Tracking Leon Cooperman’s Omega Advisors Portfolio – Q4 2018 Update


  • Leon Cooperman’s 13F portfolio value decreased from $2.31B to $1.02B this quarter. 
  • Omega Advisors reduced United Continental (UAL) & AMC Networks (AMCX) while increasing CVS Health (CVS) & Cigna (CI). 
  • United Continental (UAL), Alphabet Inc. (GOOG), and AMC Networks (AMCX) are the largest three individual stock positions. 

Leon Cooperman’s 13F portfolio value decreased ~55% from $2.87B to $1.02B this quarter as they converted to a Family Office structure (no more outside money). Although the 13F report has ~70 positions, the portfolio is concentrated with the top five holdings accounting for over one-third of the entire portfolio: United Continental Holdings (UAL), Alphabet Inc. (GOOG), Nielsen NV (NLSN), Ashland Global (ASH), and CVS Health (CVS).

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 ~$81.45.

Below is a summary:

Alphabet Inc. (GOOG): GOOG is now the third-largest 13F positon at 8.41% 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 $1191. Last two quarter saw a ~50% selling at prices between $976 and $1270.

DowDupont(DWDP): DWDP is a 4.89% 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 $55.52. Last quarter saw a ~11% trimming and that was followed with a similar selling this quarter.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors 13F portfolio holdings as of Q4 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 – Q4 2018 Update


  • The huge ~$22B portfolio has just 17 positions. 
  • The largest position, Berkshire Hathaway is at a whopping ~53% of the portfolio. 
  • This quarter saw a one-third reduction in the Microsoft Corporation stake. 


Gates Foundation portfolio value decreased this quarter from $25.82B to $21.93B. 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 ~53% 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 ~57M 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 ~$204. There was a ~6% increase last quarter while this quarter saw a similar reduction.

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 (~8% 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 ~$101.

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 $88.

The spreadsheet below shows Gates Foundation’s holdings as of Q4 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 Francis Chou’s Chou Associates Portfolio – Q4 2018 Update


  • Chou’s 13F portfolio value decreased from $298M to $223M during the quarter. 
  • Chou increased Sears Hometown & Outlet (SHOS) while decreasing Sanofi (SNY). 
  • Berkshire Hathaway at ~21% of the portfolio is the largest position. 

Francis Chou’s Chou Associates portfolio value decreased ~25% from $298M to $223M during the quarter. The portfolio continues to be very concentrated with just 25 positions. Below is a summary:

1. Berkshire Hathaway (BRK.A): The ~21% portfolio position is the 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 $305,960.   

2. Resolute Forest Products (RFP): The ~18% 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 $7.78. There was a ~7% trimming in Q4 2017 while last quarter saw a similar increase.

3. Bausch Health (BHC) previously Valeant: BHC was the largest position at ~15% of the portfolio as of Q3 2017. 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. The stake was almost eliminated in Q4 2017 at prices between $11 and $22. The position was rebuilt in Q1 2018 at prices between $15 and $24. It is currently the third largest position at ~14% of the portfolio. The stock currently trades at $24.16. Chou realized losses and rebuilt the stake at lower prices.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 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 Michael Price’s MFP Portfolio – Q4 2018 Update


  • Michael Price’s 13F portfolio value decreased from $802M to $734M this quarter. 
  • MFP Investors increased Bunge (BG) and  S&W Seed Company (SANW) while dropping Brighthouse Financial (BHF). 
  • The largest three individual stock positions are Intel Corporation (INTC), Dolby Laboratories (DLB), & Bunge (BG), and they add up to ~22% of the portfolio. 


Michael Price’s 13F portfolio value decreased 8.42% from $802M to $734M 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), Bunge (BG), S&W Seed Company (SANW), and AT&T Inc. (T) and they add up to ~29% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q4 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 – Q4 2018 Update


  • Robert & Jeffrey Bruce’s 13F portfolio value decreased ~9% from $516M to $470M this quarter. 
  • Bruce Fund decreased General Motors (GM) during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and Duke Energy and they add up to ~28% of the portfolio. 


Robert & Jeffrey Bruce’s 13F portfolio value decreased ~9% from $516M to $470M 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), Duke Energy (DUK), Allstate (ALL), and Merck (MRK), and they add up to ~40% 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 Q4 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 Thyra Zerhusen’s Fairpointe Capital Portfolio – Q4 2018 Update


  • Thyra Zerhusen’s 13F portfolio value decreased from $3.89B to $2.91B this quarter. 
  • Fairpointe Capital increased Wabtec (WAB) while decreasing Juniper Networks (JNPR) and Cooper Tire & Rubber (CTB).  
  • The largest three positions are Tegra Inc. (TGNA), Juniper Networks (JNPR), and Teradata (TDC). 

