Q4/2024 Superinvestor Portfolio Update

Lets dive into those lovely 13F Filings

Intro

What was your reason for starting to write on Substack?

Mine: I wanted to write the stock and company research that I wish I had read many years ago before I had the experience that I have today. I want to educate people and make them better investors.

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 as like-minded as you are. For me, these investors and funds include (among others) Dev Kantesaria, 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 Therefore the value of this information is very short-lived and may be outdated.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 in their holdings. At the end of the article, you will find a summary of the changes and patterns which emerged.

Enjoy!

AltaRock Partners

Small reductions on most of the positions while adding nicely to Alphabet (great choice) and buying Hilton. The former small position in Fair Isaac has been sold almost completely.

This portfolio is made up entirely of outstanding companies.

Even though I would not invest in Hotels, Hilton has a very good track record.

Terry Smith - Fundsmith

Terry Smith has a broadly diversified portfolio and is not as concentrated as Alta Rock Partners or Valleyforge. Due to this fact, there are a lot of small changes. Reduction in the top positions across the board and a complete sale of Apple. The top positions of the portfolio stay the same.

There a two brand new positions in the portfolio and both operate in the healthcare sector: Medpace Holdings with 0.18% weighting and Doximity with 0.16% weighting.

Valley Forge Capital Management

Valley Forge is as concentrated as they come. The partial sale of Fair Isaac and Intuit was used to slightly increase the position in S&P Global and Moody’s (just like Q3/2024). This time there are two new positions: Equifax and MSCI.

The fund manager Dev Kantesaria is one of the managers that I follow most closely and if he and the team decide to add a new company to the fund, it is a must for me to learn more about these two companies.

This interview is a fantastic starting ground if you want to learn more about Dev Kantesaria and his philosophy. I highly encourage you to watch it:

Polen Capital Management

Quite a large portfolio and here are the top positions. After initiating a position in Oracle in Q3/2024, Polen Capital added aggressively in Q4. The rest of the top positions were trimmed. Other noteworthy transactions included a large increase in their Eli Lilly position and a new position in CoStar Group.

Bill Ackman - Pershing Square Capital Management

Bill Ackman added to Brookfield after massive buys in Q3/2024. Nike and Seaport Entertainment were on the shopping list as well, while the positions in Chipotle and Hilton were reduced.

Bill Ackmas’s Chipotle investment was one of the all-time great ones: He started buying shares in 2016!

David Tepper - Appaloosa Management

David Tepper is one of the top fund managers with the largest China exposure. He continued to add to his largest position Alibaba and further increased his JD and iShares China ETF positions.

If you want to learn more about his AMD position, make sure to read my AMD deep dive:

AMD Stock Analysis & Deep Dive

If you want to read the full article and learn about the portfolio of Chris Hohn, ValueAct, Pat Dorsey, AKO Capital, Francois Rochon, and Chuck Akre as well as a conclusion please subscribe and support my work. To all existing subscribers: Thank you for your support and enjoy the rest of the article!