Tracking Polen Capital Management’s 13F Portfolio – Q3 2023 Update

  • Polen Capital Management’s 13F portfolio value decreased from ~$40B to ~$38B this quarter. 
  • Amazon.com (AMZN) and DocuSign (DOCU) were decreased while adding Novo-Nordisk (NVO). 
  • The top three positions are Amazon.com, Alphabet, and Netflix, and they add up to ~26% of the portfolio. 

Polen Capital Management’s 13F portfolio value decreased from ~$40B to ~$38B this quarter. Their largest five positions are Amazon.com (AMZN), Alphabet (GOOG), Netflix (NFLX), Microsoft (MSFT), and ServiceNow (NOW). They add up to ~38% of the portfolio.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q3 2023. Please lookup our previous update to see 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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q3 2023 Update

  • Paul Singer’s 13F portfolio value increased from $11.36B to $12.92B this quarter. 
  • They decreased Howmet Aerospace (HWM) while adding several smaller positions. 
  • Triple Flag Precious Metal at ~14% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value increased from $11.36B to $12.92B this quarter. The portfolio is concentrated with top three positions accounting for around ~33% of the portfolio and top-five at ~45%.

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q3 2023. Please lookup our previous update to see 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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q3 2023 Update

  • Jeffrey Ubben’s 13F portfolio value decreased from $1.07B to $1.01B this quarter. 
  • They added Bio Rad Labs (RIO) and increased Exxon Mobil (XOM) this quarter. 
  • Exxon Mobil (XOM) at ~21% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$1.07B to ~$1.01B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q3 2023. Please lookup our previous update to see 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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q3 2023 Update

  • Pat Dorsey’s 13F portfolio value increased from $755M to $766M this quarter. 
  • They added Dollar General (DG) and increased Alphabet (GOOG), PayPal (PYPL), and Herc Holdings (HEI) 
  • Meta Platforms at ~18% of the portfolio is the largest position. 

Pat Dorsey’s Dorsey Asset Management 13F Portfolio value increased from ~$755M to ~$766M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q3 2023. Please lookup our previous update to see 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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q3 2023 Update

  • Li Lu’s 13F portfolio value increased from $1.79B to $1.82B this quarter. 
  • The portfolio remained steady during the quarter. 
  • Alphabet at ~40% of the portfolio is by far the largest position. 

Li Lu’s Himalaya Capital Management 13F Portfolio value increased from $1.79B to $1.82B 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 Q3 2023. Please lookup our previous update to see 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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q3 2023 Update

  • Clifford Sossin’s 13F portfolio value increased from $657M to $780M this quarter. 
  • The portfolio remained steady this quarter. 
  • Carvana (CVNA) at ~37% of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value increased from $657M to $780M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

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

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q3 2023. Please lookup our previous update to see 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 Robert Vinall’s RV Capital 13F Portfolio – Q3 2023 Update

  • Robert Vinall’s 13F portfolio value increased from $307M to $328M this quarter. 
  • They added PDD Holdings (PDD) during the quarter. 
  • Meta Platforms (META) at ~25% of the portfolio is by far the largest position. 

Robert Vinall’s RV Capital 13F Portfolio value increased from $307M to $328M 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 Q3 2023. Please lookup our previous update to see 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 2023 Update

  • Gayner’s portfolio decreased from $8.40B to $8.30B this quarter. 
  • Several positions saw minor increases during the quarter. 
  • Berkshire Hathaway (BRK.A) at ~14% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel (MKL) Investment Portfolio value decreased from $8.40B to $8.30B this quarter. The portfolio continues to have around 100 different positions although only around 30 are significantly large (more than ~1% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), Deere (DE), Home Depot (HD), and Brookfield (BN).

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2023. 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 2023 Update

  • Michael Burry’s 13F portfolio value is at $99M this quarter. 
  • Scion Asset Management dropped the large nominal Puts this quarter.  
  • The turnover and overall insanity in Michael Burry’s 13F reports continue. 

Michael Burry’s 13F portfolio value is at $99M this quarter. To know more about Dr. Michael Burry, check out the book The Big Short: Inside the Doomsday Machine by Michael Lewis.

 

Below is a spreadsheet that shows the changes to Michael Burry's Scion Asset Management US long portfolio holdings as of Q3 2023. 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 2023 Update

  • Charlie Munger’s Daily Journal (DJCO) Portfolio has just four positions. 
  • The positions were untouched this quarter. 
  • The portfolio value increased from $161M to $159M this quarter. 