Thyra Zerhusen’s 13F portfolio value decreased ~25% from $3.89B to $2.91B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Tegna Inc. (TGNA), Juniper Networks (JNPR), McDermott International (MDR), Teradata (TDC), Meredith Corp (MDP), and Molson Coors (TAP), and they together add up to ~17% 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 Q4 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 – Q4 2018 Update


  • Baker Brothers’ 13F portfolio value decreased from $15.18B to $12.21B. 
  • Amarin Corp plc (AMRN) and Acadia Pharma stakes were increased 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 02/14/2019.

This quarter, Baker Brothers’ 13F portfolio value decreased ~20% from $15.18B to $12.21B. The top three holdings are at ~55% while the top five holdings are close to ~68% 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 Q4 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 Mick McGuire’s Marcato Capital Management Portfolio – Q4 2018 Update


  • Mick McGuire’s 13F portfolio value decreased from $924M to $454M this quarter. 
  • Marcato Capital Management increased DXC Technology (DXC) while dropping Esterline Technologies (ESL) and Univar (UNVR). 
  • The largest three individual stock positions are IAC Interactive , Terex Corp (TEX), and DXC Technology (DXC) and they add up to two-thirds of the portfolio. 


Mick McGuire’s 13F portfolio value decreased ~50% from $924M to $454M this quarter. Recent 13F reports show ~20 individual stock positions. The top five stakes are IAC Interactive , Terex Corp (TEX), DXC Technology (DXC), Itron Inc. (ITRI), and Rayonier Advanced Materials (RYAM), and they add up to around ~77%  of the 13F portfolio.

Note: In September 2018, 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 $33.42.

Below is a spreadsheet that shows the changes to Mick McGuire's Marcato Capital 13F portfolio holdings as of Q4 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 – Q4 2018 Update


  • Stanley Druckenmiller’s 13F portfolio value decreased ~18% from $2.10B to $1.73B this quarter. 
  • Duquesne increased Microsoft (MSFT), Abbott Labs (ABT), and Coupa Software (COUP) while initiating a fairly large shot stake in Tesla. 
  • Duquesne Family Office portfolio has 31 positions with the top three accounting for around ~44% of the portfolio. 


Stanley Druckenmiller’s portfolio value decreased ~18% this quarter from $2.10B to $1.73B. 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 Q4 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 Jeff Smith’s Starboard Value Portfolio – Q4 2018 Update


  • Jeff Smith’s 13F portfolio value decreased from $3.90B to $3.24B this quarter. 
  • Dollar Tree (DLTR) and Magellan Health (MGLN) were added while dropping Forest City Realty (FCE.A). 
  • The largest three individual stock positions are Marvell Technology (MRVL), Advanced Auto Parts (AAP), and Symantec (SYMC) and they add up to ~48% of the portfolio. 


Jeff Smith’s 13F portfolio value decreased ~17% from $3.90B to $3.24B this quarter. The portfolio is very concentrated with recent 13F reports showing around fifteen stakes. The top five positions are Marvell Technology (MRVL), Advanced Auto Parts (AAP), Symantec Corporation (SYMC), Mellanox Technologies (MLNX), and Perrigo plc (PRGO).

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q4 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 – Q4 2018 Update


  • Jeremey Grantham’s 13F portfolio value decreased from $14.76B to $12.52B this quarter. 
  • GMO Capital increased 3M and Texas Instruments while reducing Qualcomm 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 ~15% from $14.76B to $12.52B 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 3M (MMM) and they add up to ~21% of the portfolio.

Note: Last 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 call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru last quarter. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q4 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 – Q4 2018 Update


  • John Armitage’s 13F portfolio value decreased from $13.48B to $12.02B this quarter. 
  • Egerton Capital added American Express while dropping WorldPay and Activision Blizzard.  
  • Twenty First Century Fox, Union Pacific, and Microsoft are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value decreased ~11% this quarter from $13.48B to $12.02B. 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, Microsoft, American Express, and CSX Corporation and they add up to ~44% 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 $29.29. There was ~28% stake increase in Q1 2018 at prices between $29 and $33 while last quarter saw a ~40% reduction at prices between $27.75 and $31.80. The stake was disposed this quarter at prices between $22.75 and $30.50.

