Tracking Polen Capital Management’s 13F Portfolio – Q1 2023 Update

•  Polen Capital Management’s 13F portfolio value increased from $34.28B to $37.93B this quarter. 
• Amazon.com was increased while decreasing Alphabet, Adobe, iShares Russell Growth Index ETF. 
• The top three positions are Amazon.com, Microsoft, and Alphabet, and they add up to ~26% of the portfolio. 

Polen Capital Management’s 13F portfolio value increased from $34.28B to $37.93B this quarter. Their largest five positions are Amazon.com, Microsoft, Alphabet, Netflix, and Salesforce.com. They add up to ~38% of the portfolio.

 

The spreadsheet below highlights changes to Polen Capital Management’s 13F holdings in Q1 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 – Q1 2023 Update

• Paul Singer’s 13F portfolio value increased from ~$12.26B to ~$13.51B this quarter. 
• They added Invesco QQQ Calls while reducing Select Sector SPDR Energy Puts and Vaneck ETC Oil Services Puts. 
• Invesco QQQ Calls at ~19% of the portfolio is by far the largest position. 

 Paul Singer’s Elliott Investment Management 13F Portfolio value increased from ~$12.26B to ~$13.51B this quarter. The portfolio is concentrated with top three positions accounting for around ~45% of the portfolio and top-five at ~58%.

 

The spreadsheet below highlights changes to Elliott Investment Management’s 13F holdings in Q1 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 – Q1 2023 Update

• Jeffrey Ubben’s 13F portfolio value decreased from $1.19B to $1B this quarter. 
• They added Intercontinental Exchange and Coursera and increased PotlatchDeltic. 
• Verra Mobility at ~18% of the portfolio is by far the largest position. 

 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$1.19B to ~$1B 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 Q1 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 – Q1 2023 Update

• Pat Dorsey’s 13F portfolio value increased from ~$688M to ~$829M this quarter. 
• They increased Alphabet while decreasing Smartsheet.com and Roku. 
• Meta Platforms at ~23% of the portfolio is the largest position. 

 Pay Dorsey’s Dorsey Asset Management 13F Portfolio value increased from ~$688M to ~$829M 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 Q1 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 – Q1 2023 Update

• Li Lu’s 13F portfolio value increased from ~$1.93B to ~$2.04B this quarter. 
• They added East West Bancorp during the quarter. 
• Alphabet at ~29% of the portfolio is by far the largest position. 

Li Lu’s Himalaya Capital Management 13F Portfolio value increased from ~$1.93B to ~$2.04B 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 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 – Q1 2023 Update

•  Clifford Sossin’s 13F portfolio value increased from $419M to $488M this quarter. 
• There were only minor adjustments during the quarter. 
• Hilton Grand Vacations at ~63% of the portfolio is by far the largest position. 

Clifford Sossin’s CAS Investment Partners 13F Portfolio value increased from $419M to $488M 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 Q1 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 – Q1 2023 Update

• Robert Vinall’s 13F portfolio value increased from $198M to $263M this quarter. 
• They added Interactive Brokers and increased Meta Platforms while decreasing Credit Acceptance Corp. 
• Credit Acceptance Corp at ~28% of the portfolio is by far the largest position. 

 Robert Vinall’s RV Capital 13F Portfolio value increased from $198M to $263M 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 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 – Q1 2023 Update

•  Gayner’s portfolio increased from $7.46B to $7.86B this quarter. 
• A few positions saw minor increases during the quarter. 
• Berkshire Hathaway at ~13% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value decreased from $7.46B to $7.86B this quarter. The portfolio continues to have around 100 different positions although only around 29 are significantly large (more than ~1% of the portfolio each). The top-five stakes are Berkshire Hathaway, Alphabet, Deere, Brookfield Corp, and Home Depot.

