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"Tracking Tweedy Browne Portfolio – Q1 2019 Update"

"Tweedy Browne’s 13F portfolio value increased from $2.82B to $3.03B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Alphabet, Johnson & Johnson, and Baidu and they account for ~51% of the portfolio.Tweedy Browne decreased AutoZone, Union Pacific, and Wells Fargo during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/15/2019. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Tweedy Browne’s 13F portfolio value increased ~7% from $2.82B to $3.03B. The number of holdings remained steady at 47. The largest position is Cisco Systems at ~14% of the portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Alphabet, Johnson & Johnson, and Baidu. Combined they are at ~51% of the portfolio. 31 of the 47 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~81% of the portfolio and cash at ~8%. The top five holdings are Safran SA (SAFRY) (SAFRF), Roche Holding AG (RHHVF), Nestle (NSRGY), Diageo plc (DEO), and Heineken (HKHHF). Together, they are at ~20% of the fund. Per Q1 2019 Commentary, the fund returned 8.16% for the quarter compared to 11.26% for MSCI EAFE. Since inception (1993), annualized returns are at 9.05% compared to 6.03% for MSCI EAFE.New Stakes:None.Stake Disposals:None.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-three ~10% position first purchased in 2012 at much lower prices compared to the current trading price of $1089. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor. This quarter saw a ~2% stake increase.Baidu Inc. (BIDU): BIDU is a top five ~8% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well below the low end of that range at $114. There were minor increases in the last three quarters. For investors attempting to follow, BIDU is a good option to consider for further research.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Avnet Inc. (AVT) and US Bancorp (USB): These two very small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their largest 13F stake at ~14% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $56.17. Last three years saw a ~44% reduction at prices between $41 and $54. They are harvesting gains.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~12% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$205. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. Last quarter saw a ~10% overall increase while this quarter there was marginal trimming.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 9.48%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last nine quarters. The share count is now at ~2.06M. The stock currently trades at ~$141. Tweedy Browne is harvesting long-term gains from this position.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $44.53. Q4 2016 saw a ~4% increase while the last nine quarters saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at 4.23% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last two years had also seen minor selling. This quarter saw a ~15% further reduction at prices between $46 and $52. The stock is now at $45.29.AutoZone (AZO): AZO is a ~4% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$1114. This quarter saw a one-third selling at prices between $810 and $1000.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.62M share stake (3.58% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at ~$59. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last three quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.MRC Global (MRC): The 2% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $16.04. Last six quarters have seen minor selling.Note: Tweedy Browne controls ~5% of MRC Global.3M Company (MMM): MMM is a 2.43% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at ~$169. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. Last four quarters have also seen a ~15% combined selling at prices between $179 and $217.Emerson Electric (EMR): EMR is a long-term 1.69% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Last year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $63.20. This quarter saw marginal trimming.Halliburton Company (HAL): HAL is a 1.63% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. Q3 2016 saw a ~20% reduction at prices between $41 and $47. Q2 2018 saw another ~53% reduction at prices between $44.50 and $54. The stock currently trades at $21.66. There was a ~9% stake increase last quarter while this quarter saw marginal trimming.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stock is currently at $72.33 and the position is at 1.49% of the 13F portfolio. There was a marginal reduction this quarter.Devon Energy (DVN): DVN is a ~1% of the 13F portfolio position. The bulk of the original stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. Q2 2018 saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~30% selling last quarter at prices between $21 and $41. The stock currently trades at $26.12. This quarter saw a ~2% trimming.Goldman Sachs (GS): GS is a small 0.63% of the portfolio stake established last quarter at prices between $155 and $232. The stock currently trades at ~$192. This quarter saw marginal trimming.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. Last quarter also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $41.69 and the stake is at 0.63%. This quarter saw a ~2% trimming.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Total SA (TOT), Unilever (UN) (UL), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) saw reductions this quarter.Note: Although the 13F positions are small, the firm has large stakes in Diageo & Total SA. The rest of the shares are held in their native markets which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF): The very small 1.13% portfolio stake in KOF was kept steady during the quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Novartis AG (NVS), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and WPP plc are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2019:Info from : Flagship Global Value Fund (6/93 inception) returned negative 6.67% compared to negative 8.96% for MSCI EAFE in 2018 – since inception 8.80% vs 5.64% for MSCI EAFE. NEW: Babcock International plc, Zeon Corp, and Goldman Sachs (GS). Also, BASF & CCL in global high-yield fund. EXITS: Schibsted & Devon Energy, INCREASED: Chokwang Paint, CNH Industrial, GlaxoSmithkline, Konishi, Michelin, Sina, Standard Chartered, WPP. DECREASED: Antofagasta, G4s, HSBC, Hyundai, Kia, Mediaset, etc. SUMMARY: Sees improved opportunity for value investors, especially outside US..Regulatory Filings thru 2/12/2019: 13G/A – 1/22 – MRC – 4.62M shares, 5.11% of business."

"Tracking Tweedy Browne Portfolio – Q4 2018 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.32B to $2.82B this quarter.The largest five individual stock positions are Berkshire Hathaway, Cisco Systems, Johnson & Johnson, Alphabet, and Baidu and they account for ~50% of the portfolio.Tweedy Browne added Goldman Sachs while selling Devon Energy, Comcast, Verizon, Emerson Electric, and Union Pacific.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/08/2019. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Tweedy Browne’s 13F portfolio value decreased ~15% from $3.32B to $2.82B. The number of holdings increased from 45 to 47. The largest position is Berkshire Hathaway at ~13% of the portfolio. Largest five individual stock positions are Berkshire Hathaway, Cisco Systems, Johnson & Johnson, Alphabet, and Baidu. Combined they are at ~50% of the portfolio. 31 of the 47 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~85% of the portfolio and cash at ~7%. The top five holdings are Safran SA (SAFRY) (SAFRF), Roche Holding AG (RHHVF), Nestle (NSRGY), Diageo plc (DEO), and Novartis (NVS). Together, they are at ~20% of the fund. Per Q4 2018 Commentary, the fund returned negative 6.67% for 2018 compared to negative 8.96% for MSCI EAFE. Since inception (1993), annualized returns are at 8.80% compared to 5.64% for MSCI EAFE.New Stakes:Goldman Sachs (GS): GS is a small 0.59% of the portfolio stake established this quarter at prices between $155 and $232. The stock currently trades at ~$195.Stake Disposals:None.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~13% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$206. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the next three quarters. This quarter saw a ~10% overall increase.Baidu Inc. (BIDU): BIDU is a top five ~8% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now near the low end of that range at ~$170. There were marginal increases in the last two quarters. For investors attempting to follow, BIDU is a good option to consider for further research.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Halliburton Company (HAL): HAL is a 1.59% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. Q3 2016 saw a ~20% reduction at prices between $41 and $47. Q2 2018 saw another ~53% reduction at prices between $44.50 and $54. The stock currently trades at ~$31. There was a ~9% stake increase this quarter.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stock is currently at $64.48 and the position is at 1.28% of the 13F portfolio. There was a marginal increase this quarter.Total SA (TOT): The 13F position is a very small 0.50% of the portfolio stake that had a marginal increase this quarter.Note: Total SA is a top-ten position in their funds as they hold natively listed shares that are not in the 13F report.Stake Decreases:Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their second-largest 13F stake at ~13% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $47.89. Last eleven quarters saw a ~40% reduction at prices between $26.50 and $49. They are harvesting gains.Johnson & Johnson (JNJ): JNJ is a large (top three) position in the portfolio at 9.74%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last two years. The share count is now at ~2.13M. The stock currently trades at ~$134. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~9% position first purchased in 2012 at much lower prices compared to the current trading price of $1121. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Since then, the activity has been minor. This quarter saw marginal trimming.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $52.84. Q4 2016 saw a ~4% increase while last two years saw minor trimming.AutoZone (AZO): AZO is a 5.26% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% in Q2 2018 at prices between $596 and $693. The stock currently trades well above those ranges at ~$891. Last two quarters saw marginal trimming.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.Wells Fargo (WFC): WFC is a fairly large position at ~5% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last two years have also seen minor selling. The stock is now at $49.05.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.62M share stake (3.58% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $67.45. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. 2017 saw another similar trimming at prices between $43 and $56. There was a ~9% reduction in Q2 2018 and minor trimming in the last two quarters. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.3M Company (MMM): MMM is a ~2% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at ~$207. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. Last three quarters have also seen a ~15% combined selling at prices between $177 and $220.MRC Global (MRC): The 2% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $16.04. Last five quarters have seen minor selling.Note: Tweedy Browne controls ~5% of MRC Global.Emerson Electric (EMR): EMR is a long-term 1.59% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It has since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction in 2017 at prices between $56 and $70. Last year saw another ~35% selling at prices between $55 and $80. The stock currently trades at $68.07.Devon Energy (DVN): DVN is a ~1% of the 13F portfolio position. The bulk of the original stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. Q2 2018 saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~30% selling this quarter at prices between $21 and $41. The stock currently trades at $25.96.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. This quarter also saw a ~23% selling at prices between $33 and $39.50. The stock is now at $37.24 and the stake is at 0.58%.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), Unilever (UN) (UL), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) saw reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:American Express (AXP), Avnet Inc. (AVT), Coca Cola FEMSA (KOF) and US Bancorp (USB): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), Baxter International (BAX), Carnival Corp (CCL), CKX lands (CKX), CNH Industrials (CNHI), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Novartis AG (NVS), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), UniFirst Corporation (UNF), and WPP plc (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and WPP plc are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q4 2018:Info from : Flagship Global Value Fund (6/93 inception) returned 2.35% compared to 2.94% for MSCI EAFE YTD – since inception 9.29% vs 6.22% for MSCI EAFE. Performance in the short-term somewhat held back by overweight in non-US compared to MSCI. NEW: CNHI (Italian farm equipment & trucking company spun off from Fiat - trade war caused prices to drop), SINA (controlling interest in Weibo, one of the fastest growing Chinese social media company), Bollore (ports, shipping, and controlling interest in Viveni) – they are all currently trading well below the prices during the quarter. EXITS: Schibsted, Shire plc, Teleperformance, and Emerson Electic – all longer term holdings exited as it reached intrinsic value, INCREASED: Tarkett SA (global flooring business controlled by Deconinck family – France – purchased at ~8x normalized EBITDA) and Inchcape. All five (the new an increased) are trading at significant discount to their intrinsic value estimate. DECREASED: several problably although not mentioned. SUMMARY: Encouraged by the increased opportunity set internationally due to falling prices (combination of interest rate increase, trade war concern, and oil).Regulatory filings thru 11/28/2018: None."

