Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2019 Update


  • Philippe Laffont’s 13F portfolio value decreased from $11.82B to $11.67B this quarter. 
  • Coatue Management increased Global Payments (GPN) and Alibaba Group Holdings (BABA) while decreasing Intuit (INTU) and Salesforce.com (CRM). 
  • The largest three positions are Liberty Broadband (LBRDK), ServiceNow (NOW), and Alibaba Group Holdings (BABA) and they add up to ~19% of the portfolio. 


Philippe Laffont’s 13F portfolio value decreased marginally from $11.82B to $11.67B this quarter. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), ServiceNow (NOW), Alibaba Group Holdings (BABA), Global Payments (GPN), and Facebook Inc. (FB) and they add up to around ~30% 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:

Facebook Inc. (FB): FB is a large (top five) 5.36% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The position has wavered. Recent activity follow. H1 2018 saw a ~30% increase at prices between $152 and $202 while next quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase in Q4 2018 while next quarter saw a ~18% selling. The stock is now at $211.

Liberty Broadband (LBRDK): LBRDK is currently the largest position at ~7% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $128.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2019. 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 2019 Update


  • John Armitage’s 13F portfolio value increased from $13.66B to $13.96B this quarter. 
  • Egerton Capital increased Alphabet (GOOG) and added Blackstone Group (BX) while dropping CSX Corporation (CSX). 
  • Union Pacific (UNP), Charter Communications (CHTR), and Alphabet (GOOG) are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value increased ~2% this quarter from $13.66B to $13.96B. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Union Pacific (UNP), Charter Communications (CHTR), Alphabet(GOOG), Alibaba Group Holdings (BABA), and Microsoft Corporation (MSFT), and they add up to ~35% of the entire portfolio.

Below is a summary:

Alphabet Inc. (GOOG): GOOG was a large 5.26% stake established in Q4 2017 at prices between $968 and $1077. There was a ~17% stake increase in Q4 2018 as well at prices between $976 and $1203. Last quarter saw the position reduced by ~60% at prices between $1036 and $1288 while this quarter saw a ~220% stake increase at prices between $1100 and $1250. The stock currently trades at $1393.

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

MasterCard (MA): MA was first purchased in Q2 2014 at prices between $69 and $78. The position has wavered since. Recent activity follow: Q3 2018 saw a ~40% selling at prices between $196 and $223 while next quarter saw a stake doubling at prices between $175 and $224. The stock is currently trading at ~$300. Q1 2019 saw a ~15% stake increase while next quarter there was a one-third selling.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2019. For a look at how the portfolio has progressed, see our previous update:



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





Tracking Jeremey Grantham’s GMO Capital Portfolio – Q3 2019 Update


  • Jeremey Grantham’s 13F portfolio value increased from $14.21B to $14.41B this quarter. 
  • GMO Capital increased Alibaba Group Holdings (BABA) while decreasing Fiat Chrysler (FCAU) and Glaxosmithkline (GSK) during the quarter.   
  • The largest three individual stock positions are Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), and Apple (AAPL) and they add up to ~12% of the portfolio. 

Jeremey Grantham’s 13F portfolio value increased marginally from $14.21B to $14.41B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Apple (AAPL), Oracle Corporation (ORCL), and Medtronic (MDT) and they add up to ~17% of the portfolio.

Note: In January 2018, 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 Q3 2018. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake. The position was increased by ~80% in Q1 2019 and is now a 1.48% of the portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q3 2019. 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 Jeff Smith’s Starboard Value Portfolio – Q3 2019 Update


  • Jeff Smith’s 13F portfolio value decreased from $3.29B to ~$3B this quarter. 
  • Starboard Value added Box Inc. (BOX) while dropping Cars.com (CARS) during the quarter. 
  • The largest three individual stock positions are Symantec (SYMC), Advanced Auto Parts (AAP), and Perrigo (PRGO) and they add up to ~56% of the portfolio. 


