Josh Kushner's Trades and Holdings in Q2 2026

Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on August 05, 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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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

As of Q2 2026, Joshua Kushner's Thrive Capital continued to run a highly concentrated public-equities book alongside its venture business, but rotated sharply away from prior tech and consumer names into a cluster of industrial, insurance and healthcare names—anchoring the portfolio around Berkley, Tesla, Nucor, Linde and Cardinal Health, alongside a State Street SPDR S&P 500 ETF position for broad market exposure. The quarter's fresh stakes in Flex, Progressive, Universal Health Services and Paychex, paired with exits from Fox, Hims & Hers, Flextronics and Conagra Brands, signal a tilt toward durable, cash-generative industrial and insurance franchises even as Kushner's venture arm doubles down on high-conviction AI bets like OpenAI and Cursor.

New Investments

Flex

Josh Kushner bought $5.07M of Flex in Q2 2026. Flex is showing clear top- and bottom-line acceleration, with Q4 fiscal 2026 revenue up 17% year over year to $7.5 billion and adjusted EPS up roughly 27% to $0.93, followed by the latest quarter’s revenue rising 20.6% year over year to about $7.93 billion and adjusted EPS reaching a record $1.00. Over the last 12 months net sales have grown to $27.9 billion (up 8% year over year), adjusted operating margin has expanded to about 6.3% and adjusted EPS reached $3.30, and while Flex’s longer-term earnings and revenue growth (~1.2% and 0.6% per year) have trailed the broader electronics industry (~3.6% earnings growth), the recent step‑change in growth and profitability marks a clear improvement in fundamentals. The current quarter’s beat on both revenue and EPS, driven by about 35% growth in Cloud and Power infrastructure and accompanied by a raised full‑year revenue outlook of $33.70–$35.20 billion and achievement of its >6% operating‑margin target ahead of schedule, points to the company gaining operating leverage and benefiting from AI‑driven data center demand, which should support valuation upside despite a muted near‑term share price reaction.

• Latest quarter revenue of $7.93 billion, up 20.6% year over year and about 5.4% above consensus estimates..
• Latest quarter adjusted EPS of $1.00, a record level up roughly 39% year over year and beating forecasts by about $0.10 per share (~11%). .
• Fiscal 2026 net sales of $27.9 billion (up 8% year over year) with adjusted operating margin of 6.3% and adjusted EPS of $3.30, and updated fiscal 2027 revenue guidance raised to $33.70–$35.20 billion..

Progressive

Josh Kushner bought $4.9M of Progressive in Q2 2026. This purchase adds exposure to a leading U.S. personal auto insurer whose shares are down roughly 8% over the last 12 months and modestly negative year to date, underperforming the S&P 500’s roughly 14% total return despite a strong ~143% five‑year gain. Fundamentally, the last two quarters have been strong: Q1 and Q2 2026 each delivered EPS beats of roughly 2–3% versus consensus on revenue growth of about 6% year over year, with Q2 net premiums written up 5%, policies in force up 7%, and an underwriting margin near 12.7%. Looking to the current quarter, consensus projects EPS around 3.6–3.7 and revenue near $22B, and while the stock has pulled back about 9% over the past month on concerns about slowing policy growth, Progressive’s pattern of earnings beats, over 40 million policies in force, and its status as the largest U.S. personal auto insurer by direct premiums provide potential catalysts for value as results unfold.

• Q2 2026 EPS approximately 4.85–5.67, beating consensus by about 3–20%, on revenue of roughly $23B up about 6% year over year..
• Net premiums written grew 5% and policies in force increased 7% in Q2 2026, supporting an underwriting margin of about 12.7%..
• The stock is down roughly 8–9% year to date versus the S&P 500’s total return of about 14%, and about 8% over the last 12 months..

