Tracking Polen Capital Management’s 13F Portfolio – Q1 2024 Update

• Polen Capital Management’s 13F portfolio value increased from ~$41.49B to ~$43.32B this quarter.
• Visa (V) stake was increased while decreasing ServiceNow (NOW) during the quarter.
• The top three positions are Amazon.com (AMZN), Microsoft (MSFT), and Alphabet (GOOGL), and they add up to ~31% of the portfolio.

Polen Capital Management’s 13F portfolio value increased from ~$41.49B to ~$43.32B this quarter. Their largest five positions are Amazon.com (AMZN), Microsoft (MSFT), Alphabet (GOOG), Visa (V), and Netflix (NFLX). They add up to ~42% of the portfolio.

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q1 2024. Please lookup our previous update to see how the portfolio has progressed: 

Tracking Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q1 2024 Update

 

• Pat Dorsey’s 13F portfolio value increased from $778M to $860M this quarter.
• They added Autozone (AZO) and increased Semrush Holdings (SEMR) during the quarter.
• Meta Platforms at ~16% of the portfolio is the largest position.

Pat Dorsey’s Dorsey Asset Management 13F Portfolio value increased from ~$778M to ~$860M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q1 2024. Please lookup our previous update to see how the portfolio has progressed:

 

Tracking Li Lu’s Himalaya Capital Management 13F Portfolio – Q1 2024 Update

•  Li Lu’s 13F portfolio value increased from $2.06B to $2.26B this quarter.
• The portfolio remained steady during the quarter.
• Alphabet at ~38% of the portfolio is by far the largest position.

Li Lu’s Himalaya Capital Management 13F Portfolio value increased from $2.06B to $2.22B this quarter. The heavily concentrated portfolio continues to have just five stakes.

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q1 2024. Please lookup our previous update to see how the portfolio has progressed:

Tracking Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q1 2024 Update

 

• Clifford Sossin’s 13F portfolio value increased from $827M  to $1.12B this quarter.
• The portfolio has just 5 positions.
• Carvana (CVNA) at ~52% of the portfolio is by far the largest position.

Clifford Sossin’s CAS Investment Partners 13F Portfolio value increased from $827M to $1.12B this quarter. The heavily concentrated portfolio continues to have just five stakes.

Note: They have large ownership stakes in the following businesses: World Acceptance (WRLD), Hilton Grand Vacations (HGV), and Cardlytics (CDLX).

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q1 2024. Please lookup our previous update to see how the portfolio has progressed:

Tracking Robert Vinall’s RV Capital 13F Portfolio – Q1 2024 Update

 

• Robert Vinall’s 13F portfolio value increased from $346M to $376M this quarter.
• They increased Carvana (CVNA) and PDD Holdings (PDD) while decreasing Credit Acceptance (CACC) and Wix.com (WIX) during the quarter.
• Meta Platforms (META) at ~26% of the portfolio is by far the largest position.

 Robert Vinall’s RV Capital 13F Portfolio value increased from $346M to $376M this quarter. The heavily concentrated portfolio has just 6 stakes.

The spreadsheet below highlights changes to RV Capital’s 13F holdings in Q1 2024. Please lookup our previous update to see how the portfolio has progressed:

 

Tracking Thomas Gayner's Markel Portfolio – Q1 2024 Update

 

• Gayner’s portfolio increased from $9.20B to $10.14B this quarter.
• Several positions saw minor increases during the quarter.
• Berkshire Hathaway (BRK.A) at ~13% of the portfolio is by far the largest position.

Thomas Gayner’s Markel (MKL) Investment Portfolio value increased from $9.20B to $10.14B this quarter. The portfolio continues to have around 100 different positions although only around 26 are significantly large (more than ~1% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), Amazon.com (AMZN), Brookfield (BN), and Home Depot (HD).

Below is a spreadsheet that highlights the changes to the portfolio as of Q1 2024. Please check out our previous update to have an idea on how the portfolio is progressing:

 

Tracking Michael Burry’s Scion Asset Management Portfolio – Q1 2024 Update

 

• Michael Burry’s 13F portfolio value is at $105M this quarter.
• The turnover and overall insanity in Michael Burry’s 13F reports continue.

 Michael Burry’s 13F portfolio value is at $105M 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 Q1 2024. For a look at how the portfolio has progressed, see our previous update:

 

Tracking Daily Journal Portfolio – Q1 2024 Update

 

• Daily Journal (DJCO) Portfolio has just four positions.
• All positions were reduced significantly this quarter.
• The portfolio value decreased from $185M to $177M this quarter.

Daily Journal portfolio value decreased from $185M to $177M this quarter. Since their first 13F filing in Q4 2013, there have only been three changes to the holdings: POSCO was reduced significantly in Q4 2014 and dropped later on, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those changes, the portfolio has remained remarkably steady over the last ten years. To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

 Note: Charlie Munger passed on November 28, 2023.