Jeff Smith’s 13F portfolio value decreased ~9% from $3.29B to ~$3B this quarter. The portfolio is very concentrated with recent 13F reports showing around twenty stakes. The top five positions are Symantec Corporation (SYMC), Advanced Auto Parts (AAP), Perrigo plc (PRGO), Cerner Corporation (CERN), and iShares Russell 2K Value ETF. They add up to ~71% of the portfolio.

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q3 2019. For a look at how the portfolio has progressed, see our previous update:




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




Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2019 Update


  • Stanley Druckenmiller’s 13F portfolio value decreased from $3.37B to $2.57B this quarter. 
  • Duquesne increased General Electric (GE), ServiceNow (NOW), and Alteryx (AYX) while dropping Adobe Systems during the quarter. 
  • Duquesne Family Office portfolio has 42 positions with the top three accounting for around ~38% of the portfolio. 

Stanley Druckenmiller’s portfolio value decreased 24% from $3.37B to $2.57B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out Trend Following: Learn to Make Millions in Up or Down Markets.



Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2019. For a look at how his portfolio has progressed, see our previous update:




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





Tracking Mick McGuire’s Marcato Capital Management Portfolio – Q3 2019 Update


  • Mick McGuire’s 13F portfolio value decreased from $262M to $127M this quarter. 
  • Marcato Capital Management sold the smaller positions in the portfolio during the quarter. 
  • The portfolio only has four stocks currently: IAC Interactive (IAC), Terex Corp (TEX), DXC Technology (DXC), and FGL Holdings (FG). 

Mick McGuire’s 13F portfolio value decreased ~50% from $262M to $127M this quarter. Most of the smaller positions were eliminated during the quarter and the portfolio now has only four positions: IAC Interactive (IAC), Terex Corp (TEX), DXC Technology (DXC), and FGL Holdings (FG).

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 ~$29.

Below is a spreadsheet that shows the changes to Mick McGuire's Marcato Capital 13F portfolio holdings as of Q3 2019. For a look at how the portfolio has progressed, see our previous update:





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





Tracking Baker Brothers Portfolio – Q3 2019 Update


  • Baker Brothers’ 13F portfolio value decreased marginally from $14.71B to $14.70B this quarter. 
  • The small InVitae (NVTA) position was more than doubled while decreasing Mirati Therapeutics (MRTX) during the quarter. 
  • The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and Acadia (ACAD) and they add up to almost ~55% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/14/2019.

This quarter, Baker Brothers’ 13F portfolio value decreased marginally from $14.71B to $14.70B. The top three holdings are at ~55% while the top five holdings are at 71% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), Acadia Pharma (ACAD), BeiGene (BGNE), and Alexion Pharmaceuticals (ALXN).

The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2019. 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 Guy Spier's Aquamarine Capital Portfolio – Q3 2019 Update


  • Aquamarine Capital’s 13F portfolio value increased from $193M to $198M. 
  • The portfolio value increased by ~2.5% during the quarter. 
  • Berkshire Hathaway and Ferrari N V are the largest two positions. 


Guy Spier’s Aquamarine Capital Portfolio value increased ~2.5% from $193M to $198M during the quarter. The portfolio is very concentrated with just 11 positions. The largest five positions are Berkshire Hathaway (BRK.A), Ferrari NV (RACE), American Express (AXP), Fiat Chrysler Auto (FCAU), and Bank of America (BAC). They together add up to ~73% of the entire portfolio.

Most of the top positions have remained steady in recent quarters. This quarter saw a one-third increase in the Seritage Growth Properties position and a small new stake in Micron Technology.

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2019. 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 Thyra Zerhusen’s Fairpointe Capital Portfolio – Q3 2019 Update


  • Thyra Zerhusen’s 13F portfolio value decreased from $2.5B to $1.97B this quarter. 
  • Fairpointe Capital increased Agilent (A) while decreasing Tegna Inc. (TGNA), Mattel (MAT), and Wabtec (WAB) during the quarter.  
  • The largest three positions are Molson Coors (TAP), Juniper Networks (JNPR), and Tegna Inc. (TGNA). 

