The latest transactions from star managers

The latest transactions from star managers
The latest transactions from star managers

Every quarter, the star managers of the US rating publish their latest movements in their portfolio. This article is based on the 13F published each quarter on the SEC (Securities and Exchange Commission) website. These quarterly reports list the assets under management of investment managers or listed holding companies with control over more than $100 million in assets and which hold so-called “long” US positions. Form 13F thus covers Registered Investment Advisers (RIA), banks, insurance companies, hedge funds, trust companies, pension funds and even mutual funds. This report is published no later than 45 days after the end of the quarter concerned. This form only includes US or foreign positions listed in the US. Here is the analysis of the latest movements in the first quarter of 2024 from legendary investors such as Warren Buffett, Terry Smith, Daniel Loeb, Chuck Akre, David Tepper, Howard Marks, Pat Dorsey, Seth Klarman, Bill Ackman, Mohnish Pabrai and François Rochon.

Warren Buffett (Berkshire Hathaway) again reduced its long position in Apple. The stock still occupies first place in its listed US portfolio but only weighs “only” 40% compared to more than 50% at its top. The Oracle of Omaha also lightened the action Paramount once again (-88%). He strengthened his position in Chubb Limited (+28%) to 2% of its portfolio as well as the listed shares of the galaxy Liberty Sirius.

Terry Smith (Fundsmith) trimmed most of his positions by a few percent. He initiated two new poses in Texas Instruments And Choice Hotels. He strengthened Mettler-Toledo, Fortinet, Apple, Paycom Software, Oddity Tech, Zoetis, MasterCard And McDonald’s.

Daniel Loeb (Third Point) strengthened the second position in his portfolio (Amazon) by +20%, Meta Platforms by +6% and reduced Microsoft And Bath & Body Works. He initiated new positions in Alphabet (5.8% of its portfolio), S&P Global, Advance Auto Parts, Marvell Technology, Goldman Sachs, Cinemark Holdings, Gartner.

Chuck Akre (Akre Capital Management) reduced his top 8 positions and sold almost all of his shares Brookfield Asset Management And Dollar Tree. He initiated two new positions in Uber Technologies And CCC Intelligent Solutions.

David Tepper (Appaloosa Management) appears to have a strong conviction in Chinese companies. Ali Baba becomes its first position at 12.1% of its portfolio. He strengthened Baidu, JD.com And PDD Holdings, three other Chinese companies as well as an iShares China Large Cap ETF. David Tepper also bought shares Adobe after the recent fall of the title and strengthened Oracle.

Howard Marks (Oaktree Capital Management) notably strengthened Vale (+22%), a Brazilian company, one of the largest metallurgical and mining groups in the world and initiated positions in Indivior, Eagle Bulk Shipping, Baidu, Li Auto, Braskem, Banco Macro, Yum China, Joyy. He also lightened his lines Runway Growth Finance, ICICI Bank, Alvotech, NMI Holdings.

Pat Dorsey (Dorsey Asset Management) has reduced all its lines (notably Meta Platforms after a nice bullish run) except two. A first reinforcement in Semrush holdings and a new position in AutoZone (8.5% of its portfolio).

Seth Klarman (Baupost Group) maintains his conviction in Liberty Global (21% of its portfolio). He strengthened Clarivate (+20%), Herbalife (+33%), purchased Eagle Materials, Wesco International, GDS Holdings, Fortrea Holdings, Soundhound Ai. He notably lightened his lines Fidelity National, Viasat, CRH, Liberty SiriusXM, Jacobs Solutions And Warner Bros..

Bill Ackman (Pershing Square Capital Management) was very passive in the first quarter. He just reduced his first position by 10% Chipotle Mexican Grill (20% of its US portfolio).

Mohnish Pabrai (Pabrai Investments) still keeps 4 stocks in his very concentrated long US portfolio. Alpha Metallurgical Resources occupies first place with a weighting of 62% (reinforcement over the quarter of +2.5%), followed by Consol Energy (14.2%), Warrior Met Coal (13.2%) and Arch Resources (10.4%).

François Rochon (Giverny Capital) initiated a new position in the first quarter of 2024 in Booking Holdings (1.67%), quadrupled its position in Bank OZK and reinforced Starbucksreduced by half Fortune Brands Innovations. He also initiated small lines on Airbnb And Grayscale Bitcoin Trust.

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