Tracking Jeff Smith’s Starboard Value Portfolio – Q3 2018 Update

• Jeff Smith’s 13F portfolio value decreased from $3.96B to $3.90B this quarter. 
• Symantec Corporation was added and RPM International doubled during the quarter. 
• The largest three individual stock positions are Perrigo plc (PRGO), Marvell Technology (MRVL), and Advanced Auto Parts (AAP) and they add up to ~44% of the portfolio.

Jeff Smith’s 13F portfolio value decreased marginally from $3.96B to $3.90B this quarter. The portfolio is very concentrated with recent 13F reports showing around fifteen stakes. The top five positions are Perrigo plc (PRGO), Marvell Technology (MRVL), Advanced Auto Parts (AAP), Symantec Corporation (SYMC), and Forest City Realty (FCE.A).

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q3 2018:

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

Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2018 Update

• Philippe Laffont’s 13F portfolio value decreased from $11.90B to $9.54B this quarter. 
• Coatue Management added Qualcomm while dropping JD.com and increasing ServiceNow and Apple. 
• The largest three positions are Liberty Broadband, Activision Blizzard, and Microsoft and they add up to ~23% of the portfolio. 

Philippe Laffont’s 13F portfolio value decreased ~20% from $11.90B to $9.54B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), Activision Blizzard (ATVI), Microsoft Corporation (MSFT), Facebook Inc. (FB), and Netflix and they add up to around ~37% of the entire portfolio.

Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears.

Below is a summary:

Broadcom Ltd. (AVGO): AVGO is currently a large ~5% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $232. There was a ~16% trimming in Q1 2018 and another one-third selling last quarter at prices between $240 and $272.

Note: Coatue also had a large position in Avago that was established in H1 2014.

Apple Inc. (AAPL): The AAPL stake is now at ~2% of the portfolio. The original position was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $177. There was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was followed with a ~55% reduction next quarter at prices between $155 and $182. The remaining ~2.6% portfolio stake was almost sold out last quarter at prices between $162 and $194. The position was rebuilt this quarter at prices between $184 and $232.

Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.

Facebook Inc. (FB): FB is a large (top five) 7.24% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $138. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. H1 2018 saw a ~30% increase at prices between $152 and $202 while this quarter there was a similar reduction at prices between $160 and $218.

Liberty Broadband (LBRDK): LBRDK is now the largest position at 7.64% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $81.91.

Shopify (SHOP): SHOP is a 4.24% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $150. Last quarter saw a ~28% selling at prices between $117 and $173 and that was followed with a ~50% reduction this quarter at prices between $133 and $174.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking John Armitage’s Egerton Capital Portfolio – Q3 2018 Update

• John Armitage’s 13F portfolio value increased from $13.08B to $13.48B this quarter. 
• Egerton Capital added Charter Communications while dropping Electronic Arts and Facebook.  
• Twenty First Century Fox, Union Pacific, and Charter Communications are the largest three positions in the portfolio.

John Arimitage’s 13F portfolio value increased ~3% this quarter from $13.08B to $13.48B. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Twenty First Century Fox, Union Pacific, Charter Communications, Microsoft, and Adobe Systems and they add up to ~41% of the entire portfolio.

Below is a summary:

Bank of America (BAC): BAC is a 2.60% position established in Q4 2016 at prices between $15.50 and $23 and the stock is now at ~$26.99. There was ~28% stake increase in Q1 2018 at prices between $29 and $33 while this quarter saw a ~40% reduction at prices between $27.75 and $31.80.

Applied Materials (AMAT): AMAT was a fairly large stake established in Q1 2017 at prices between $32 and $40 and increased by ~18% the following quarter at prices between $37.50 and $47.50. There was another ~23% increase in Q3 2017 at prices between $41 and $52. The stock currently trades at $35.43. There was a ~30% reduction in Q1 2018 at prices between $46 and $62 and another ~80% reduction last quarter at prices between $45 and $62. The disposal of the remainder ~1% portfolio stake this quarter was at prices between $38 and $50.