Thyra Zerhusen’s 13F portfolio value decreased ~20% from $2.5B to $1.97B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Molson Coors (TAP), Juniper Networks (JNPR), Tegna Inc. (TGNA), Werner Enterprises (WERN), and Quest Diagnostics (DGX), and they together add up to ~19% of the portfolio.


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


Below is a spreadsheet that highlights the changes to Thyra Zerhusen's Fairpointe Portfolio 13F stock portfolio as of Q3 2019. For a look at how the portfolio has progressed, see our previous update:




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




Tracking Robert & Jeffrey Bruce’s Bruce Fund Portfolio – Q3 2019 Update


  • Robert & Jeffrey Bruce’s 13F portfolio value increased from $469M to $482M this quarter. 
  • Bruce Fund increased Bausch Health during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and Allstate (ALL) and they add up to ~29% of the portfolio. 

Robert & Jeffrey Bruce’s 13F portfolio value increased ~3% from $469M to $482M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO (UHAL), Nextera Energy (NEE), Allstate (ALL), CMS Energy (CMS), and Duke Energy (DUK), and 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 2019. 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 2019 Update


  • Michael Price’s 13F portfolio value decreased from $771M to $723M this quarter. 
  • MFP Investors increased Dolby Laboratories (DLB) while decreasing AT&T (T) and FMC Corporation (FMC) during the quarter. 
  • The largest three individual stock positions are Intel Corporation (INTC), Dolby Laboratories (DLB), and S&W Seed Company (SANW) and they add up to ~26% of the portfolio. 

Michael Price’s 13F portfolio value decreased ~6% from $771M to $723M 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), S&W Seed Company (SANW), CIT Group (CIT), and Trinity Place Holdings (TPHS) and they add up to ~34% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q3 2019. For a look at how the portfolio has progressed, see our previous update:




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





Tracking Francis Chou’s Chou Associates Portfolio – Q3 2019 Update


  • Chou’s 13F portfolio value decreased from $214M to $164M during the quarter. 
  • Chou significantly reduced his stakes in the Financials during the quarter. 
  • Berkshire Hathaway at ~29% of the portfolio is the largest position. 

Francis Chou’s Chou Associates portfolio value decreased ~23% from $214M to $164M during the quarter. The portfolio continues to be very concentrated with just 22 positions. Below is a summary:

1. Berkshire Hathaway (BRK.A): The ~29% 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 $339,155.   

2. 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 second-largest position at ~22% of the portfolio. The stock currently trades at $29.42. Chou realized losses and rebuilt the stake at lower prices.

3. Resolute Forest Products (RFP): The ~13% 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 $4.10.


Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2019. 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 – Q3 2019 Update


  • The huge ~$21B portfolio has just 16 positions. 
  • The largest stake, Berkshire Hathaway is at a whopping ~54% of the portfolio. 
  • This quarter saw a ~17% increase in the Berkshire Hathaway stake. 

Gates Foundation portfolio value increased this quarter from $19.83B to $21.23B. 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 16.

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 ~54% 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 ~55M shares. The stake has wavered. Q3 2017 saw a ~15% stake increase as the stock traded between $169 and $184. The stock currently trades at ~$226. Last two quarters had seen ~10% trimmings while this quarter saw a ~17% stake increase.

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 (~10% 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 ~$115.

Canadian National Railway (CNI): CNI is the third-largest stake at ~7% 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 ~$91.

