Tracking Baker Brothers Portfolio – Q4 2020 Update

  • Baker Brothers’ 13F portfolio value increased from $25.03B to $26.54B this quarter. 
  • The large stake in BeiGene was decreased during the quarter. 
  • The top three positions are Seattle Genetics, BeiGene, and Incyte Corporation and they add up to almost ~53% 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 2/16/2021.

 

This quarter, Baker Brothers’ 13F portfolio value increased ~6% from ~$25.03B to ~$26.54B. The top three holdings are at ~53% while the top five holdings are at ~69% of the 13F assets: Seattle Genetics (SGEN), BeiGene (BGNE), Incyte Corporation (INCY), Acadia Pharma (ACAD), and Kodiak Sciences (KOD).

 

The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2020. 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2020 Update

  • Stanley Druckenmiller’s 13F portfolio value increased from $3.44B to $3.71B this quarter. 
  • Duquesne increased Palo Alto Networks, Walt Disney, and Carvana while dropping Alibaba Group Holdings & Netflix during the quarter. 
  • The top three positions are at 32% of the portfolio. 

 Stanley Druckenmiller’s portfolio value increased 7.78% from $3.44B to $3.71B 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 2020. 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 Michael Burry’s Scion Asset Management Portfolio – Q4 2020 Update

  • Michael Burry’s 13F portfolio value decreased from $330M to $225M this quarter. 
  • Scion Asset Management added CVS Health and increased Western Digital during the quarter.  
  • The top three positions are Citigroup, Pfizer, and Kraft Heinz and they add up to ~38% of the portfolio. 

 Michael Burry’s 13F portfolio decreased from $330M to $225M this quarter as they sold several large positions including Alphabet and CVS Health. The portfolio is heavily concentrated with recent 13F reports showing around 20 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 2020. 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 2020 Update

  •  Leon Cooperman’s 13F portfolio value increased from $1.02B to $1.39B this quarter. 
  • Omega Advisors MP Materials during the quarter. 
  • Mr. Cooper Group, Fiserv, and Alphabet are the largest three individual stock positions. 

Leon Cooperman’s 13F portfolio value increased ~37% from $1.02B to $1.39B this quarter. Although the 13F report has ~70 positions, the portfolio is concentrated with the top five holdings accounting for over ~39% of the entire portfolio: Mr. Cooper Group, Fiserv, Alphabet, Cigna, and Trinity Industries.

 

Note: 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 2020. 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 2020 Update

  • Gayner’s portfolio increased from $5.89B to $6.71B this quarter. 
  • Rollins stake was increased while decreasing Mohawk Industries during the quarter. 
  • Berkshire Hathaway at ~11% of the portfolio is by far the largest position. 

 Thomas Gayner’s Markel Investment Portfolio value increased from $5.89B to $6.71B this quarter. The portfolio continues to have around 100 different positions although only around 50 are significantly large (more than 0.5% of the portfolio each). The top-five stakes are Berkshire Hathaway, Brookfield Asset Management, Walt Disney, Amazon.com, and Alphabet.

 

Markel Corporation (MKL) is currently trading at around 1.32-times Book Value (BV) at ~$1172 per share - BV is ~$886 as of Q4 2020.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2020. 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 2020 Update

  • Charlie Munger’s Daily Journal Portfolio has just five positions. 
  • The portfolio has been largely untouched since their first 13F filing for Q4 2013. 
  • This quarter saw a ~19% stake built in Alibaba Group Holdings. 

 Charlie Munger’s Daily Journal portfolio value more than doubled this quarter from ~$98M to ~$197M. Since their first 13F filing in Q4 2013, there had only been one change to the holdings: POSCO was reduced significantly in Q4 2014. This quarter saw another change with a ~19% position initiated in Alibaba Group Holdings. After accounting for these two changes, the portfolio has remained remarkably steady over the last seven years. To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

 

Regarding the origins of this portfolio in 2009, Charlie Munger said the following during Daily Journal’s (DJCO) 2018 AGM Q&A: “In addition to Daily Journal's businesses, we have a great bundle of securities and want to dispel again that this is not some minor version of Berkshire. We have a bundle, because we bought them at a time when we preferred to own them to holding cash and had a lot of extra liquidity on hand that came to us by accident. The chances of more gains like what we have done in the last four or five years is zero. Oh, well we will have a big gain next quarter, because of a deferred tax reduction from the Trump tax code change, so we will look like a genius for one more quarter, I suppose.” The cost-basis of the positions acquired at the time was $63.4M.

