Tracking Polen Capital Management’s 13F Portfolio – Q3 2024 Update

• Polen Capital Management’s 13F portfolio value decreased from ~$39.86B to ~$38.74B this quarter.
• Adobe (ADBE) stake was increased while decreasing Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL) during the quarter.
• The top three positions are Amazon.com (AMZN), Microsoft (MSFT), and Alphabet (GOOGL), and they add up to ~26% of the portfolio. 

Polen Capital Management’s 13F portfolio value decreased from ~$39.86B to ~$38.74B this quarter. Their largest five positions are Amazon.com (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Visa (V), and ServiceNow (NOW). They add up to ~36% of the portfolio.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q3 2024. Please lookup our previous update to see how the portfolio has progressed:

 

Tracking Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q3 2024 Update

• Pat Dorsey’s 13F portfolio value increased from $839M to $928M this quarter.
• They added Applovin (APP) and increased Sprout Social (SPT) during the quarter.
• Meta Platforms at ~14% of the portfolio is the largest position.

Pat Dorsey’s Dorsey Asset Management 13F Portfolio value increased from ~$839M to $928M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q3 2024. Please lookup our previous update to see how the portfolio has progressed:

 

Tracking Li Lu’s Himalaya Capital Management 13F Portfolio – Q3 2024 Update

• Li Lu’s 13F portfolio value decreased from $2.56B to $2.47B this quarter.
• The portfolio reduced Apple (AAPL) during the quarter.
• Alphabet at ~38% of the portfolio is by far the largest position.

Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from $2.56B to $2.47B this quarter. The heavily concentrated portfolio has just seven stakes.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q3 2024. Please lookup our previous update to see how the portfolio has progressed:

 

 

Tracking Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q3 2024 Update

• Clifford Sossin’s 13F portfolio value increased from $1.28B to $1.51B this quarter.
• The portfolio has just 5 positions.
• Carvana (CVNA) at ~75% of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value increased from $1.28B to $1.51B 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).

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q3 2024. Please lookup our previous update to see how the portfolio has progressed:

Tracking Robert Vinall’s RV Capital 13F Portfolio – Q3 2024 Update

• Robert Vinall’s 13F portfolio value increased from $416M to $485M this quarter.
• They decreased Meta Platforms (META) during the quarter.
• Carvana (CVNA) at ~27% of the portfolio is by far the largest position.

Robert Vinall’s RV Capital 13F Portfolio value increased from $416M to $485M this quarter. The heavily concentrated portfolio has just 11 stakes.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to RV Capital’s 13F holdings in Q3 2024. Please lookup our previous update to see how the portfolio has progressed:

 

Tracking Thomas Gayner's Markel Portfolio – Q3 2024 Update

• Gayner’s portfolio increased from $10.17B to $11.11B 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 $10.17B to $11.11B this quarter. The portfolio continues to have around 100 different positions although only around 27 are significantly large (more than ~1% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), Brookfield (BN), Amazon.com (AMZN), and Home Depot (HD).

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 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 – Q3 2024 Update

• Michael Burry’s 13F portfolio value is at $130M this quarter.
• The turnover and overall insanity in Michael Burry’s 13F reports continue.

Michael Burry’s 13F portfolio value is at $130M 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 2024. For a look at how the portfolio has progressed, see our previous update:

 

 Note: The Alibaba, Baidu, and JD.com are hedged with offsetting Puts.

Tracking Bill & Melinda Gates Foundation Portfolio – Q3 2024 Update

• The huge ~$45B portfolio has just 23 positions.
• The largest stake, Microsoft Corporation is at ~28% of the portfolio.
• They increased Fedex (FDX) while reducing Microsoft (MSFT) and Berkshire Hathaway (BRK.B) this quarter.

Gates Foundation portfolio value decreased from $47.7B to ~$45.1B 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 23.

