KKR Portfolio Analysis: Significant Changes Observed in Q2 2026

As reported by Kohlberg Kravis Roberts & Co. L.P., the firm's portfolio held a total value of approximately $4.88 billion as of June 30, 2026. This quarter witnessed several noteworthy changes in their investment positions, primarily revolving around reductions in existing holdings and an increase in exposure to Exchange Traded Funds (ETFs).

The most significant change involved a sharp reduction in shares held for BRIGHTSPRING HEALTH SVCS INC (BTSG). KKR decreased their stake by 35.85%, representing the sale of over 14 million additional shares, which substantially lowered BTSG's allocation within the portfolio.

This reduction was not isolated to a single stock. The firm also scaled back positions in other healthcare-related companies during this period:

• SCHEIN HENRY INC (HSIC) saw no change, maintaining its position.
• BRIDGEBIO PHARMA INC (BBIO) remained unchanged throughout the quarter.
• The allocation for other healthcare stocks like BAUSCH HEALTH COS INC (BHC), and smaller positions in TEM and NCLH also decreased due to share reductions, though these changes were less dramatic than those involving BTSG.

Conversely, KKR demonstrated a clear preference for ETFs this quarter. The most prominent change was the initiation of a position in SPY, which represents the SPDR S&P 500 ETF Trust. This action resulted in a portfolio allocation increase, albeit small initially at just 0.08%.

Furthermore, KKR's interest in fixed income vehicles remained steady with their position in FSK unchanged during the quarter.

In summary, while KKR maintained several existing positions without change and kept one stock allocation constant (HSIC), they focused on reducing exposure to certain healthcare companies. Simultaneously, there was a notable increase in ETF holdings, specifically SPY, indicating potential interest in broad market exposure or diversification strategies.