Alphabet Inc. (GOOG): The large ~4.5% stake was established in Q4 2017 at prices between $968 and $1077 and the stock currently trades at $1051.

Note: Alphabet Inc. has seen several roundtrips in the portfolio going back to 2011.

Activision Blizzard (ATVI): ATVI is now a large ~4.5% stake. The original position was built in 2015 at prices between $19 and $39. Recent activity follow: 225% increase in Q1 2017 at prices between $37 and $50. Next two quarters saw a ~30% selling. Q4 2017 saw the pattern reverse: ~22% increase at prices between $58.50 and $67. The position was sold down by ~50% next quarter at prices between $63 and $78 while last quarter there was a ~30% increase at prices between $65 and $78. This quarter saw a marginal increase. The stock is now at $46.52.

Constellation Brands (STZ): STZ was a 1.61% portfolio stake established in Q2 2016 at prices between $138 and $165 and increased by ~20% the following quarter at prices between $161 and $171. The stock is now at $191. Q4 2017 saw a ~15% reduction and that was followed with a two-thirds selling last quarter at prices between $210 and $230. There was a ~19% increase last quarter at prices between $215 and $234. The position was sold out this quarter at prices between $200 and $222.

MasterCard (MA): MA was first purchased in Q2 2014 at prices between $69 and $78. The position has wavered since. Recent activity follow: there was a ~40% selling in Q4 2017 at prices between $140 and $155 and that was followed with a one-third reduction next quarter at prices between $155 and $184. Last quarter saw a ~11% increase. There was a ~40% selling this quarter at prices between $196 and $223. The stock is currently trading at ~$200.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Jeremey Grantham’s GMO Capital Portfolio – Q3 2018 Update

• Jeremey Grantham’s 13F portfolio value increased from $14.08B to $14.76B this quarter. 
• GMO Capital increased Fiat Chrysler while decreasing UnitedHealth Group and Johnson & Johnson. 
• The largest three individual stock positions are Apple, Alphabet Inc., and Microsoft Corporation and they add up to ~14% of the portfolio. 

Jeremey Grantham’s 13F portfolio value increased ~5% from $14.08B to $14.76B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Apple Inc. (AAPL), Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.

Note: In January, Jeremey Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that, he increased the iShares MSCI Emerging Market ETF (EEM) allocation by ~60% this quarter to a 3.11% portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2018 Update

• Stanley Druckenmiller’s 13F portfolio value increased ~2% from $2.07B to $2.10B this quarter. 
• Duquesne decreased Alibaba (BABA), Splunk (SPLK), Facebook (FB), and Netflix (NFLX) during the quarter. Adobe Systems (ADBE) was doubled and iShares Biotech Index (IBB) was increased by four times during the quarter. 
• Duquesne Family Office portfolio has 40 positions with the top three accounting for around ~42% of the portfolio. 

Stanley Druckenmiller’s portfolio increased ~2% this quarter from $2.07B to $2.210B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out Trend Following: Learn to Make Millions in Up or Down Markets.

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2018. For a look at how his portfolio has progressed, see our previous update:

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

Tracking Mick McGuire’s Marcato Capital Management Portfolio – Q3 2018 Update

• Mick McGuire’s 13F portfolio value increased from $670M to $924M this quarter. 
• Marcato Capital Management added Esterline Technologies (ESL) while increasing IAC Interactive (IAC) and Univar (UNVR). They dropped large stakes in AAR Corp (AIR) and IMAC Corp. (IMAC) as well during the quarter. 
• The largest three individual stock positions are IAC Interactive , Esterline Technologies, Terex Corp (TEX) and they add up to ~58% of the portfolio.

Mick McGuire’s 13F portfolio value increased ~38% from $670M to $924M this quarter. Recent 13F reports show ~20 individual stock positions. The top five stakes are IAC Interactive (IAC),, Esterline Technologies (ESL), Terex Corporation (TEX), Univar Inc. (UNVR), and DXC Technology (DXC), and they add up to around ~69%  of the 13F portfolio.

