Tracking Polen Capital Management’s 13F Portfolio – Q1 2022 Update

  • Polen Capital Management’s 13F portfolio value decreased from $59.53B to $51.27B this quarter. 
  • Adobe, Meta Platforms, and Airbnb were increased while decreasing Alphabet, Zoetis, and Starbucks. 
  • The top three positions are Amazon.com, Alphabet, and Adobe and they add up to ~24% of the portfolio.

 This article is first in a series that provides an ongoing analysis of the changes made to Polen Capital Management’s 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 5/12/2022.

 

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q1 2022:

 



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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q1 2022 Update

  • Paul Singer’s 13F portfolio value decreased from ~$11.3B to ~$10B this quarter. 
  • They added Invesco QQQ Calls while reducing the corresponding short position by reducing Puts. 
  • Howmet Aerospace at ~15% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value decreased from ~$11.3B to ~$10B this quarter. The portfolio is concentrated with top-three positions accounting for around one-third of the portfolio and top-five at ~45%.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses – E2Open Holdings (ETWO), Dell Technologies (DELL), Arconic (ARNC), Peabody Energy (BTU).

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q1 2022:

 

 


 

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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q1 2022 Update

  • Jeffrey Ubben’s 13F portfolio value decreased from ~$977M to ~$969M this quarter. 
  • They increased Ingevity Corp while decreasing Nikola, AppHarvest, and Exxon Mobil. 
  • Enviva at ~43% of the portfolio is by far the largest position. 

 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$977M to ~$969M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q1 2022:

 

 


 

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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q1 2022 Update

  • Pat Dorsey’s 13F portfolio value decreased from ~$1.17B to ~$1.04B this quarter. 
  • They added Roku and increased Meta Platforms & PayPal Holdings. 
  • Meta Platforms at ~16% of the portfolio is the largest position. 

 Pay Dorsey’s Dorsey Asset Management 13F Portfolio value decreased from ~$1.17B to ~$1.04B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~8% of Semrush (SEMR) and ~7% of Poshmark (POSH).

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q1 2022:

 

 


 

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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q1 2022 Update

  • Li Lu’s 13F portfolio value decreased from ~$2.66B to ~$2.38B this quarter. 
  • The portfolio remained untouched during the quarter. 
  • Micron Technology at ~38% of the portfolio is by far the largest position. 

 Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from ~$2.66B to ~$2.38B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

The spreadsheet below highlights changes to Himalaya Capital Management’s 13F holdings in Q1 2022:

 

 

 

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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q1 2022 Update

  • Clifford Sossin’s 13F portfolio value decreased from ~$1.92B to ~$1.49B this quarter. 
  • The Carvana stake was increased during the quarter. 
  • Carvana at roughly one-third of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value decreased from ~$1.92B to ~$1.49B this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

Note: They have large ownership stakes in the following businesses: ~17% of Party City (PRTY), ~11% of World Acceptance (WRLD), 6.4% of Hilton Grand Vacations (HGV), and ~16% of Cardlytics (CDLX).

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q1 2022:

 

 


 

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 Robert Vinall’s RV Capital 13F Portfolio – Q1 2022 Update

  • Robert Vinall’s 13F portfolio value decreased from $386M to $323M this quarter. 
  • The Carvana stake was increased while decreasing Meta Platforms. 
  • Credit Acceptance Corp at roughly one-third of the portfolio is by far the largest position. 

 Robert Vinall’s RV Capital 13F Portfolio value decreased from $386M to $323M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

 

The spreadsheet below highlights changes to RV Capital’s 13F holdings in Q1 2022:

 

 


 

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 Thomas Gayner's Markel Portfolio – Q1 2022 Update

  • Gayner’s portfolio decreased from $8.70B to $8.39B this quarter. 
  • There were only minor adjustments this quarter. 
  • Berkshire Hathaway at ~13% of the portfolio is by far the largest position. 

 Thomas Gayner’s Markel Investment Portfolio value decreased from $8.70B to $8.39B 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, Alphabet, Amazon.com, and Deere.