The spreadsheet below shows Gates Foundation’s holdings as of Q3 2019. Please visit our previous updates to get an idea on how the portfolio has progressed:



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





Tracking Michael Burry’s Scion Asset Management Portfolio – Q3 2019 Update


  • Michael Burry’s 13F portfolio value decreased from $94M to $60M this quarter. 
  • Scion Asset Management added GameStop (GME) and Bed Bath & Beyond (BBBY) while dropping Cleveland Cliffs (CLF) and Western Digital (WDC).  
  • The top three positions are GameStop (GME), Tailored Brands (TLRD), and Alphabet (GOOG) and they add up to two-thirds of the portfolio. 

Michael Burry’s 13F portfolio decreased from $94M to $60M this quarter. The portfolio is heavily concentrated with recent 13F reports showing around 10 positions.

Below is a summary:

Alphabet Inc. (GOOG): GOOG is currently the third-largest position at ~16% of the portfolio. It was established in Q2 2016 at prices between $668 and $767 and the stock is now at $1361. There was a ~11% selling this quarter.

In August, it was reported that Scion Asset Management acquired ~3M shares of GameStop (GME) and had urged management to buyback $300M worth of shares using cash-on-hand. The stock was trading at ~$3.75 at the time and currently goes for $5.88.

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 2019. 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 Leon Cooperman’s Omega Advisors Portfolio – Q3 2019 Update


  • Leon Cooperman’s 13F portfolio value remained almost steady at $1.68B this quarter. 
  • Omega Advisors increased Gannet (GCI) (previously New Media Investment) while dropping Nielsen NV during the quarter. 
  • Fiserv (FISV), Alphabet Inc. (GOOG), and United Continental (UAL) are the largest three individual stock positions. 


Leon Cooperman’s 13F portfolio value remained almost steady at $1.68B this quarter. Although the 13F report has ~70 positions, the portfolio is concentrated with the top five holdings accounting for over ~37% of the entire portfolio: Fiserv (FISV), Alphabet Inc. (GOOG), United Continental (UAL), Chimera Investment Corp (CIM), and Cigna Corp (CI).

Note 1: On UAL, Cooperman said in October 2018 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 ~$88.

Note 2: In 2018, Leon Cooperman returned investor’s money as he moved to a Family Office Structure. The fund now manages his own money.

Below is a summary:

Alphabet Inc. (GOOG): GOOG is now the second-largest 13F position at ~8% 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 $1361. H2 2018 saw a ~50% selling at prices between $976 and $1270 while next quarter there was a one-third increase at prices between $1016 and $1232.

Chimera Investment Corp (CIM): CIM is a top five 5.55% of the portfolio stake established in Q4 2018 and built last quarter at prices between $17.90 and $19.40. The stock currently trades at $20.69.

Below is a spreadsheet that shows the changes to Leon Cooperman's Omega Advisors 13F portfolio holdings as of Q3 2019. 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 Thomas Gayner's Markel Portfolio – Q3 2019 Update


  • Gayner’s portfolio increased from $6.50B to $6.62B during the quarter. 
  • Markel increased Goldman Sachs & Illinois Tool Works while reducing Discovery Communications during the quarter. 
  • Berkshire Hathaway at ~10% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value increased ~2% from $6.50B to $6.62B 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 $1161 per share - BV is ~$769 as of Q3 2019.

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2019. Please check out our previous update to have an idea on how the portfolio is progressing:




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





Tracking Charlie Munger's Daily Journal Portfolio – Q3 2019 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 increased ~4% during the quarter. 


Charlie Munger’s Daily Journal portfolio value increased ~4% this quarter from ~$150M to ~$156M. 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) 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.

Below is a look at the holdings:

Wells Fargo (WFC): WFC stake forms ~52% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now at $53.42.

Bank of America (BAC): BAC is another large stake at ~43% of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $34.90.

US Bancorp (USB): USB is a 4.98% of the portfolio position. The stock is at $58.51, around 45% higher compared to the EOY 2013 pricing of ~$40

POSCO (PKX): The minutely small 0.30% portfolio stake was sold down by ~85% in Q4 2014 at prices between $64 and $73. The stock is now at $50.31.

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q3 2019. 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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