Tracking Thomas Gayner's Markel Portfolio - Q4 2016 Update

• Gayner’s portfolio increased ~7% from $3.88B to $4.15B during the quarter.
• Markel substantially increased Exxon Mobil and Alphabet Inc.
• Berkshire Hathaway at ~12% of the portfolio is by far the largest position.

Thomas Gayner’s Markel Investment Portfolio increased 6.95% from $3.88B to $4.15B 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), Walgreen Boots Alliance (WBA), Walt Disney (DIS), and Brookfield Asset Management (BAM). Markel Corporation (MKL) is currently trading at around 1.5-times Book Value (BV) at $943 per share - BV is around $610.

Below are the substantial moves made during the quarter:

1. Alphabet Inc. (GOOG): The 1.37% stake saw a ~20% increase this quarter at prices between $736 and $813. Last three quarters had seen a stake doubling at prices between $668 and $788. 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 $814.

2. Amazon.com (AMZN), Analog Devices (ADI), and Texas Instruments (TXN): These are small stakes (less than ~1% of the portfolio each) that saw substantial increases in the last two quarters. The significant increases indicate a bullish bias.

3. Exxon Mobil (XOM): XOM is a ~2% long-term stake that has wavered over the years. Last quarter saw a ~20% selling at prices between $82.54 and $95.12. There was a ~27% increase this quarter at prices between $83 and $93. The stock is now at $82.52.

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 Q4 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 - Q4 2016 Update

• Aquamarine Capital’s 13F portfolio increased from $125M to $149M during the quarter.
• The portfolio remained untouched during the quarter.
• Berkshire Hathaway at ~20% of the portfolio is the largest position.

Guy Spier’s Aquamarine Capital Portfolio increased 18.89% from $125M to $149M during the quarter. The heavy concentration in financials and auto manufacturers paid off as they both outperformed. The portfolio is very concentrated with just 13 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Fiat Chrysler Auto (FCAU), General Motors Warrants (GM-WTB), and Bank of America (BAC) & WTS (BAC-WTA). They together add up to over 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 5.15% portfolio position in SRG had seen a one-third increase in Q2 2016 at prices between $43 and $57.  Last quarter saw another ~80% further increase at prices between $44.50 and $51.37. The stock is now at $41.75. The position was established in Q1 2016 at prices between $38 and $51. For investors attempting to follow Spier, SRG is a good option to consider for further research.

2. Moody’s Corp (MCO): MCO is a small 1.58% of the portfolio stake established in Q1 2016 at prices between $79 and $100 and the stock is now at $107.

3. General Motors Warrants (GM-WTB): GM Warrants is a top-five position at 11.50% of the portfolio. The last significant activity was in Q1 2015 when the original stake saw a one-third increase.

Ferrari NV (RACE), a spinoff from Fiat Chrysler is another significant presence at 7.80% of the portfolio. Fiat Chrysler shares returned almost 50% during the quarter and that stake is now the third-largest at 12.22% of the portfolio.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 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 Charlie Munger's Daily Journal Portfolio - Q4 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 ~29% in the quarter helped by the rally in financials.

Charlie Munger’s Daily Journal portfolio value increased a whopping ~29% this quarter from $113M to $146M. 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 ~60% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now at $55.75. 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 just over one-third of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $22.72.

US Bancorp (USB): USB is a 4.92% of the portfolio position. The stock is at ~$53.13, around 30% higher compared to the EOY 2013 pricing of ~$40

POSCO (PKX): The minutely small 0.35% portfolio stake was sold down by ~85% in Q4 2014 at prices between $64 and $73. The stock is now at $59.56.

The spreadsheet below show Charlie Munger's Daily Journal US stock holdings as of Q4 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 .