 

Markel Corporation (MKL) is currently trading at around ~1.35-times Book Value (BV) at ~$995 per share - BV is ~$1340.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q1 2022. 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 Michael Burry’s Scion Asset Management Portfolio – Q1 2022 Update

  •  Michael Burry’s 13F portfolio value increased from $75M to $201M this quarter. 
  • Scion Asset Management added a large short position in Apple through Puts during the quarter.  
  • The top three positions are Alphabet, Apple Puts, and Booking Holdings. 

Michael Burry’s 13F portfolio value increased from $75M this quarter. The portfolio is heavily concentrated with just 12 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 Q1 2022. 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 Charlie Munger's Daily Journal Portfolio – Q1 2022 Update

  • Charlie Munger’s Daily Journal Portfolio has just five positions. 
  • Alibaba Group Holdings stake was reduced by ~50% this quarter. 
  • The portfolio value increased to $259M this quarter. 

 Charlie Munger’s Daily Journal portfolio value decreased from $259M to $213M this quarter. Since their first 13F filing in Q4 2013, there have only been two changes to the holdings: POSCO was reduced significantly in Q4 2014, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those two changes, the portfolio has remained remarkably steady over the last nine 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 Q1 2022. 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 – Q1 2022 Update

  • The huge ~$20B portfolio has 21 positions. 
  • The largest stake, Berkshire Hathaway is at a whopping ~51% of the portfolio. 
  • They decreased Berkshire Hathaway, Caterpillar, and Wal-Mart and dropped Alphabet, Canadian Pacific Railway, and Grupo Televisa SA during the quarter. 

 Gates Foundation portfolio value decreased from ~$23B to ~$20B 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 over 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 Q1 2022. Please visit our previous update 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 – Q1 2022 Update

  • Michael Price’s 13F portfolio value decreased from $905M to $847M this quarter. 
  • MFP Investors added SouthState Corp and increased First Citizens BancShares while dropping Atlantic Capital Bancshares and CIT Group during the quarter. 
  • The largest three individual stock positions are Intel Corporation, Bunge Limited, and  S&W Seed Company, and they add up to ~22% of the portfolio. 

 Michael Price’s 13F portfolio value decreased from $905M to $847M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Intel Corporation, Bunge, S&W Seed Company, Anterix, and First Citizens BancShares. They add up to ~29% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q1 2022. 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 – Q1 2022 Update

  • Robert & Jeffrey Bruce’s 13F portfolio value decreased from $500M to $489M this quarter. 
  • Bruce Fund added AT&T while decreasing AbbVie, Apple, Supernus, & XM Sirius during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and AbbVie and they add up to ~26% of the portfolio.

 Robert & Jeffrey Bruce’s 13F portfolio value decreased from $500M to $489M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, Nextera Energy, AbbVie, Allstate, and CMS Energy. They add up to ~40% 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 Q1 2022. 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 – Q1 2022 Update

  • Aquamarine Capital’s 13F portfolio value increased from $218M to $221M. 
  • The portfolio was untouched this quarter. 
  • Berkshire Hathaway, American Express, and Bank of America are the three largest positions. 

 Guy Spier’s Aquamarine Capital Portfolio value increased from $218M to $221M during the quarter. The portfolio is very concentrated with just 12 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Bank of America (BAC), Mastercard Inc. (MA), and Ferrari NV (RACE). They together add up to ~80% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q1 2022. 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 – Q1 2022 Update

  • John Armitage’s 13F portfolio value decreased from $21.45B to $18.91B this quarter. 
  • Egerton Capital added Alcoa and increased Canadian National Railway, Amazon.com, Linde plc, and Lowes while dropping Shopify and Netflix. 
  • Canadian Pacific, Alphabet, and Microsoft are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value decreased ~12% from $21.45B to $18.91B this quarter. The portfolio is very concentrated with recent 13Fs listing around 27 positions. The largest five individual stock positions are Alphabet, Microsoft Corp, Canadian National Railway, Amazon.com, and CSX Corporation. They add up to ~43% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q1 2022. 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 2021 Update

  • Gayner’s portfolio increased from $7.91B to $8.70B this quarter. 
  • There were only minor adjustments this quarter. 
  • Berkshire Hathaway at ~12% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value increased from $7.91B to $8.70B 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, Alphabet, Home Depot, and Amazon.com.