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 Daily Journal’s 13F stock holdings as of Q1 2024. Please visit our previous updates to get an idea on how the portfolio has progressed:

 

Tracking Bill & Melinda Gates Foundation Portfolio – Q1 2024 Update

 

• The huge ~$46B portfolio has just 24 positions.
• The largest stake, Microsoft Corporation is at ~34% of the portfolio.
• They decreased Berkshire Hathaway (BRK.A) this quarter.

 Gates Foundation portfolio value increased from $42B to $46B 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 fifteen times that while the number of positions has gone down to just 24.

To know more about Gates and the Foundation, check-out the book How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need.

The spreadsheet below shows Gates Foundation’s holdings as of Q1 2024. Please visit our previous update to get an idea on how the portfolio has progressed:

 

Tracking John Armitage’s Egerton Capital Portfolio – Q1 2024 Update

• John Armitage’s 13F portfolio value increased from $9.23B to $10.35B this quarter.
• Egerton Capital increased GE Healthcare (GEHC) and Canadian National Railway (CNI) while reducing Canadian Pacific (CP), Visa Inc. (V), and Meta Platforms (META).
• Amazon.com (AMZN), Canadian Pacific (CP), and GE Healthcare (GEHC) are the largest three positions in the portfolio.

John Arimitage’s 13F portfolio value increased from $9.23B to $10.35B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Amazon.com (AMZN), Canadian Pacific (CP), GE Healthcare (GEHC), Canadian National Railway (CNI), and Visa (V). They add up to ~40% of the entire portfolio.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q4 2023. For a look at how the portfolio has progressed, see our previous update:

 

Tracking David Rolfe’s Wedgewood Partners Portfolio – Q1 2024 Update

  

• Wedgewood Partners’ 13F portfolio value increased from $475M to ~$500M this quarter.
• They increased UnitedHealth Group (UNH) while decreasing Meta Platforms (META).
• Their top five positions are at 40% of the overall portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Wedgewood Partners’ 13F stock portfolio on a quarterly basis. It is based on David Rolfe’s regulatory 13F Form filed on 5/15/2024. The 13F portfolio value increased from $475M to $500M this quarter. The holdings are concentrated with recent 13F reports showing around 30 positions. There are 19 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet (GOOG), Meta Platforms (META), Taiwan Semi (TSM), Visa (V), and Apple (AAPL). They add up to ~40% of the portfolio. Please visit our Tracking David Rolfe’s Wedgewood Partners Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2023. Wedgewood has generated significant alpha since its 1992 inception. David Rolfe also sub-advises Riverpark/Wedgewood Fund (RWGIX) (RWGFX) as portfolio manager, a mutual fund incepted in 2010.

The spreadsheet below highlights changes to David Rolfe’s US stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Wedgewood Partners’ 13F filings for Q4 2023 and Q1 2024.

 

Tracking Wallace Weitz’s Weitz Investment Management Portfolio – Q1 2024 Update

 

• Wallace Weitz's 13F portfolio value increased from $1.90B to $1.98B this quarter.
• Weitz Investment Management reduced Alphabet (GOOGL) and Meta Platforms (META) during the quarter.
• The top three positions are Berkshire Hathaway (BRK.A), Alphabet (GOOG), and Visa (V). They add up to ~18% of the portfolio.

 

This article is part of a series that provides an ongoing analysis of the changes made to Wallace Weitz’s 13F portfolio on a quarterly basis. It is based on Weitz’s regulatory 13F Form filed on 5/13/2024. Please visit our Tracking Wallace Weitz’s Weitz Investment Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q4 2023.

 This quarter, Weitz’s 13F portfolio value increased from $1.90B to $1.98B. The top three positions are at ~18% while the top five holdings are at ~28% of the 13F assets. The largest stake is Berkshire Hathaway (BRK.B) at ~7% of the portfolio. Weitz Investment Management’s equity funds are Weitz Partners Value Fund (WPVLX), Weitz Value Fund (WVALX), Weitz Partners III Opportunity Fund (WPOIX), and Weitz Hickory Fund (WEHIX). 

The spreadsheet below highlights changes to Weitz’s 13F stock holdings in Q1 2024:

 

Source: John Vincent. Data constructed from Weitz Investment Management's 13F filings for Q4 2023 and Q1 2024.

Tracking Gardner Russo & Quinn Portfolio – Q1 2024 Update

 

• Gardner Russo & Quinn’s 13F portfolio value decreased from $9.81B to $9.75B.
• Russo decreased most positions while increasing Pernod Ricard (PRNDY) and Uber Technologies (UBER).
• The top three 13F stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), and MasterCard (MA). They add up to ~35% of the portfolio.