"Tracking Tweedy Browne Portfolio – Q3 2018 Update"

"Tweedy Browne’s 13F portfolio value increased from $3.22B to $3.32B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Alphabet, and Johnson & Johnson and they account for ~50% of the portfolio.Tweedy Browne decreased Unilever and Emerson Electric during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/14/2018. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Tweedy Browne’s 13F portfolio value increased ~3% from $3.22B to $3.32B. The number of holdings increased from 44 to 45. The largest position is Cisco Systems at ~13% of the portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Alphabet, and Johnson & Johnson. Combined they are at ~50% of the portfolio. 30 of the 45 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~76% of the portfolio and cash at ~10%. The top five holdings are Safran SA (SAFRY) (SAFRF), Roche Holding AG (RHHVF), Nestle (NSRGY), Novartis (NVS), and Total SA (TOT). Together, they are at ~18% of the fund. Per Q3 2018 Commentary, the fund returned 2.35% for 2018 YTD compared to 2.94% for MSCI EAFE. Since inception (1993), annualized returns are at 9.29% compared to 6.22% for MSCI EAFE.New Stakes:None.Stake Disposals:None.Stake Increases:Baidu Inc. (BIDU): BIDU is a top three ~10% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now at ~$183. There was marginal increase this quarter. For investors attempting to follow, BIDU is a good option to consider for further research.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Stake Decreases:Cisco Systems (CSCO): CSCO position was first purchased in 2011. It is currently their largest 13F stake at ~13% of the portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $46.12. Last ten quarters saw a ~36% reduction at prices between $26.50 and $49. They are harvesting gains.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~10% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The stock currently trades at ~$213. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the last three quarters.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 8.91%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last seven quarters. The share count is now at ~2.14M. The stock currently trades at ~$143. Tweedy Browne is harvesting long-term gains from this position.Bank of New York Mellon (BK): BK is a large 6.50% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $51.37. Q4 2016 saw a ~4% increase while last seven quarters saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at ~5% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last seven quarters have also seen minor selling. The stock is now at $53.19.AutoZone (AZO): AZO is a 4.16% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% last quarter at prices between $596 and $693. The stock currently trades well above those ranges at ~$835. This quarter saw marginal trimming.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.7M share stake (3.66% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $65.28. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. Last year saw another similar trimming at prices between $43 and $56. Tweedy Browne is harvesting long-term gains. There was a ~9% reduction last quarter and marginal trimming this quarter.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.MRC Global (MRC): The 3.20% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $15.88. Last four quarters have seen minor selling.Note: Tweedy Browne controls ~5% of MRC Global.3M Company (MMM): MMM is a 2.47% long-term stake first purchased in 2008 at low prices. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at ~$201. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction next quarter at prices between $215 and $259. There was a marginal ~2% trimming last quarter and a ~5% reduction this quarter.Devon Energy (DVN): DVN is a 2.36% of the 13F portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. The stock currently trades at $26.61. Last quarter saw a ~24% reduction at prices between $30 and $43 and that was followed with a ~5% selling this quarter.Emerson Electric (EMR): EMR is a long-term 2.24% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction over the last year at prices between $56 and $70. The stock currently trades at $66.75. Last three quarters have seen another ~15% selling at prices between $66 and $78.Halliburton Company (HAL): HAL is a 1.89% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. Q3 2016 saw a ~20% reduction at prices between $41 and $47. Last quarter saw another ~53% reduction at prices between $44.50 and $54 and that was followed with marginal trimming this quarter. The stock currently trades at $31.88.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. The stock is now at $38.36 and the stake is at 0.67%. Tweedy Browne is harvesting gains. Last three quarters saw marginal trimming.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.WPP plc (WPP): The 0.49% of the portfolio stake in WPP was established in Q4 2017 and increased by around two-thirds next quarter at prices between $77 and $103. The stock currently trades at $55.19. Last two quarters saw minor trimming.Note: Tweedy Browne’s Q1 2018 letter discussed this position: they believed the CEO misconduct allegations had caused the shares to be undervalued. Martin Sorrell, the CEO resigned in April.American Express (AXP), Avnet Inc. (AVT), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), Total SA (TOT), Unilever (UN) (UL), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.5% of the 13F portfolio each) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~9% position first purchased in 2012 at much lower prices compared to the current trading price of $1044. Q3 2016 saw a ~9% trimming at prices between $692 and $787. Last six quarters had also seen minor selling.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stock is currently at $58.29 and the position is at 1.18% of the 13F portfolio.Coca Cola FEMSA (KOF) and US Bancorp (USB): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), Baxter International (BAX), CKX lands (CKX), CNH Industrials (CNHI), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Novartis AG (NVS), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), and UniFirst Corporation (UNF).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q3 2018:Info from : Flagship Global Value Fund (6/93 inception) returned 0.25% compared to 0.02% for MSCI EAFE YTD – since inception 9.30% vs 6.16% for MSCI EAFE. NEW: Hankook Tire (largest tire company in Korea has become a cost-leader – they acquired the holding company Hankook Tire Worldwide trading at a discount) and Tarkett SA (global flooring business controlled by Deconinck family – France – purchased at ~8x normalized EBITDA) EXITS: Richemont, Daetwyler, Nitto Kogyo, and Siegfried – all longer term holdings with substantial gains exited as it reached intrinsic value, INCREASED: several including Inchcape & Hang Leng Group. DECREASED: several including Axel Springer & Cisco."

"Tracking Tweedy Browne Portfolio – Q2 2018 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.27B to $3.22B this quarter.The largest five individual stock positions are Cisco Systems, Baidu Inc., Berkshire Hathaway, Alphabet, and Johnson & Johnson and they account for ~49% of the portfolio.Tweedy Browne increased Autozone while reducing Halliburton and Devon Energy.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/03/2018. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Tweedy Browne’s 13F portfolio value decreased marginally from $3.27B to $3.22B. The number of holdings decreased from 46 to 44. The largest position is Cisco Systems at ~12% of the portfolio. Largest five individual stock positions are Cisco Systems, Baidu Inc., Berkshire Hathaway, Alphabet, and Johnson & Johnson. Combined they are at ~49% of the portfolio. 29 of the 44 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~79% of the portfolio and cash at ~11%. The top five holdings are Safran SA (SAFRY) (SAFRF), Heineken Holding (HEINY) (HKHHF), Roche Holding AG (RHHVF), Total SA (TOT), and Diageo plc (DEO). Together, they are at ~17% of the fund. Per , the fund returned 0.25% for 2018 YTD compared to 0.02% for MSCI EAFE. Since inception, annualized returns are at 9.30% compared to 6.16% for MSCI EAFE.New Stakes:None.Stake Disposals:Philip Morris (PM): PM was a 3.40% of the portfolio stake as of Q4 2017. It was established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The five quarters thru Q2 2017 had seen another one-third reduction at prices between $88 and $122. Last quarter saw the position almost sold out at prices between $95.50 and $111 and the remainder stake was eliminated this quarter. The stock is now at $86.84. Tweedy Browne harvested gains.Stake Increases:AutoZone (AZO): AZO is a 3.74% position purchased in Q3 2017 at prices between $493 and $595 and increased by ~75% this quarter at prices between $596 and $693. The stock currently trades above those ranges at ~$721.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.Avnet Inc. (AVT) and Verizon Communications (VZ): These small positions (less than ~1% of the 13F portfolio each) saw minor increases this quarter.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the 13F portfolio position when first established in 2011. It is currently their largest 13F stake at ~12% of the portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $42.83. Last nine quarters saw a one-third reduction at prices between $26.50 and $46.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~10.5% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed in Q4 2016: ~37% increase at prices between $143 and $167. The stock currently trades at $200. There was a ~12% selling in Q4 2017 and that was followed with minor trimming over the last two quarters.Baidu Inc. (BIDU): BIDU is a top three ~10% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well above that range at ~$236. There was marginal trimming over the last three quarters.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~9% position first purchased in 2012 at much lower prices compared to the current trading price of $1224. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase in the following quarter and that was followed with marginal trimming over the last six quarters.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 8.21%. It is a long-term stake. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last six quarters. The share count is now at ~2.18M. The stock currently trades at ~$132. Tweedy Browne is harvesting long-term gains from this position.Bank of New York Mellon (BK): BK is a large 7.23% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $52.77. Q4 2016 saw a ~4% increase while last six quarters saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at 5.63% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. Last six quarters have also seen minor selling. The stock is now at $58.83.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.7M share stake (3.66% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $71.29. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. Last year saw another similar trimming at prices between $43 and $56. Tweedy Browne is harvesting long-term gains. There was a ~9% reduction this quarter.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.MRC Global (MRC): The 3.20% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $20.50. There was a ~3% selling in Q4 2017 and that was followed with similar reductions in the last two quarters.Note: Tweedy Browne controls ~5.2% of MRC Global.Devon Energy (DVN): DVN is a 2.83% of the 13F portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. The stock currently trades at $43.05. This quarter saw a ~24% reduction at prices between $30 and $43.3M Company (MMM): MMM is a 2.50% long-term stake first purchased in 2008. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at $207. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling in Q4 2017 and that was followed with a ~18% reduction last quarter at prices between $215 and $259. There was a marginal ~2% trimming this quarter.Emerson Electric (EMR): EMR is a long-term 2.27% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction over the last year at prices between $56 and $70. The stock currently trades at $71.48. There was a ~5% trimming last quarter and that was followed with a similar selling this quarter.Halliburton Company (HAL): HAL is a ~2% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling the following quarter at prices between $44.50 and $55. The stock currently trades at $42.05. This quarter saw a ~53% reduction at prices between $44.50 and $54.Unilever (UN) (UL): The 1.51% portfolio UN stake saw a one-third increase in Q4 2016 at prices between $38.50 and $46.50 and the stock is now at $57.24. H2 2017 had seen a combined ~17% reduction at prices between $54.50 and $61.50. Last two quarters have seen marginal trimming.Note: Kraft Heinz (KHC) offered to acquire Unilever in February 2017 but withdrew the offer soon after.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction in Q4 2017 at prices between $35 and $41. The stock is now at $35.41 and the stake is at 0.64%. Tweedy Browne is harvesting gains. Last two quarters saw marginal trimming.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.WPP plc (WPP): The 0.54% of the portfolio stake in WPP was established in Q4 2017 and increased by around two-thirds last quarter at prices between $77 and $103. The stock currently trades at $76.14. This quarter saw a marginal reduction.Note: Tweedy Browne’s Q1 2018 letter discussed this position: they believed the CEO misconduct allegations had caused the shares to be undervalued. Martin Sorrell, the CEO resigned in April.American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), Union Pacific (UNP), and: These small positions (less than ~1.25% of the 13F portfolio each) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction the following quarter at prices between $65.50 and $75. The stock is currently at $62.55 and the position is at 1.21% of the 13F portfolio. There was a marginal trimming last quarter.Coca Cola FEMSA (KOF) and US Bancorp (USB): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), Baxter International (BAX), CKX lands (CKX), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Merck & Company (MRK), Novartis AG (NVS), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), Total SA (TOT), and UniFirst Corporation (UNF).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q2 2018:Info from : Flagship Global Value Fund (6/95 inception) returned negative 2.11% compared to negative 3.76% for MSCI EAFE – since inception 9.29% vs 6.06% for MSCI EAFE. NEW: Inchcape (UK auto distributor) EXITS: ABB, Baxter, PM (all reached intrinsic value targets), and Signet (losing market share and exited at a loss), INCREASED: Roche, WPP (thinks the CEO misconduct allegations have caused the shared to be undervalued), DECREASED: DBS, Shire plc, Axel Springer.Regulatory Filings thru 5/29/2018: None."