 

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q4 2020. 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 2020 Update

  • The huge ~$22B portfolio has just 18 positions. 
  • The largest stake, Berkshire Hathaway is at a whopping ~44% of the portfolio. 
  • This quarter saw a ~40% increase in the Schrodinger stake. 

Gates Foundation portfolio value increased marginally this quarter from ~$22.08B to ~$22.34B this quarter. Over the years, the portfolio has become extremely concentrated. In their first 13F filing in 2002, they had about 27 positions and the total portfolio value was ~$1.8B. Currently, the portfolio is around ten times that while the number of positions has gone down to just 18.

 

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

 

The spreadsheet below shows Gates Foundation’s holdings as of Q4 2020. 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 2020 Update

  • Michael Price’s 13F portfolio value increased from $551M to $649M this quarter. 
  • MFP Investors added W R Grace and increased Franklin Resources during the quarter. 
  • The largest three individual stock positions are Intel Corporation S&W Seed Company, and Bunge and they add up to ~27% of the portfolio. 

 Michael Price’s 13F portfolio value increased from $551M to $649M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Intel Corporation S&W Seed Company, Bunge, Dolby Laboratories, and CIT Group. 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 Q4 2020. 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 2020 Update

  • Robert & Jeffrey Bruce’s 13F portfolio value increased from $483M to $519M this quarter. 
  • Bruce Fund added Chiasma during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and Apple and they add up to ~27% of the portfolio. 

 Robert & Jeffrey Bruce’s 13F portfolio value increased from $483M to $519M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, Nextera Energy, Apple, Allstate, and Abbvie. They add up to ~41% 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 2020. 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 2020 Update

  • Thyra Zerhusen’s 13F portfolio value decreased from $624M to $544M this quarter. 
  • Fairpointe Capital Western Digital and Biogen during the quarter.  
  • The largest three positions are Tegna, Juniper Networks, and Mattel.

 Thyra Zerhusen’s 13F portfolio value decreased from $624M to $544M this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Tegna, Juniper Networks, Mattel, Corning, and Charles Schwab. They together add up to ~19% of the portfolio.

 

Below is a spreadsheet that highlights the changes to Thyra Zerhusen's Fairpointe Portfolio 13F stock portfolio as of Q4 2020. 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 2020 Update

  •  Aquamarine Capital’s 13F portfolio value increased from $152M to $171M.
  • Micron Technology stake was increased by roughly two-thirds this quarter.
  • Berkshire Hathaway, American Express, and Mastercard are the three largest positions.

Guy Spier’s Aquamarine Capital Portfolio value increased from $152M to $171M during the quarter. The portfolio is very concentrated with just 11 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Mastercard Inc. (MA), Bank of America (BAC), and Ferrari NV. They together add up to ~78% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2020. 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 John Armitage’s Egerton Capital Portfolio – Q4 2020 Update

  • John Armitage’s 13F portfolio value increased ~9% from $16.19B to $17.66B this quarter.
  • Egerton Capital increased Alphabet, Visa, and Netflix while dropping Alibaba Group Holdings & Union Pacific during the quarter.
  • Alphabet, Charter Communications, and Canadian Pacific are the largest three positions in the portfolio.

John Arimitage’s 13F portfolio value increased ~9% from $16.19B to $17.66B this quarter. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Alphabet, Charter Communications, Canadian Pacific, Microsoft Corp, and T-Mobile US. They add up to ~31% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q4 2020. 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 2020 Update

  • Philippe Laffont’s 13F portfolio value increased $19.05B to $26.73B this quarter.
  • Coatue Management added DoorDash and increased Uber Technologies during the quarter.
  • The largest three positions are Walt Disney, PayPal Holdings, and Tesla and they add up to ~19% of the portfolio. 

Philippe Laffont’s 13F portfolio value increased ~40% from $19.05B to $26.73B this quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are Walt Disney, PayPal Holdings, Tesla, Square, and Sunrun. They add up to around ~29% 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 spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2020. 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 – Q4 2020 Update

  • Jeff Smith’s 13F portfolio value increased from ~$3.37B to $3.93B this quarter.
  • Starboard Value added ON Semiconductor Corp while dropping SPDR S&P 500 Index ETF this quarter.
  • The largest three individual stock positions are Corteva, NortonLifeLock, and Aecom. They add up to ~35% of the portfolio. 

Jeff Smith’s 13F portfolio value increased ~17% from ~$3.37B to ~$3.93B this quarter. The portfolio is very concentrated with recent 13F reports showing around twenty stakes. The top five positions are Corteva, NortonLifeLock, Aecom, ACI Worldwide, and ON Semiconductor. They add up to ~52% of the portfolio.

 

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q3 2020. 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 .    

 



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