 

This article is part of a series that provides an ongoing analysis of the changes made to Gardner Russo & Quinn’s 13F stock portfolio on a quarterly basis. It is based on Russo’s regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Gardner Russo & Quinn Portfolio series to get an idea of their investment philosophy and our last update for their moves during Q4 2023.

 This quarter, Gardner Russo & Quinn’s 13F stock portfolio value decreased from $9.81B to $9.75B. The top three holdings are at ~35% of the portfolio while the top five are at ~50% of the assets: Berkshire Hathaway, Alphabet, MasterCard, Nestle, and Compagnie Financière Richemont. Recent 13F reports have shown around 100 positions with around 18 stakes that are significantly large. The focus of this article is on the larger positions.

Note: Russo’s portfolio on its own should not be viewed as an overall asset allocation plan as his clients look at his firm to allocate a portion of their assets to his focus area (global equities with consumer orientation).

The spreadsheet below highlights changes to Gardner Russo & Quinn’s 13F stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Gardner Russo & Quinn’s 13F filings for Q4 2023 and Q1 2024.

Tracking Larry Robbins’ Glenview Capital Management Portfolio – Q1 2024 Update

• Glenview Capital Management’s 13F portfolio value increased from ~$4.7B to ~$5.72B this quarter.
• They increased Corteva (CTVA) and Universal Health Services (UHS) while reducing Tenet Healthcare (THC) and Cigna (CI).
• The top three individual stock stakes are Tenet Healthcare (THC), Cigna (CI), and Corteva (CTVA). They add up to ~28% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Larry Robbins’ 13F portfolio on a quarterly basis. It is based on Robbins’ regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Larry Robbins’ Glenview Capital Management Portfolio article for an idea on his investment philosophy and our previous update for the fund’s moves during Q4 2023.

This quarter, Robbins’ 13F portfolio value increased from ~$4.7B to ~$5.72B. There are 31 positions that are significantly large. The spreadsheet below lists those larger positions individually. The top five individual stock stakes are Tenet Healthcare (THC), Cigna (CI), Corteva (CTVA), United Health Services (UHS), and Global Payments (GPN). Together they are at ~41% of the 13F assets.

The spreadsheet below highlights changes to Robbins’ 13F stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Glenview Capital Management’s 13F filings for Q4 2023 and Q1 2024.

Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio – Q1 2024 Update

• Glenn Greenberg’s 13F portfolio value increased from $4.19B to $4.78B this quarter.
• Brave Warrior Advisors increased Discover Financial Services (DFS) while reducing Apollo Global (APO) and JP Morgan Chase (JPM). 
• The largest three positions are Elevance Health (ELV), Primerica (PRI), and Fidelity National Financial (FNF), and they add up to ~39% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Glenn Greenberg’s 13F portfolio on a quarterly basis. It is based on Greenberg’s regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio series to get an idea of his investment philosophy and our previous update for the fund's moves during Q4 2023.    

 

This quarter, Greenberg’s 13F portfolio value increased from $4.19B to $4.78B. The top three holdings represent around 39% of the portfolio while the top five are at 58%. The largest position is Elevance Health which is at ~18% of the portfolio.

The spreadsheet below highlights changes to Greenberg’s 13F stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Brave Warrior’s 13F filings for Q4 2023 and Q1 2024.

Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q1 2024 Update

 

• Nelson Peltz’s 13F portfolio value increased from ~$7B to ~$8B this quarter. The number of positions remained steady at 9.
• Trian Fund Management decreased Ferguson plc (FERG) and Allstate (ALL) during the quarter.
• The top three positions are Walt Disney (DIS), Janus Henderson Group (JHG), and General Electric (GE). They add up to ~71% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Nelson Peltz’s 13F portfolio on a quarterly basis. It is based on Peltz’s regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Nelson Peltz’s Trian Fund Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q4 2023.

 

This quarter, Peltz’s 13F portfolio value increased from ~$7B to ~$8B. The number of holdings remained steady at 9. The top three holdings are at ~71% of the 13F stock portfolio: Walt Disney (DIS), Janus Henderson Group (JHG), and General Electric (GE). To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations. 

 

Note: Trian Fund has a 1.5% ownership stake in London listed Unilever PLC (UL). The activist position was acquired in January 2022 and Nelson Peltz was appointed to the board.

The spreadsheet below highlights changes to Peltz’s 13F stock holdings in Q1 2024:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q4 2023 and Q1 2024.

 

Tracking Robert Karr’s Joho Capital Portfolio – Q1 2024 Update

 

• Robert Karr's 13F portfolio value increased from $552M to $721M this quarter.
• Joho Capital added Adobe Inc. (ADBE) and increased Shoals Technologies (SHLS).   
• The top three positions are Microsoft (MSFT), Adobe Inc. (ADBE), and Uber Technologies (UBER). They add up to ~60% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Robert Karr’s 13F stock portfolio on a quarterly basis. It is based on Karr’s regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Robert Karr’s Joho Capital Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q4 2023.

