Tracking Polen Capital Management’s 13F Portfolio – Q3 2022 Update

• Polen Capital Management’s 13F portfolio value decreased from $37.93B to $35.76B this quarter. 
• ServiceNow was increased while decreasing Visa, MasterCard, and Intuitive Surgical. 
• The top three positions are Amazon.com, Alphabet, and Microsoft and they add up to ~27% of the portfolio. 

Polen Capital Management’s 13F portfolio value decreased from $37.93B to $35.76B this quarter. Their largest five positions are Amazon.com, Alphabet, Microsoft, Adobe, and Visa. They add up to ~37% of the portfolio.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q3 2022. Please lookup our previous update to see 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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q3 2022 Update

• Paul Singer’s 13F portfolio value increased from ~$8.67B to ~$9.66B this quarter. 
• They added Triple Flag Precious Metal while dropping Invesco QQQ Calls during the quarter. 
• Triple Flag Precious Metal at ~17% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value increased from ~$8.67B to ~$9.66B this quarter. The portfolio is concentrated with top-three positions accounting for around ~40% of the portfolio and top-five at ~55%.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses – E2Open Holdings (ETWO), Dell Technologies (DELL), Arconic (ARNC), Peabody Energy (BTU).

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q3 2022. Please lookup our previous update to see 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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q3 2022 Update

• Jeffrey Ubben’s 13F portfolio value increased marginally from $895M to $898M this quarter. 
• They increased Exxon Mobil and PotlatchDeltic during the quarter. 
• Enviva at ~35% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value increased marginally from ~$895M to ~$898M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q3 2022. Please lookup our previous update to see 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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q3 2022 Update

• Pat Dorsey’s 13F portfolio value decreased from ~$801M to ~$786M this quarter. 
• They increased all positions proportionally by a little bit this quarter. 
• Wix.com at ~19% of the portfolio is the largest position. 

Pay Dorsey’s Dorsey Asset Management 13F Portfolio value decreased from ~$801M to ~$786M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~8% of Semrush (SEMR) and ~7% of Poshmark (POSH).

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q3 2022. Please lookup our previous update to see 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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q3 2022 Update

• Li Lu’s 13F portfolio value decreased from ~$1.87B to ~$1.74B this quarter. 
• The portfolio was untouched this quarter. 
• Micron Technology at around one-third of the portfolio is by far the largest position. 

Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from ~$1.87B to ~$1.74B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q3 2022. Please lookup our previous update to see 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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q3 2022 Update

• Clifford Sossin’s 13F portfolio value decreased from $660M to $548M this quarter. 
• The Carvana stake was increased during the quarter. 
• Hilton Grand Vacations at ~46% of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value decreased from ~$660M to $548M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

Note: They have large ownership stakes in the following businesses: ~17% of Party City (PRTY), ~12% of World Acceptance (WRLD), 6.4% of Hilton Grand Vacations (HGV), and ~16% of Cardlytics (CDLX).

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q3 2022. Please lookup our previous update to see 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 Robert Vinall’s RV Capital 13F Portfolio – Q3 2022 Update

• Robert Vinall’s 13F portfolio value decreased from $222M to $210M this quarter. 
• Carvana and Trupanion stakes were increased this quarter. 
• Credit Acceptance Corp at ~41% of the portfolio is by far the largest position. 

Robert Vinall’s RV Capital 13F Portfolio value decreased from $222M to $210M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

 

The spreadsheet below highlights changes to RV Capital’s 13F holdings in Q3 2022. Please lookup our previous update to see 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 2022 Update

• Gayner’s portfolio decreased from $6.99B to $6.77B this quarter. 
• Diageo was decreased and Colfax dropped while increasing Dollar General during the quarter. 
• Berkshire Hathaway at ~13% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value decreased from $6.99B to $6.77B this 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, Brookfield Asset Management, Alphabet, Home Depot, and Deere.

 

Markel Corporation (MKL) is currently trading at around ~1.45-times Book Value (BV) at ~$1258 per share - BV is ~$869.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2022. 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 Robert & Jeffrey Bruce’s Bruce Fund Portfolio – Q3 2022 Update

• Robert & Jeffrey Bruce’s 13F portfolio value decreased from $425M to $364M this quarter. 
• Bruce Fund added Insteel while decreasing General Electric and Apple during the quarter. 
• The largest three individual stock positions are AMERCO, AbbVie, and Allstate and they add up to ~27% of the portfolio. 

