Tracking Michael Burry’s Scion Asset Management Portfolio – Q4 2019 Update

• Michael Burry’s 13F portfolio value increased from $60M to $82B this quarter. 
• Scion Asset Management decreased GameStop (GME) while increasing Tailored Brands (TLRD).  
• The top three positions are GameStop (GME), Tailored Brands (TLRD), and Alphabet (GOOG) and they add up to ~47% of the portfolio. 

Michael Burry’s 13F portfolio increased from $60M to $82M this quarter. The portfolio is heavily concentrated with recent 13F reports showing around 10 positions.

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 Q4 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 – Q4 2019 Update

• Leon Cooperman’s 13F portfolio value increased from $1.68B to $1.88B this quarter. 
• Omega Advisors increased Energy Transfer Equity (ETE) and DuPont (DD) while reducing Chimera Investment Corp (CIM) during the quarter. 
• Fiserv (FISV), Alphabet Inc. (GOOG), and Cigna (CI) are the largest three individual stock positions. 

Leon Cooperman’s 13F portfolio value increased ~12% from $1.68B to $1.88B 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), Cigna Corp (CI), United Continental (UAL), and WPX Energy (WPX).

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 ~$26.

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 spreadsheet that shows the changes to Leon Cooperman's Omega Advisors 13F portfolio holdings as of Q4 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 – Q4 2019 Update

• Gayner’s portfolio increased from $6.62B to $7.20B during the quarter. 
• Markel made only minor adjustments to the portfolio this quarter. 
• Berkshire Hathaway at ~11% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value increased ~8% from $6.62B to $7.20B 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 Marriott International (MAR).

Markel Corporation (MKL) is currently trading at around 1.1-times Book Value (BV) at $894 per share - BV is ~$800 as of Q4 2019.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 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 – Q4 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 ~13% this quarter from ~$156M to ~$175M. 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 five 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 ~49% of the entire portfolio. The stock was at $45.40 EOY 2013 during their first 13F filing and is now well below that at $28.34.

Bank of America (BAC): BAC is another large stake at ~46% of the portfolio. The stock was at $15.57 during their first 13F filing for EOY 2013 and is now at $23.25.

US Bancorp (USB): USB is a 4.73% of the portfolio position. The stock is at $35.54 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 $35.70.

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q4 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 Bill & Melinda Gates Foundation Portfolio – Q4 2019 Update

• The huge ~$21B portfolio has just 14 positions. 
• The largest stake, Berkshire Hathaway is at a whopping ~53% of the portfolio. 
• This quarter saw a ~9% trimming in the Berkshire Hathaway stake. 

Gates Foundation portfolio value remained almost steady at ~$21B 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 well over ten times that while the number of positions has gone down to just 14.

To know more about Gates and the Foundation, check-out the book Bill Gates: The Inspirational Life Story of Bill Gates; Businessman, Inventor, and the World's Most Remarkable Philanthropist.

Below is a summary:

Berkshire Hathaway (BRK.B): BRK.B is by far the largest stake at ~53% of the portfolio. The original position is from Q3 2006 at a cost-basis in the mid-60s. The size of the stake peaked at ~87M shares in Q4 2012 and the current position is at ~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 ~$188. H1 2019 had seen ~20% selling while the last two quarters saw a similar 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 ~$100.

Canadian National Railway (CNI): CNI is the third-largest stake at ~8% 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 ~$81.

The spreadsheet below shows Gates Foundation’s holdings as of Q4 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 Price’s MFP Portfolio – Q4 2019 Update

• Michael Price’s 13F portfolio value decreased from $723M to $715M this quarter. 
• MFP Investors decreased Dolby Laboratories (DLB) 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 ~27% of the portfolio. 

Michael Price’s 13F portfolio value decreased marginally from $723M to $715M 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 Bank of California (BANC) and they add up to ~35% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q4 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 – Q4 2019 Update

• Robert & Jeffrey Bruce’s 13F portfolio value increased from $482M to $513M 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 ~27% of the portfolio. 

Robert & Jeffrey Bruce’s 13F portfolio value increased ~6% from $482M to $513M 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), Bausch Health (BHC), and CMS Energy (CMS) and they add up to ~39% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Robert & Jeffrey Bruce's Bruce Fund Holdings US long portfolio holdings as of Q4 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 Thyra Zerhusen’s Fairpointe Capital Portfolio – Q4 2019 Update

• Thyra Zerhusen’s 13F portfolio value decreased one-third from $1.97B to $1.30B this quarter. 
• Fairpointe Capital increased Adtalem Global Education (ATGE) and Corning (GLW) while reducing Molson Coors (TAP), Mattel Inc. (MAT), and Tegna Inc. (TGNA).  
• The largest three positions are Molson Coors (TAP), Mattel Inc. (MAT), and Tegna Inc. (TGNA). 