Charlie Munger’s Daily Journal portfolio value decreased from $161M to $159M this quarter. Since their first 13F filing in Q4 2013, there have only been three changes to the holdings: POSCO was reduced significantly in Q4 2014 and dropped later on, and a large position was initiated in Alibaba Group Holdings in Q4 2020. After accounting for those changes, the portfolio has remained remarkably steady over the last ten 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 2023. 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 2023 Update

  • The huge ~$39B portfolio has just 23 positions. 
  • The largest stake, Microsoft Corporation is at ~32% of the portfolio. 
  • They decreased Berkshire Hathaway (BRK.A) this quarter. 

Gates Foundation portfolio value decreased from $42B to $39B this quarter. Over the years, the portfolio has become extremely concentrated. In their first 13F filing in 2002, they had about 27 positions and the total portfolio value was ~$1.8B. Currently, the portfolio is around fifteen times that while the number of positions has gone down to just 23.

 

To know more about Gates and the Foundation, check-out the book 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 2023. 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 2023 Update

  • Michael Price’s 13F portfolio value decreased from $291M to $173M this quarter. 
  • MFP Investors dropped Anterix (ATEX), Dolby Laboratories (DLB), and several other smaller stakes this quarter. 
  • The largest three individual stock positions are Bunge Limited (BG), S&W Seed Company (SANW), and Laboratory Corp (LH), and they add up to ~30% of the portfolio. 

Michael Price’s 13F portfolio value decreased from $291M to $173M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Bunge (BG), S&W Seed Company (SANW), Laboratory Corp (LH), Calumet Specialty (CLMT), and Great Lakes Dredge and Dock (GLDD). They add up to around 40% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q3 2023. 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 2023 Update

  • Robert & Jeffrey Bruce’s 13F portfolio value decreased from $356M to $293M this quarter. 
  • Bruce Fund decreased the top positions significantly this quarter. 
  • The largest three individual stock positions are U-Haul (UHAL), AbbVie (ABBV), and Merck (MRK), and they add up to ~26% of the portfolio. 

Robert & Jeffrey Bruce’s 13F portfolio value decreased from $356M to $293M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are U-Haul (UHAL), AbbVie (ABBV), Merck (MRK), Xel Energy (XEL), and CMS Energy (CMS). 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 Q3 2023. 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 2023 Update

  • John Armitage’s 13F portfolio value decreased from $9.70B to $8.62B this quarter. 
  • Egerton Capital increased Meta Platforms (META) and Cenovus Energy (CVE) while reducing Canadian National Railway (CNI). 
  • Canadian Pacific (CP), Canadian National Railway (CNI), and Visa (V) are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value increased ~5% from $9.26B to $9.70B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Canadian Pacific (CP), Visa (V), Meta Platforms (META), Alphabet (GOOG), and Schlumberger (SLB). They add up to ~45% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q3 2023. 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 David Rolfe’s Wedgewood Partners Portfolio – Q3 2023 Update

  • Wedgewood Partners’ 13F portfolio value decreased from ~$590M to ~$418B this quarter. 
  • They added O’Reilly Auto (ORLY) and increased Copart (CPRT) while decreasing all other positions. 
  • Their top five positions are at 40% of the overall portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Wedgewood Partners’ 13F stock portfolio on a quarterly basis. It is based on David Rolfe’s regulatory 13F Form filed on 11/14/2023. The 13F portfolio value decreased from $590M to $418M this quarter. The holdings are concentrated with recent 13F reports showing around 30 positions. There are 19 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Meta Platforms (META), Alphabet (GOOG), Apple (AAPL), Motorola Solutions (MSI), and Visa (V). They add up to ~40% of the portfolio. Please visit our Tracking David Rolfe’s Wedgewood Partners Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q2 2023. Wedgewood has generated significant alpha since its 1992 inception. David Rolfe also sub-advises Riverpark/Wedgewood Fund (RWGIX) (RWGFX) as portfolio manager, a mutual fund incepted in 2010.

 

 

The spreadsheet below highlights changes to David Rolfe’s US stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Wedgewood Partners’ 13F filings for Q2 2023 and Q3 2023.