 

Markel Corporation (MKL) is currently trading at around ~1.30-times Book Value (BV) at ~$1328 per share.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q1 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 – Q1 2023 Update

•  Michael Burry’s 13F portfolio value increased from $46.5M to $107M this quarter. 
• Scion Asset Management added several new positions and dropped several others.  
• The turnover and overall insanity in Michael Burry’s 13F reports continue. 

Michael Burry’s 13F portfolio value increased from $46.5M to $107M 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 Q1 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 – Q1 2023 Update

•  Charlie Munger’s Daily Journal Portfolio has just four positions. 
• The positions were untouched this quarter. 
• The portfolio value decreased from $174M to $161M this quarter. 

Charlie Munger’s Daily Journal portfolio value decreased from $174M to $161M 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 (dropped this quarter), 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 Q1 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 – Q1 2023 Update

• The huge ~$36B portfolio has just 21 positions. 
• The largest stake, Microsoft Corporation is at ~31% of the portfolio. 
• They increased  Microsoft, Canadian National Railway, and Berkshire Hathaway during the quarter. 

 Gates Foundation portfolio value increased from $35.73B to $36.11B 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 twenty 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 Q1 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 – Q1 2023 Update

•  Michael Price’s 13F portfolio value decreased from $418M to $314M this quarter. 
• MFP Investors added Clarivate plc and increased Great Lakes Dredge & Dock while decreasing Texas Capital Bancshares and dropping Banc of California. 
• The largest three individual stock positions are Bunge Limited, S&W Seed Company, and Dolby Laboratories., and they add up to ~25% of the portfolio. 

Michael Price’s 13F portfolio value decreased from $418M to $314M this quarter. The portfolio is diversified with recent 13F reports showing well over 100 individual stock positions. The top five stakes are Bunge, S&W Seed Company, Dolby Laboratories, Laboratory Corp., and Anterix. They add up to ~35% of the 13F portfolio.

 

Below is a spreadsheet that shows the changes to Michael Price's MFP Investors 13F portfolio holdings as of Q1 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 – Q1 2023 Update

• Robert & Jeffrey Bruce’s 13F portfolio value decreased from $388M to $367M this quarter. 
• Bruce Fund decreased Supernus while increasing Insteel this quarter. 
• The largest three individual stock positions are U-Haul, Merck, and AbbVie and they add up to ~27% of the portfolio. 

 Robert & Jeffrey Bruce’s 13F portfolio value decreased from $388M to $367M this quarter. Recent 13F reports have shown a total of around 50 positions. The largest five individual stock positions are U-Haul, Merck, AbbVie, Nextera Energy, and CMS Energy. 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 Q1 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 – Q1 2023 Update

•  John Armitage’s 13F portfolio value decreased from $11.62B to $9.26B this quarter. 
• Egerton Capital added Fiserv and Meta Platforms while decreasing Mastercard, Alphabet, and Lowes. 
• Canadian Pacific, Canadian National Railway, and Visa are the largest three positions in the portfolio. 

John Arimitage’s 13F portfolio value decreased ~20% from $11.62B to $9.26B this quarter. The portfolio is very concentrated with recent 13Fs listing around 25 positions. The largest five individual stock positions are Canadian Pacific, Canadian National Railway, Visa, First Citizens Bank, and Schlumberger. They add up to ~47% of the entire portfolio.

 

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital 13F stock portfolio as of Q1 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 – Q1 2023 Update

•  Wedgewood Partners’ 13F portfolio value increased from $544M to $590M this quarter. 
• They increased Meta Platforms while reducing Microsoft and Progressive Corporation. 
• Their top five positions are at 39% 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 5/15/2023. The 13F portfolio value increased from $544M to $590M this quarter. The holdings are concentrated with recent 13F reports showing around 30 positions. There are 21 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 Apple Inc., Alphabet, Motorola Solutions, Visa, and Tractor Supply. They add up to ~39% 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 Q4 2022.

