F13 Filings: Here’s what major funds like Berkshire Hathaway and Pershing Square Capital bought in the third quarter – The Average Joe

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    F13 Filings: Here’s what major funds like Berkshire Hathaway and Pershing Square Capital bought in the third quarter

    victorlei

    November 15, 2022

    It’s F13 season. What’s that, you ask? Every quarter, fund managers with at least $100M in assets under management are required to disclose their US holdings (F13 filing). Here’s what fund managers bought in the third quarter (July-September).

    What’s the GOAT doing?

    Berkshire Hathaway — always a gold mine of ideas. This quarter, Berkshire started a big position in Taiwan Semiconductor (NYSE:TSM), worth nearly $5B (1.4% of the portfolio).

    • $TSM is the largest semiconductor chip manufacturer, down 36% this year.
    • It’s an interesting purchase, given the geopolitical risks between China and Taiwan.

    The rest of Warren Buffet’s portfolio has mainly remained unchanged, but he kept adding to Occidental Petroleum (NYSE:OXY).

    His top five positions: Apple (41.8%), Bank of America (10.3%), Chevron (8%), Coca-Cola (7.6%) and American Express (6.9%).

    Munger’s mentee

    Charlie Munger is Warren Buffett’s business-partner-in-crime. Li Lu of Himalaya Capital had developed a close relationship with Munger — who also invested in Lu. Here’s what you need to know about Lu:

    • Lu has become one of the lesser-known greats with a 20-30% annualized compounded return since 1998.
    • He shares similar values as Buffet (invests in undervalued opportunities) and rarely makes big changes to his portfolio.

    He’s highly concentrated the positions of his entire US portfolio in five companies: Micron (33%), Bank of America (25%), Alphabet (17%), Berkshire Hathaway (14%) and Apple (6%).

    Other notable moves

    1/ Bill Ackman’s Pershing Square Capital added to his Canadian Pacific Railway (NYSE:CP) position — bringing it from 2.8% to 13% of his portfolio.

    2/ Scion Asset Management (Michael Burry of The Big Short) started a position in Qurate Retail (NASDAQ:QRTEA) — the owner of QVC, Zulily and other retail brands down 70% this year. Does he see a potential value play?

    3/ Duquesne Family Office (famous fund manager Stanley Druckenmiller) added Amazon back to its portfolio (5.8% of portfolio) after selling it off in the previous quarter. It also added food processing company Lamb Weston (4.2%) and data center equipment provider Vertiv Holdings (2.7%).

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