Note: In September 2017, McGuire said he expects Terex Corporation shares to triple although it had already doubled since he first invested in July 2016. Shares were trading in the low-40s at the time. It currently trades at $29.90.

Below is a spreadsheet that shows the changes to Mick McGuire's Marcato Capital 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Baker Brothers Portfolio – Q3 2018 Update

• Baker Brothers’ 13F portfolio value increased from $13.31B to $15.18B. 
• Amarin Corp plc (AMRN) stake was increased by ~50% during the quarter. 
• The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and BeiGene (BGNE) and they add up to almost ~55% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/14/2018.

This quarter, Baker Brothers’ 13F portfolio increased ~14% from $13.31B to $15.18B. The top three holdings are at ~55% while the top five holdings are close to ~69% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and Genomic Health (GHDX).

The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2018. For a look at how the portfolio has progressed, please see our previous update:

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

Tracking Thyra Zerhusen’s Fairpointe Capital Portfolio – Q3 2018 Update

• Thyra Zerhusen’s 13F portfolio value decreased from $4.30B to $3.89B this quarter. 
• Fairpointe Capital added Owens Corning (OC) while increasing Copa Holdings (COPA) and reducing Arconic Inc. (ARNC) during the quarter.  
• The largest three positions are Juniper Networks (JNPR), McDermott International (MDR), and Tegra Inc. (TGNA).

Thyra Zerhusen’s 13F portfolio decreased ~9% from $4.30B to $3.89B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Juniper Networks (JNPR), McDermott International (MDR), Tegna Inc. (TGNA), Lions Gate Entertainment (LGF.A)(LGF.B), Mattel Inc. (MAT), and Hormel Foods (HRL), and they together add up to ~19% of the portfolio.

Note: Reulatory Filings show Fairpointe having significant ownership stakes in the following businesses: Cars.com (CARS), Copa Holdings (CPA), CREE Inc. (CREE), Cooper Tire & Rubber (CTB), Domtar (UFS), Itron Inc. (ITRI), McDermott Intl. (MDR), New York Times (NYT), Office Depot (ODP), Tegna Inc. (TGNA), Scholastic (SCHL), Unisys (UIS), and Werner Enterprises (WERN).

Below is a spreadsheet that highlights the changes to Thyra Zerhusen's Fairpointe Portfolio 13F stock portfolio as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Robert & Jeffrey Bruce’s Bruce Fund Portfolio – Q3 2018 Update

• Robert & Jeffrey Bruce’s 13F portfolio value increased from $502M to $516M this quarter. 
• Bruce Fund increased Allergan plc (AGN) while reducing Insteel Industries (IIIN) during the quarter. 
• The largest three individual stock positions are AMERCO, Nextera Energy, and Allstate and they add up to ~27% of the portfolio.

Robert & Jeffrey Bruce’s 13F portfolio increased ~3% from $502M to $516M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO (UHAL), Nextera Energy (NEE), Allstate (ALL), Duke Energy (DUK), and CMS Energy (CMS), and they add up to ~38% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Robert & Jeffrey Bruce's Bruce Fund Holdings US long portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Michael Price’s MFP Portfolio – Q3 2018 Update

• Michael Price’s 13F portfolio value decreased ~5% from $846M to $802M this quarter. 
• MFP Investors increased S&W Seed Company (SANW) while reducing Dolby Laboratories (DLB) and BMC Stock Holdings (BMCH). 
• The largest three individual stock positions are Intel Corporation (INTC), Dolby Laboratories (DLB), & CIT Group (CIT), and they add up to ~21% of the portfolio. 