 

Wedgewood has generated significant alpha since its 1992 inception: 11.29% annualized returns over the 30-year period compared to 9.56% annualized for the S&P 500 Index. 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 Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Wedgewood Partners’ 13F filings for Q4 2022 and Q1 2023.

 

Tracking Wallace Weitz’s Weitz Investment Management Portfolio – Q1 2023 Update

•  Wallace Weitz's 13F portfolio value decreased from $1.76B to $1.74B this quarter. 
• Weitz Investment Management decreased Meta Platforms and dropped Liberty Global and Charles Schwab this quarter. 
• The top three positions are Alphabet, Berkshire Hathaway, and Meta Platforms. 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 5/12/2023. 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 Q4 2022.

 

This quarter, Weitz’s 13F portfolio value decreased from $1.76B to $1.74B. The number of holdings decreased from 58 to 54. The top three positions are at ~19% while the top five holdings are at ~27% of the 13F assets. The largest stake is Alphabet at 6.84% 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 flagship Weitz Partners Value Fund (1983 inception) is currently behind the S&P 500 index since inception: 9.94% annualized return compared to 10.28% for the S&P 500 index. The current cash allocation is just ~2%: this is far below the ~18% average cash over the last decade.

 

 

The spreadsheet below highlights changes to Weitz’s 13F stock holdings in Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Weitz Investment Management's 13F filings for Q4 2022 and Q1 2023.

 

Tracking Gardner Russo & Quinn Portfolio – Q1 2023 Update

•  Gardner Russo & Quinn’s 13F portfolio value increased from $9.06B to $9.64B. 
• Russo decreased Unilever during the quarter. 
• The top three 13F stakes are Berkshire Hathaway, Nestle, and MasterCard. They add up to ~38% 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 5/11/2023. 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 Q4 2022.

 

This quarter, Gardner Russo & Quinn’s 13F stock portfolio value increased ~6% from $9.06B to $9.64B. The top three holdings are at ~38% of the portfolio while the top five are at ~56% of the assets: Berkshire Hathaway, Nestle, MasterCard, Compagnie Financière Richemont, and Alphabet. Recent 13F reports have shown around 100 positions with around 18 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 Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Gardner Russo & Quinn’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking Larry Robbins’ Glenview Capital Management Portfolio – Q1 2023 Update

• Glenview Capital Management’s 13F portfolio value increased from $4.51B to $4.56B this quarter. The number of positions increased from 53 to 54. 
• They added to their large short position in SPY through Puts while increasing Alight, Corteva, Myriad Genetics, and Brookdale Senior Living. 
• The top three stakes are SPDR S&P 500 Index ETF Puts, Cigna, and Tenet Healthcare. They add up to ~31% 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 5/15/2023. 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 Q4 2022.

 

This quarter, Robbins’ 13F portfolio value increased from $4.51B to $4.56B. The number of holdings increased from 53 to 54. There are 35 positions that are significantly large. The focus of this article is on these larger positions. The top five stakes are SPDR S&P 500 Index ETF Puts, Cigna, Tenet Healthcare, Fiserv, and Global Payments. Together they are at ~42% of the 13F assets.

 

 

The spreadsheet below highlights changes to Robbins’ 13F stock holdings in Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Glenview Capital Management’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking Glenn Greenberg’s Brave Warrior Advisors Portfolio – Q1 2023 Update

•  Glenn Greenberg’s 13F portfolio value increased from $3.17B to $3.23B this quarter. 
• Brave Warrior Advisors increased Elevance Health and F&G Annuities while reducing HCA Healthcare and dropping Meta Platforms.  
• The largest three positions are Apollo Global, Elevance Health, and Primerica 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 5/15/2023. 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 Q4 2022.    

 

This quarter, Greenberg’s 13F portfolio value increased from $3.17B to $3.23B. The top three holdings represent around 43% of the portfolio while the top five are at 60%. The largest position is Apollo Global which is at 15.45% of the portfolio.