Tracking Wallace Weitz’s Weitz Investment Management Portfolio – Q3 2023 Update

  • Wallace Weitz's 13F portfolio value decreased from $1.88B to $1.82B this quarter. 
  • Weitz Investment Management added Equifax (EFX) and Microchip (MCHP) while decreasing Markel (MKL) and Fidelity National Information Services (FIS). 
  • The top three positions are Alphabet (GOOG), Berkshire Hathaway (BRK.A), and Visa (V). They add up to ~19% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Wallace Weitz’s 13F portfolio on a quarterly basis. It is based on Weitz’s regulatory 13F Form filed on 11/13/2023. Please visit our Tracking Wallace Weitz’s Weitz Investment Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q2 2023.

 

This quarter, Weitz’s 13F portfolio value decreased from $1.88B to $1.82B.The top three positions are at ~19% while the top five holdings are at ~28% of the 13F assets. The largest stake is Alphabet (GOOG)  at 7.13% of the portfolio. Weitz Investment Management’s equity funds are Weitz Partners Value Fund (WPVLX), Weitz Value Fund (WVALX), Weitz Partners III Opportunity Fund (WPOIX), and Weitz Hickory Fund (WEHIX). 

 

 

The spreadsheet below highlights changes to Weitz’s 13F stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Weitz Investment Management's 13F filings for Q2 2023 and Q3 2023.




Tracking Gardner Russo & Quinn Portfolio – Q3 2023 Update

  • Gardner Russo & Quinn’s 13F portfolio value decreased from $10.12B to $9.17B. 
  • Russo decreased Cable One  (CABO) and Unilever NV (UN) significantly this quarter. 
  • The top three 13F stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), and MasterCard (MA). They add up to ~36% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Gardner Russo & Quinn’s 13F stock portfolio on a quarterly basis. It is based on Russo’s regulatory 13F Form filed on 11/14/2023. Please visit our Tracking Gardner Russo & Quinn Portfolio series to get an idea of their investment philosophy and our last update for their moves during Q2 2023.

 

This quarter, Gardner Russo & Quinn’s 13F stock portfolio value decreased ~9% from $10.12B to $9.17B. The top three holdings are at ~36% of the portfolio while the top five are at ~52% of the assets: Berkshire Hathaway, Alphabet, MasterCard, Nestle, and Compagnie Financière Richemont. Recent 13F reports have shown around 100 positions with around 19 stakes that are significantly large. The focus of this article is on the larger positions.

 

Note: Russo’s portfolio on its own should not be viewed as an overall asset allocation plan as his clients look at his firm to allocate a portion of their assets to his focus area (global equities with consumer orientation).

 

 

The spreadsheet below highlights changes to Gardner Russo & Quinn’s 13F stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Gardner Russo & Quinn’s 13F filings for Q2 2023 and Q3 2023.




Tracking Larry Robbins’ Glenview Capital Management Portfolio – Q3 2023 Update

  • Glenview Capital Management’s 13F portfolio value remained at ~$4.4B this quarter. 
  • They increased Fiserv (FI) and Amazon.com (AMZN) while reducing Cigna (CI) and Global Payments (GPN). 
  • The top three stakes are Cigna (CI), SPDR S&P 500 Index ETF (SPY) Puts, and Tenet Healthcare (THC). They add up to ~33% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Larry Robbins’ 13F portfolio on a quarterly basis. It is based on Robbins’ regulatory 13F Form filed on 11/14/2023. Please visit our Tracking Larry Robbins’ Glenview Capital Management Portfolio article for an idea on his investment philosophy and our previous update for the fund’s moves during Q2 2023.

 

This quarter, Robbins’ 13F portfolio value remained almost steady at ~$4.4B. There are 30 positions that are significantly large. The spreadsheet below lists those larger positions individually. The top five stakes are Cigna (CI), SPDR S&P 500 Index ETF (SPY) Puts, Tenet Healthcare (THC), United Health Services (UHS), and Global Payments (GPN). Together they are at ~43% of the 13F assets.

 

 

The spreadsheet below highlights changes to Robbins’ 13F stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Glenview Capital Management’s 13F filings for Q2 2023 and Q3 2023.

 




Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio – Q3 2023 Update

  • Glenn Greenberg’s 13F portfolio value increased from $3.78B to $4B this quarter. 
  • Brave Warrior Advisors increased Elevance Health (ELV) and Lennar (LEN) while reducing Lithia Motors (LAD) and Apollo Global (APO).  
  • The largest three positions are Elevance Health (ELV), Apollo Global (APO), and Primerica (PRI) and they add up to ~43% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Glenn Greenberg’s 13F portfolio on a quarterly basis. It is based on Greenberg’s regulatory 13F Form filed on 11/14/2023. Please visit our Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio series to get an idea of his investment philosophy and our previous update for the fund's moves during Q2 2023.    