Robert & Jeffrey Bruce’s 13F portfolio value decreased from $425M to $364M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, AbbVie, Allstate, Merck, and Nextera Energy. They add up to ~42% 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 2022. 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 2022 Update

• Michael Price’s 13F portfolio value decreased from $585M to $485M this quarter. 
• MFP Investors increased Madison Square Garden Entertainment while decreasing Scholastic and Franklin Resources during the quarter. 
• The largest three individual stock positions are Bunge Limited, Popular, and Intel Corporation,, and they add up to ~16% of the portfolio.

Michael Price’s 13F portfolio value decreased from $585M to $485M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Bunge, Popular, Intel Corporation, Bank of California, and Laboratory Corp. They add up to ~23% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q3 2022. 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 Burry’s Scion Asset Management Portfolio – Q3 2022 Update

• Michael Burry’s 13F portfolio value increased from $3.3M to $41.3M this quarter. 
• Scion Asset Management added several new positions and increased The Geo Group.  
• The turnover and overall insanity in Michael Burry’s 13F reports continue. 

Michael Burry’s 13F portfolio value increased from $3.3M to $41.3M this quarter. To know more about Dr. Michael Burry, check out the book The Big Short: Inside the Doomsday Machine by Michael Lewis.

 

Below is a spreadsheet that shows the changes to Michael Burry's Scion Asset Management US long portfolio holdings as of Q3 2022. 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 2022 Update

• John Armitage’s 13F portfolio value decreased from $14.81B to $12.88B this quarter. 
• Egerton Capital added Amazon and increased Cenovus Energy while decreasing Taiwan Semi and KKR and dropping Bath & Body Works. 
• Canadian Pacific, Canadian National Railway, and Microsoft are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value decreased ~13% from $14.81B to $12.88B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Canadian Pacific, Canadian National Railway, Microsoft Corp, Alphabet, and Charles Schwab. They add up to ~44% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2022. 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 2022 Update

• The huge ~$34B portfolio has just 21 positions. 
• The largest stake, Microsoft Corporation is at ~27% of the portfolio. 
• They increased  Microsoft, Canadian National Railway, and Deere during the quarter. 

Gates Foundation portfolio value increased from $17.68B to ~$34B this quarter. 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 around twenty times that while the number of positions has gone down to just 21.

 

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.

 

The spreadsheet below shows Gates Foundation’s holdings as of Q3 2022. Please visit our previous update 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 Charlie Munger's Daily Journal Portfolio – Q3 2022 Update

• Charlie Munger’s Daily Journal Portfolio has just five positions. 
• The positions were untouched this quarter. 
• The portfolio value decreased from $175M to $163M this quarter. 

 Charlie Munger’s Daily Journal portfolio value decreased from $175M to $163M this quarter. Since their first 13F filing in Q4 2013, there have only been two changes to the holdings: POSCO was reduced significantly in Q4 2014, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those two changes, the portfolio has remained remarkably steady over the last nine 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) 2018 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.

 

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q3 2022. 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 Polen Capital Management’s 13F Portfolio – Q2 2022 Update

•  Polen Capital Management’s 13F portfolio value decreased from $51.27B to $37.93B this quarter. 
• Amazon.com and DocuSign were increased while decreasing Abbott Labs and UnitedHealth. 
• The top three positions are Amazon.com, Alphabet, and Adobe and they add up to ~26% of the portfolio. 

Polen Capital Management’s 13F portfolio value decreased from $51.27B to $37.93B this quarter. Their largest five positions are Amazon.com, Alphabet, Adobe, Visa, and Microsoft. They add up to ~39% of the portfolio.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q2 2022. Please lookup our previous update to see 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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q2 2022 Update

•  Paul Singer’s 13F portfolio value decreased from ~$10B to ~$8.67B this quarter. 
• They increased short positions through Puts on Digital Realty and Equinix during the quarter. 
• Howmet Aerospace at ~15% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value decreased from ~$10B to ~$8.67B this quarter. The portfolio is concentrated with top-three positions accounting for around one-third of the portfolio and top-five at ~49%.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses – E2Open Holdings (ETWO), Dell Technologies (DELL), Arconic (ARNC), Peabody Energy (BTU).

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q2 2022. Please lookup our previous update to see 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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q2 2022 Update

• Jeffrey Ubben’s 13F portfolio value decreased from ~$969M to $895M this quarter. 
• They added Azek and PotlatchDeltic during the quarter. 
• Enviva at ~33% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$969M to ~$895M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q2 2022. Please lookup our previous update to see 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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q2 2022 Update

•  Pat Dorsey’s 13F portfolio value decreased from ~$1.04B to ~$801M this quarter. 
• They dropped eBay while increasing all other positions. 
• Wix.com at ~15% of the portfolio is the largest position. 