Michael Price’s 13F portfolio value decreased ~5% from $846M to $802M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Intel Corporation (INTC), Dolby Laboratories (DLB), CIT Group (CIT), AT&T Inc. (T), and Trinity Place Holdings (TPHS) and they add up to ~27% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Bill & Melinda Gates Foundation Portfolio – Q3 2018 Update

• The huge ~$26B portfolio has just 17 positions. 
• The largest position, Berkshire Hathaway is at a whopping ~52% of the portfolio. 
• This quarter saw a 25% reduction in the Microsoft Corporation stake.

Gates Foundation portfolio value increased this quarter from $22.11B to $25.82B. Over the years, the portfolio has become extremely concentrated. In their first 13F filing in 2002, they had about 27 positions and the total portfolio value was ~$1.8B. Currently, the portfolio is well over ten times that while the number of positions has gone down to just 17.

To know more about Gates and the Foundation, check-out the book Bill Gates: The Inspirational Life Story of Bill Gates; Businessman, Inventor, and the World's Most Remarkable Philanthropist.

Below is a summary:

Berkshire Hathaway (BRK.B): BRK.B is by far the largest stake at ~52% of the portfolio. The original position is from Q3 2006 at a cost-basis in the mid-60s. The size of the stake peaked at ~87M shares in Q4 2012 and the current position is at ~62M shares. The stake has wavered. Q3 2017 saw a ~15% stake increase as the stock traded between $169 and $184 while the next two quarters saw ~7% reductions each. The stock currently trades at ~$210. There was a ~6% increase this quarter.

Waste Management (WM):  WM was a very small ~1.2M share position during their first 13F filing in Q3 2002. The current position is at ~18.6M shares (~7% of the portfolio). The bulk of the position is from Q3 2009 when around 8M shares were purchased at a cost-basis in the high-20s. 2010 also saw a ~3M share increase in the mid-30s. Since then, the position has been left untouched. The stock currently goes for ~$93.

Canadian National Railway (CNI): CNI is the fifth-largest stake at ~6% of the portfolio. Since 2008, the position has remained remarkably steady at ~17M shares. The bulk of the stake was built during the period from 2006 to 2008 at a cost-basis in the low-20s. CNI currently trades at $82.

The spreadsheet below shows Gates Foundation’s holdings as of Q3 2018. 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 Michael Dell’s MSD Capital Portfolio – Q3 2018 Update

• Michael Dell’s portfolio value increased this quarter from $68M to $75M. 
• The portfolio was kept steady during the quarter.  
• MSD Capital 13F portfolio has just three positions.

Michael Dell’s MSD Capital 13F portfolio value increased ~10% this quarter from $68M to $75M. To know more about Michael Dell, check-out the book Direct from Dell: Strategies that Revolutionized an Industry.

Below is a spreadsheet that highlights the changes to Michael Dell's MSD Capital 13F portfolio. For a look at how his portfolio has progressed, see our previous update:

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

Tracking Leon Cooperman’s Omega Advisors Portfolio – Q3 2018 Update

• Leon Cooperman’s 13F portfolio value decreased from $2.87B to $2.31B this quarter. 
• Omega Advisors added Nielsen NV (NLSN) and increased Sinclair Broadcast Group (SBGI) during the quarter. 
• United Continental (UAL), AMC Networks (AMCX), and Alphabet Inc. (GOOG) are the largest three individual stock positions. 

Leon Cooperman’s 13F portfolio value increased ~7% from $2.68B to $2.87B this quarter. Although the 13F report has ~70 positions, the portfolio is concentrated with the top five holdings accounting for ~28% of the entire portfolio: United Continental Holdings (UAL), Alphabet Inc. (GOOG), AMC Networks (AMCX), First Data Corporation (FDC), and Microsoft (MSFT).

Note: On UAL, Cooperman said in October that the stock has doubled ($85 PPS at the time) but expects it to reach $120 in twelve to eighteen months. The stock is currently at ~$92.

Below is a summary:

Alphabet Inc. (GOOG): GOOG is now the third-largest 13F positon at ~7% of the portfolio. The bulk of the original stake was purchased in Q2 & Q3 2015 at prices between $530 and $675. It had since been sold down. Q1 2017 saw a ~15% increase at prices between $787 and $852. The stock is now at $1051. There were minor reductions in the last two quarters and that was followed with a ~16% selling this quarter.