 

This quarter, Greenberg’s 13F portfolio value increased from $3.78B to $4B. The top three holdings represent around 43% of the portfolio while the top five are at 60%. The largest position is Elevance Health which is at ~18% of the portfolio.

 

 

The spreadsheet below highlights changes to Greenberg’s 13F stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Brave Warrior’s 13F filings for Q2 2023 and Q3 2023.

 




Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q3 2023 Update

  • Nelson Peltz’s 13F portfolio value increased from $3.88B to $6.57B this quarter. The number of positions increased from 8 to 9. 
  • Trian Fund Management increased Walt Disney (DIS) and added Allstate (ALL). 
  • The top three positions are Walt Disney (DIS), Ferguson plc (FERG), and Janus Henderson Group (JHG). They add up to ~67% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Nelson Peltz’s 13F portfolio on a quarterly basis. It is based on Peltz’s regulatory 13F Form filed on 11/15/2023. Please visit our Tracking Nelson Peltz’s Trian Fund Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q2 2023.

 

This quarter, Peltz’s 13F portfolio value increased from $3.88B to $6.57B. The number of holdings increased from 8 to 9. The top three holdings are at ~67% of the 13F stock portfolio: Walt Disney (DIS), Ferguson plc (FERG), and Janus Henderson Group (JHG). To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations

 

Note: Trian Fund has a 1.5% ownership stake in London listed Unilever PLC (UL). The activist position was acquired last January and Nelson Peltz was appointed to the board on May 31st.

 

 

The spreadsheet below highlights changes to Peltz’s 13F stock holdings in Q3 2023:

 

 


Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q2 2023 and Q3 2023.

 




Tracking Robert Karr’s Joho Capital Portfolio – Q3 2023 Update

  • Robert Karr's 13F portfolio value decreased from $498M to $444M this quarter. 
  • Joho Capital added Dutch Bros (BROS) and increased Uber (UBER) while dropping Euronet Worldwide (EEFT) and Livent (LVHM).    
  • The top three positions are Microsoft (MSFT), Quanta Services (PWR), and Uber Technologies (UBER). They add up to ~65% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Robert Karr’s 13F stock portfolio on a quarterly basis. It is based on Karr’s regulatory 13F Form filed on 11/14/2023. Please visit our Tracking Robert Karr’s Joho Capital Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q2 2023.

 

This quarter, Karr’s 13F stock portfolio value decreased from ~$498M to ~$444M. The number of holdings decreased from 19 to 16. The top three positions represent ~65% of the 13F assets: Microsoft (MSFT), Quanta Services (PWR), and Uber Technologies (UBER). 

 

Robert Karr was one of the most successful among the “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). Although his main expertise is Asian equities, ~30% of the assets are typically in US listed 13F securities. The fund (1996 inception) closed to outside money and became a Family Office in 2014. To know more about Robert Karr and "tiger cubs", check out the book Julian Robertson: A Tiger in the Land of Bulls and Bears.  

 

 

The spreadsheet below highlights changes to Karr’s 13F stock holdings in Q3 2023:

 

 


Source: John Vincent. Data constructed from Joho Capital’s 13F filings for Q2 2023 and Q3 2023.



Tracking ValueAct Portfolio – Q3 2023 Update

  • ValueAct’s 13F portfolio value decreased from $6.43B to $4.45B this quarter. 
  • ValueAct decreased most of their existing stakes during the quarter. 
  • The top three positions are Fiserv (FI), Salesforce.com (CRM), and KKR (KKR), and they add up to ~51% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to ValueAct’s 13F stock portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 11/14/2023. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q2 2023.

 

This quarter, ValueAct’s 13F portfolio value decreased ~31% from $6.43B to $4.45B. The number of holdings increased from 9 to 12. The top three positions are at ~51% while the top five are at ~77% of the 13F assets. The largest position is Fiserv which is at ~19% of the portfolio. To know more about ValueAct’s activist style of value investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

 

Note 1: Jeffrey Ubben retired from ValueAct last June to launch Inclusive Capital Partners (climate change and social inequity focus). Many of the stakes previously in the ValueAct portfolio are now managed by Inclusive Capital Partners.