"Tracking Tweedy Browne Portfolio – Q1 2018 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.65B to $3.27B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet and they account for ~49% of the portfolio.Tweedy Browne increased WPP plc while reducing Baxter International and Philip Morris International.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/14/2018. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Tweedy Browne’s 13F portfolio value decreased ~11% from $3.65B to $3.27B. The number of holdings decreased from 50 to 46. The largest position is Cisco Systems at 12.77% of the portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet. Combined they are at ~49% of the portfolio. 31 of the 46 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~80% of the portfolio and cash at ~10%. The top five holdings are Safran SA (SAFRY) (SAFRF), Heineken Holding (HEINY) (HKHHF), Axel Springer SE (AXELF), Roche Holding AG (RHHVF), and Nestle SA (NSRGY) (NSRGF). Together, they are at ~18% of the fund. Per , the fund returned negative 2.11% for 2017 compared to negative 3.76% for MSCI EAFE. Since inception, annualized returns are at 9.29% compared to 6.06% for MSCI EAFE. They found only three new investments (Autozone, WPP plc, and Inchcape) in the last fifteen months due to high valuations globallyNew Stakes:None.Stake Disposals:None.Stake Increases:Wells Fargo (WFC): WFC is a fairly large position at 5.37% of the 13F portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. There was a minor ~7% selling in H1 2017. The stock is now at $54.90. Last quarter saw a ~6% trimming while this quarter saw a marginal increase.AutoZone (AZO): AZO is a ~2% position purchased in Q3 2017 at prices between $493 and $595 and it currently trades above that range at ~$634. There was a ~2% trimming last quarter and that was followed with a ~4% increase this quarter.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.WPP plc (WPP): The 0.54% of the portfolio stake in WPP was established last quarter and increased by around two-thirds this quarter at prices between $77 and $103. The stock currently trades at $84.74.Note: Tweedy Browne’s Q1 2018 letter discussed this position: they believed the CEO misconduct allegations had caused the shares to be undervalued. Martin Sorrell, the CEO resigned last month.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the 13F portfolio position when first established in 2011. It is currently their largest 13F stake at 12.77% of the portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $43.26. Last eight quarters saw a combined ~30% reduction at prices between $26.50 and $45.50.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~11% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed in Q4 2016: ~37% increase at prices between $143 and $167. The stock currently trades at $194.15. There was a ~12% selling last quarter and that was followed with a marginal trimming this quarter.Baidu Inc. (BIDU): BIDU is a top three 9.47% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well above that range at ~$244. There was marginal trimming in the last two quarters.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 8.72%. It is a long-term stake. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming over the last five quarters. The share count is now at ~2.22M. The stock currently trades at ~$122. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~8% position first purchased in 2012 at much lower prices compared to the current trading price of $1076. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase in the following quarter and that was followed with marginal trimming over the last five quarters.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $57. Q4 2016 saw a ~4% increase while last five quarters saw minor trimming.Halliburton Company (HAL): HAL is a 4.74% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling the following quarter at prices between $44.50 and $55. The stock currently trades at $50.19. Last four quarters have seen minor trimming.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.85M share stake (3.36% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $65.47. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. Last year saw another similar trimming at prices between $43 and $56. Tweedy Browne is harvesting long-term gains. There was a ~2% trimming this quarter.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.3M Company (MMM): MMM is a 2.81% long-term stake first purchased in 2008. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at $199. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling last quarter and that was followed with a ~18% reduction this quarter at prices between $215 and $259.Devon Energy (DVN): DVN is a 2.64% of the 13F portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. The stock currently trades at $40.58. Last three quarters have seen a combined ~5% trimming.MRC Global (MRC): The 2.50% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Q3 2017 saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $20.40. There was a ~3% selling last quarter and that was followed with a marginal trimming this quarter.Note: Tweedy Browne controls 5.3% of MRC Global.Emerson Electric (EMR): EMR is a long-term 2.29% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction over the last year at prices between $56 and $70. The stock currently trades at $72.49. There was a ~5% trimming this quarter.Unilever (UN) (UL): The 1.51% portfolio UN stake saw a one-third increase in Q4 2016 at prices between $38.50 and $46.50 and the stock is now at $56.19. Last two quarters had seen a combined ~17% reduction at prices between $54.50 and $61.50 and that was followed with a ~2% trimming this quarter.Note: Kraft Heinz (KHC) offered to acquire Unilever in February 2017 but withdrew the offer soon after.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Q3 2017 saw an about turn: ~7% trimming. That was followed with a one-third reduction last quarter at prices between $65.50 and $75. The stock is currently at $67.46 and the position is at 1.28% of the 13F portfolio. There was a marginal trimming this quarter.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction last quarter at prices between $35 and $41. The stock is now at $31.75 and the stake is at 0.66%. Tweedy Browne is harvesting gains. This quarter saw marginal selling.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Philip Morris (PM): PM was a 3.40% of the portfolio stake as of last quarter. It was established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The five quarters thru Q2 2017 had seen another one-third reduction at prices between $88 and $122. This quarter saw the position almost sold out at prices between $95.50 and $111. The stock is now at $80.34.Baxter International (BAX): BAX was a 2.69% portfolio stake as of last quarter. It was a long-term stake established in 2010. The position saw a ~10% selling in Q3 2016 at prices between $41 and $49. Q1 2017 saw another ~28% reduction at prices between $44.44 and $52.30. The position was almost eliminated this quarter at prices between $62.50 and $72.50. It currently trades at $72.53.Avnet Inc. (AVT), American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), Union Pacific (UNP), and Verizon Communications (VZ): These small positions (less than ~1.25% of the 13F portfolio each) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF) and US Bancorp (USB): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the 13F portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Jefferies Financial (JEF), Novartis AG (NVS), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Torchmark Corp. (TMK), Total SA (TOT), UniFirst Corporation (UNF), and Williams Sonoma (WSM).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s 13F stock holdings in Q1 2018:Info from : FY 2017 absolute returns between 15.43% & 22.06%. Flagship Global Value Fund (6/95 inception) returned 15.43% vs 16.84% for MSCI EAFE – since inception 9.48% vs 6.29% for MSCI EAFE. Wary of high-valuations – sustainability of global economic growth and impact of monetary tightening along with black-swan risk are main concerns – despite the difficult environment, found a couple of ideas – AZO & WPP – during the year. Cash position should serve as ballast in a turbulent environment. Performance Attribution: Winners: banking, energy, media, beverage, industrial – DBS, United Overseas Bank, Standard Chartered & Wells Fargo in banking. Devon Royal Dutch, ConocoPhillips, Hallibruton in energy, Axel Springer & Schibsted in media, Diageo & Heineken in beverage, and Emerson, 3M, LG, and Ebaca in industrial. Losers: GSK, BAE, G4S, BIDU. EXITS: Akzo Nobel (did not like the high premium offered in the premium bid for PPG – past unwillingness to engage was a red flag as well – lost confidence), BTI, AGCO, Teleperformance – all on valuation. Provident Financial – ill advised attempts to bring technological efficieinces to a proven business model & concerns about possible shortfalls in future funding. IBM – no confidence in earnings power prediction – earnings quality suspect – concerns about likelihood of less cashflow available for re-purchase. NEW POSITIONS: WPP – world’s largest advertising holding company – 30% down and was an opportunity – slowdown due to spending-slowdown at client’s (some due to activist pressure) – also, FB & GOOG annihilating business model concerns overblown – dividend was north of 4% when purchased.Regulatory Filings thru 2/21/2018: 13G/A – 1/8 – MRC – 5M shares – 5.3% of business."

