & Gamble, General Mills, and Flextronics while also exiting US Bancorp and Charter Communications—suggests these were tactical, low-conviction placeholders rather than core holdings, reinforcing that Thrive's true strategic focus remains its concentrated, high-conviction venture and growth-equity bets outside the 13F-reported index sleeve.

New Investments

Cf Industries Hold

Josh Kushner bought $5.49M of Cf Industries Hold in Q1 2026. Over the last two quarters, the company has delivered very strong profit growth, with Q1 2026 net earnings of $615 million (EPS $3.98) and Q2 2026 net earnings of $727 million (EPS $4.73), both sharply higher than the prior-year periods and indicating positive earnings momentum. In the current quarter, revenue grew about 18% year over year to $2.22 billion and adjusted EBITDA rose about 57% to $1.19 billion, reflecting tight global nitrogen markets and high asset utilization, even though EPS and sales came in below consensus expectations. First-half 2026 net earnings of $1.34 billion, adjusted EBITDA of around $2.18 billion, a one-time litigation gain of about $170 million, and last-twelve-month free cash flow of $1.7 billion (about 51% of adjusted EBITDA) underscore strong cash generation and constructive supply-demand fundamentals that can support further value creation.

• Q2 2026 revenue up about 18% year over year to $2.22 billion.
• Q2 2026 diluted EPS increased to $4.73, roughly 100% above the prior-year quarter.
• Last-twelve-month net earnings of $1.8 billion, adjusted EBITDA of $3.2 billion, and free cash flow of $1.7 billion (~51% of adjusted EBITDA).

Procter & Gamble Co

Josh Kushner bought $4.28M of Procter & Gamble Co in Q1 2026. Over the last 12 months, Procter & Gamble has delivered low-single-digit growth, with organic sales up more than 1% and core EPS increasing about 1% to roughly $6.89, reinforcing a stable, defensive profile relative to many consumer staples peers. In the most recent quarter, performance has been steady but not accelerating, as Q4 FY2026 net sales rose 2% to about $21.2 billion and adjusted EPS of $1.43 came in slightly above expectations, while the prior Q2 FY2026 quarter saw only 1% net sales growth, flat organic sales, and diluted EPS down 5% despite core EPS holding at $1.88. Near term, the company appears to be in a consolidation phase as restructuring weighs on reported earnings, but the plan to eliminate around 7,000 office jobs and recent productivity efforts that generated operating cash flow of roughly $5.0 billion and shareholder returns of about $4.8 billion in the latest reported quarter position the business for margin improvement and potential value creation as these changes take hold.

• Q4 FY2026 net sales increased 2% year-over-year to approximately $21.2 billion..
• Q2 FY2026 core EPS was $1.88, flat year-over-year, while diluted EPS declined 5% to $1.78 due to restructuring charges..
• In Q2 FY2026, operating cash flow reached about $5.0 billion, and Procter & Gamble returned roughly $4.8 billion to shareholders via dividends and buybacks..

Flextronics Intl Ltd

Josh Kushner bought $3.86M of Flextronics Intl Ltd in Q1 2026. In the latest quarter, net sales grew 21% year-over-year to $7.9B and adjusted EPS reached a record $1.00, indicating the company is gaining earnings momentum and expanding profitability. This builds on Q4 FY26 results where revenue was approximately $7.5B and adjusted EPS was about $0.93, with margins hitting management’s long-term targets earlier than expected and supporting a structurally higher earnings base. The announced spin-off, margin outperformance, and a roughly 31% stock price surge following the Q4 FY26 print, alongside ongoing mix shift toward faster-growing data center and cloud power markets, underscore improving investor confidence and potential for further value creation.

• Q1 FY27 net sales up 21% year-over-year to $7.9B.
• Q4 FY26 revenue approximately $7.5B with adjusted EPS around $0.93 and margins at or above long-term targets.
• Stock price surged roughly 31% on the Q4 FY26 earnings release, reflecting strong investor response to the beat and spin-off announcement.

Smith A O

Josh Kushner bought $3.82M of Smith A O in Q1 2026. After a weak first quarter, second-quarter 2026 results showed sequential improvement as sales reached $1.0B (down just 1% year over year) and adjusted EPS of $1.03 beat consensus, indicating stabilizing demand in core North American water heater and boiler markets. By comparison, first-quarter 2026 net sales of $946M declined 2% year over year and EPS of $0.85 fell 11%, missing expectations as softer China demand and weather disruptions weighed on volumes and profitability. Operationally, growth in North America and pricing actions offset an approximate 28% decline in China sales, while restructuring charges in North America water treatment and higher input costs pressured GAAP EPS, so investors are watching for margin recovery, cost savings, increased Q2 share repurchases, and execution against narrowed full-year adjusted EPS guidance of $3.70–$3.85 as key drivers of further upside.