 

Note 2: It was reported in April 2020 that ValueAct has built a 2.6M share (~2% of the business, ~$1.1B) stake in Nintendo (NTDOY).

 

 

The spreadsheet below highlights changes to ValueAct’s 13F stock holdings in Q3 2023:

 

 


Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q1 2023 and Q3 2023.

 



Tracking Kahn Brothers Portfolio – Q3 2023 Update

  • Kahn Brothers’ 13F portfolio value decreased from ~$682M to ~$641M this quarter. 
  • Most of the stakes saw minor adjustments during the quarter. 
  • The portfolio continues to be very concentrated with the top five positions accounting for ~50% of the 13F holdings. 

This article is part of a series that provides an ongoing analysis of the changes made to Kahn Brothers’ 13F stock portfolio on a quarterly basis. It is based on Kahn Brothers’ regulatory 13F Form filed on 11/14/2023. Please visit our Tracking Kahn Brothers Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q2 2023.

 

This quarter, Kahn Brothers’ 13F portfolio value decreased ~6% from ~$682M to ~$641M. The largest individual stock position is New York Community Bancorp (NYCB) which accounts for ~11% of the portfolio. The largest five positions are New York Community Bancorp (NYCB), BP plc (BP), Merck (MRK), Assured Guaranty (AGO), and Patterson-UTI Energy (PTEN). Together, they account for ~50% of the 13F portfolio.

 

Irving Kahn was a disciple of Benjamin Graham and is the author of "Benjamin Graham The Father of Financial Analysis". He was by far the oldest protégé (died 2/26/2015 at age 109) and one of the closest followers of the original teachings of Benjamin Graham.

 

 

The spreadsheet below highlights changes to Kahn’s 13F stock holdings in Q3 2023:

 

 


 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q2 2023 and Q3 2023.

 




Tracking Jeff Smith’s Starboard Value Portfolio – Q3 2023 Update

  • Jeff Smith’s 13F portfolio value decreased from $4.63B to $3.90B this quarter. 
  • Starboard Value added Bloomin’ Brands (BLMN) while dropping Splunk (SPLK) and Willis Towers Watson (WTW).  
  • The largest three individual stock positions are GoDaddy (GDDY), Humana (HUM), and Salesforce.com (CRM). They add up to ~39% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Starboard Value’s 13F stock portfolio on a quarterly basis. It is based on Jeff Smith’s regulatory 13F Form filed on 11/14/2023. The 13F portfolio value decreased ~16% from $4.63B to $3.90B. The holdings are concentrated with recent 13F reports showing around 40 positions, many of which are very small. The largest five stakes are GoDaddy (GDDY), Humana (HUM), Salesforce.com (CRM), Wix.com (WIX), and Algonquin Pwr Utils (AQN). They add up to ~58% of the portfolio. Please visit our Tracking Jeff Smith’s Starboard Value Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q2 2023.

 

Jeff Smith founded Starboard Value in March 2011 after being with Ramius LLC, a subsidiary of the Cowen Group since 1998. His game plan is investing in undervalued companies and then engaging in activism to unlock value.

 

 

Below is a spreadsheet that shows the changes to Jeff Smith's Starboard Value 13F portfolio holdings as of Q3 2023:

 

 

 


 

Source: John Vincent. Data constructed from Starboard’s 13F filings for Q2 2023 and Q3 2023.



Tracking Polen Capital Management’s 13F Portfolio – Q2 2023 Update

  • Polen Capital Management’s 13F portfolio value increased from $37.93B to $40.33B this quarter. 
  • PayPal (PYPL) was increased while decreasing Microsoft (MSFT), Salesforce.com (CRM), Autodesk (ADSK), and Gartner (IT). 
  • The top three positions are Amazon.com, Netflix, and Alphabet, and they add up to ~28% of the portfolio. 

Polen Capital Management’s 13F portfolio value increased from $37.93B to $40.33B this quarter. Their largest five positions are Amazon.com (AMZN), Netflix (NFLX), Alphabet (GOOG), Microsoft (MSFT), and ServiceNow (NOW). They add up to ~40% of the portfolio.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q2 2023. Please lookup our previous update to see 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 Paul Singer’s Elliott Investment Management 13F Portfolio – Q2 2023 Update

  • Paul Singer’s 13F portfolio value decreased from ~$13.51B to ~$11.36B this quarter. 
  • They increased Suncor Energy (SU) and short exposure to financial using Select Sector SPDR Financial (XLF) Puts while almost eliminating Nasdaq 100 Invesco QQQ Index ETF (QQQ). 
  • Triple Flag Precious Metal at ~16% of the portfolio is by far the largest position. 