Pay Dorsey’s Dorsey Asset Management 13F Portfolio value decreased from ~$1.04B to ~$801M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~8% of Semrush (SEMR) and ~7% of Poshmark (POSH).

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q2 2022. Please lookup our previous update to see 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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q2 2022 Update

•  Li Lu’s 13F portfolio value decreased from ~$2.38B to ~$1.87B this quarter. 
• They increased Alphabet during the quarter. 
• Micron Technology at around one-third of the portfolio is by far the largest position. 

Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from ~$2.38B to ~$1.87B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q2 2022. Please lookup our previous update to see 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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q2 2022 Update

• Clifford Sossin’s 13F portfolio value decreased from ~$1.49B to $660M this quarter. 
• The Carvana stake was increased while dropping Herbalife during the quarter. 
• Carvana at ~42% of the portfolio is by far the largest position. 

 Clifford Sossin’s CAS Investment Partners 13F Portfolio value decreased from ~$1.49B to ~$660M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

Note: They have large ownership stakes in the following businesses: ~17% of Party City (PRTY), ~12% of World Acceptance (WRLD), 6.4% of Hilton Grand Vacations (HGV), and ~16% of Cardlytics (CDLX).

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q2 2022. Please lookup our previous update to see 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 Robert Vinall’s RV Capital 13F Portfolio – Q2 2022 Update

• Robert Vinall’s 13F portfolio value decreased from $323M to $222M this quarter. 
• Meta Platforms and Trupanion stakes were increased this quarter. 
• Credit Acceptance Corp at ~42% of the portfolio is by far the largest position. 

 Robert Vinall’s RV Capital 13F Portfolio value decreased from $323M to $222M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

 

The spreadsheet below highlights changes to RV Capital’s 13F holdings in Q2 2022. Please lookup our previous update to see 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 – Q2 2022 Update

• Gayner’s portfolio decreased from $8.39B to $6.99B this quarter. 
• Colfax and Ecolab were decreased while increasing Dollar General during the quarter. 
• Berkshire Hathaway at ~13% of the portfolio is by far the largest position. 

 Thomas Gayner’s Markel Investment Portfolio value decreased from $8.39B to $6.99B this 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, Brookfield Asset Management, Alphabet, Home Depot, and Diageo.

 

Markel Corporation (MKL) is currently trading at around ~1.28-times Book Value (BV) at ~$898 per share - BV is ~$1153.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2022. 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 Robert & Jeffrey Bruce’s Bruce Fund Portfolio – Q2 2022 Update

•  Robert & Jeffrey Bruce’s 13F portfolio value decreased from $489M to $425M this quarter. 
• Bruce Fund added Warner Brothers Discovery while decreasing General Electric during the quarter. 
• The largest three individual stock positions are AMERCO, Nextera Energy, and AbbVie and they add up to ~25% of the portfolio. 

Robert & Jeffrey Bruce’s 13F portfolio value decreased from $489M to $425M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, Nextera Energy, AbbVie, Allstate, and Duke Energy. 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 Q2 2022. 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 – Q2 2022 Update

• Michael Price’s 13F portfolio value decreased from $847M to $585M this quarter. 
• MFP Investors increased Diamond Offshore while dropping SouthState Corp and Hexcel Corp during the quarter. 
• The largest three individual stock positions are Intel Corporation, Bunge Limited, and  First Citizens BancShares, and they add up to ~19% of the portfolio. 

Michael Price’s 13F portfolio value decreased from $847M to $585M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Intel Corporation, Bunge, First Citizens BancShares, Popular, and Anterix. 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 Q2 2022. 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 Burry’s Scion Asset Management Portfolio – Q2 2022 Update

• Michael Burry’s 13F portfolio value decreased from $201M to $3.3M this quarter. 
• Scion Asset Management dropped all positions including the short on Apple and bought The Geo Group.  
• The turnover and overall insanity in Michael Burry’s 13F reports continue. 

Michael Burry’s 13F portfolio value decreased from $201M to $3.3M this quarter. To know more about Dr. Michael Burry, check out the book The Big Short: Inside the Doomsday Machine by Michael Lewis.

 

Below is a spreadsheet that shows the changes to Michael Burry's Scion Asset Management US long portfolio holdings as of Q2 2022. 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 2022 Update

• John Armitage’s 13F portfolio value decreased from $18.91B to $14.81B this quarter. 
• Egerton Capital added Taiwan Semi and Cenovus Energy while dropping Amazon.com and Charter Communications. 
• Canadian Pacific, Microsoft, and Canadian National Railway are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value decreased ~22% from $18.91B  to $14.81B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Canadian Pacific, Microsoft Corp, Canadian National Railway, Alphabet, and Visa. They add up to ~35% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q2 2022. 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 – Q2 2022 Update

• Aquamarine Capital’s 13F portfolio value decreased from $221M to $170M. 
• The portfolio was untouched this quarter. 
• Berkshire Hathaway, American Express, and Bank of America are the three largest positions. 