 

Markel Corporation (MKL) is currently trading at around 1.31-times Book Value (BV) at ~$1353 per share - BV is ~$1035.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2021. 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 Michael Burry’s Scion Asset Management Portfolio – Q4 2021 Update

  • Michael Burry’s 13F portfolio value increased from $42M to $75M this quarter. 
  • Scion Asset Management added Bristol-Myers Squibb, Fidelity National Financial, General Dynamic, and AEA-Bridges Impact while dropping CVS Health and Lockheed Martin this quarter.  
  • The top three positions are Bristol-Myers Squibb, Fidelity National Financial, and General Dynamic. 

 Michael Burry’s 13F portfolio value increased from $42M to $75M this quarter. The portfolio is heavily concentrated with just 6 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 2021. 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 Bill & Melinda Gates Foundation Portfolio – Q4 2021 Update

  • The huge ~$23B portfolio has 21 positions. 
  • The largest stake, Berkshire Hathaway is at a whopping ~44% of the portfolio. 
  • This quarter saw Berkshire Hathaway, Microsoft, and Grupo Televisa SA stake decreased while adding Canadian Pacific Railway and Sanderson Farms. 

 Gates Foundation portfolio value remained almost steady at ~$23B 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 over ten times that while the number of positions has gone down to just 21.

 

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 2021. Please visit our previous update 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 2021 Update

  • Michael Price’s 13F portfolio value increased from $865M to $905M this quarter. 
  • MFP Investors increased Twitter and Trinity Place Holdings while reducing The Bancorp during the quarter. 
  • The largest three individual stock positions are Intel Corporation S&W Seed Company, and Bunge and they add up to ~22% of the portfolio. 

 Michael Price’s 13F portfolio value increased from $865M to $905M 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, Anterix, and CIT Group. They add up to ~29% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q4 2021. 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 2021 Update

  • Robert & Jeffrey Bruce’s 13F portfolio value increased from $471M to $500M this quarter. 
  • Bruce Fund decreased Apple & Amryt Pharma plc during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and AbbVie and they add up to ~28% of the portfolio. 

 Robert & Jeffrey Bruce’s 13F portfolio value increased from $471M to $500M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, Nextera Energy, AbbVie, Bausch Health, and Allstate. They add up to ~43% 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 2021. 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 2021 Update

  •  Aquamarine Capital’s 13F portfolio value increased from $204M to $218M. 
  • The portfolio was untouched this quarter. 
  • Berkshire Hathaway, American Express, and Bank of America are the three largest positions. 

Guy Spier’s Aquamarine Capital Portfolio value decreased from $204M to $218M during the quarter. The portfolio is very concentrated with just 12 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Bank of America (BAC), Mastercard Inc. (MA), and Ferrari NV (RACE). They together add up to ~77% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2021. 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 2021 Update

  • John Armitage’s 13F portfolio value increased from $21.04B to $21.45B this quarter. 
  • Egerton Capital added Lowes and increased Amazon.com and Shopify while reducing Linde plc & Meta Platforms and dropping Comcast. 
  • Alphabet, Canadian Pacific, and Microsoft are the largest three positions in the portfolio. 

 John Arimitage’s 13F portfolio value increased from $21.04B to $21.45B this quarter. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Alphabet, Canadian Pacific, Microsoft Corp, CSX, and Charter Communications. They add up to ~41% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q4 2021. 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 Charlie Munger's Daily Journal Portfolio – Q4 2021 Update

  • Charlie Munger’s Daily Journal Portfolio has just five positions. 
  • Alibaba Group Holdings stake was doubled again this quarter. 
  • The portfolio value increased to $259M this quarter. 