Universal Health Services

Josh Kushner bought $4.43M of Universal Health Services in Q2 2026. Over the last two quarters, Universal Health Services has shown solid but mixed operating momentum, with Q2 CY2026 revenue rising 8.3% year over year to $4.64 billion, adjusted EPS up 12% to $5.98, acute‑care admissions growing 2.9%, and behavioral‑health revenue up 7.4%, but underlying margins were pressured by higher liability reserves, Texas facility costs, and a slower Cedar Hill ramp‑up, prompting management to lower its full‑year volume‑growth outlook. Current‑quarter performance against expectations has therefore been comparatively weaker than hospital chain peers, as Q2 delivered the group's softest earnings surprise and included a cut to 2026 EPS guidance amid rising uninsured patient volumes, contributing to a roughly 23% year‑to‑date share price decline despite mid‑single‑digit EBITDA growth. However, the stock has begun to recover following the Q2 print and completion of a long‑running share‑repurchase program, rebounding about 10–12% over the past month to trade in the low‑$170s, while slightly higher full‑year revenue guidance of $18.63 billion (roughly 0.6% above consensus) and a predominantly 'buy' rating profile (22 buy vs 21 hold and 2 sell recommendations) are key supports that could drive further value if volume and payer mix trends stabilize.

• Q2 CY2026 revenue $4.64 billion, up 8.3% year over year and 1.1% above analyst estimates..
• Q2 CY2026 adjusted EPS $5.98, up 12% versus the prior year and slightly above the $5.94 Street consensus..
• Full‑year CY2026 revenue guidance midpoint $18.63 billion (about 0.6% above analyst expectations), with shares down roughly 23% year‑to‑date but up around 12% over the past month..

Paychex

Josh Kushner bought $4.41M of Paychex in Q2 2026. The company continues to post solid top‑line growth, with fiscal Q4 2026 revenue rising 12% year over year to about $1.61 billion, following Q2 revenue growth of 18% to roughly $1.6 billion, so growth has moderated from very high levels but remains firmly double‑digit. Earnings quality is improving as adjusted operating margin expanded to about 42.1% in Q4 and to 43.2% for the full year, while adjusted operating income grew 19% and adjusted diluted EPS increased 11% to around $5.51, supported by Paycor integration, pricing power, and early AI‑enabled productivity gains. From a shareholder‑returns and valuation perspective, the stock offers a forward P/E of about 15.98x, Q2 cash returns of roughly $514 million via dividends and buybacks, a rolling ROE near 40%, and a recently announced 10% increase in the quarterly dividend—factors that should help support the multiple even as revenue growth normalizes.

• Fiscal Q4 2026 revenue up 12% year over year to about $1.61 billion; full‑year revenue up 17% to roughly $6.5 billion..
• Adjusted diluted EPS grew 11% year over year to around $5.51 for fiscal 2026, while reported diluted EPS increased 7% to approximately $4.89..
• Forward P/E approximately 15.98x, rolling 12‑month ROE near 40%, and Q2 shareholder returns totaling about $514 million in dividends and share buybacks..

Spdr Series Trust

Josh Kushner bought $2.99M of Spdr Series Trust in Q2 2026. Over the last two quarters, the fund has transitioned from a roughly -3% decline in the first quarter of 2026 (implied by a year-to-date return of about +6.0% as of June 30) to a strong second-quarter rebound of approximately +8.98%, indicating clear positive momentum in the current period. Over the past 12 months, the ETF has delivered a NAV return of about +19–22%, broadly in line with the S&P 500’s roughly +19.56% gain and with large-cap U.S. equity peers, while maintaining a very low expense ratio near 0.09%. The fund is trading close to record highs (all-time closing high around $758 in early June 2026) and recent gains have been supported by robust index earnings, continued strength in mega-cap growth and AI-related names, and expectations for a more accommodative Federal Reserve path that underpins equity valuations.