 Guy Spier’s Aquamarine Capital Portfolio value decreased from $221M to $170M during the quarter. The portfolio is very concentrated with just 11 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Bank of America (BAC), Mastercard Inc. (MA), and Ferrari NV (RACE). They together add up to ~82% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2022. 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 Bill & Melinda Gates Foundation Portfolio – Q2 2022 Update

• The huge ~$18B portfolio has 20 positions. 
• The largest stake, Berkshire Hathaway is at a whopping ~54% of the portfolio. 
• They increased Berkshire Hathaway and Madison Square Garden Sports while decreasing Canadian National Railway during the quarter. 

Gates Foundation portfolio value decreased from ~$20B to $17.68B this quarter. 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 around ten times that while the number of positions has gone down to just 20.

 

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.

 

The spreadsheet below shows Gates Foundation’s holdings as of Q2 2022. Please visit our previous update 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 Charlie Munger's Daily Journal Portfolio – Q2 2022 Update

• Charlie Munger’s Daily Journal Portfolio has just five positions. 
• The positions were untouched this quarter. 
• The portfolio value decreased from $213M to $175M this quarter. 

Charlie Munger’s Daily Journal portfolio value decreased from $213M to $175M this quarter. Since their first 13F filing in Q4 2013, there have only been two changes to the holdings: POSCO was reduced significantly in Q4 2014, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those two changes, the portfolio has remained remarkably steady over the last nine 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) 2018 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.

 

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q2 2022. 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 Polen Capital Management’s 13F Portfolio – Q1 2022 Update

• Polen Capital Management’s 13F portfolio value decreased from $59.53B to $51.27B this quarter. 
• Adobe, Meta Platforms, and Airbnb were increased while decreasing Alphabet, Zoetis, and Starbucks. 
• The top three positions are Amazon.com, Alphabet, and Adobe and they add up to ~24% of the portfolio.

 This article is first in a series that provides an ongoing analysis of the changes made to Polen Capital Management’s 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 5/12/2022.

 

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q1 2022:

 

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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q1 2022 Update

• Paul Singer’s 13F portfolio value decreased from ~$11.3B to ~$10B this quarter. 
• They added Invesco QQQ Calls while reducing the corresponding short position by reducing Puts. 
• Howmet Aerospace at ~15% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value decreased from ~$11.3B to ~$10B this quarter. The portfolio is concentrated with top-three positions accounting for around one-third of the portfolio and top-five at ~45%.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses – E2Open Holdings (ETWO), Dell Technologies (DELL), Arconic (ARNC), Peabody Energy (BTU).

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q1 2022:

 

 

 

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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q1 2022 Update

• Jeffrey Ubben’s 13F portfolio value decreased from ~$977M to ~$969M this quarter. 
• They increased Ingevity Corp while decreasing Nikola, AppHarvest, and Exxon Mobil. 
• Enviva at ~43% of the portfolio is by far the largest position. 

 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$977M to ~$969M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q1 2022:

 

 

 

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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q1 2022 Update

• Pat Dorsey’s 13F portfolio value decreased from ~$1.17B to ~$1.04B this quarter. 
• They added Roku and increased Meta Platforms & PayPal Holdings. 
• Meta Platforms at ~16% of the portfolio is the largest position. 

 Pay Dorsey’s Dorsey Asset Management 13F Portfolio value decreased from ~$1.17B to ~$1.04B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~8% of Semrush (SEMR) and ~7% of Poshmark (POSH).

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q1 2022:

 

 

 

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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q1 2022 Update

• Li Lu’s 13F portfolio value decreased from ~$2.66B to ~$2.38B this quarter. 
• The portfolio remained untouched during the quarter. 
• Micron Technology at ~38% of the portfolio is by far the largest position. 

 Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from ~$2.66B to ~$2.38B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q1 2022:

 

 

 

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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q1 2022 Update

• Clifford Sossin’s 13F portfolio value decreased from ~$1.92B to ~$1.49B this quarter. 
• The Carvana stake was increased during the quarter. 
• Carvana at roughly one-third of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value decreased from ~$1.92B to ~$1.49B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

Note: They have large ownership stakes in the following businesses: ~17% of Party City (PRTY), ~11% of World Acceptance (WRLD), 6.4% of Hilton Grand Vacations (HGV), and ~16% of Cardlytics (CDLX).

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q1 2022:

 

 

 

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.