"Tracking Tweedy Browne Portfolio – Q4 2017 Update"

"Tweedy Browne’s 13F portfolio value decreased marginally from $3.68B to $3.65B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet and they account for ~45% of the portfolio.Tweedy Browne dropped International Business Machines and Scripps Networks Interactive during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/15/2018. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Tweedy Browne’s US long portfolio value decreased marginally from $3.68B to $3.65B. The number of holdings decreased from 53 to 50. The largest position is Cisco Systems at 10.75% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet. Combined they are at ~45% of the portfolio. 30 of the 53 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~78% of the portfolio and cash at ~11%. The top five holdings are Safran SA (SAFRY) (SAFRF), Heineken Holding (HEINY) (HKHHF), Nestle SA (NSRGY) (NSRGF), Roche Holding AG (RHHVF), and Axel Springer SE (AXELF). Together, they are at ~16% of the fund. Per , the fund returned 15.43% for 2017 compared to 16.84% for MSCI EAFE. Since inception, annualized returns are at 9.48% compared to 6.29% for MSCI EAFE. They found only two new investments (Autozone & WPP plc) in 2017 and are wary of the high valuations globallyNew Stakes:None.Stake Disposals:International Business Machines (IBM): IBM was a ~1% of the 13F portfolio position as of last quarter. The first purchase was in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. The following quarter saw an about turn: one-third reduction over four quarters at prices between $146 and $181. There was another ~14% selling in Q2 2017 at prices between $151 and $175. The disposal this quarter was at prices between $145 and $162. The stock currently trades at $155.Scripps Network Interactive (SNI): The small 0.64% SNI stake was established last quarter at prices between $67 and $88 and eliminated this quarter at prices between $78 and $86. The stock is now at $88.16.Stake Increases:None.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 10.75% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $44.06. Last seven quarters saw a combined ~25% reduction at prices between $26.50 and $38.50.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~10% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed in Q4 2016: ~37% increase at prices between $143 and $167. The stock currently trades at $203. There was a ~12% selling this quarter.Baidu Inc. (BIDU): BIDU is a top three ~9% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well above that range at $245. There was marginal trimming this quarter.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 8.61%. It is a long-term stake. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming in the last four quarters. The share count is now at ~2.25M. The stock currently trades at $131. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five 7.39% position first purchased in 2012 at much lower prices compared to the current trading price of $1102. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase in the following quarter and that was followed with marginal trimming in the last four quarters.Bank of New York Mellon (BK): BK is a large 6.61% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $56.42. Q4 2016 saw a ~4% increase while last four quarters saw minor trimming.Wells Fargo (WFC): WFC is a fairly large position at 5.52% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. There was a minor ~7% selling in H1 2017. The stock is now at $59.95. This quarter saw a ~6% trimming.Halliburton Company (HAL): HAL is a 4.49% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling the following quarter at prices between $44.50 and $55. The stock currently trades at $47.16. Last three quarters have seen minor trimming.Philip Morris (PM): PM is a 3.40% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The five quarters thru Q2 2017 had seen another one-third reduction at prices between $88 and $122. The stock is now at $103. Tweedy Browne is harvesting long-term gains. This quarter saw ~4% trimming.3M Company (MMM): MMM is a 3.30% long-term stake first purchased in 2008. The five quarters thru Q2 2017 had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at $235. Tweedy Browne is harvesting huge long-term gains. There was a ~8% selling this quarter.Devon Energy (DVN): DVN is a ~3% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming the following quarter at prices between $30 and $43. The stock currently trades at $34.65. Last two quarters have seen a combined ~5% trimming.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.9M share stake (2.61% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $54.84. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53. Last year saw another similar trimming at prices between $43 and $56. Tweedy Browne is harvesting long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Baxter International (BAX): BAX is a 2.69% portfolio stake established in 2010. The position saw a ~10% selling in Q3 2016 at prices between $41 and $49. Q1 2017 saw another ~28% reduction at prices between $44.44 and $52.30. It currently trades at $67.04. There was marginal selling in the last three quarters.MRC Global (MRC): The 2.32% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. Last quarter saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $16.51. There was a ~3% trimming this quarter.Note: Tweedy Browne controls 5.3% of MRC Global.Emerson Electric (EMR): EMR is a long-term 2.20% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~20% reduction over the last year at prices between $56 and $70. The stock currently trades at $71.07.AutoZone (AZO): AZO is a 1.95% position purchased last quarter at prices between $493 and $595 and it currently trades above that range at $713. There was a ~2% trimming this quarter.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.Unilever (UN) (UL): The 1.39% portfolio UN stake saw a one-third increase in Q4 2016 at prices between $38.50 and $46.50 and the stock is now at $53.32. Last two quarters have seen a combined ~17% reduction at prices between $54.50 and $61.50.Note: Kraft Heinz (KHC) offered to acquire Unilever in February 2017 but withdrew the offer soon after.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. Last quarter saw an about turn: ~7% trimming. That was followed with a one-third reduction this quarter at prices between $65.50 and $75. The stock is currently at $66.40 and the position is at 1.29% of the 13F portfolio.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. There was a two-thirds reduction this quarter at prices between $35 and $41. The stock is now at $39.47 and the stake is at 0.70%. Tweedy Browne is harvesting gains.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February 2017.Avnet Inc. (AVT), American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), and Union Pacific (UNP): These small positions (less than ~1.25% of the 13F portfolio each) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF), US Bancorp (USB), and Verizon Communications (VZ): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), General Electric (GE), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), Novartis AG (NVS), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Signet Jewelers (SIG), Torchmark Corp. (TMK), Total SA (TOT), Trustmark Corp (TRMK), UniFirst Corporation (UNF), Williams Sonoma (WSM), and WPP plc ADR (WPP).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q4 2017:Info from : Sees European securities as values only on a relative basis – the PE is around the same for both US & Europe on a trailing basis at ~21 while on a forward-basis, European PE’s are at ~16 compared to ~19 for US. Both, are still historically high…Regulatory filings thru 11/18/2017: None."

"Tracking Tweedy Browne Portfolio – Q3 2017 Update"

"Tweedy Browne’s 13F portfolio value increased from $3.37B to $3.68B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet and they account for ~44% of the portfolio.Tweedy Browne added AutoZone and increased MRC Global during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/14/2017. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Tweedy Browne’s US long portfolio value increased ~9% from $3.37B to $3.68B. The number of holdings increased from 51 to 53. The largest position is Cisco Systems at 9.58% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Baidu Inc., Johnson & Johnson, and Alphabet. Combined they are at 43.56% of the portfolio. 31 of the 53 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~75% of the portfolio and cash at ~15%. The top five holdings are Safran SA (SAFRY) (SAFRF), Nestle SA (NSRGY) (NSRGF), Heineken Holding (HEINY) (HKHHF), Novartis AG (NVSEF) (NVS), and Roche Holding AG (RHHVF). Together, they are at ~16% of the fund. Per , they see US and European securities as fully valued. The PE is ~21 for both on a trailing basis while on a forward-basis, European PE’s are at ~16 compared to ~19 for US. In each case, the values are historically high.New Stakes:AutoZone (AZO) and Scripps Network Interactive (SNI): These are the two new positions this quarter. AZO is a 1.65% position purchased at prices between $493 and $595 and it currently trades above that range at $629. The small 0.64% SNI stake was established at prices between $67 and $88 and the stock is now at $80.62.Note: On AZO, Tweedy Browne believed valuations had become depressed due to unreasonable fears that Amazon might disrupt the market for retail auto parts.Stake Increases:Baidu Inc. (BIDU): BIDU is a top three 9.48% portfolio stake purchased in Q1 2017 at prices between $168 and $186 and the stock is now well above that range at $239. There were marginal increases in the last two quarters.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.MRC Global (MRC): The 2.45% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming in Q1 2017. This quarter saw a ~15% increase at prices between $15.40 and $17.50. The stock is now at $14.82.Note: Tweedy Browne controls ~5.5% of MRC Global.Union Pacific (UNP) and Verizon Communications (VZ): These two small stakes (less than ~1% of the portfolio each) saw marginal increases this quarter.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 9.58% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $35.90. Last five quarters saw a combined ~23% trimming at prices between $26.50 and $34.50. There was a marginal reduction this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 9.57% of the 13F portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed in Q4 2016: ~37% increase at prices between $143 and $167. The stock currently trades at $181. There was minor trimming in the last three quarters.Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 8.11%. It is a long-term stake. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming in the last three quarters. The share count is now at ~2.3M. The stock currently trades at $138. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five 6.83% position first purchased in 2012 at much lower prices compared to the current trading price of $1019. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase in the following quarter and that was followed with marginal trimming in the last three quarters.Bank of New York Mellon (BK): BK is a large 6.65% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $52.47. Q4 2016 saw a ~4% increase while last three quarters saw marginal trimming.Wells Fargo (WFC): WFC is a fairly large position at 5.28% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. There was a minor ~7% selling in H1 2017. The stock is now at $54.15. This quarter saw a marginal reduction.Halliburton Company (HAL): HAL is a 4.33% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling the following quarter at prices between $44.50 and $55. The stock currently trades at $41.77. Last three quarters have seen marginal trimming.Philip Morris (PM): PM is a 3.71% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. Last five quarters had seen another one-third reduction at prices between $88 and $122. The stock is now at $103. Tweedy Browne is harvesting long-term gains. This quarter saw marginal selling.3M Company (MMM): MMM is a 3.17% long-term stake first purchased in 2008. Last five quarters had seen a combined ~46% reduction at prices between $165 and $213. The stock is now at $229. Tweedy Browne is harvesting huge long-term gains. There was a marginal trimming this quarter.Baxter International (BAX): BAX is a 2.62% portfolio stake established in 2010. The position saw a ~10% selling in Q3 2016 at prices between $41 and $49. Q1 2017 saw another ~28% reduction at prices between $44.44 and $52.30. It currently trades at $63.88. There was marginal selling in the last two quarters.Devon Energy (DVN): DVN is a 2.80% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling in Q1 2017 at prices between $38.50 and $49. There was another ~11% trimming last quarter at prices between $30 and $43. The stock currently trades at $38.68. This quarter saw a minor ~2% reduction.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~1.9M share stake (2.61% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $50.13. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53 and that was followed with a ~3% trimming each in the last three quarters. Tweedy Browne is starting to harvest long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Emerson Electric (EMR): EMR is a long-term 2.11% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~12% trimming over the last three quarters. The stock currently trades at $59.85.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. The stock is now at $36.16. Tweedy Browne is harvesting gains. There was marginal trimming in the last four quarters.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. The stock is currently at $66.66 and the position is at 1.89% of the 13F portfolio. There was a ~7% trimming this quarter.Unilever (UN) (UL): The 1.59% portfolio UN stake saw a one-third increase in Q4 2016 at prices between $38.50 and $46.50 and the stock is now at $56.22. There was a ~6% trimming this quarter.Note: Kraft Heinz (KHC) offered to acquire Unilever in February but withdrew the offer soon after. Unilever has returned 37% YTD.American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), and Phillips 66 (PSX): These small 13F positions (less than ~1% of the US long portfolio) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:International Business Machines (IBM): IBM is a ~1% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. The four quarters thru Q1 2017 saw a one-third reduction at prices between $146 and $181. There was another ~14% selling last quarter at prices between $151 and $175. The stock currently trades at $149.Avnet Inc. (AVT), Coca Cola FEMSA (KOF), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), General Electric (GE), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), Merck & Co. (MRK), Novartis AG (NVS), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Shire plc (SHPG), Signet Jewelers (SIG), Torchmark Corp. (TMK), Total SA (TOT), Trustmark Corp (TRMK), UniFirst Corporation (UNF), and Williams Sonoma (WSM).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q3 2017:Regulatory filings thru 8/13/2017: None.Info from : valuations around the world are high and so not finding anything new. Concerned about the near-term impact of trading algorithms on daily security prices and the virtual absence of price discovery associated with massive flows into passively managed investment vehicles."