 Charlie Munger’s Daily Journal portfolio value increased from $225M to $259M this quarter. Since their first 13F filing in Q4 2013, there have only been two changes to the holdings: POSCO was reduced significantly in Q4 2014, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those 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 2021. 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 Thomas Gayner's Markel Portfolio – Q3 2021 Update

  • Gayner’s portfolio remained almost steady at $7.91B this quarter. 
  • The stake in Analog Devices saw a substantial increase during the quarter. 
  • Berkshire Hathaway at ~11.70% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value remained almost steady at $7.91B 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, Alphabet, Amazon, and Walt Disney.

 

Markel Corporation (MKL) is currently trading at around 1.26-times Book Value (BV) at ~$1234 per share - BV is ~$981.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2021. 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 Michael Burry’s Scion Asset Management Portfolio – Q3 2021 Update

  •  Michael Burry’s 13F portfolio value decreased from $2.08B to just $42M this quarter as most positions were either reduced or dropped. 
  • Scion Asset Management added Lockheed Martin this quarter.  
  • The top three positions are CVS Health, Lockheed Martin, and Geo Group. 

Michael Burry’s 13F portfolio value decreased from $2.08B to just $42M this quarter. The portfolio is heavily concentrated with just 6 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 Q3 2021. 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 Charlie Munger's Daily Journal Portfolio – Q3 2021 Update

  •  Charlie Munger’s Daily Journal Portfolio has just five positions. 
  • Alibaba Group Holdings stake was almost doubled this quarter. 
  • The portfolio value increased to $225M this quarter. 

Charlie Munger’s Daily Journal portfolio value increased from ~$213M to $225M this quarter. Since their first 13F filing in Q4 2013, there have only been two changes to the holdings: POSCO was reduced significantly in Q4 2014 and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those 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 Q3 2021. 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 – Q3 2021 Update

  • The huge ~$23B portfolio has 21 positions. 
  • The largest stake, Berkshire Hathaway is at a whopping ~46% of the portfolio. 
  • This quarter saw the Berkshire Hathaway stake decreased while adding several smaller stakes. 

 Gates Foundation portfolio value decreased this quarter from ~$24B to ~$23B 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 over ten times that while the number of positions has gone down to just 21.

 

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 Q3 2021. Please visit our previous update 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 – Q3 2021 Update

  • Michael Price’s 13F portfolio value decreased from $910M to $865M this quarter. 
  • MFP Investors added RenaissanceRE Holdings while reducing Kansas City Southern during the quarter. 
  • The largest three individual stock positions are Intel Corporation S&W Seed Company, and Bunge and they add up to ~22% of the portfolio. 

 Michael Price’s 13F portfolio value decreased from $910M to $865M 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, Anterix, and CIT Group. They add up to ~29% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q3 2021. 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 2021 Update

  • Robert & Jeffrey Bruce’s 13F portfolio value decreased from $524M to $471M this quarter. 
  • Bruce Fund decreased AMERCO, Apple, Abbvie, Abbot, and XM Sirius during the quarter. 
  • The largest three individual stock positions are AMERCO, Nextera Energy, and Bausch Health and they add up to ~28% of the portfolio. 

 Robert & Jeffrey Bruce’s 13F portfolio value decreased from $524M to $471M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are AMERCO, Nextera Energy, Bausch Health, Allstate, and Apple. They add up to ~43% 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 2021. 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 – Q3 2021 Update

  • Aquamarine Capital’s 13F portfolio value decreased from $213M to $204M. 
  • The portfolio was untouched this quarter. 
  • Berkshire Hathaway, American Express, and Bank of America are the three largest positions. 