• Q2 2026 total return approximately +8.98%, compared with an inferred Q1 2026 decline of about -2.98%, resulting in a year-to-date gain of roughly +6.0% as of June 30 2026..
• Over the last 12 months, NAV return about +19.40% versus the S&P 500 Index at roughly +19.56%, with trailing 3-year annualized returns in the +19–21% range depending on methodology..
• Expense ratio remains very low at about 0.09%, with the fund trading in a 52-week range of roughly $629–$777 and up about 20.32% over that period..

Select Sector SPDR

Josh Kushner bought $1.83M of Select Sector SPDR in Q2 2026. Over the last 12 months, the Consumer Discretionary Select Sector SPDR ETF’s benchmark index has returned about 5.72%, materially trailing the S&P 500’s roughly 21.2% gain, and the fund’s price around $117.89 reflects this relative underperformance in the discretionary space. Year-to-date, benchmark performance is modestly negative at roughly -2.37%, with current-quarter QTD returns of about -1.06% and trading patterns showing a shift from more frequent discounts to NAV in Q1 2026 to a more balanced mix of premiums and discounts in Q2, suggesting consolidation rather than a sharp risk-off move. Looking forward, any rebound in consumer spending and improved visibility on interest-rate policy—alongside stronger earnings from major discretionary constituents—would be key catalysts for a recovery in the fund’s value (inference beyond cited data).

• Benchmark Consumer Discretionary Select Sector Index 1-year total return 5.72% vs S&P 500 approximately 21.2% over the past 12 months..
• Year-to-date benchmark return about -2.37%, with current-quarter QTD performance roughly -1.06% as of late July 2026..
• Days traded at premium to NAV: Q1 2026 27 vs Q2 2026 31; days traded at discount: Q1 34, Q2 31, indicating more balanced pricing around NAV in the second quarter..

iShares

Josh Kushner bought $1.1M of iShares in Q2 2026. Over the last two quarters, the security has posted a cumulative total return of +2.88%, with the current quarter up +1.94%, indicating a steady gain as front‑end US Treasury yields stabilized and demand for high‑quality short‑duration exposure remained firm. Relative to a broad USD ultra short‑term bond peer, returns are modestly higher—about 0.14 percentage points over six months and 0.04 percentage points over three months—suggesting a slight competitive edge driven by its pure Treasury allocation and very low credit risk. Recent market volatility and rising geopolitical tensions, including risk from conflict in the Middle East that has shifted flows toward fixed income, have reinforced a flight to safety, and—based on typical rate‑cycle behavior—further moves toward rate‑cut expectations or continued inflows into front‑end Treasury ETFs would be key catalysts for additional price appreciation and roll‑down yield in the coming quarter.

• 6‑month total return +2.88% vs peer +2.74% (USD Ultra Short‑Term Bond)..
• 3‑month total return +1.94% vs peer +1.90%; 1‑month performance -0.49%..
• Fixed‑income ETFs absorbed over $100 billion of inflows in both January and February as volatility rose and investors sought safety..

Bank Of Amer Corp

Josh Kushner bought $925.29K of Bank Of Amer Corp in Q2 2026. This purchase comes as the bank has demonstrated accelerating performance over the last two quarters, with Q2 2026 net income rising 27% year-over-year to $9.1 billion and diluted EPS up 34% to $1.21, following Q1 2026 profit growth of nearly 17% year-over-year to $8.6 billion. In the current quarter, revenue grew 15% year-over-year to $31.6 billion, driven by 9% net interest income growth to $16.0 billion, a 33% jump in sales and trading revenue (equities up 70% and FICC up 9%), and a 50% increase in investment banking fees, contributing to an improved efficiency ratio of 59% and operating leverage of 6.6%. Despite longer-term earnings growth of only about 0.5% annually versus roughly 3% for the broader banks industry, the recent combination of double-digit profit growth, the stock's approximately 39% gain over the past 12 months and 18% over the last three months, strong capital (CET1 ratio 11.2% on about $202 billion of CET1 capital) and Q2 capital returns of $8 billion via buybacks and dividends suggests the company is currently gaining momentum and market confidence.

