Tracking Charlie Munger's Daily Journal Portfolio - Q3 2016 Update

• Charlie Munger’s Daily Journal Portfolio continues to have just four positions.
• The portfolio has been largely untouched since their first 13F filing for Q4 2013.
• The overall portfolio value increased ~1% in the quarter.

Charlie Munger’s Daily Journal portfolio value increased ~1% this quarter from $112M to $113M. Since their first 13F filing in Q4 2013, there has only been one change to the holdings: POSCO was reduced significantly in Q4 2014. After accounting for this sale, the portfolio value has remained remarkably steady over the last three years. To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

Below is a look at the holdings:

Wells Fargo (WFC): WFC stake forms ~62% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now at the same price. For investors attempting to follow Munger, WFC is a good option to consider for further research.

Bank of America (BAC): BAC is another large stake at almost one-third of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $17.01.

US Bancorp (USB): USB is a 5.31% of the portfolio position. The stock is at ~$45, around 10% higher compared to the EOY 2013 pricing.

POSCO (PKX): The minutely small 0.44% portfolio stake was sold down by ~85% in Q4 2014 at prices between $64 and $73. The stock is now at $53.84.

The spreadsheet below show Charlie Munger's Daily Journal US stock holdings as of Q3 2016. Please visit our previous updates to get an idea on how the portfolio has progressed:

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .

Tracking Thomas Gayner's Markel Portfolio - Q3 2016 Update

• Gayner’s portfolio increased marginally from $3.79B to $3.88B during the quarter.
• Markel substantially increased Alphabet Inc. while dropping Copart and reducing Exxon Mobil.
• Berkshire Hathaway at ~12% of the portfolio is by far the largest position.

Thomas Gayner’s Markel Investment Portfolio increased 2.25% from $3.79B to $3.88B during the quarter. The portfolio continues to have around 100 different positions although only around 50 are significantly large (more than 0.5% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A) (BRK.B), CarMax Corporation (KMX), Brookfield Asset Management (BAM), Walgreen Boots Alliance (WBA), and Diageo plc (DEO). Markel Corporation (MKL) is currently trading at around 1.4-times Book Value (BV) at $825 per share - BV is around $600.

Below are the substantial moves made during the quarter:

1. Alphabet Inc. (GOOG): The 1.24% stake saw a one-third increase this quarter at prices between $695 and $788. Last two quarters had also seen a combined ~60% increase at prices between $668 and $767. Gayner is actively building this stake. For investors attempting to follow Gayner, GOOG is a good option to consider for further research. The stock is currently at $762.

2. Amazon.com (AMZN), Analog Devices (ADI), Discovery Communications (DISCA),

Texas Instruments (TXN), and Watsco (WSO): These are very small stakes (~0.5% of the portfolio each) that saw substantial increases this quarter. The significant increases indicate a bullish bias.

3. Exxon Mobil (XOM): XOM is a 1.68% long-term stake that has wavered over the years. This quarter saw a ~20% selling at prices between $82.54 and $95.12. The stock is now at $83.57.

4. Copart Inc. (CPRT): The bulk of the 1.25% CPRT position was built up in 2014 in the $35 price-range. The entire stake was disposed of this quarter at prices between $49 and $54. The stock is now at $50.79. Gayner harvested long-term gains.

A number of other positions also saw minor increases during the quarter. Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2016. Please check out our previous update to have an idea on how the portfolio is progressing:

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

Tracking Guy Spier's Aquamarine Capital Portfolio - Q3 2016 Update

• Aquamarine Capital’s 13F portfolio increased from $111M to $125M during the quarter. 
• Guy Spier continued building a position in Seritage Growth Properties. 
• Berkshire Hathaway at ~21% of the portfolio is the largest position.

Guy Spier’s Aquamarine Capital Portfolio increased 13.20% from $111M to $125M during the quarter. The portfolio is very concentrated with just 13 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), General Motors Warrants (GM-WTB), Fiat Chrysler Auto (FCAU), and Bank of America (BAC) & WTS (BAC-WTA). They together add up to around two-thirds of the entire portfolio. Most of the top positions have remained steady in recent quarters. Below is a summary of recent activity:

1. Seritage Growth Properties (SRG): The 7.27% portfolio position in SRG had seen a one-third increase last quarter at prices between $43 and $57.  This quarter saw another ~80% further increase at prices between $44.50 and $51.37. The stock is now at $43.67. The position was established in Q1 2016 at prices between $38 and $51.

2. Moody’s Corp (MCO): MCO is a small 2.16% of the portfolio stake established in Q1 2016 at prices between $79 and $100 and the stock is now at $98.06.

3. General Motors Warrants (GM-WTB): GM Warrants is a top-three position at 11.04% of the portfolio. The last significant activity was in Q1 2015 when the original stake saw a one-third increase. For investors attempting to follow Spier, GM-WTB is a good option to consider for further research.

Ferrari NV (RACE), a spinoff from Fiat Chrysler is another large presence at 10.12% of the portfolio.

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2016. Please check out our previous update to have an idea on how the portfolio is progressing:

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.