Paul Singer’s Elliott Investment Management 13F Portfolio value decreased from ~$13.51B to ~$11.36B this quarter. The portfolio is concentrated with top three positions accounting for around ~36% of the portfolio and top-five at ~48%.

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q2 2023. Please lookup our previous update to see 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 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q2 2023 Update

  • Jeffrey Ubben’s 13F portfolio value increased from $1B to $1.07B this quarter. 
  • They increased Intercontinental Exchange (ICE), Ingevity Corp (NGVT), Strategic Education (STRA), and Enviva Partners (EVA) this quarter. 
  • Intercontinental Exchange (ICE) at ~20% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value increased from ~$1B to ~$1.07B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q2 2023. Please lookup our previous update to see 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 Pat Dorsey’s Dorsey Asset Management 13F Portfolio – Q2 2023 Update

  • Pat Dorsey’s 13F portfolio value decreased from ~$829M to ~$755M this quarter. 
  • They increased Upwork (UPWK) while decreasing Meta Platforms (META) and Roku (ROKU). 
  • Meta Platforms at ~24% of the portfolio is the largest position. 

Pay Dorsey’s Dorsey Asset Management 13F Portfolio value decreased from ~$829M to ~$755M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Dorsey Asset Management’s 13F holdings in Q2 2023. Please lookup our previous update to see 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 Li Lu’s Himalaya Capital Management 13F Portfolio – Q2 2023 Update

  • Li Lu’s 13F portfolio value decreased from ~$2.04B to ~$1.79B this quarter. 
  • They increased East West Bancorp (EWBC) during the quarter. 
  • Alphabet at ~38% of the portfolio is by far the largest position. 

Li Lu’s Himalaya Capital Management 13F Portfolio value decreased from ~$2.04B to ~$1.79B 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 Q2 2023. Please lookup our previous update to see 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 Clifford Sossin’s CAS Investment Partners 13F Portfolio – Q2 2023 Update

  • Clifford Sossin’s 13F portfolio value increased from $488M to $657M this quarter. 
  • There were only minor adjustments during the quarter. 
  • Hilton Grand Vacations (HGV) at ~47% of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value increased from $488M to $657M this quarter. The heavily concentrated portfolio continues to have less than ten stakes.

 

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

 

The spreadsheet below highlights changes to CAS Investment Partners’ 13F holdings in Q2 2023. Please lookup our previous update to see 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 Robert Vinall’s RV Capital 13F Portfolio – Q2 2023 Update

  • Robert Vinall’s 13F portfolio value increased from $263M to $307M this quarter. 
  • They increased Interactive Brokers (IBKR) during the quarter. 
  • Credit Acceptance Corp (CACC) at ~29% of the portfolio is by far the largest position. 

Robert Vinall’s RV Capital 13F Portfolio value increased from $263M to $307M 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 Q2 2023. Please lookup our previous update to see 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 – Q2 2023 Update

  •  Gayner’s portfolio increased from $7.86B to $8.40B this quarter. 
  • Several positions saw minor increases during the quarter. 
  • Berkshire Hathaway (BRK.A) at ~13% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel (MKL) Investment Portfolio value increased from $7.86B to $8.40B this quarter. The portfolio continues to have around 100 different positions although only around 28 are significantly large (more than ~1% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A), Alphabet (GOOG), Deere (DE), Brookfield Corp (BN), and Home Depot (HD).

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2023. 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 – Q2 2023 Update

  • Michael Burry’s 13F portfolio value is at $1.74B this quarter as the nominal values of Puts purchased skewed the reported number. 
  • Scion Asset Management added 2M shares (nominal) in Puts against the SPDR S&P 500 Index ETF (SPY) and Invesco QQQ (QQQ).  
  • The turnover and overall insanity in Michael Burry’s 13F reports continue. 

Michael Burry’s 13F portfolio value is at $1.74B this quarter. To know more about Dr. Michael Burry, check out the book The Big Short: Inside the Doomsday Machine by Michael Lewis.

 

Below is a spreadsheet that shows the changes to Michael Burry's Scion Asset Management US long portfolio holdings as of Q2 2023. 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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