"Tracking Tweedy Browne Portfolio – Q2 2017 Update"

"Tweedy Browne’s 13F portfolio value decreased from $3.48B to $3.37B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Baidu, and Alphabet and they account for ~43% of the portfolio.Tweedy Browne decreased Devon Energy, IBM, Verizon, & Avnet and dropped Wal-Mart during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s 13F portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/11/2017. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Tweedy Browne’s US long portfolio decreased ~3% from $3.48B to $3.37B. The number of holdings decreased from 52 to 51. The largest position is Cisco Systems at 9.74% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Baidu Inc., and Alphabet. Combined they are at 43.08% of the portfolio. 29 of the 51 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~76% of the portfolio and cash at ~16%. The top five holdings are Safran SA (SAFRY) (SAFRF), Nestle SA (NSRGY) (NSRGF), Heineken Holding (HEINY) (HKHHF), Roche Holding AG (RHHVF), and Novartis AG (NVSEF) (NVS). Together, they are at ~15% of the fund.Stake Disposals:Wal-Mart Stores (WMT): WMT was a very small ~0.5% of the 13F portfolio stake as of last quarter. It was disposed of this quarter at prices between $71 and $80 and the stock is now at $80.40.Stake Increases:Baidu Inc. (BIDU): BIDU is a top-five ~7.5% portfolio stake purchased last quarter at prices between $168 and $186 and the stock is now well above that range at $224. There was a marginal increase this quarter.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 9.74% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $31.47. Last five quarters have seen a combined ~23% trimming at prices between $26.50 and $34.50.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 9.73% of the 13F portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed in Q4 2016: ~37% increase at prices between $143 and $167. The stock currently trades at $175. There was marginal trimming in the last two quarters.Johnson & Johnson (JNJ): JNJ is the third-largest position in the portfolio at 9.03%. It is a long-term stake. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120 and that was followed with minor trimming in the last two quarters. The share count is now at ~2.3M shares. The stock currently trades at $133. Tweedy Browne is harvesting long-term gains from this position.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five 7.11% position first purchased in 2012 at much lower prices compared to the current trading price of $914. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase in the following quarter and that was followed with marginal trimming in the last two quarters.Bank of New York Mellon (BK): BK is a large ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $52.19. Q4 2016 saw a ~4% increase while last two quarters saw marginal trimming.Wells Fargo (WFC): WFC is a fairly large position at 5.80% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling the following quarter at prices between $43.50 and $57.50. There was a very minor ~3% selling last quarter and that was followed with a ~4% further trimming this quarter. The stock is now at $51.94.Halliburton Company (HAL): HAL is a 4.44% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling the following quarter at prices between $44.50 and $55. The stock currently trades at $40.02. Last two quarters have seen marginal trimming.Philip Morris (PM): PM is a 4.29% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The remaining position had been kept relatively steady since. Last five quarters have seen a one-third reduction at prices between $88 and $122. The stock is now at $115. Tweedy Browne is harvesting long-term gains.3M Company (MMM): MMM is a 3.44% long-term stake first purchased in 2008. Last five quarters have seen a combined ~46% reduction at prices between $165 and $213. The stock is now at $206. Tweedy Browne is harvesting huge long-term gains.Baxter International (BAX): BAX is a 2.76% portfolio stake established in 2010. The position saw a ~10% selling in Q3 2016 at prices between $41 and $49. Last quarter saw another ~28% reduction at prices between $44.44 and $52.30. It currently trades at $59.84. There was marginal selling this quarter.Devon Energy (DVN): DVN is a 2.72% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling last quarter at prices between $38.50 and $49. There was another ~11% trimming this quarter at prices between $30 and $43. The stock currently trades at $31.61.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2M share stake (2.56 % of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $44.79. The three quarters thru Q3 2016 had seen minor reductions. Q4 2016 saw a ~14% selling at prices between $40.50 and $53 and that was followed with a ~3% trimming each in the last two quarters. Tweedy Browne is starting to harvest long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Emerson Electric (EMR): EMR is a long-term 2.22% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Q4 2016 saw a ~20% selling at prices between $49 and $58 and that was followed with a ~10% trimming over the last two quarters. The stock currently trades at $58.89.MRC Global (MRC): The 2.19% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming last quarter. The stock is now at $15.71. There was marginal trimming this quarter.Note: Tweedy Browne controls ~4.8% of MRC Global.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. The stock is now at $41.11. Tweedy Browne is harvesting gains. There was marginal trimming in the last three quarters.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. The next three quarters had seen another roughly one-third increase at prices between $46.50 and $60. The stock is currently above those ranges at $68.82 and the position is at 2.03% of the 13F portfolio. There was marginal trimming in the last two quarters.Unilever (UN) (UL): The 1.73% portfolio UN stake saw a one-third increase in Q4 2016 at prices between $38.50 and $46.50 and the stock is now at $57.96. There was marginal trimming in the last two quarters.Note: Kraft Heinz (KHC) offered to acquire Unilever in February but withdrew the offer soon after. Unilever stock has been on an uptrend since. It has returned just over 40% YTD.International Business Machines (IBM): IBM is a ~1% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. Last four quarters had seen a one-third selling at prices between $146 and $181. There was another ~14% selling this quarter at prices between $151 and $175. The stock currently trades at $142.Avnet Inc. (AVT): AVT is a small 1.12% of the US long portfolio stake established in Q1 2016 at prices between $37.50 and $45 and increased by ~20% in Q4 2016 at prices between $40.50 and $49. This quarter saw an about-turn: roughly one-third reduction at prices between $36 and $46. The stock currently trades at $36.99.Verizon Communications (VZ): VZ is a 0.73% of the US long portfolio position established in Q3 2014 at prices between $48.50 and $52. The next three quarters saw a ~75% increase at prices between $45.50 and $51.50. Q4 2016 saw an about turn: ~55% sold at prices between $46 and $54 and that was followed with a ~23% reduction this quarter at prices between $44.50 and $49.50. The stock currently trades at $48.06.American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), and Union Pacific (UNP): These small 13F positions (less than ~1% of the US long portfolio) saw minor reductions this quarter.Note: The firm has a large stake in Diageo although the 13F position is very small. The rest of the shares are held in the native UK market which is outside the realm of 13F filings.Kept Steady:Phillips 66 (PSX), Coca Cola FEMSA (KOF), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), General Electric (GE), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), Merck & Co. (MRK), Novartis AG (NVS), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Shire plc (SHPG), Signet Jewelers (SIG), Torchmark Corp. (TMK), Total SA (TOT), Trustmark Corp (TRMK), UniFirst Corporation (UNF), and Williams Sonoma (WSM).Note: GlaxoSmithKline, HSBC, Novartis AG, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q2 2017:Regulatory filings thru 5/22/2017: None.Info from : New Stake - BIDU - thesis: 50% margins in Search masked by money losing subsidiaries. Revenue growth concerns due to a medical scandal &some market share loss in advertising. EBITDA multiple is cheap at 11.5x (2017 projection)."

"Tracking Tweedy Browne Portfolio – Q1 2017 Update"