Guy Spier’s Aquamarine Capital Portfolio value decreased from $213M to $204M during the quarter. The portfolio is very concentrated with just 12 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Bank of America (BAC), Mastercard Inc. (MA), and Ferrari NV (RACE). They together add up to ~78% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2021. 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 – Q3 2021 Update

  •  John Armitage’s 13F portfolio value increased from $20.11B to $21.04B this quarter. 
  • Egerton Capital increased Canadian Pacific, Charles Schwab, and Comcast while decreasing Amazon, Netflix, and T-Mobile US. 
  • Alphabet, Canadian Pacific, and Charter Communications are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value increased from $20.11B to $21.04B this quarter. The portfolio is very concentrated with recent 13Fs listing around 30 positions. The largest five individual stock positions are Alphabet, Canadian Pacific, Charter Communications, Microsoft Corp, and Visa. They add up to ~38% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2021. 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 .    

 




Labels

401k ( 15 ) Abad Turtle Beach ( 1 ) Abrams Capital Management ( 5 ) Acoustic Electric Guitars ( 1 ) Acoustic Guitars ( 1 ) ACT ( 1 ) Activist ( 4 ) Address Change ( 2 ) Advanced Placement ( 4 ) air asia ( 2 ) airlines ( 2 ) Akre Capital Management ( 18 ) Alex Roepers ( 5 ) AP ( 4 ) apartments ( 2 ) Appaloosa ( 15 ) ARIUS ( 1 ) Arlington Value Capital ( 3 ) Atlantic Investment Management ( 5 ) Ayemenem ( 1 ) Bangalore ( 3 ) Bangkok ( 2 ) Bannerghatta National Park ( 1 ) barbuda ( 2 ) Battery Park ( 1 ) Baupost ( 2 ) Baupost Group ( 17 ) bay area ( 2 ) BDCs ( 3 ) Benjamin Graham ( 2 ) Benjamin Graham Model ( 2 ) Berijam Lake ( 2 ) Berkshire Hathaway ( 35 ) best sites ( 9 ) Bill & Melinda Gates Foundation ( 34 ) Bill Ackman ( 19 ) Bill Gates ( 33 ) Blue Ridge Capital ( 16 ) Blum Capital Partners ( 12 ) books ( 4 ) Boone Pickens ( 2 ) BP Capital Management ( 2 ) Brave Warrior ( 3 ) Brave Warrior Advisors ( 12 ) british honduras ( 2 ) Bruce Berkowitz ( 19 ) Bruce Fund ( 32 ) Camcorders ( 3 ) canada ( 4 ) cancun ( 3 ) CANROYs ( 7 ) Cantillon ( 12 ) carl icahn ( 9 ) Carl Ichan ( 8 ) casino ( 3 ) Casio ( 2 ) CBRE ( 2 ) CEF ( 2 ) Charles Akre ( 15 ) Charlie Munger ( 33 ) Chase Coleman ( 16 ) Chou Associates ( 29 ) Christmas gifts ( 7 ) Christopher H. Browne ( 7 ) Chuck Akre ( 13 ) Cisco ( 2 ) Class Action Settlements ( 2 ) CLEP ( 1 ) Coatue Management ( 28 ) Cochin ( 2 ) coin collecting ( 266 ) collectibles ( 266 ) Consumer Product Reviews ( 29 ) cook