 

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 Q3 2024. Please visit our previous update to get an idea on how the portfolio has progressed:

 

 

Tracking John Armitage’s Egerton Capital Portfolio – Q3 2024 Update

• John Armitage’s 13F portfolio value remained almost steady at $9.91B this quarter.
• Egerton Capital increased Microsoft (MSFT), Progressive Corp (PGR), Mastercard (MA) and Uber Technologies (UBER) while decreasing Canadian Pacific (CP), Meta Platforms (META), Amazon.com (AMZN), Visa (V) and Booking Holdings (BKNG).
• Microsoft (MSFT), Progressive Corp (PGR), and Canadian Pacific (CP) are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value remained almost steady at $9.91B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Microsoft (MSFT), Progressive Corp (PGR), Canadian Pacific (CP), Meta Platforms (META), and Amazon.com (AMZN). They add up to ~34% of the entire portfolio.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2024. For a look at how the portfolio has progressed, see our previous update:

 

Tracking David Rolfe’s Wedgewood Partners Portfolio – Q3 2024 Update

• Wedgewood Partners’ 13F portfolio value increased from ~$490M to ~$550M this quarter.
• They increased Edwards Lifesciences (EW) while decreasing all the other positoins.
• 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 11/14/2024. The 13F portfolio value increased from $490M to $550M this quarter. The holdings are concentrated with recent 13F reports showing around 20 positions. The largest five stakes are Meta Platforms (META), Alphabet (GOOG), Taiwan Semi (TSM), PayPal (PYPL), and Visa (V). 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 Q2 2024. 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.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to David Rolfe’s US stock holdings in Q3 2024:

 

 

 

Source: John Vincent. Data constructed from Wedgewood Partners’ 13F filings for Q2 2024 and Q3 2024.

Tracking Wallace Weitz’s Weitz Investment Management Portfolio – Q3 2024 Update

• Wallace Weitz's 13F portfolio value increased from $1.90B to $2.03B this quarter.
• Weitz Investment Management reduced Meta Platforms (META) while increasing Global Payments (GPN) and Idex Corp (IEX).
• The top three positions are Berkshire Hathaway (BRK.A), Mastercard (MA), and Visa (V). They add up to ~17% 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 11/13/2024. 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 Q2 2024.

 

This quarter, Weitz’s 13F portfolio value increased from $1.91B to $2.03B. The top three positions are at ~17% while the top five holdings are at ~27% 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). 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

The spreadsheet below highlights changes to Weitz’s 13F stock holdings in Q3 2024:

 

Source: John Vincent. Data constructed from Weitz Investment Management's 13F filings for Q2 2024 and Q3 2024.

 

Tracking Gardner Russo & Quinn Portfolio – Q3 2024 Update

• Gardner Russo & Quinn’s 13F portfolio value increased from $9.47B to $9.74B.
• Russo increased Uber Technologies marginally this quarter.
• The top three 13F stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), and MasterCard (MA). They add up to ~41% 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 11/13/2024. 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 Q2 2024.

 

This quarter, Gardner Russo & Quinn’s 13F stock portfolio value increased from $9.47B to $9.74B. The top three holdings are at ~41% of the portfolio while the top five are at ~55% of the assets: Berkshire Hathaway, Alphabet, MasterCard, Compagnie Financière Richemont, and Nestle. Recent 13F reports have shown around 100 positions with 19 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).

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to Gardner Russo & Quinn’s 13F stock holdings in Q3 2024:

 

 

 

Source: John Vincent. Data constructed from Gardner Russo & Quinn’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking Larry Robbins’ Glenview Capital Management Portfolio – Q3 2024 Update

• Glenview Capital Management’s 13F portfolio value increased from ~$5.08B to ~$5.17B this quarter.
• They increased CVS Health (CVS) and Global Payments (GPN) while reducing Tenet Healthcare (THC), Cigna (CI), and Universal Health Services (UHS).
• The top three individual stock stakes are CVS Health (CVS), Tenet Healthcare (THC), and Global Payments (GPN). They add up to ~31% 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 11/14/2024. 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 Q2 2024.

 

This quarter, Robbins’ 13F portfolio value increased from ~$5.08B to ~$5.17B. There are 27 positions that are significantly large. The spreadsheet below lists those larger positions individually. The top five individual stock stakes are CVS Health (CVS), Tenet Healthcare (THC), Global Payments (GPN), Cigna (CI), and Corteva (CTVA). Together they are at ~44% of the 13F assets.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to Robbins’ 13F stock holdings in Q3 2024:

 

 

Source: John Vincent. Data constructed from Glenview Capital Management’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio – Q3 2024 Update

• Glenn Greenberg’s 13F portfolio value increased from $4.51B to $4.82B this quarter.
• Brave Warrior Advisors increased Ryanair Holdings (RYAAY) while reducing Primerica (PRI) and Apollo Global (APO). 
• The largest three positions are Elevance Health (ELV), Discover Financial (DFS), and TD Synnex (SNX), and they add up to ~37% 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 11/14/2024. 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 Q2 2024.    