"Tweedy Browne’s US long portfolio increased from $3.20B to $3.48B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Baidu, and Bank of New York Mellon and they account for ~42% of the portfolio.Tweedy Browne added Baidu Inc. while decreasing Baxter International during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/15/2017. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Tweedy Browne’s US long portfolio increased ~9% from $3.20B to $3.48B. The number of holdings increased from 49 to 52. The largest position is Cisco Systems at 10.82% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Baidu Inc., and Bank of New York Mellon. Combined they are at 41.73% of the portfolio. 31 of the 52 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~76% of the portfolio and cash at ~14%. The top five holdings are Safran SA (SAFRY) (SAFRF), Roche Holding AG (RHHVF), Nestle SA (NSRGY) (NSRGF), GlaxoSmithKline PLC (GLAXF) (GSK), and Heineken Holding (HEINY) (HKHHF). Together, they are at ~15% of the fund.Stake Disposals:None.New Stakes:Baidu Inc. (BIDU): BIDU is a top-five ~7% portfolio stake purchased this quarter at prices between $168 and $186 and the stock is now just above that range at $189. For investors attempting to follow Tweedy Browne, BIDU is a good option to consider for further research.Note: Tweedy Browne’s buy thesis on BIDU is on the idea that 50% margins in the company’s core Search business is being masked by money-losing subsidiaries.Stake Increases:None.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 10.82% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $31.21. Last four quarters have seen a combined ~18% trimming at prices between $26.50 and $34.50.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 9.25% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed last quarter: ~37% increase at prices between $143 and $167. The stock currently trades at $163. There was marginal trimming this quarter.Johnson & Johnson (JNJ): JNJ is the third-largest position in the US long portfolio at 8.47%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. Last quarter saw a ~20% reduction at prices between $111 and $120 and that was followed with a marginal trimming this quarter. The share count is now at ~2.4M shares. The stock currently trades at $127. Tweedy Browne is harvesting long-term gains from this position.Bank of New York Mellon (BK): BK is a large top-five 6.34% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling in Q3 2016 at prices between $37 and $42. The stock currently trades at $46.54. Last quarter saw a ~4% increase while this quarter saw marginal trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large 6.28% position first purchased in 2012 at much lower prices compared to the current trading price of $934. Q3 2016 saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase last quarter and that was followed with marginal trimming this quarter.Wells Fargo (WFC): WFC is a fairly large position at 5.89% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Q3 2016 saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling last quarter at prices between $43.50 and $57.50. There was a very minor ~3% selling this quarter. The stock is now at $53.06.Halliburton Company (HAL): HAL is a fairly large ~5% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Q3 2016 saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling last quarter at prices between $44.50 and $55. The stock currently trades at $47.78. Tweedy Browne is harvesting gains. This quarter also saw a ~2% trimming.Philip Morris (PM): PM is a ~4% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The remaining position had been kept relatively steady since. Last four quarters have seen a combined ~30% reduction at prices between $88 and $113. The stock is now at $115. Tweedy Browne is harvesting long-term gains.Devon Energy (DVN): DVN is a 3.84% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Q3 2016 saw a ~11% reduction at prices between $36 and $45 and that was followed with a ~9% selling this quarter at prices between $38.50 and $49. The stock currently trades at $38.39.3M Company (MMM): MMM is a 3.27% long-term stake first purchased in 2008. Last four quarters have seen a combined ~40% reduction at prices between $165 and $192. The stock is now at $196. Tweedy Browne is harvesting huge long-term gains.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2M share stake (2.92 % of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $47.48. The three quarters thru Q3 2016 had seen minor reductions. Last quarter saw a ~14% selling at prices between $40.50 and $53 and that was followed with a ~3% trimming this quarter. Tweedy Browne is starting to harvest long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.MRC Global (MRC): The 2.37% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Q3 2016 saw a ~22% selling at prices between $12.50 and $16.50 and that was followed with a ~6% trimming this quarter. The stock is now at $20.11.Note: Tweedy Browne controls ~4.8% of MRC Global.Baxter International (BAX): BAX is a 2.32% portfolio stake established in 2010. The position saw a ~10% selling in Q3 2016 at prices between $41 and $49. This quarter saw another ~28% reduction at prices between $44.44 and $52.30. It currently trades at $57.21.Emerson Electric (EMR): EMR is a long-term 2.29% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. Last quarter saw a ~20% selling at prices between $49 and $58 and that was followed with a ~4% trimming this quarter. The stock currently trades at $59.40.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $28 and $31.50. Q3 2016 saw another ~16% selling at prices between $32.50 and $34. The stock is now at $38.85. Tweedy Browne is harvesting gains. There was marginal trimming in the last two quarters.Note: The prices quoted above are adjusted for the 2-for-1 stock-split in February.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. Last three quarters had seen another roughly one-third increase at prices between $46.50 and $60. The stock is currently above those ranges at $64.18 and the position is at 1.75% of the 13F portfolio. There was marginal trimming this quarter.Unilever (UN) (UL): The ~1.5% portfolio UN stake saw a one-third increase last quarter at prices between $38.50 and $46.50 and the stock is now at $54.96. There was a ~2% trimming this quarter.Note: Kraft Heinz (KHC) offered to acquire Unilever in February but withdrew the offer soon after. Unilever stock has been on an uptrend since. It has returned just over one-third YTD.International Business Machines (IBM): IBM is a 1.37% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. Last four quarters have seen a one-third selling at prices between $146 and $181. The stock currently trades at $152.Avnet Inc. (AVT): AVT is a small 1.12% of the US long portfolio stake established in Q1 2016 at prices between $37.50 and $45 and increased by ~20% last quarter at prices between $40.50 and $49. The stock currently trades at $37.09. There was very minor selling this quarter.Verizon Communications (VZ): VZ is a ~1% of the US long portfolio position established in Q3 2014 at prices between $48.50 and $52. The next three quarters saw a ~75% increase at prices between $45.50 and $51.50. Last quarter saw an about turn: ~55% sold at prices between $46 and $54. The stock currently trades at $45.42. There was marginal trimming this quarter.American Express (AXP), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Phillips 66 (PSX), Total SA (TOT), Union Pacific (UNP), and Wal-Mart Stores (WMT): These are small 13F positions (less than ~1% of the US long portfolio) that were reduced this quarter.Note: The firm has large stakes in Diageo and Total SA although the 13F positions are very small. The rest of the shares are held in their native markets which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), General Electric (GE), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), Merck & Co. (MRK), NOW Inc. (DNOW), Novartis AG (NVS), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Shire plc (SHPG), Signet Jewelers (SIG), Torchmark Corp. (TMK), Trustmark Corp (TRMK), UniFirst Corporation (UNF), and Williams Sonoma (WSM).Note: GlaxoSmithKline, HSBC, Novartis AG, and Royal Dutch Shell are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q1 2017:13G/D etc. filings thru 2/8/2017: MRC - 1/6/2017 13G - 4.81M shares - 5.05%."

"Tracking Tweedy Browne Portfolio – Q4 2016 Update"

"Tweedy Browne’s US long portfolio decreased from $3.32B to $3.20B this quarter.The largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Bank of New York Mellon, and Wells Fargo and they account for ~43% of the portfolio.Berkshire Hathaway was increased significantly while reducing Johnson & Johnson, Verizon, and IBM during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/07/2017. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Tweedy Browne’s US long portfolio decreased ~4% from $3.32B to $3.20B. The number of holdings decreased from 50 to 49. The largest position is Cisco Systems at 10.85% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Berkshire Hathaway, Johnson & Johnson, Bank of New York Mellon, and Wells Fargo. Combined they are at 42.75% of the portfolio. 32 of the 49 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~75% of the portfolio and cash at ~14%. The top five holdings are Safran SA (SAFRF), Nestle SA (NSRGY) (NSRGF), Roche Holding AG (RHHVF), Total SA (TOT), Novartis AG (NVSEF) (NVS), and GlaxoSmithKline PLC (GLAXF) (GSK). Together, they are at ~15% of the fund.Stake Disposals:Illinois Tool Works (ITW) and Lockheed Martin (LMT): These very small positions (less than 1% of the US long portfolio) were disposed this quarter.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at ~10% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Last quarter saw a ~42% reduction at prices between $142 and $151 while the pattern reversed this quarter: ~37% increase at prices between $143 and $167. The stock currently trades at $163.Bank of New York Mellon (BK): BK is a large top-five ~7% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~40% stake increase at prices between $32.50 and $38. There was a ~11% selling last quarter at prices between $37 and $42. The stock currently trades at $45.45. This quarter saw a ~4% increase.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large 6.38% position first purchased in 2012 at much lower prices compared to the current trading price of $807. Last quarter saw a ~9% trimming at prices between $692 and $787. There was a very minor ~3% increase this quarter.Devon Energy (DVN): DVN is a fairly large ~5% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. Last quarter saw a ~11% reduction at prices between $36 and $45. The stock currently trades at $44.14. There was a ~5% increase this quarter.MRC Global (MRC): The ~3% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. Last quarter saw a ~22% selling at prices between $12.50 and $16.50. The stock is now at $20.26. There was a ~8% increase this quarter.Note: Tweedy Browne controls 5.05% of MRC Global.Baxter International (BAX): BAX is a medium-sized ~3% portfolio stake established in 2010. The position saw a ~10% selling last quarter at prices between $41 and $49. It currently trades at $48.59. There was a marginal increase this quarter.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~90% increase at prices between $43.50 and $51.50 and that was followed with another ~50% increase in Q1 2016 at prices between $44 and $53.50. Last quarter saw another ~12% increase at prices between $46 and $50. This quarter also saw another ~18% increase at prices between $49 and $61. The stock is currently above those ranges at $63.99 and the position is at 1.84% of the 13F portfolio.Avnet Inc. (AVT): AVT is a small 1.28% of the US long portfolio stake established in Q1 2016 at prices between $37.50 and $45 and increased by ~20% this quarter at prices between $40.50 and $49. The stock currently trades at $46.49.Unilever (UN) (UL) and American Express (AXP): These are small positions (less than 1.5% of the US long portfolio) that saw significant buying this quarter. The 1.4% portfolio UN stake saw a one-third increase at prices between $38.50 and $46.50 and the stock is now at $41.10. The 0.90% AXP position saw a ~55% increase at prices between $60 and $75 and the stock currently trades at $77.72.Stake Decreases:Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 10.85% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $31.45. Last three quarters have seen a combined ~16% trimming at prices between $26 and $32.Johnson & Johnson (JNJ): JNJ is the third-largest position in the US long portfolio at ~8.59%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake had seen minor selling in most quarters. This quarter saw a ~20% reduction at prices between $111 and $120. The share count is now at ~2.4M shares. The stock currently trades at $114. Tweedy Browne is harvesting long-term gains from this position.Wells Fargo (WFC): WFC is a top-five position at 6.52% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. Last quarter saw a ~12% reduction at prices between $44 and $51 and that was followed with another ~14% selling this quarter at prices between $43.50 and $57.50. The stock is now at $56.34.Halliburton Company (HAL): HAL is a large ~6% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. Last quarter saw a ~20% reduction at prices between $41 and $47 and that was followed with another ~13% selling this quarter at prices between $44.50 and $55. The stock currently trades at $54.88. Tweedy Browne is starting to harvest gains.Philip Morris (PM): PM is a fairly large ~3.6% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The remaining position had been kept relatively steady since. Last three quarters have seen a combined ~30% reduction at prices between $87 and $104. The stock is now at $102. Tweedy Browne is harvesting long-term gains.3M Company (MMM): MMM is a fairly large ~3.6% long-term stake first purchased in 2008. Last three quarters have seen a combined ~36% reduction at prices between $164 and $181. The stock is now at $176. Tweedy Browne is harvesting huge long-term gains.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.1M share stake (3.27% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $49.42. Last three quarters had seen minor reductions. This quarter saw a ~14% selling at prices between $40.50 and $53. Tweedy Browne is starting to harvest long-term gains.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Emerson Electric (EMR): EMR is a long-term 2.42% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been further reduced. This quarter saw a ~19% selling at prices between $49 and $58. The stock currently trades at $62.54.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $56 and $63. Last quarter saw another ~16% selling at prices between $65 and $68. The stock is now at $74.86. Tweedy Browne is harvesting gains. There was marginal trimming this quarter.International Business Machines (IBM): IBM is a 1.42% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. This quarter saw a ~30% selling at prices between $150 and $169. The stock currently trades at $178.Verizon Communications (VZ): VZ is a 1.20% of the US long portfolio position established in Q3 2014 at prices between $48.50 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.50 and $51.50 and that was followed by a ~30% increase in Q2 2015 at prices between $46.50 and $50.50. This quarter saw an about turn: ~55% sold at prices between $46 and $54. The stock currently trades at $48.04.Diageo plc (DEO), General Electric (GE), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Total SA (TOT), UniFirst Corporation (UNF), Union Pacific (UNP), and Wal-Mart Stores (WMT): These are small positions (less than ~1% of the US long portfolio) that were reduced this quarter.Note: The firm has large stakes in Diageo and Total SA, although the 13F positions are very small - the rest of the shares are held in their native markets which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Shire plc (SHPG), Torchmark Corp. (TMK), and Trustmark Corp (TRMK).Note: GlaxoSmithKline, HSBC, and Royal Dutch Shell are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q4 2016:"