islands ( 2 ) coonoor ( 2 ) Covered Calls ( 2 ) credai ( 4 ) Daily Journal ( 30 ) Dalal Street ( 8 ) Dan Loeb ( 10 ) DAT ( 1 ) David Abrams ( 5 ) David Einhorn ( 22 ) David Swensen ( 17 ) David Tepper ( 15 ) David Winters ( 15 ) DCF ( 2 ) Digital Piano ( 3 ) Dinakar Singh ( 20 ) Donald Yacktman ( 10 ) dry bulk shipping ( 2 ) Duquesne ( 34 ) Education ( 37 ) Edward Lampert ( 21 ) Egerton Capital ( 32 ) Egypt ( 3 ) Elementary Education ( 10 ) Elementary School Textbooks ( 5 ) eReaders ( 2 ) Eric Mindich ( 13 ) ESL Investments ( 14 ) ESPP ( 6 ) ETF ( 2 ) ETN ( 2 ) Eton Park ( 13 ) Everyday Musings ( 58 ) Exam Prep ( 7 ) Exiting the rat race - how to? ( 19 ) EXPLORE ( 1 ) Fair Value Estimates ( 4 ) Fairfax Financial ( 4 ) Fairfax Financial Holdings ( 14 ) Fairholme ( 19 ) Fairpointe ( 28 ) Family Office ( 18 ) FD Laddering ( 1 ) Financial Independence ( 93 ) Fisher Asset Management ( 10 ) Flash Camcorders ( 3 ) flat ( 4 ) flats ( 2 ) Flip ( 3 ) Francis Chou ( 29 ) free ( 17 ) frugal ( 3 ) Frugal Living ( 34 ) Fund Holdings ( 961 ) futures ( 2 ) FVE ( 2 ) gambling ( 3 ) garmin ( 2 ) Genting ( 2 ) george soros ( 27 ) giveaway ( 15 ) Glenn Greenberg ( 16 ) Glenview Capital ( 10 ) GMAT ( 1 ) Google ( 2 ) Gotham Asset Management ( 7 ) gps ( 5 ) GRE ( 1 ) Greenlight Capital ( 22 ) Guitars ( 3 ) Half Marathon ( 2 ) Hawaii ( 2 ) Hedge Funds ( 1046 ) HELOC ( 1 ) High School Education ( 7 ) High School Textbooks ( 6 ) HOA ( 3 ) hobby ( 17 ) holiday shopping ( 7 ) Holidays ( 3 ) Holyland ( 11 ) Home Improvement ( 2 ) home ownership ( 5 ) Homes ( 18 ) Homeschool ( 18 ) Houses ( 2 ) Housing ( 3 ) Hykon ( 2 ) Ian Cumming ( 15 ) Icahn Enterprises ( 6 ) india real estate ( 5 ) Infinuvo ( 6 ) Insurance ( 3 ) invesco ( 17 ) investing strategies ( 3 ) Investment Portfolio ( 96 ) Investment Research ( 10 ) Investments ( 7 ) iRobot ( 5 ) Irving Kahn ( 10 ) israel ( 5 ) Jason Maynard ( 10 ) Jefferies ( 2 ) Jeffrey Bruce ( 33 ) Jeffrey Ubben ( 13 ) Jerusalem ( 2 ) Jim Chanos ( 20 ) Joel Greenblatt ( 7 ) John Armitage ( 33 ) John Griffin ( 16 ) John Paulson ( 17 ) Joho Capital ( 15 ) Jordan ( 3 ) Joseph Steinberg ( 9 ) Julian Robertson ( 4 ) Kahn Brothers ( 10 ) Kakkanad ( 4 ) Kanyakumari ( 2 ) Kawai ( 2 ) Ken Fisher ( 10 ) kerala real estate ( 5 ) Kids ( 49 ) Kids Yamaha ( 3 ) Kindle ( 2 ) kochi ( 8 ) Kodaikanal ( 2 ) Korg ( 2 ) Kraft ( 2 ) Kuala Lumpur ( 2 ) KWA ( 2 ) Kynikos ( 20 ) laptop ( 5 ) Larry Robbins ( 10 ) Las Vegas ( 2 ) Leon Cooperman ( 30 ) Leucadia ( 2 ) Leucadia National ( 13 ) Lone Pine Capital ( 9 ) long ( 6 ) long call ( 2 ) long puts ( 3 ) Lou Simpson ( 15 ) LSAT ( 1 ) Mahabalipuram ( 2 ) Malaysia ( 