• Q2 2026 net sales $1.004B, 1% YoY decline; diluted EPS $0.91 (down 15% YoY) and adjusted EPS $1.03 (down 4% YoY) but above estimates.
• Q1 2026 net sales $945.6M, down 2% YoY; net earnings $118M, down 14%; EPS $0.85, down 11% and roughly 10% below consensus.
• Full-year 2026 adjusted EPS guidance narrowed to $3.70–$3.85, implying second-half EPS of roughly $1.82–$1.97 after first-half delivery of about $1.88 per share.

General Mills

Josh Kushner bought $3.72M of General Mills in Q1 2026. Over the past two fiscal quarters, General Mills has moved from a weak third quarter, where net sales fell 8% to $4.4 billion and adjusted EPS declined to $0.64, to a stronger fourth quarter with net sales up about 1% to $4.6 billion and adjusted EPS rising to $0.95, delivering a clear earnings beat and signaling stabilization in its core businesses. In the current quarter, profit growth was driven by a 13% increase in adjusted operating profit and disciplined cost controls, even as GAAP results showed a $2.1 billion operating loss from non‑cash goodwill and intangible charges, and management outlined a multi‑year plan to generate roughly $3 billion in cost savings that should support margin expansion and valuation over time. Over the last 12 months, FY26 organic net sales declined about 2% and adjusted EPS fell roughly 16% year over year, but the Q4 beat and cost‑savings plan have improved sentiment, with shares rising around 3–4% on the results and the stock remaining relatively defensive within the Zacks Food – Miscellaneous peer group.

• Q3 FY26 net sales were $4.4 billion, down 8% year over year, with organic net sales down 3% and adjusted EPS at $0.64, a 37% decline that missed consensus..
• Q4 FY26 net sales reached $4.6 billion, up about 1% year over year, while adjusted operating profit rose 13% and adjusted EPS of $0.95 beat consensus by roughly 17%..
• For FY26 overall, organic net sales declined about 2%, adjusted operating profit fell roughly 16% and adjusted EPS contracted mid‑teens year over year, reflecting a tougher consumer backdrop despite a targeted $3 billion cost‑savings program..

Toast

Josh Kushner bought $3.49M of Toast in Q1 2026. Over the last two quarters, Toast has moved into a stronger profitable growth phase, with revenue up about 23% year over year in both Q1 and Q2 2026 and recurring gross profit streams growing 27–28%, a growth profile that is competitive with higher‑growth restaurant technology and payments peers. GAAP net income increased to $126M in Q1 and $154M in Q2, with Adjusted EBITDA rising from $179M to $221M and Q1 free cash flow reaching $115M. In the current quarter, EPS of about $0.26 came in below the roughly $0.32 consensus, but the stock has remained around the mid‑$30s as investors emphasize recurring gross profit growth above 28%, a stronger profitability profile, record 9,500 net new locations, and an upgraded outlook for 2026.

• Q2 2026 revenue grew approximately 23% year over year to about $1.91B, exceeding Street estimates near $1.87B by roughly 2%.
• GAAP operating income reached about $152M in Q2 2026 with an operating margin near 26%, while Adjusted EBITDA increased to around $221M from roughly $179M in Q1.
• Q1 and Q2 2026 GAAP EPS were about $0.20 and $0.26, with Q1 missing consensus by roughly 26% and Q2 by around 19%, even as recurring gross profit streams rose 27–28% year over year.

Halozyme

Josh Kushner bought $3.34M of Halozyme in Q1 2026. Over the last two quarters, Halozyme has delivered accelerating high-margin growth, with Q1 2026 revenue up 42% year over year to $376.7 million and Q2 2026 revenue up 48% to a record $481 million, driven primarily by expanding royalty streams from ENHANZE-enabled products. Non-GAAP EPS has expanded from $1.60 in Q1 to $2.28 in Q2 2026, with adjusted EBITDA margins above 60–65%, underscoring strong operating leverage and positioning the company as a scalable, high-growth royalty platform within biotech. Management’s Q2 2026 beat-and-raise, with FY2026 revenue growth guidance of 31–37%, EPS of $8.65–$9.00, and a newly announced $1 billion share repurchase program, alongside continued uptake of ENHANZE-enabled drugs such as DARZALEX SC and VYVGART Hytrulo, represent material positive catalysts that can drive valuation higher in the near term.