"Tracking Tweedy Browne Portfolio – Q3 2016 Update"

"Tweedy Browne’s US long portfolio decreased from $3.56B to $3.32B this quarter.The largest five individual stock positions are Cisco Systems, Johnson & Johnson, Berkshire Hathaway, Alphabet, and Wells Fargo and they account for ~43% of the US long portfolio.Berkshire Hathaway was reduced significantly while increasing AGCO Corporation during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/14/2016. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2016.This quarter, Tweedy Browne’s US long portfolio decreased ~7% from $3.56B to $3.32B. The number of holdings remained steady at 50. The largest position is Johnson & Johnson at 10.59% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Cisco Systems, Berkshire Hathaway, Alphabet, and Wells Fargo. Combined they are at 42.67% of the portfolio. 33 of the 50 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~73% of the portfolio and cash at ~17%. The top five holdings are Safran SA (SAFRF), Roche Holding AG (RHHVF), Novartis AG (NVSEF) (NVS), GlaxoSmithKline PLC (GLAXF) (GSK), and Heineken Holding NV (HKHHF) (HINKY). Together, they are at ~15% of the fund.Stake Increases:Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~92% increase at prices between $43.50 and $51.50 and that was followed with another ~48% increase in Q1 2016 at prices between $44 and $53.50. This quarter saw another ~12% increase at prices between $46 and $50. The stock is currently well above those ranges at $56.16 and the position is at 1.29% of the 13F portfolio.Avnet Inc. (AVT): AVT is a small 0.89% of the US long portfolio stake established in Q1 2016 at prices between $37.50 and $45 and increased by ~8% last quarter at prices between $39 and $45. The stock currently trades just above those ranges at $46.19. This quarter saw a marginal further increase.General Electric (GE): GE is a minutely small 0.55% stake that saw a marginal increase this quarter.Stake Decreases:3M Company (MMM): MMM is a fairly large 4.13% long-term stake first purchased in 2008. It saw a ~11% reduction last quarter at prices between $165 and $175. That was followed with another ~15% selling this quarter at prices between $175 and $182. The stock is now at $172. Tweedy Browne is harvesting huge long-term gains.Baxter International (BAX): BAX is a medium-sized ~3% portfolio stake established in 2010. The position saw a ~4% trimming last quarter and that was followed with a ~10% selling this quarter at prices between $41 and $49. It currently trades at $46.56. Tweedy Browne is starting to harvest gains.Bank of New York Mellon (BK): BK is a fairly large 5.43% stake first purchased in 2010 in the mid-20s price range. Q1 2016 saw a ~41% stake increase at prices between $32.50 and $38. There was a ~11% selling this quarter at prices between $37 and $42. The stock currently trades at $47.47.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their third-largest position at ~8% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally decreased over the last nine quarters. This quarter saw a ~42% reduction at prices between $142 and $151. The stock currently trades at $158. Tweedy Browne is harvesting huge long-term gains.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 12.10% of the US long portfolio. The bulk of the position was purchased in 2012 at prices between $15.50 and $21. Q1 2016 saw a ~45% stake increase at prices between $22.50 and $28.50. The stock currently trades at $29.69. This quarter saw a ~6% trimming.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $56 and $63. This quarter saw another ~16% selling at prices between $65 and $68. The stock is now at ~$68.95. Tweedy Browne is harvesting gains.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.4M share stake (3.19% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $46.30. Last three quarters have seen minor reductions.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a fairly large 4.48% of the US long portfolio position. The bulk of the stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. It had seen marginal reductions in the last nine quarters. This quarter saw a ~11% further reduction at prices between $36 and $45. The stock currently trades at $45.04. Tweedy Browne realized losses.Emerson Electric (EMR): EMR is a long-term 2.80% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. Last major activity was in Q2 2015 when the stake saw a ~13% reduction at prices between $55 and $62. There was another ~7% trimming this quarter at prices between $51 and $56. The stock currently trades at $55.06.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a large (top five) ~6% position first purchased in 2012 at much lower prices compared to the current trading price of $761. This quarter saw a ~9% trimming at prices between $692 and $787. Tweedy Browne is starting to harvest huge long-term gains.Halliburton Company (HAL): HAL is a large 5.55% of the portfolio stake. It was established in 2012 at prices between $27.50 and $38.50. There had only been very minor adjustments since. This quarter saw a ~20% reduction at prices between $41 and $47. The stock currently trades at $49.47.International Business Machines (IBM): IBM is a 1.89% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Q1 2016 saw a 22% increase at prices between $118 and $152. The stock currently trades at $162. There was a very minor trimming this quarter.Johnson & Johnson (JNJ): JNJ is the second-largest position in the US long portfolio at ~11%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling most quarters and that pattern continued this quarter: ~7% reduction. The share count is now at 2.98M shares. The stock currently trades at $113. Tweedy Browne is harvesting long-term gains from this position.MRC Global (MRC): The 2.28% MRC stake was purchased in Q3 & Q4 2015 at prices between $11 and $16. This quarter saw a ~22% selling at prices between $12.50 and $16.50. The stock is now at $19.70.Note: Tweedy Browne still controls ~4.7% of MRC.Philip Morris (PM): PM is a fairly large ~4% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The remaining position had been kept relatively steady since. Last quarter saw a ~18% reduction at prices between $97 and $102 and that was followed with another ~6% trimming this quarter. The stock is now at $89. Tweedy Browne is harvesting long-term gains.Verizon Communications (VZ): VZ is a 2.51% of the US long portfolio position established in Q3 2014 at prices between $48.50 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.50 and $51.50 and that was followed by a ~31% increase in Q2 2015 at prices between $46.50 and $50.50. Last quarter saw a marginal increase while this quarter saw very minor trimming. The stock currently trades at $50.23.Wells Fargo (WFC): WFC is a top-five position at 5.86% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $52.16. Q4 2015 saw a ~7% reduction at prices between $51 and $56. There was a ~8% increase last quarter at prices between $45 and $51 while this quarter saw a ~12% reduction at prices between $44 and $51.Diageo plc (DEO), Lockheed Martin (LMT), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), and Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced this quarter.Note: The firm has a fairly large stake in Diageo, although the 13F position is very small - the rest of the shares are London listed which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF), Illinois Tool Works (ITW), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include American Express (AXP), American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Leucadia National (LUK), Merck (MRK), NOW Inc. (DNOW), Royal Dutch Shell (RDS.A) (RDS.B), Shenandoah Tel. (SHEN), Shire plc (SHPG), Torchmark Corp. (TMK), and Total S A ADR (TOT).Note: GlaxoSmithKline, HSBC, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q3 2016:"

"Tracking Tweedy Browne Portfolio – Q2 2016 Update"