DowDupont(DWDP): DWDP is a 2.91% of the 13F portfolio stake. The bulk of the position was purchased in Q1 2015 at prices between $44 and $53. Q2 2016 saw a ~10% trimming and that was followed with another ~20% selling the following quarter at prices between $48 and $54. The stock currently trades at $56.49. This quarter saw a ~11% trimming.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Dinakar Singh’s Axon Capital Portfolio – Q3 2018 Update

• Dinakar Singh’s 13F portfolio value decreased from $78M to $66M this quarter. 
• Axon Capital dropped Tyson Foods (TSN) and decreased Centene Group (CNC) & Allergan plc (AGN) during the quarter. The Stars Group (TSG) was increased significantly as well. 
• The largest three individual stock positions are The Stars Group (TSG), Playa Hotels (PLYA), and Centene, Corporation (CNC), and they add up to ~40% of the portfolio.

Dinakar Singh’s 13F portfolio value decreased ~16% from $78M to $66M this quarter. The portfolio is very concentrated with recent 13F reports showing just a handful of positions. The top five positions are Allergan plc, The Stars Group (TSG), Playa Hotels (PLYA), Centene Corp (CNC), Alphabet Inc. (GOOG), and McKesson Corporation (MCK). They add up to ~62% of the 13F portfolio.

Below is a summary:

Allergan plc (AGN): AGN is a large stake at ~9% of the entire 13F assets. The stake was established in Q3 2015 at prices between $279 and $331. Q2 2016 saw a ~38% increase at prices between $202 and $278 and that was followed with another ~20% increase the following quarter at prices between $231 and $260. Q4 2016 saw an about turn: ~85% reduction at prices between $189 and $243. The stock currently trades at $154. There was a ~17% trimming in Q2 2017 while the following quarter saw a one-third increase at prices between $202 and $256. There was a ~40% selling in Q4 2017 at prices between $164 and $211 while next quarter saw a ~21% increase. Last quarter saw a ~37% reduction at prices between $151 and $191 and that was followed with a ~50% selling this quarter at prices between $167 and $193.

Below is a spreadsheet that shows the changes to Dinakar Singh's Axon Capital 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Jim Chanos’ Kynikos Portfolio – Q3 2018 Update

• Jim Chanos’ 13F portfolio value increased from $160M to $191M this quarter. 
• Kynikos dropped Toyota Motor (TM) and iShares Russell 2000 Index (IWM) during the quarter. 

Jim Chanos’ 13F portfolio value increased ~19% from $160M to $191M this quarter. Recent 13F reports show around 40 positions. As Kynikos is focused on short-selling, his long positions covered in the 13F are probably hedged. For an introduction to short-selling, check-out the book "Short Stories from the Stock Market: Uncovering Common Themes Behind Falling Stocks to Find Uncommon Short Ideas".

Below is a spreadsheet that shows the changes to Jim Chanos' Kynikos 13F portfolio holdings as of Q3 2018. To have an idea of how the holdings have progressed click on our previous update:

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

Tracking Edward Lampert’s RBS Partners Portfolio – Q3 2018 Update

• Edward Lampert’s 13F portfolio value decreased from $407M to $299M this quarter. 
• The portfolio remained untouched during the quarter. 
• The largest three individual stock positions are AutoNation, Lands End, and Sears Holdings and they add up to ~90% of the portfolio.

Edward Lampert’s 13F portfolio value decreased ~27% from $407M to $299M this quarter. The portfolio is very concentrated with recent 13F reports showing just five stakes. The positions are AutoNation (AN), Lands’ End (LE), Sears Holdings (SHLD), Sears Hometown, and Seritage Growth Properties (SRG).