3 ) Marathon ( 2 ) Mark McGoldrick ( 10 ) Markel ( 22 ) Mason Hawkins ( 4 ) MCAT ( 1 ) Melinda Gates ( 24 ) memorabilia ( 266 ) MFP Investors ( 32 ) Michael Dell ( 22 ) Michael Price ( 34 ) Middle School Education ( 4 ) Middle School Textbooks ( 3 ) Mini Notebook ( 3 ) MODUS ( 1 ) Mohnish Pabrai ( 22 ) mortgage ( 2 ) Mount Kellett ( 10 ) MSD Capital ( 22 ) Music ( 6 ) Mutual Funds ( 8 ) mysore ( 2 ) Nelson Peltz ( 9 ) Netbook ( 4 ) Notebook ( 3 ) numismatics ( 266 ) O-Duster ( 1 ) Oahu ( 2 ) offers ( 2 ) Ole Andreas Halvorsen ( 10 ) Omega Advisors ( 29 ) online tax ( 4 ) ooty ( 2 ) Options ( 4 ) Pabrai Fund ( 17 ) passive income ( 7 ) pattaya ( 2 ) Paulson & Company ( 7 ) Paulson and Company ( 9 ) PEG ( 2 ) Pershing Square ( 19 ) Phil Fisher ( 5 ) philately ( 283 ) Philippe Laffont ( 28 ) Piano ( 9 ) PLAN Test ( 1 ) portfolio ( 4 ) Prem Watsa ( 17 ) product reviews ( 13 ) Property Taxes ( 2 ) PSAT ( 1 ) R2I ( 24 ) R2I Finances ( 3 ) R2I Housing ( 5 ) Raising Kids ( 41 ) Rat Race ( 15 ) RBS Partners ( 19 ) reading ( 5 ) real estate ( 6 ) Reducing Expenses ( 2 ) REIT ( 3 ) Retirement Portfolio ( 9 ) Reviews ( 81 ) Richard C. Blum ( 12 ) Robert Bruce ( 33 ) Robert Karr ( 15 ) Robotic Vacuum ( 4 ) Roland ( 2 ) Roomba ( 10 ) schooling ( 2 ) Sears ( 12 ) seeking alpha ( 2 ) Services - Reviews ( 33 ) Seth Klarman ( 19 ) Shipping ( 5 ) Shopping ( 3 ) short ( 5 ) short calls ( 2 ) short put ( 2 ) short puts ( 2 ) short selling ( 13 ) Ski ( 5 ) Sled ( 4 ) Solar Stocks ( 13 ) Soros Fund Management ( 14 ) Southeastern Asset Management ( 4 ) Southwest ( 2 ) spin-offs ( 2 ) SQ Advisors ( 15 ) stamp collecting ( 283 ) Stanley Druckenmiller ( 33 ) Statue of Liberty ( 2 ) Stephen Mandel ( 9 ) Stock Analysis ( 84 ) Stock Investments ( 4 ) Stock Portfolio Updates ( 6 ) stocks ( 3 ) summer ( 2 ) tax ( 7 ) TaxAct ( 3 ) TaxCut ( 1 ) Teacher's Editions ( 5 ) Technology ( 5 ) Test Prep ( 11 ) Thailand ( 3 ) Thekkady ( 2 ) theme park ( 2 ) Third Point ( 10 ) Thomas Gayner ( 33 ) Thyra Zerhusen ( 29 ) Tiger Cub ( 34 ) Tiger Global ( 17 ) Tiger Management ( 13 ) Time Square ( 2 ) TOEFL ( 1 ) TPG-Axon ( 20 ) Travel ( 278 ) Travel Reviews ( 82 ) Trian Fund Holdings ( 9 ) trip report ( 21 ) TurboTax ( 3 ) Tweedy Browne ( 10 ) Vacations ( 28 ) value investing ( 25 ) ValueAct ( 5 ) ValueAct Holdings ( 6 ) Vancouver ( 2 ) Video ( 3 ) Viking Global ( 10 ) Wallace Weitz ( 10 ) Warren Buffett ( 32 ) Wayanad ( 4 ) Weitz Investment Management ( 9 ) wilbur ross ( 17 ) William Von Mueffling ( 12 ) Wintergreen Advisors ( 15 ) Yacktman Asset Management ( 10 ) Yale Endowment ( 17 ) Yale University ( 7 ) Yamaha ( 7 ) YDP ( 1 ) YPG ( 1 )