Who Is Buying Deere & Company? Hedge Fund Activity in 2026

Deere & Company is the undisputed king of agricultural equipment — the green-and-yellow tractors, combines, and precision agriculture systems that feed the world. But Deere is far more than a tractor company in 2026. Its aggressive push into autonomous farming technology, AI-driven crop management, and construction equipment has transformed it into a technology-meets-industrial powerhouse. The latest 13F filings reveal institutional investors taking a measured but slightly cautious stance.

Of the 16 major funds actively holding Deere, 6 are selling while just 4 are buying, with 6 maintaining their positions. This mild bearish tilt is driven largely by one massive position adjustment that dominates the filing period.

Institutional Activity at a Glance

• Funds Buying: 4
• Funds Selling: 6
• Funds Holding: 6
• Active Funds Tracked: 16 of 35

A 4-to-6 buy-sell ratio represents a modest bearish lean — not a stampede for the exits, but a clear signal that more funds are reducing exposure than adding. The 6 funds holding steady suggest that while enthusiasm has cooled, conviction in Deere's long-term thesis remains broadly intact.

Who's Buying DE?

The buyer group is small but features funds known for identifying value in cyclical names:

D.E. Shaw holds $106.7 million and increased its position. Shaw's quantitative models have consistently identified opportunities in industrial cyclicals near trough earnings, and their increase suggests the algorithms see Deere approaching the bottom of the agricultural equipment downcycle. Shaw's models are particularly effective at timing cyclical turns — and their buying here is a meaningful data point.

Appaloosa Management holds $44.6 million and increased. David Tepper's fund thrives on cyclical contrarian bets, and Deere at the bottom of an ag equipment cycle is exactly the type of setup that has generated outsized returns for Appaloosa historically. Tepper's willingness to buy when farm equipment demand is soft signals conviction that the cycle will turn.

Two additional funds also increased their positions, though at smaller scale. The buying group's common thread is clear: these are funds that specialize in identifying cyclical bottoms and have the patience to wait for the cycle to turn.

Who's Selling DE?

The selling side is headlined by one position that dwarfs all others:

Fidelity holds a massive $3.5 billion position and decreased it. When Fidelity trims a $3.5 billion position, even a small percentage reduction represents hundreds of millions in selling pressure. Fidelity's sheer size in DE means their actions dominate the stock's institutional flow picture. Their reduction likely reflects a combination of profit-taking after DE's multi-year run and concerns about near-term earnings visibility as the agricultural equipment cycle works through its downturn.

Five additional funds also reduced their positions. The breadth of selling — across passive managers, active growth funds, and quantitative strategies — suggests a shared concern about Deere's near-term earnings trajectory. The agricultural equipment cycle has been softening, with major farmer customers deferring large equipment purchases amid lower commodity prices and compressed farm margins.

Notable Moves

The Fidelity reduction is the dominant story. At $3.5 billion, Fidelity's Deere position is one of their largest industrial holdings. Any adjustment to a position of this magnitude sends ripples through the market. Fidelity's research team is deeply embedded in the agricultural equipment space, and their decision to trim suggests internal models pointing to a longer-than-expected downcycle.

The D.E. Shaw increase to $106.7 million provides the strongest counterargument. Shaw's quantitative models have a strong track record in industrial cyclicals, and their willingness to add while Fidelity trims suggests the quant models see value where fundamental analysts see risk. This divergence between quantitative and fundamental approaches is often a precursor to a cyclical inflection point.

Appaloosa's increase to $44.6 million reinforces the contrarian thesis. Tepper has built his career on buying quality companies at cyclical lows, and his simultaneous accumulation with Shaw creates a compelling contrarian signal.

What This Signals

Deere's institutional picture reflects the classic late-downcycle setup: the majority of funds are trimming or taking profits, while a small group of contrarian specialists quietly accumulates. This pattern — many sellers, few but conviction-heavy buyers — has historically preceded cyclical turns in industrial stocks.

The agricultural equipment cycle is the primary driver of institutional sentiment. Farm equipment sales have been declining as lower commodity prices compress farmer margins, reducing their willingness to invest in new machinery. Deere's order book has contracted, and consensus earnings estimates have been revised downward. This is the environment that drives broad institutional selling.

However, several factors suggest the cycle may be approaching its trough. Used equipment inventories are beginning to normalize, farmer balance sheets remain healthy despite compressed margins, and Deere's precision agriculture technology is creating a replacement demand cycle independent of traditional farm economics. Farmers increasingly view Deere's autonomous and AI-driven equipment as productivity investments rather than cyclical capital expenditure.

The technology angle is crucial to the long-term thesis. Deere's See & Spray technology, autonomous tractors, and precision planting systems are transforming it from a hardware manufacturer into a technology platform with recurring revenue potential. The funds buying — particularly D.E. Shaw and Appaloosa — may be positioning for this secular transformation to override the cyclical headwinds.

For individual investors, the 4-to-6 buy-sell ratio suggests patience is warranted. The smart money buyers are cyclical specialists willing to wait 12-18 months for the turn, while the sellers are reducing near-term risk. Following the contrarian buyers may ultimately prove rewarding, but be prepared for continued volatility until the agricultural cycle definitively turns.

Track DE with Freenance Smart Money

Track DE and 77,111 other institutional positions across 35 hedge funds with $21.4 trillion in combined AUM. See real-time buying and selling activity at app.freenance.io/smart-money/ticker/DE.

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FAQ

Which hedge funds are accumulating Deere & Company (DE) in recent 13F filings?

13F filings show D.E. Shaw increased its position to $106.7 million, while Appaloosa Management grew its stake to $44.6 million. Two additional funds also added shares at smaller scale — the common thread is that these are funds historically skilled at identifying cyclical bottoms in industrial names.

Why is Fidelity reducing its $3.5 billion Deere position?

Fidelity trimmed its $3.5 billion stake, with the reduction likely reflecting profit-taking after DE's multi-year run and concerns about near-term earnings visibility as the agricultural equipment cycle works through its downturn. Even a small percentage trim from a position this size dominates institutional flow data for DE.

How does precision farming and ag-tech affect Deere's long-term thesis?

Deere's See & Spray technology, autonomous tractors, and precision planting systems are transforming the company from a hardware manufacturer into a technology platform with recurring revenue potential. Farmers increasingly view this equipment as productivity investments rather than cyclical capex, which could decouple replacement demand from traditional farm economics.

What does the 4-buy-to-6-sell ratio signal about the agricultural equipment cycle?

The 4-to-6 ratio reflects a classic late-downcycle institutional setup: most funds are trimming or taking profits while a small group of contrarian specialists quietly accumulates. This pattern — many sellers and few but conviction-heavy buyers — has historically preceded cyclical turns in industrial stocks.

Why is the D.E. Shaw vs. Fidelity divergence on DE notable?

D.E. Shaw's quantitative models added to DE while Fidelity's fundamental research team trimmed, suggesting the quant models see value where fundamental analysts see risk. This divergence between systematic and fundamental approaches in 13F filings is often a precursor to a cyclical inflection point in industrial equipment names.