Q2/2024 Superinvestor Portfolio Update
Q2/2024 Superinvestor Portfolio Update
Lets dive into those lovely 13F Filings
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 Therefore the value of this information is very short lived and may be outdated.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 his remaining Brookfield Asset Management, Uber (which he just bought in Q1/2024) and Dollar Tree. Brand new is Airbnb, which I personally also find very interesting.
AltaRock Partners
Charter Communications is almost completely out, while the positions in Microsoft and Moody’s have been increased. Fair Issac is brand new and just like the rest of the portfolio one of the very best companies there is.
Terry Smith - Fundsmith
Terry Smith has a broadly diversified portfolio and is not as concentrated as Valley Forge. Due to this there are a lot of small changes. The biggest change is a 18% reduction in McCormick and a 26% increase in Fortinet. Fortinet is a great company and you can learn more about it here:
The top positions of the portfolio stay the same.
Valley Forge Capital Management
Valley Forge is as concentrated as they come. No significant change in the portfolio. You will have a hard time finding better companies.
Polen Capital Management
Quite a large portfolio and here are the top positions. They sold their Autodesk position and 45% of Netflix. Other noteworthy changes were a reduction in their largest holding Amazon and additions to Shopify and MSCI.
Bill Ackman - Pershing Square Capital Management
Bill Ackman reduced his massive Chipotle position and also sold some Alphabet. He sold Lowe’s completely.
David Tepper - Appaloosa Management
After loading up heavily on Alibaba in Q1, David Tepper reduced his China exposure in Q2. He also sold 84% of his Nvidia position and made Lyft a 1.7% position in his portfolio.
Chris Hohn - TCI Fund Management
Chris Hohn sold the remaining Thermo Fisher position and added Ferrovial as a brand new position. He increased his Alphabet position by a significant margin.
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 Fiserv and all of CBRE and Illumina. The most significant buy was Salesforce, which now makes up 28% of the total fund.
Pat Dorsey - Dorsey Asset Management
Pat Dorsey sold a large chunk of his Alphabet position (contrary to some other great investors) and also further reduced his Meta and Wix position. Sprout Social and AutoZone were the largest buys.
AKO Capital
In terms of portfolio allocation the largest move were increasing the Accenture position, initiating a 2.5% position in Amazon and selling all of Nike.
Francois Rochon - Giverny Capital
Francois Rochon sold half of his Markel position and all of Coherent. Booking, Starbucks and Kinsale saw large additions.
Summary:
Quite a lot of the superinvestors trimmed their top positions to take advantage of the large increase in their stock prices.
There is no clear favorite buy among the investors. I personally find Salesforce at these levels very interesting and so do some of the super investors.
I hope you enjoyed this and I would love to win you as a subscriber and as a X follower.
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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.