Below is a spreadsheet that shows the changes to Edward Lampert's RBS Partners 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Francis Chou’s Chou Associates Portfolio – Q3 2018 Update

·         Chou’s 13F portfolio value increased from $264M to $298M during the quarter.

·         Chou increased Endo International while reducing Goldman Sachs.

·         Resolute Forest Products at ~22% of the portfolio is the largest position.

Francis Chou’s Chou Associates portfolio value increased ~13% from $264M to $298M during the quarter. The portfolio continues to be very concentrated with just 23 positions. Below is a summary:

1. Resolute Forest Products (RFP): The ~22% RFP position has been in the portfolio since 2010 (Abitibibowater at the time) and the cost-basis is much higher compared to the current price. Q2 2013 saw a one-third increase at prices between $13 and $16. The five quarters through Q1 2016 also saw a ~20% combined increase at progressively lower prices between $4 and $19. The stock is now at $12.33. There was a ~7% trimming in Q4 2017 while last quarter saw a marginal increase. That was followed with a ~9% stake increase this quarter.

2. Berkshire Hathaway (BRK.A): The ~16% portfolio position is the second-largest 13F equity stake. The last major activity was a 50% reduction in Q1 2016 at prices between $187,000 and $214,000. The stock is now at $328,300.   

3. Bausch Health (BHC) previously Valeant: BHC was the largest position at ~15% of the portfolio as of Q3 2017. The stake was almost eliminated in Q4 2017 at prices between $11 and $22. The original position was from Q1 2016 at prices between $26 and $102 and increased by ~48% the following quarter at prices between $19 and $36. There was another ~35% increase in Q4 2016 at prices between $13.50 and $24.50 and that was followed with a ~20% increase the following quarter at prices between $10.50 and $17. Q2 2017 saw another ~30% increase at prices between $8.50 and $17.30. There was a ~10x stake increase in Q1 2018 at prices between $15 and $24. The stock currently trades at $27.10. Chou realized losses and rebuilt the stake at lower prices.

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2018. 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 2018 Update

• Aquamarine Capital’s 13F portfolio value decreased from $213M to $208M during the quarter.
• They increased Seritage Growth Properties while dropping Citigroup.
• Berkshire Hathaway and Fiat Chrysler are the largest two positions.

Guy Spier’s Aquamarine Capital Portfolio value decreased ~2% from $213M to $208M during the quarter. The portfolio is very concentrated with just 12 positions. The largest five positions are Berkshire Hathaway (BRK.A), Fiat Chrysler Auto (FCAU), Ferrari NV (RACE), American Express (AXP), and Bank of America (BAC). They together add up to ~72% of the entire portfolio. Most of the top positions have remained steady in recent quarters.

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2018. 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 Thomas Gayner's Markel Portfolio – Q3 2018 Update

·         Gayner’s portfolio increased from $5.45B to $5.93B during the quarter.

·         Markel disposed W. P. Carey during the quarter.

·         Berkshire Hathaway at ~11% of the portfolio is by far the largest position.

Thomas Gayner’s Markel Investment Portfolio value increased ~9% from $5.45B to $5.93B 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), Walt Disney (DIS), and Marriott International (MAR).

Markel Corporation (MKL) is currently trading at around 1.6-times Book Value (BV) at $1080 per share - BV is around $670.

Positions being built actively include Analog Devices (ADI), Watsco Inc. (WSO), and Blackstone Group (BX).

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2018. 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 – Q3 2018 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 decreased marginally during the quarter.

Charlie Munger’s Daily Journal portfolio value decreased marginally this quarter from $161M to $160M. 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 four years. To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

Regarding the origins of this portfolio in 2009, Charlie Munger said the following during Daily Journal’s (DJCO) AGM Q&A: “In addition to Daily Journal's businesses, we have a great bundle of securities and want to dispel again that this is not some minor version of Berkshire. We have a bundle, because we bought them at a time when we preferred to own them to holding cash and had a lot of extra liquidity on hand that came to us by accident. The chances of more gains like what we have done in the last four or five years is zero. Oh, well we will have a big gain next quarter, because of a deferred tax reduction from the Trump tax code change, so we will look like a genius for one more quarter, I suppose.” The cost-basis of the positions acquired at the time was $63.4M and it has quadrupled since.

