Intro
The SEC requires funds with at least $100m assets under management to publish their holdings 45 days after the end of the quarter. This is a great source for us to see what the truly great investors are holding.
The important thing is to check the portfolios of investors who are like-minded as you are. For me these investors and funds include (among others) Chuck Akre, AltaRock Partners, Terry Smith, Li Lu, Valley Forge, Polen Capital and David Tepper. All of these investors tend to hold great companies for a long time and if they add to a completely new position then it is always worth taking a deeper look.
Some investors like Michael Burry have such a large turnover in their portfolios, that it may well be, that the investments you see in their most recent 13F filings are no longer part of their portfolio. Therefore the value of this information is very short lived and may well be outdated.
You will find a snapshot of the current portfolio of those fund managers who I follow closely below with my comments on the changes of their holdings. At the end of the article you will find a summary of the changes and patterns which emerged.
Enjoy!
Chuck Akre - Akre Capital Management
Chuck Akre trimmed his top positions and sold Brookfield Asset Management and Dollar Tree. New additions include Uber and CCC Intelligent Solutions.
AltaRock Partners
No big changes here and only trimmings to all positions. Maybe they are building up cash to benefits from a potential decline in the markets.
Terry Smith - Fundsmith
Terry Smith has a broadly diversified portfolio and is not as concentrated as Valley Forge. Due to this there is a lot of change. The most important ones include:
Brand new investments into Texas Instruments and Choice Hotels and doubling the position into Paycom. He sold IPG Photonics and Johnson & Johnson completely.
The top positions of the portfolio stay the same.
Valley Forge Capital Management
Valley Forge is as concentrated as they come. No change in the portfolio. You will have a hard time to find better companies.
Polen Capital Management
Quite a large portfolio and here are the top positions. A large addition to Thermo Fisher, Zoetis, Nike and Paycom (like Terry Smith).
They sold out of Paypal since they were not happy with the slow progress of the company and trimmed their large ServiceNow position.
Bill Ackman - Pershing Square Capital Management
No big change for Bill Ackman. He sold Lowe’s completely and reduced his share in Chipotle, which he has been holdings for many years.
David Tepper - Appaloosa Management
David Tepper is betting big-time on Alibaba and made it 1/8 of his fund. Other major changes include the reduction in Uber, Nvidia and Meta while he has a brand new position in Adobe.
Chris Hohn - TCI Fund Management
No big change for Chris Hohn apart from selling half of his Thermo Fisher position and increasing the GE Aerospace position, which is now 1/5 of his total portfolio.
ValueAct Capital
ValueAct swims against the current by investing in turn-around situations in great companies. They usually hold positions between 3 and 5 years.
They sold 2/3 of their KKR position, reduced CBRE, Expedia and Fiserv and completely got rid of their Paycom position after just adding it a quarter ago. A new addition is Flutter Entertainment.
Pat Dorsey - Dorsey Asset Management
A high-conviction new addition in AutoZone with 8.5% of the portfolio. Pat Dorsey sold 1/4 of his large Meta position and increased his SEMrush position.
AKO Capital
AKO Capital sold the full Ansys position (worth 5% of the portfolio) and the full United Rentals position and reduced the Accenture position by 57%. The largest additions were Thermo Fisher and MSCI. Analog Devices is a brand new position
Francois Rochon - Giverny Capital
Francois Rochon made large additions to Bank OZK, Booking and Starbucks. He sold half of his Fortune Brands positions and all of Masterbrands.
Summary:
Quite a lot of the superinvestors trimmed their top positions to take advantage of the large increase in their stock prices.
Some additions are sticking out: Paycom and Thermo Fisher. Paycom lost 2/3 of its value since the top in 2021 and Thermo Fisher is one of the best companies on the planet. Both companies are on my list for future deep dives.
Adobe was trimmed by a couple of funds, while David Tepper just bought it.
I hope you enjoyed this and I would love to win you as a subscriber and as a Twitter follower.
41
Invest at your own risk, this is not financial advice! This is not a recommendation to buy or sell any securities discussed in the article.