• Q2 2026 total revenue rose 48% year over year to $481 million, with royalty revenue up roughly 50% to about $308 million..
• Q2 2026 non-GAAP EPS was $2.28, up approximately 48% year over year and beating consensus by nearly 26%..
• FY2026 guidance now calls for total revenue of $1.835–$1.91 billion (31–37% year-over-year growth) and non-GAAP EPS of $8.65–$9.00..

State Str Spdr S&P 500 Etf T

Josh Kushner bought $589.9K of State Str Spdr S&P 500 Etf T in Q1 2026. The ETF has shifted from a weak start to the year to strong momentum, moving from roughly -4.3% in Q1 2026 to about a +15.2% gain in Q2 and adding an estimated +4.3% so far in the current quarter, indicating clear positive performance inflection in recent months. This acceleration coincides with the S&P 500 posting multiple record highs in 2026, supported by robust earnings from mega-cap technology and AI-related constituents and waning fears of further rate hikes, all of which directly benefit the ETF’s broad market exposure. Over the last 12 months the fund has returned about +21.7%, broadly in line with the S&P 500’s roughly +21.8% gain and modestly ahead of the large-blend peer group near +21.3%, while regular quarterly distributions and growing institutional allocations underpin liquidity and potential for further asset growth.

• Q1 2026 total return about -4.3% followed by a sharp rebound to roughly +15.2% in Q2 2026 on a NAV basis..
• Q3 2026 to date performance estimated near +4.3%, lifting YTD 2026 return to around +14.5%..
• Trailing 12-month return roughly +21.7% versus the S&P 500 at about +21.8% and the large-blend category near +21.3%..

AstraZeneca

Josh Kushner bought $440.79K of AstraZeneca in Q1 2026. Over the last two quarters, the company has delivered consistent top-line expansion, with Q1 2026 revenue up 8% year-on-year to about $15.3bn and Q2 2026 revenue up 6% to around $15.4bn, while core EPS beat expectations in both periods. Current-quarter performance is gaining rather than declining, driven by double-digit growth in Oncology and Rare Disease, H1 2026 core EPS up roughly 11%, and management reaffirming mid- to high-single-digit revenue and low double-digit EPS growth guidance for the full year, even as US drug pricing and generic competition pressure parts of the BioPharmaceuticals portfolio. Recent catalysts that could support further value creation include the Q2 profit beat (core EPS of $2.63 versus consensus near $2.48), solid revenue growth to about $15.4bn, and a bullish tone around an ambitious $80bn 2030 revenue target, which together are easing prior investor concerns over pipeline sustainability.

• Q2 2026 total revenue grew 6% year-on-year to approximately $15.38bn..
• Q2 2026 core EPS was $2.63, about 6% above the consensus estimate near $2.48..
• H1 2026 core EPS increased around 11% year-on-year, supported by Oncology revenue up roughly 15–16% and Rare Disease revenue up about 11–15%..

Vanguard World

Josh Kushner bought $369.79K of Vanguard World in Q1 2026. Over the last two quarters, the ETF swung from a soft -1.89% total return in Q1 2026 to a strong 14.13% gain in Q2 as global equities rallied, leaving it up roughly 10% year-to-date while slipping slightly behind its FTSE Global All Cap benchmark’s 14.75% in the most recent quarter. In the current quarter, performance has flattened as the price consolidates roughly 2% below late-June highs with weekly moves in the low single digits, suggesting investors are digesting the earlier rally amid shifting rate expectations rather than signaling a trend reversal. Key supports for future value include scale of about $77.6 billion in assets and a roughly 1.6% yield, continued fee cuts and strong inflows into related All‑World products that reinforce Vanguard’s low-cost positioning, and routine governance changes (new treasurer and trustee retirement in mid‑2026) that keep oversight robust without altering the strategy.

• Q2 2026 total return of 14.13% versus the FTSE Global All Cap Index at 14.75%, following a -1.89% decline in Q1 2026..
• Year-to-date return around 10% in 2026 and a 22.44% gain in 2025, beating the average peer’s 19.09% return..
• Approximate assets under management of $77.6 billion and an annual dividend yield near 1.58% as of mid‑2026..