Below is a look at the holdings:

Wells Fargo (WFC): WFC stake forms ~53% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now at $52.23.

Bank of America (BAC): BAC is another large stake at ~43% of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $26.61.

US Bancorp (USB): USB is a 4.64% of the portfolio position. The stock is at $51.56, around 25% higher compared to the EOY 2013 pricing of ~$40

POSCO (PKX): The minutely small 0.40% portfolio stake was sold down by ~85% in Q4 2014 at prices between $64 and $73. The stock is now at $57.37.

The spreadsheet below show Charlie Munger's Daily Journal US stock holdings as of Q3 2018. 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 Philippe Laffont’s Coatue Management Portfolio – Q2 2018 Update

·         Philippe Laffont’s 13F portfolio value decreased from $12.11B to $11.90B this quarter.

·         Coatue Management dropped Snap Inc. while adding Spotify.

·         The largest three positions are Facebook, Twitter, and Electronic Arts and they add up to ~27% of the portfolio.

Philippe Laffont’s 13F portfolio value decreased ~2% from $12.11B to $11.90B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Twitter (TWTR), Electronic Arts (EA), Activision Blizzard (ATVI), and Shopify (SHOP), and they add up to around ~40% of the entire portfolio.

Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears.

Below is a summary:

Broadcom Ltd. (AVGO): AVGO is currently a large 4.15% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $233. There was a ~16% trimming last quarter and another one-third selling this quarter at prices between $240 and $272.

Note: Coatue also had a large position in Avago that was established in H1 2014.

Apple Inc. (AAPL): AAPL is now a minutely small portfolio stake. The original position was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $217. There was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was followed with a ~55% reduction last quarter at prices between $155 and $182. The remaining ~2.6% portfolio stake was almost sold out this quarter at prices between $162 and $194.

Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.

Facebook Inc. (FB): FB is the largest position in the portfolio at 10.30%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $154. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. Last quarter saw a ~17% increase and that was followed with a ~11% increase this quarter at prices between $152 and $202.  

Liberty Broadband (LBRDK): LBRDK is a large ~6% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $81.38.

Shopify (SHOP): SHOP is a top-five ~6% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $136. This quarter saw a ~28% selling at prices between $117 and $173.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking John Armitage’s Egerton Capital Portfolio – Q2 2018 Update

·         John Armitage’s 13F portfolio value increased from $12.29B to $13.08B this quarter.

·         Egerton Capital added CSX and Booking Holdings while dropping Charter Communications and Southwest Airlines. 

·         Twenty First Century Fox, Microsoft, and Praxair are the largest three positions in the portfolio.

John Arimitage’s 13F portfolio value increased ~6% this quarter from $12.29B to $13.08B. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Twenty First Century Fox, Microsoft, Praxair, UnitedHealth Group, and S&P Global and they add up to ~31% of the entire portfolio.

Below is a summary:

Bank of America (BAC): BAC is a large 4.28% position established in Q4 2016 at prices between $15.50 and $23 and the stock is now at ~$28. There was ~28% stake increase last quarter and minor trimming this quarter.

Applied Materials (AMAT): AMAT was a fairly large stake established in Q1 2017 at prices between $32 and $40 and increased by ~18% the following quarter at prices between $37.50 and $47.50. There was another ~23% increase in Q3 2017 at prices between $41 and $52. The stock currently trades at $33.43. There was a ~30% reduction last quarter at prices between $46 and $62 and another ~80% reduction this quarter at prices between $45 and $62.

Alphabet Inc. (GOOG): The large ~4.5% stake was established in Q4 2017 at prices between $968 and $1077 and the stock currently trades at $1092.

Note: Alphabet Inc. has seen several roundtrips in the portfolio going back to 2011.