Alphabet Inc. (GOOG): The large 5.27% stake was established in Q4 2017 at prices between $968 and $1077 and the stock currently trades at $1193. There was a ~17% stake increase this quarter at prices between $976 and $1203.

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

Activision Blizzard (ATVI): ATVI was a large ~4.5% stake as of last quarter. It was disposed this quarter at prices between $44 and $83 and the stock is now at $43.70. The original position was built in 2015 at prices between $19 and $39. The stake had wavered. Recent activity follow: The position was sold down by ~50% in Q1 2018 at prices between $63 and $78 while next quarter there was a ~30% increase at prices between $65 and $78.

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 ~40% selling at prices between $196 and $223 while this quarter saw a stake doubling at prices between $175 and $224. The stock is currently trading at ~$229.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q4 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 Philippe Laffont’s Coatue Management Portfolio – Q4 2018 Update


  • Philippe Laffont’s 13F portfolio value decreased from $9.54B to $8.43B this quarter. 
  • Coatue Management increased Alibaba Group Holdins and Amazon.com while decreasing PayPal & Qualcomm and dropping Roku. 
  • The largest three positions are Alibaba Group Holdings, Amazon.com, and Microsoft and they add up to ~24% of the portfolio. 

Philippe Laffont’s 13F portfolio value decreased ~12% from $9.54B to $8.43B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Alibaba Group Holdigns (BABA), Amazon.com (AMZN), Microsoft Corporation (MSFT), Facebook Inc. (FB), and Liberty Broadband (LBRDK)  and they add up to around ~38% 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 5.68% 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 $271. There was a ~16% trimming in Q1 2018 and another one-third selling next quarter at prices between $240 and $272. Last two quarters have seen minor trimming.  

Apple Inc. (AAPL): The AAPL stake is now at ~1% of the portfolio. The original position was established in Q3 2016 at prices between $95 and $116. The position has wavered. Recent Activity follow: a ~2.6% portfolio stake was almost sold out in Q2 2018 at prices between $162 and $194. The position was rebuilt last quarter at prices between $184 and $232 but reduced by ~37% this quarter at prices between $147 and $232. The stock is currently trading at $182.

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

Facebook Inc. (FB): FB is a large (top five) 7.21% 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 $173. 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 last quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase this quarter.

Liberty Broadband (LBRDK): LBRDK is a top five 6.88% of the portfolio position. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $90.81.

Shopify (SHOP): SHOP is a ~4% 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 $206. Q2 2018 saw a ~28% selling at prices between $117 and $173 and that was followed with a ~50% reduction last 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 Q4 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 Guy Spier's Aquamarine Capital Portfolio – Q4 2018 Update

  • Aquamarine Capital’s 13F portfolio value decreased from $208M to $178M.
  • They increased Seritage Growth Properties during the quarter.
  • Berkshire Hathaway and Fiat Chrysler are the largest two positions. 

Guy Spier’s Aquamarine Capital Portfolio value decreased ~15% from $208M to $178M 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), American Express (AXP), Ferrari NV (RACE), and Bank of America (BAC). They together add up to ~71% 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 Q4 2018. Please check out our previous update to have an idea on how the portfolio is progressing:





Note: The reduction in Wells Fargo stake is due to 110K shares in TARP-Warrants that expired during the quarter. The common position was increased by one-third.


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 – Q4 2018 Update

  •         Gayner’s portfolio decreased from $5.93B to $5.23B during the quarter.
  •          Markel increased Rollins while reducing UnitedHealth during the quarter.
  •          Berkshire Hathaway at ~12% of the portfolio is by far the largest position. 


Thomas Gayner’s Markel Investment Portfolio value decreased ~12% from $5.93B to $5.23B 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 Diageo plc (DEO).

Markel Corporation (MKL) is currently trading at around 1.5-times Book Value (BV) at $1020 per share - BV is around $700.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 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 – Q4 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 ~14% during the quarter. 


Charlie Munger’s Daily Journal portfolio value decreased 14.11% this quarter from $160M to $137M. 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 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 last year: “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.

Below is a look at the holdings:

Wells Fargo (WFC): WFC stake forms ~54% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now at $49.85.

Bank of America (BAC): BAC is another large stake at ~41% of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $29.39.

US Bancorp (USB): USB is a 4.67% of the portfolio position. The stock is at $51.05, 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 $59.83.

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q4 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 .






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