 

 

The spreadsheet below highlights changes to Greenberg’s 13F stock holdings in Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Brave Warrior’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q1 2023 Update

•  Nelson Peltz’s 13F portfolio value decreased from $4.87B to $3.75B this quarter. The number of positions remained steady at 8. 
• Trian Fund Management decreased Ferguson plc, Walt Disney, Invesco, and Wendy’s. 
• The top three positions are Janus Henderson Group, Ferguson plc, and Walt Disney. They add up to ~60% 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 5/15/2023. 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 Q4 2022.

 

This quarter, Peltz’s 13F portfolio value decreased ~23% from $4.87B to $3.75B. The number of holdings remained steady at 8. The top three holdings are at ~60% of the 13F stock portfolio: Janus Henderson Group plc, Ferguson plc, and Walt Disney. 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 Q1 2023:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q4 2022 and Q1 2023.

Tracking Robert Karr’s Joho Capital Portfolio – Q1 2023 Update

•  Robert Karr's 13F portfolio value increased from ~$309M to $389M this quarter. 
• Joho Capital increased Quanta Services and Array Technologies while reducing Rivian Automotive, Autodesk, and Amphenol.    
• The top three positions are Microsoft, Quanta Services, Euronet Worldwide. They add up to ~68% 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 5/15/2023. 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 Q4 2022.

 

This quarter, Karr’s 13F stock portfolio value increased ~26% from ~$309M to ~$389M. The number of holdings increased from 15 to 17. The top three positions represent ~68% of the 13F assets: Microsoft, Quanta Services, and Euronet Worldwide. 

 

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 Q1 2023:

 

 

Source: John Vincent. Data constructed from Joho Capital’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking ValueAct Portfolio – Q1 2023 Update

•  ValueAct’s 13F portfolio value increased from $5.31B to $6.14B this quarter. 
• ValueAct added Spotify and increased Salesforce.com while dropping LKQ Corporation. 
• The top three positions are Fiserv, KKR, and Seagate Technology, and they add up to ~54% 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 5/15/2023. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q4 2022.

 

This quarter, ValueAct’s 13F portfolio value increased ~16% from $5.31B to $6.14B. The number of holdings remained steady at 9. The top three positions are at ~54% while the top five are at ~76% of the 13F assets. The largest position is Fiserv which is at ~21% 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 Q1 2023:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking Kahn Brothers Portfolio – Q1 2023 Update

• Kahn Brothers’ 13F portfolio value decreased from ~$760M to ~$695M 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 ~47% 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 5/12/2023. 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 Q4 2022.

 

This quarter, Kahn Brothers’ 13F portfolio value decreased ~9% from ~$760M to ~$695M. The number of holdings remained steady at 45. The largest individual stock position is BP plc which accounts for ~11% of the portfolio. The largest five positions are BP plc,  Merck, Bristol Myers Squibb, New York Community Bancorp, and Assured Guaranty. Together, they account for ~47% 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 Q1 2023:

 

 

 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q4 2022 and Q1 2023.

 

Tracking Jeff Smith’s Starboard Value Portfolio – Q1 2023 Update

• Jeff Smith’s 13F portfolio value decreased from $5.22B to $4.96B this quarter. 
• Starboard Value added Rogers Corp and increased Splunk while decreasing Papa Johns Internationals and dropping Pediatrix Medical Group.  
• The largest three individual stock positions are GoDaddy, Salesforce.com, and Aecom. They add up to ~35% 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 5/12/2023. The 13F portfolio value decreased ~5% from $5.22B to $4.96B. The holdings are concentrated with recent 13F reports showing around 40 positions, many of which are very small. The largest five stakes are GoDaddy, Salesforce.com, Aecom, Splunk, and Willis Towers Watson. They add up to ~53% 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 Q4 2022.

 

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 Q1 2023:

 

 

 

 

Source: John Vincent. Data constructed from Starboard’s 13F filings for Q4 2022 and Q1 2023.