• Q2 2026 revenue up 15% year-over-year to $31.6 billion, net income up 27% to $9.1 billion, and diluted EPS up 34% to $1.21.
• Net interest income in Q2 2026 grew 9% year-over-year to $16.0 billion, increasing about $253 million sequentially from Q1 on an FTE basis.
• Shares are up approximately 18% over the last 3 months and 39% over the past 12 months, while the bank returned $8 billion to shareholders in Q2 via $6 billion in buybacks and $2 billion in dividends.

Vanguard Scottsdale

Josh Kushner bought $782.92K of Vanguard Scottsdale in Q2 2026. Over the last two quarters, the ETF has delivered largely flat performance, with a one-year total return of only 0.7%, approximately 92% below the broader Vanguard family’s one-year result, underscoring continued underperformance versus peers. In the current quarter, market risk-adjusted performance has improved modestly to about 0.31, yet the Sharpe ratio near -0.03 and risk-adjusted performance around -0.02 indicate that returns remain weak relative to risk even as volatility stays contained. Recent developments have been income-focused rather than capital-appreciation catalysts, with ongoing monthly dividend declarations and cash distribution announcements across Vanguard Scottsdale Treasury ETFs supporting the fund’s yield profile but not yet driving a sustained price re-rating.

• One-year total return approximately 0.7%, about 92% below the Vanguard family’s average one-year return, highlighting relative underperformance..
• Current Sharpe ratio around -0.0347 with expected return near -0.04% and typical price volatility of roughly 2.2% over the last 3 months..
• Recent trading range centers near MXN 1,010 per share, with daily moves of about 2.2% and beta close to -0.16 versus the Dow Jones Industrial Average, reflecting low and slightly inverse market sensitivity..

Entrepreneurshares Series Tr

Josh Kushner bought $738.03K of Entrepreneurshares Series Tr in Q2 2026. Over the last 12 months, the fund has produced a slightly negative total return of -3.3% and sits toward the weaker end of its category (percentile rank 94), but the trend has improved markedly over the past two quarters. Q2 2026 was a clear inflection point, with the fund returning 27.45% and appreciating about 30.71% from March 30 to June 15 as its large SpaceX position realized more than $183 million of unrealized gains tied to the company's June 12 IPO. In the current quarter the fund is consolidating those gains—trading around $20.45 with a three‑month return of +2.87%, YTD performance of -5.14% and a $16.37–$21.78 52‑week range—while remaining heavily exposed to high‑growth holdings such as Alphabet (6.75% weight), Meta (4.36%), DoorDash (3.52%) and Reddit (3.27%).

• Q2 2026 total return of 27.45%, supported by more than $183 million of unrealized appreciation from SpaceX exposure between March 30 and June 15, 2026..
• Trailing 12‑month fund return of -3.3%, with YTD performance at -5.14% and 3‑month performance at +2.87%..
• Current share price around $20.45, trading 24.9% above the 52‑week low of $16.37 and 6.1% below the 52‑week high of $21.78..

Palo Alto Networks

Josh Kushner bought $352.27K of Palo Alto Networks in Q2 2026. The position adds exposure to a scaled cybersecurity leader whose most recent fiscal third quarter showed accelerating growth, with revenue up 31% year over year to $3.0 billion and adjusted EPS of $0.85, both ahead of consensus estimates, a growth profile that is strong relative to many mature security peers (inference based on industry coverage). Compared with the prior quarter’s 15% year-over-year revenue growth to $2.6 billion and non-GAAP EPS of $1.03, the business is clearly gaining in top-line momentum while sustaining roughly 30% non-GAAP operating margins, though GAAP net income declined from $432 million to a loss of $177 million as acquisition-related amortization and integration costs weighed on reported results. Over the last twelve months, strong Next-Generation Security ARR growth of 33% to $6.3 billion, a trailing 12‑month adjusted free cash flow of $3.75 billion, and a raised full-year revenue outlook supported by rising AI‑driven cybersecurity demand and planned price increases position the company for further fundamental value creation, even as the stock fell about 5% on Q3 results amid guidance and stock-based compensation concerns.