AT&T

Josh Kushner bought $247.04K of AT&T in Q1 2026. Over the last two quarters, AT&T has delivered steady revenue growth and improving profitability, with Q1 2026 revenue up 2.9% year over year to $31.5B and Q2 2026 revenue up 2.3% to $31.6B as operating and EBITDA margins expand. Earnings power is strengthening, with Q1 adjusted EPS around $0.57 (up 11.8% year over year) and Q2 adjusted EPS rising to $0.65 (more than 20% growth), both ahead of consensus and driven by higher wireless and fiber contributions alongside continued subscriber growth. Momentum in the current quarter appears favorable for valuation, as management reaffirmed guidance for low single-digit service revenue growth, 3–4% adjusted EBITDA growth and at least $18B in 2026 free cash flow while increasing planned share repurchases to $10B, signaling confidence in the trajectory and supporting potential multiple expansion.

• Q2 2026 revenue of $31.6B, up 2.3% year over year, with adjusted EBITDA up 5.2% and margin expanding 110 bps to 39.1%..
• Q1 2026 revenue of $31.5B, up 2.9% year over year, and operating income rising from $5.8B to $6.7B with margin improving from 18.8% to 21.1%..
• Full-year 2026 outlook calls for low single-digit service revenue growth, 3–4% adjusted EBITDA growth, at least $18B in free cash flow and $10B of share repurchases..

Lam Research

Josh Kushner bought $236.38K of Lam Research in Q1 2026. This purchase comes as Lam Research has delivered accelerating growth and record profitability over the last two quarters, with revenue and earnings reaching new highs as AI-driven wafer fabrication equipment demand ramps. In the most recent June 2026 quarter, revenue rose to $6.72B, non-GAAP EPS to $1.82, and operating margin to a record 38.4%, marking the fourth consecutive quarter of record revenue and a clear gain in performance versus prior periods. Looking ahead, the company’s outlook has strengthened with guidance for next quarter revenue of around $8.1B and EPS near $2.15, alongside plans to invest over $3B in expanded R&D labs and AI-enhanced tools, all of which support continued value creation.

• Revenue grew from $5.34B in the December 2025 quarter to $5.84B in March 2026 and $6.72B in June 2026, a roughly 26% increase over two quarters..
• Non-GAAP diluted EPS increased from $1.27 in Q2 FY2026 to $1.47 in the March 2026 quarter and $1.82 in the June 2026 quarter, up about 43% over two quarters..
• Non-GAAP operating margin expanded from about 34.3% in the December 2025 quarter to roughly 35.0% in March 2026 and 38.4% in June 2026, reflecting meaningful operating leverage..

SPDR Gold

Josh Kushner bought $222.89K of SPDR Gold in Q1 2026. Over the last two quarters, the ETF has delivered strong absolute returns, with a ~30–31% gain over the past 12 months even as it modestly lags the broader commodities-focused peer group, which is up about 71%+ over the same period. Year-to-date performance has improved in the current quarter, shifting from a slight decline earlier in 2026 to a positive return of around 1.5%, reflecting the recovery in gold prices and growth in the trust’s net asset value. With gold prices pushing toward record highs and major banks raising medium-term price targets while the trust appoints new leadership and files its latest 10-Q, the setup for further value appreciation is increasingly supported by macro tailwinds and operational stability this quarter.

• One-year total return approximately 30.7% versus commodities-focused category at about 71.4%..
• Year-to-date return about 1.6%, improving from roughly -3.7% earlier in 2026 as performance turned positive in the current quarter..
• Gold-backed trust price around $400 per share, within a 52-week trading range of roughly $301–$510, highlighting elevated volatility alongside upside participation..

Etfs Gold Tr

Josh Kushner bought $216.23K of Etfs Gold Tr in Q1 2026. Over the past 12 months, returns for the trust have closely tracked major physically backed gold ETFs, with SPDR Gold Shares up 30.59% and the LBMA Gold Price PM index gaining about 39.65%, while peer funds such as iShares Gold Trust charge expense ratios near 0.25% and offer deep liquidity, keeping this allocation competitive within the commodity ETF universe. Over the last two quarters performance has been volatile: gold ETF benchmarks show a strong 6‑month rally of roughly 14.73% into mid‑2026 followed by a prior 3‑month drawdown of around -7.53%, but the trust is now entering the current quarter with stabilizing prices and a constructive backdrop after that correction. In the current quarter, sentiment is turning more positive as physically backed gold ETFs recorded July net additions of 23.5 metric tons (about $2.97 billion) and funds like SPDR Gold Trust logged their best week since January, a combination of renewed flows and price momentum that should support higher asset values for the trust.

• Trailing 12‑month price change for SPDR Gold Shares is approximately 30.59%, with a 52‑week trading range of 305.19–509.70..
• Benchmark gold ETF 3‑month return around -7.53% compared with a 6‑month gain of roughly 14.73%, illustrating recent volatility across the asset class..
• Global physically backed gold ETFs saw July net inflows of 23.5 metric tons of gold valued at about $2.97 billion, reversing two months of net outflows..