 

This quarter, Greenberg’s 13F portfolio value increased from $4.51B to $4.82B. The top three holdings represent around 37% of the portfolio while the top five are at 53%. The largest position is Elevance Health which is at ~18% of the portfolio.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

The spreadsheet below highlights changes to Greenberg’s 13F stock holdings in Q3 2024:

 

 

 

Source: John Vincent. Data constructed from Brave Warrior’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q3 2024 Update

• Nelson Peltz’s 13F portfolio value decreased from ~$4B to $3.89B this quarter. The number of positions decreased from 12 to 10.
• Trian Fund Management decreased Ferguson plc (FERG), and Allstate (ALL) during the quarter.
• The top three positions are Janus Henderson Group (JHG), GE Aerospace (GE), and Wendys (WEN). They add up to ~64% 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 11/14/2024. 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 Q2 2024.

 

This quarter, Peltz’s 13F portfolio value decreased from ~$4.1B to ~$3.9B. The number of holdings decreased from 12 to 10. The top three holdings are at ~64% of the 13F stock portfolio: Janus Henderson Group (JHG), GE Aerospace (GE), and Wendys (WEN). 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 Q3 2024:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking ValueAct Portfolio – Q3 2024 Update

• ValueAct’s 13F portfolio value increased from ~$3.56B to ~$4.37B this quarter.
• ValueAct increased Roblox (RBLX) and added Toast (TOST) while dropping Spotify (SPOT) and Fiserv (FISV).
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Walt Disney (DIS), and 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 ValueAct’s 13F stock portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 11/14/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q2 2024.

 

This quarter, ValueAct’s 13F portfolio value increased from ~$3.56B to ~$4.37B. The number of holdings remained steady at 10. The top three positions are at ~60% while the top five are at ~80% of the 13F assets. The largest position is Salesforce.com which is at ~25% 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 Q3 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking Robert Karr’s Joho Capital Portfolio – Q3 2024 Update

• Robert Karr's 13F portfolio value decreased from $707M to $633M this quarter.
• Joho Capital increased Dutch Bros (BROS while dropping Shoals Technologies (SHLS).   
• The top three positions are Microsoft (MSFT), Uber Technologies (UBER), and Quanta Services (PWR). They add up to ~73% 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 11/14/2024. 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 Q1 2024.

 

This quarter, Karr’s 13F stock portfolio value decreased from ~$707M to ~$633M. The number of holdings remained steady at 12. The top three positions represent ~71% of the 13F assets: Microsoft (MSFT), Uber Technologies (UBER), and Quanta Services (PWR). 

 

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 Q3 2024:

 

 

Source: John Vincent. Data constructed from Joho Capital’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking Kahn Brothers Portfolio – Q3 2024 Update

• Kahn Brothers’ 13F portfolio value decreased from ~$595M to ~$581M this quarter.
• Bayer AG (BAYRY), Disney (DIS), and Organon (OGN) stakes were increased substantially during the quarter.
• The portfolio continues to be very concentrated with the top five positions accounting for ~51% 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 11/14/2024. 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 Q2 2024.

 

This quarter, Kahn Brothers’ 13F portfolio value decreased from ~$595M to ~$581M. The largest individual stock position is Citigroup (C) which accounts for ~13% of the portfolio. The largest five positions are Citigroup (C), Merck (MRK), BP plc (BP), New York Community Bancorp (NYCB), and Bayer AG (BAYRY). Together, they account for ~51% 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 Q3 2024:

 

 

 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q2 2024 and Q3 2024.

 

Tracking Jeff Smith’s Starboard Value Portfolio – Q3 2024 Update

• Jeff Smith’s 13F portfolio value increased from $4.30B to $4.70B this quarter.
• Starboard Value added Autodesk (ADSK) and Match Group (MTCH) during the quarter. 
• The largest three individual stock positions are Autodesk (ADSK), GoDaddy (GDDY), and Gen Digital (GEN). 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 11/14/2024. The 13F portfolio value increased from $4.30B to $4.70B. The holdings are concentrated with recent 13F reports showing around 40 positions, many of which are very small. The largest five stakes are Autodesk (ADSK), GoDaddy (GDDY), Gen Digital (GEN), News Corp (NWS), and Salesforce.com (CRM). They add up to ~50% 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 Q1 2024.

 

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.

 

To learn about individual investing, check out the classics The Intelligent Investor and Security Analysis.

 

 

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q3 2024:

 

 

 

 

Source: John Vincent. Data constructed from Starboard’s 13F filings for Q2 2024 and Q3 2024.