 

This quarter, Karr’s 13F stock portfolio value increased from ~$552M to ~$721M. The number of holdings remained steady at 16. The top three positions represent ~60% of the 13F assets: Microsoft (MSFT), Adobe Inc. (ADBE), and Uber Technologies (UBER). 

 

Robert Karr was one of the most successful among the “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). Although his main expertise is Asian equities, ~30% of the assets are typically in US listed 13F securities. The fund (1996 inception) closed to outside money and became a Family Office in 2014. To know more about Robert Karr and "tiger cubs", check out the book Julian Robertson: A Tiger in the Land of Bulls and Bears.  

The spreadsheet below highlights changes to Karr’s 13F stock holdings in Q1 2024:

 

 

Source: John Vincent. Data constructed from Joho Capital’s 13F filings for Q4 2023 and Q1 2024.

 

Tracking ValueAct Portfolio – Q1 2024 Update

 

• ValueAct’s 13F portfolio value decreased from ~$5B to ~$4.54B this quarter.
• ValueAct decreased Fiserv (FISV) and Expedia (EXPD) while adding Flutter Entertainment and increasing Roblox.
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Walt Disney (DIS), and they add up to ~56% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to ValueAct’s 13F stock portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 5/15/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q4 2023.

 

This quarter, ValueAct’s 13F portfolio value decreased from ~$5B to ~$4.54B. The number of holdings remained steady 12. The top three positions are at ~56% while the top five are at ~91% of the 13F assets. The largest position is Salesforce.com which is at ~23% of the portfolio. To know more about ValueAct’s activist style of value investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

 

Note: It was reported in April 2020 that ValueAct has built a 2.6M share (~2% of the business, ~$1.1B) stake in Nintendo (NTDOY).

The spreadsheet below highlights changes to ValueAct’s 13F stock holdings in Q1 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q4 2023 and Q1 2024.

Tracking Kahn Brothers Portfolio – Q1 2024 Update

 

• Kahn Brothers’ 13F portfolio value increased from ~$635M to ~$674M this quarter.
• Most of the stakes saw minor adjustments during the quarter.
• The portfolio continues to be very concentrated with the top five positions accounting for ~53% of the 13F holdings.

This article is part of a series that provides an ongoing analysis of the changes made to Kahn Brothers’ 13F stock portfolio on a quarterly basis. It is based on Kahn Brothers’ regulatory 13F Form filed on 5/15/2024. Please visit our Tracking Kahn Brothers Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2023.

 

This quarter, Kahn Brothers’ 13F portfolio value increased from ~$635M to ~$674M. The largest individual stock position is Assured Guaranty (AGO) which accounts for ~13% of the portfolio. The largest five positions are Assured Guaranty (AGO), Merck (MRK), Citigroup (C), BP plc (BP), and GSK plc (GSK). Together, they account for ~53% of the 13F portfolio.

 

Irving Kahn was a disciple of Benjamin Graham and is the author of "Benjamin Graham The Father of Financial Analysis". He was by far the oldest protégé (died 2/26/2015 at age 109) and one of the closest followers of the original teachings of Benjamin Graham.

 

 

The spreadsheet below highlights changes to Kahn’s 13F stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q4 2023 and Q1 2024.

Tracking Jeff Smith’s Starboard Value Portfolio – Q1 2024 Update

• Jeff Smith’s 13F portfolio value increased from $4.81B to $4.84B this quarter.
• Starboard Value added Alight Inc. (ALIT) during the quarter. 
• The largest three individual stock positions are GoDaddy (GDDY), Gen Digital (GEN), and Algonquin Power Utilities (AQN). They add up to ~32% of the portfolio.

 This article is part of a series that provides an ongoing analysis of the changes made to Starboard Value’s 13F stock portfolio on a quarterly basis. It is based on Jeff Smith’s regulatory 13F Form filed on 5/15/2024. The 13F portfolio value increased $4.81B to $4.84B. The holdings are concentrated with recent 13F reports showing around 40 positions, many of which are very small. The largest five stakes are GoDaddy (GDDY), Gen Digital (GEN), Algonquin Power Utilities (AQN), News Corp (NWS), and Alight Inc. (ALIT). They add up to ~48% of the portfolio. Please visit our Tracking Jeff Smith’s Starboard Value Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2023.

 

Jeff Smith founded Starboard Value in March 2011 after being with Ramius LLC, a subsidiary of the Cowen Group since 1998. His game plan is investing in undervalued companies and then engaging in activism to unlock value.

 

 

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q1 2024:

 

 

 

 

Source: John Vincent. Data constructed from Starboard’s 13F filings for Q4 2023 and Q1 2024.