Caterpillar

Josh Kushner bought $202.19K of Caterpillar in Q1 2026. Over the last two quarters, Caterpillar has accelerated, with Q2 2026 sales and revenues rising 24% year over year to a record $20.5B, adjusted profit per share increasing to $8.17 (from $4.72 a year ago), and adjusted operating margin expanding to about 21.9%, all supporting a stronger earnings and cash flow profile. This builds on Q1 2026 momentum, where sales grew 22% to $17.4B, operating profit rose around 20% to roughly $3.1B, and adjusted EPS improved to about $5.5 even as operating margin slipped to 17.7% from 18.1% due to elevated tariff-related manufacturing costs. Looking ahead, management has raised full‑year 2026 revenue guidance to mid‑to‑high‑teens growth, highlighted a roughly $72B backlog, record Q2 MP&E free cash flow of $5.1B, and strong power and data center equipment demand, all of which should support further value creation if end‑markets remain resilient.

• Q2 2026 sales and revenues increased 24% year over year to $20.5B, with operating profit up about 50% to roughly $4.3B.
• Adjusted profit per share rose from about $5.5 in Q1 2026 to $8.17 in Q2 2026, with Q2 adjusted EPS up roughly 73% year over year.
• First‑quarter 2026 sales climbed 22% year over year to $17.4B, while operating margin declined to 17.7% from 18.1% as tariff costs contributed to higher manufacturing expenses.

Added, Trimmed, and Exited

Added

Thrive Capital increased several passive and thematic ETF positions alongside select equity additions, most notably Vanguard Index Funds (+66.7% return contribution), Global X Funds Russell 2000 (+43.4%), Select Sector SPDR energy (+300.5%), J P Morgan Exchange Traded F equity premium income (+37.7%), iShares preferred and income securities (+43.6%), Vanguard Bond Index (+33.7%), and Hims & Hers (+49.7%), while smaller additions were made to Amplify Etf Tr, Chewy, Kraft Heinz, and Fox.
What it means: The scale and diversity of these adds — spanning small-cap, bond, energy, preferred income, and covered-call ETFs — suggest Thrive Capital used the quarter to broaden portfolio diversification and income exposure well beyond its usual concentrated public equity bets, likely as a way to deploy cash while waiting for new high-conviction venture-style opportunities to emerge in the public market, with Hims & Hers standing out as the one direct conviction add to a name already in the portfolio.

Trimmed

Thrive Capital modestly trimmed a handful of positions, led by Invesco Exch Traded Fd Tr Ii (KBW High Dividend Yield, -22.2%), Vanguard International Equity (FTSE Emerging Markets ETF, -7.4%), First Trust (FT Vest Gold, -3.6%), Elanco Animal Health (-2.7%), and Verizon, where share count fell even though the position's value rose on price appreciation.
What it means: These trims look more like tactical rebalancing than a loss of conviction — reducing income and emerging-market beta somewhat while letting core telecom exposure (Verizon) ride higher on price gains — indicating the fund is fine-tuning risk exposure rather than materially de-risking any single theme.

Exited

Thrive Capital fully exited eighteen positions this quarter, the largest by value being US Bancorp ($4.47M), Procter and Gamble Co ($4.31M), General MLS Inc ($4.06M), CF Inds Hldgs Inc ($3.99M), Charter Communications ($3.67M), Flex Ltd ($3.62M), Palo Alto Networks ($3.61M), and Pinterest ($3.45M), alongside smaller liquidations of SPDR S&P 500 ETF Tr, Salesforce, Vanguard Scottsdale Fds, D-Wave Quantum Inc, Fidelity Covington Trust, The Campbells Company, American Express, Direxion Shs ETF Tr, Uber Technologies, iShares Tr (S&P 500 Growth ETF), and Agilent Technologies.
What it means: This is a sweeping cleanup of legacy names spanning banks, consumer staples, cybersecurity, media, and speculative growth/quantum bets, several of which (Procter and Gamble, CF Industries, and Flex) appear to have been effectively re-established under slightly different issuer identifiers as new positions this quarter, suggesting less a wholesale strategy shift than a reshuffling and renaming of core holdings, while true exits from names like Palo Alto Networks, Pinterest, Uber, and D-Wave Quantum reflect a genuine rotation away from higher-multiple tech and speculative growth toward the fund's newer high-conviction picks.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.