Activision Blizzard (ATVI): ATVI is now a 4.25% stake. The original position was built up in 2015 at prices between $19 and $39. Q1 2016 saw a one-third reduction at prices between $28 and $39 while the following quarter saw the exact reverse: one-third increase at prices between $33.50 and $39.50. Q4 2016 saw a two-thirds reduction at prices between $35.50 and $45.50. The pattern reversed again in Q1 2017: 225% increase at prices between $37 and $50. The stock is now at $75.67. There was a ~19% selling in Q2 2017 and that was followed with a ~9% trimming the following quarter. Last quarter saw the pattern reverse: ~22% increase at prices between $58.50 and $67. The position was sold down by ~50% last quarter at prices between $63 and $78 and another ~30% this quarter at prices between $65 and $78.

Constellation Brands (STZ): STZ is a 1.61% portfolio stake established in Q2 2016 at prices between $138 and $165 and increased by ~20% the following quarter at prices between $161 and $171. The stock is now at $224. Q4 2017 saw a ~15% reduction and that was followed with a two-thirds selling last quarter at prices between $210 and $230. There was a ~19% increase this quarter at prices between $215 and $234.

MasterCard (MA): MA was first purchased in Q2 2014 at prices between $69 and $78. The position has wavered since. Last three quarters of 2016 had seen the stake more than doubled at prices between $87 and $107. There was a ~40% reduction in Q1 2017 at prices between $105 and $113. The pattern reversed in Q2 2017: ~60% stake increase at prices between $111 and $126. The stock currently trades at $200. There was a ~40% selling in Q4 2017 at prices between $140 and $155 and that was followed with a one-third reduction last quarter at prices between $155 and $184. This quarter saw a ~11% increase.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q2 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Jeremey Grantham’s GMO Capital Portfolio – Q2 2018 Update

·         Jeremey Grantham’s 13F portfolio value decreased from $16.35B to $14.08B this quarter.

·         GMO Capital increased Visa, Merck, and 3M during the quarter.  

·         The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~14% of the portfolio.

Jeremey Grantham’s 13F portfolio value decreased ~14% from $16.35B to $14.08B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.

Note: In January, Jeremey Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q2 2018. For a look at how the portfolio has progressed, see our previous update:

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

Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2018 Update

·         Stanley Druckenmiller’s 13F portfolio value increased ~15% from $1.81B to $2.07B this quarter.

·         Duquesne added Facebook and Gilead while dropping Intel, Micron, and Nektar Therapeutics.

·         Duquesne Family Office portfolio has 33 positions with the top three accounting for around ~38% of the portfolio.

Stanley Druckenmiller’s portfolio increased ~15% this quarter from $1.81B to $2.07B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out Trend Following: Learn to Make Millions in Up or Down Markets.

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2018. For a look at how his portfolio has progressed, see our previous update:

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

Tracking Mick McGuire’s Marcato Capital Management Portfolio – Q2 2018 Update

·         Mick McGuire’s 13F portfolio value increased from $631M to $670M this quarter.

·         Marcato Capital Management added IMAX during the quarter.

·         The largest three individual stock positions are IAC Interactive , Terex Corp., and IMAX Inc. and they add up to ~48% of the portfolio.

Mick McGuire’s 13F portfolio value increased ~6% from $631M to $670M this quarter. Recent 13F reports show ~20 individual stock positions. The top five stakes are IAC Interactive (IAC),, Terex Corporation (TEX), IMAX Inc. (IMAX), AAR Corp. (AAR), and Itron Inc. (ITRI), and they add up to around two-thirds of the 13F portfolio.

Note: In September 2017, McGuire said he expects Terex Corporation shares to triple although it had already doubled since he first invested in July 2016. Shares were trading in the low-40s at the time. It currently trades at $36.31.

Below is a spreadsheet that shows the changes to Mick McGuire's Marcato Capital 13F portfolio holdings as of Q2 2018. For a look at how the portfolio has progressed, see our previous update:

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