• Latest quarter revenue increased 31% year over year to $3.0 billion, beating the $2.94 billion consensus..
• Non-GAAP operating margin has held at approximately 30% in recent quarters (Q2 margin 30.3%), while trailing 12‑month adjusted free cash flow reached $3.75 billion..
• Next-Generation Security ARR grew 33% year over year to $6.3 billion, and remaining performance obligation rose 23% to $16.0 billion in fiscal Q2 2026..

Added, Trimmed, and Exited

Added

Thrive Capital added meaningfully to several existing holdings, led by big share increases in Vanguard Index Funds (+152,017 shares, value up ~57%), Global X Funds (+123,527 shares, up ~41%), Invesco QQQ (+13,164 shares, value up ~92%), and Visa (shares roughly 12x higher, from 1,166 to 14,233). Other notable adds include iShares (+71% in value), Merit Medical (+45%), Insulet (+43%), Smith A O (+29%), Toast (+26%), Elanco Animal Health (+33%), General Mills (+23%), Comcast (+7%), and Chewy (+5%).
What it means: The scale-up in broad index and factor exposure (Vanguard Index Funds, Global X Funds, Invesco QQQ) alongside a dramatic build in Visa suggests Thrive is leaning further into mega-cap growth and payments infrastructure while still layering in idiosyncratic bets on healthcare/medtech names like Insulet, Merit Medical, and Elanco Animal Health. This pattern points to a barbell approach—riding broad market and tech momentum via ETFs while selectively doubling down on names with company-specific growth catalysts, consistent with the firm's high-conviction, concentrated style even as it diversifies incremental capital across a wider set of existing positions this quarter.

Trimmed

The fund pared back four positions: First Trust (-50,835 shares, -32%), World Gold Tr (-24,470 shares, -60%), J P Morgan Exchange Traded F (-19,954 shares, -19%), and Vanguard Charlotte Fds (-12,258 shares, -54%).
What it means: The sharp reduction in World Gold Tr suggests a rotation away from defensive/safe-haven gold exposure, likely reflecting increased risk appetite and confidence in equity upside elsewhere in the portfolio. Trimming First Trust, J P Morgan Exchange Traded F, and Vanguard Charlotte Fds further signals a move to fund the larger additions to core index and single-stock positions, consistent with Thrive reallocating capital toward its highest-conviction growth and AI-adjacent themes rather than diversified or defensive fixed-income/commodity sleeves.

Exited

Thrive fully exited fifteen positions, most notably Fox, Hims & Hers, Conagra Brands, Abbott, Pulte Group, Deckers Outdoor, Chevron, ExxonMobil, Parker-Hannifin, Blackstone, Vanguard World (Info Tech ETF), iShares (Core 30/70 Conservative), Select Sector SPDR (Energy), and Spdr Series Trust (State Street SPD); the firm also closed out its Flextronics Intl Ltd and Bank of America (Bank America Corp) entries even as it opened new, functionally equivalent positions in Flex and Bank Of Amer Corp this quarter.
What it means: Beyond the likely ticker/entity reclassifications in Flex and Bank Of Amer Corp (where underlying exposure appears to have been maintained rather than truly exited), the broader liquidation of energy (Chevron, ExxonMobil, Energy Select Sector SPDR), consumer staples (Conagra Brands), industrials (Parker-Hannifin), homebuilders (Pulte Group), and diversified/defensive funds (Conservative Core iShares, State Street SPD) points to a deliberate de-risking away from cyclical, value, and lower-growth sectors. Combined with the exit from richly-valued but decelerating names like Hims & Hers and Deckers Outdoor, this cluster of exits reinforces the picture of Thrive concentrating capital into fewer, higher-conviction growth and AI-adjacent themes while shedding legacy value, energy, and defensive exposures.

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.