Thyra Zerhusen’s 13F portfolio value decreased one-third from $1.97B to $1.30B 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), Mattel Inc. (MAT), Tegna Inc. (TGNA), Adtalem Global Education (ATGE), and Teradata Corp (TDC), and they together add up to ~18% of the portfolio.

Below is a spreadsheet that highlights the changes to Thyra Zerhusen's Fairpointe Portfolio 13F stock portfolio as of Q4 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 Guy Spier's Aquamarine Capital Portfolio – Q4 2019 Update

• Aquamarine Capital’s 13F portfolio value increased from $198M to $217M. 
• The portfolio value increased by ~10% during the quarter. 
• Berkshire Hathaway and Ferrari N V are the largest two positions. 

Guy Spier’s Aquamarine Capital Portfolio value increased ~10% from $198M to $217M during the quarter. The portfolio is very concentrated with just 11 positions. The largest five positions are Berkshire Hathaway (BRK.A), Ferrari NV (RACE), Fiat Chrysler Auto (FCAU), American Express (AXP), and Bank of America (BAC). They together add up to ~48% of the entire portfolio.

Most of the top positions have remained steady in recent quarters. This quarter saw no changes to the portfolio.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2019 Update

• Stanley Druckenmiller’s 13F portfolio value increased from $2.57B to $3.41B this quarter. 
• Duquesne added iShares Russell 2K ETF as the largest position during the quarter. 
• Duquesne Family Office portfolio has 60 positions with the top three accounting for around ~22% of the portfolio. 

Stanley Druckenmiller’s portfolio value increased by around one-third from $2.57B to $3.41B 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 Q4 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 John Armitage’s Egerton Capital Portfolio – Q4 2019 Update

• John Armitage’s 13F portfolio value remained steady at $13.96B this quarter. 
• Egerton Capital added UnitedHealth (UNH) and increased FiServ (FISV) while reducing Union Pacific (UNP) and Canadian Pacific (CP). 
• Charter Communications (CHTR), Alibaba Group Holdings (BABA), and Fiserv Inc. (FISV) are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value remained steady at $13.96B this quarter. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Charter Communications (CHTR), Alibaba Group Holdings (BABA), and Fiserv Inc. (FISV), Microsoft Corporation (MSFT), and Union Pacific (UNP), and they add up to ~34% of the entire portfolio.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q4 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 Philippe Laffont’s Coatue Management Portfolio – Q4 2019 Update

• Philippe Laffont’s 13F portfolio value increased from $11.67B to $12.57B this quarter. 
• Coatue Management increased Twitter (TWTR), Nvidia (NVDA), Insulet (PODD), Dynatrace (DT), and Smartsheet (SMAR) during the quarter. 
• The largest three positions are Liberty Broadband (LBRDK), Alibaba Group Holdings (BABA), and ServiceNow (NOW) and they add up to ~21% of the portfolio. 

Philippe Laffont’s 13F portfolio value increased ~8% from $11.67B to $12.57B 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), Alibaba Group Holdings (BABA), ServiceNow (NOW), Facebook Inc. (FB), and Microsoft (MSFT) and they add up to around ~32% 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) 5.74% 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. Last three quarters have seen only minor adjustments. The stock is now at $190.

Liberty Broadband (LBRDK): LBRDK is currently the largest position at ~8% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $126.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 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 – Q4 2019 Update

• Baker Brothers’ 13F portfolio value increased from $14.70B to $18.81B this quarter. 
• Kodiak Sciences stake was increased while decreasing Amarin Corp during the quarter. 
• The top-three positions are Seattle Genetics, Incyte Corporation, and BeiGene and they add up to almost ~55% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 02/14/2020.

This quarter, Baker Brothers’ 13F portfolio value increased ~28% from $14.70B to $18.81B. The top three holdings are at ~55% while the top five holdings are at 70% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Acadia Pharma (ACAD), and Alexion Pharmaceuticals (ALXN).

The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 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 Jeff Smith’s Starboard Value Portfolio – Q4 2019 Update

• Jeff Smith’s 13F portfolio value increased from ~$3B to ~$3.45B this quarter. 
• Starboard Value added doubled eBay while dropping Perrigo plc during the quarter. They also added a large new stake in SPDR S&P 500 ETF. 
• The largest three individual stock positions are SPDR S&P 500 ETF, NortonLifeLock, and Advance Auto Parts and they add up to ~55% of the portfolio.  

Jeff Smith’s 13F portfolio value increased ~15% from ~$3B to ~$3.45B this quarter. The portfolio is very concentrated with recent 13F reports showing around fifteen stakes. The top five positions are SPDR S&P 500 ETF (SPY), NortonLifeLock (NLOK), Advance Auto Parts (AAP), eBay Inc. (EBAY, and Cerner Corporation (CERN). 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 Q4 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 .