"Tweedy Browne’s US long portfolio decreased from $3.63B to $3.56B this quarter.The largest five individual stock positions are Johnson & Johnson, Cisco Systems, Berkshire Hathaway, Wells Fargo, and Halliburton and they account for ~44% of the US long portfolio.3M Company and Philip Morris stakes were decreased substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/10/2016. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2016.This quarter, Tweedy Browne’s US long portfolio decreased 1.90% from $3.63B to $3.56B. The number of holdings remained steady at 50. The largest position is Johnson & Johnson at 10.95% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Cisco Systems, Berkshire Hathaway, Wells Fargo, and Halliburton. Combined they are at 43.66% of the portfolio. 33 of the 50 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. The best known work is “” that was first released in 1992. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~71% of the portfolio and cash at ~19%. The top five holdings are Safran SA (SAFRF), Roche Holding AG Dividend Right Cert. (RHHVF), Novartis AG (NVSEF) (NVS), Heineken Holding NV (HKHHF) (HINKY), and GlaxoSmithKline PLC (GLAXF) (GSK). Together, they are at ~15% of the fund.Stake Disposals:Baxalta Inc. (BXLT): A 2.77% of the portfolio Baxalta stake was established as a result of the spinoff of Baxalta from Baxter International that closed July 1st 2015. Baxter shareholders received one share of Baxalta for each share of Baxter held. In January 2016, Shire plc agreed to acquire Baxalta and that transaction closed in June. The terms called for Baxalta shareholders to receive $18 per share cash and 0.1482 shares of Shire plc for each Baxalta share held. The Baxalta stake was eliminated as a result. A minutely small position in Shire plc still remains.Stake Increases:Wells Fargo (WFC): WFC is a top-five position at 6.65% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $48.18. Q4 2015 saw a ~7% reduction at prices between $51 and $56 and last quarter had also seen a marginal further reduction. There was a ~8% increase this quarter at prices between $45 and $51.Verizon Communications (VZ): VZ is a 2.59% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.42 and $51.50 and that was followed by a ~31% increase in Q2 2015 at prices between $46.61 and $50.55. Last three quarters had seen very minor trimming while this quarter saw a marginal increase. The stock currently trades at $53.81.Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. The following quarter saw a ~92% increase at prices between $43.83 and $51.44 and that was followed with another ~48% increase last quarter at prices between $44 and $53.28. The stock is currently at $47.89 and the position is now at 1.03% of the 13F portfolio. This quarter saw a marginal further increase.Avnet Inc. (AVT): AVT is a small 0.82% of the US long portfolio stake established last quarter at prices between $37.78 and $44.73 and increased by ~8% this quarter at prices between $38.92 and $44.80. The stock currently trades at $40.99.Stake Decreases:3M Company (MMM) and Baxter International (BAX): MMM & BAX are medium-sized long-term stakes in the portfolio at 4.51% and 3.04% respectively. MMM was first purchased in 2008 while BAX stake was established in 2010. The positions had seen very minor reductions in recent quarters. This quarter saw a ~11% further reduction in MMM at prices between $165 and $175 and the stock is now at $179. The BAX stake also saw a ~4% trimming. Tweedy Browne is starting to harvest gains.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their third-largest position at 8.67% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last nine quarters. The stock currently trades at $147.Bank of New York Mellon (BK): BK is a fairly large 5.56% stake first purchased in 2010 in the mid-20s price range. Last quarter saw a ~41% stake increase at prices between $32.74 and $38.17. The stock currently trades at $39.84. There was a very minor trimming this quarter.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their second-largest 13F stake at 10.90% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Last quarter saw a ~45% stake increase at prices between $22.51 and $28.47. The stock currently trades at $30.85. This quarter saw a marginal reduction.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% in Q4 2015 at prices between $56 and $63. The stock is now at ~$67. Last two quarters have seen further trimming. Tweedy Browne is harvesting gains.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.6M share stake (3.16% of portfolio) was purchased in 2009 at prices between $22 and $40. The stock currently trades at $40.60. Last two quarters have seen very minor reductions.Note: The figures quoted above are adjusted for the May 1, 2012 COP spinoff of Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a fairly large 3.84% of the US long portfolio position. It has seen marginal reductions in the last nine quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades well below the low end of that range at $39.57.Emerson Electric (EMR): EMR is a long-term 2.68% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. Last major activity was in Q2 2015 when the stake saw a ~13% reduction at prices between $55.43 and $61.78. The stock currently trades at $53.44. There was a very minor ~1% trimming this quarter.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a large 5.48% position first purchased in 2012 at much lower prices compared to the current trading price of $785. Last four quarters have seen marginal reductions. Tweedy Browne is sitting on huge long-term gains on this position.Halliburton Company (HAL): HAL is a large (top-five) 6.50% of the portfolio stake. It was established in 2012 at prices between $27.80 and $38.50. There have only been very minor adjustments since. The stock currently trades at $43.76.International Business Machines (IBM): IBM is a 1.72% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173. Last quarter saw a 22% increase at prices between $118 and $152. The stock currently trades at $162. There was a very minor trimming this quarter.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 10.95%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling most quarters and that pattern continued this quarter: ~4.93% reduction. The share count is now at 3.22M shares. The stock currently trades at $123. Tweedy Browne is harvesting long-term gains from this position.MRC Global (MRC): The 2.28% MRC stake was purchased in Q3 2015 at prices between $10.91 and $15.72 and increased by ~16% the following quarter at prices between $10.91 and $15.36. The stock is now at $14.81. Last two quarters saw marginal reductions.Note: Tweedy Browne controls ~5.6% of MRC.Philip Morris (PM): PM is a fairly large 4.20% of the portfolio stake established in 2009 at a cost-basis in the high-30s. The following year also saw a ~50% increase in the low-50s price range. Around two-thirds of that original stake was disposed of in 2012 in the high-80s price range. The remaining position had been kept relatively steady since. This quarter saw a ~18% reduction at prices between $97 and $102. The stock is now at $99.17. Tweedy Browne is starting to harvest long-term gains.Diageo plc (DEO), General Electric (GE), Illinois Tool Works (ITW), Lockheed Martin (LMT), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), and Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced this quarter.Note: The firm has a fairly large stake in Diageo, although the 13F position is very small - the rest of the shares are London listed which are outside the realm of 13F filings.Kept Steady:Coca Cola FEMSA (KOF) and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A) (RDS.B), Shire plc (SHPG), Total S A ADR (TOT), American Express (AXP), American National Insurance (ANAT), CKX lands (CKX), Connecticut Water Service (CTWS), Exxon Mobil (XOM), Leucadia National (LUK), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and Torchmark Corp. (TMK).Note: GlaxoSmithKline, HSBC, Royal Dutch Shell, and Total SA are top positions in the firm. Shares in these European businesses are primarily held in their native markets and so are outside the realm of US 13F filings.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q2 2016:"

"Tracking Tweedy Browne Portfolio – Q1 2016 Update"

"Tweedy Browne’s US long portfolio increased from $3.41B to $3.63B this quarter.The largest five individual stock positions are Cisco Systems, Johnson & Johnson, Berkshire Hathaway, Wells Fargo, and Alphabet and they account for ~41% of the US long portfolio.Cisco Systems and Bank of New York Mellon stakes were increased significantly during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/12/2016. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2015.This quarter, Tweedy Browne’s US long portfolio increased 6.65% from $3.41B to $3.63B. The number of holdings increased from 49 to 50. The largest position is Cisco Systems at 10.73% of the US long portfolio. Largest five individual stock positions are Cisco Systems, Johnson & Johnson, Berkshire Hathaway, Wells Fargo, and Alphabet Inc. Combined they are at 41.15% of the portfolio. 36 of the 50 13F stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. The best known work is “” that was first released in 1992. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~71% of the portfolio and cash at ~19%. The top five holdings are Safran SA (SAFRF), Roche Holding AG Dividend Right Cert. (RHHVF), Heineken Holding NV (HKHHF) (HINKY), Novartis AG (NVSEF) (NVS), and GlaxoSmithKline PLC (GLAXF) (GSK). Together, they are at ~15% of the portfolio.New Stakes:Avnet Inc. (AVT): AVT is a small 0.82% of the US long portfolio stake established this quarter at prices between $37.78 and $44.73. The stock currently trades at $38.95.Stake Increases:Agco Corporation (AGCO): AGCO was a minutely small stake as of Q3 2015. Last quarter saw a ~92% increase at prices between $43.83 and $51.44 and that was followed with another ~48% increase this quarter at prices between $44 and $53.28. The stock is currently at $52.43 and the position is now at 1.05% of the 13F portfolio.Bank of New York Mellon (BK): BK is a fairly large 5.19% stake first purchased in 2010 in the mid-20s price range. There was a ~11% selling last quarter at prices between $38 and $44. This quarter saw a ~41% stake increase at prices between $32.74 and $38.17. The stock currently trades at $39.74.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their largest 13F stake at 10.73% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. This quarter saw a ~45% stake increase at prices between $22.51 and $28.47. The stock currently trades at $26.67. For investors attempting to follow Tweedy Browne, CSCO is a very good option to consider for further research.International Business Machines (IBM): IBM is a 1.71% of the 13F portfolio position established in Q3 2015 at prices between $141 and $173 and increased by ~6% last quarter at prices between $132 and $153. This quarter saw another 22% increase at prices between $118 and $152. The stock currently trades at $148.90. For investors attempting to follow Tweedy Browne, IBM is a good option to consider for further research.Stake Decreases:3M Company (MMM) and Baxter International (BAX): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM was first purchased in 2008 while BAX stake was established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a bullish bias toward these businesses.Baxalta Inc. (BXLT): The 2.77% of the portfolio BXLT stake was established as a result of the spinoff of Baxalta from Baxter International that closed July 1st 2015. Baxter shareholders received one share of BXLT for each share of Baxter held. Last two quarters saw marginal reductions. The stock is now at $41.79.Note: In January 2016, BXLT accepted an acquisition offer from Shire plc (SHPG) whereby BXLT shareholders would receive $18 per share cash and 0.1482 shares of SHPG for each BXLT share held. At current prices, the deal is worth ~$43.75 per share.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their third-largest position at 8.37% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last eight quarters. The stock currently trades at $143.Comcast Corporation (CMCSA): CMCSA is a very long-term stake that has been in the portfolio since before the financial crisis. The stake was reduced by ~11% last quarter at prices between $56 and $63. The stock is now at ~$62. This quarter also saw a marginal further reduction.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.7M share stake (3% of portfolio) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $43.72. This quarter saw a marginal reduction.Note: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a fairly large 2.86% of the US long portfolio position. It has seen marginal reductions in the last eight quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades well below the low end of that range at $32.71. Last quarter saw a ~6% reduction at prices between $28.67 and $47.76 while this quarter saw a marginal further reduction.Emerson Electric (EMR): EMR is a long-term 2.77% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. Last major activity was in Q2 2015 when the stake saw a ~13% reduction at prices between $55.43 and $61.78. The stock currently trades at $52.91.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a large (top-five) 5.80% position first purchased in 2012 at much lower prices compared to the current trading price of $713. Last three quarters have seen marginal reductions. Tweedy Browne is sitting on huge long-term gains on this position.Halliburton Company (HAL): HAL is a large 5.03% of the portfolio stake. It was established in 2012 at prices between $27.80 and $38.50. There have only been very minor adjustments since. The stock currently trades at ~$40.Johnson & Johnson (JNJ): JNJ is the second-largest position in the US long portfolio at 10.08%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling and that pattern continued this quarter: ~8.4% reduction. The share count is now at 3.38M shares. The stock currently trades at $114. Tweedy Browne is starting to harvest large long-term gains from this position.MRC Global (MRC): The 2.07% MRC stake was purchased in Q3 2015 at prices between $10.91 and $15.72 and increased by ~16% last quarter at prices between $10.91 and $15.36. The stock is now at ~$14. This quarter saw a marginal further reduction.Note: Tweedy Browne controls ~5.6% of MRC.Verizon Communications (VZ): VZ is a 2.41% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.42 and $51.50 and that was followed by a ~31% increase in Q2 2015 at prices between $46.61 and $50.55. Last three quarters saw minor reductions. The stock currently trades at $51.48.Wells Fargo (WFC): WFC is the fourth-largest position at 6.17% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $49.23. Last quarter saw a ~7% reduction at prices between $51 and $56 and this quarter saw a marginal further reduction.American Express (AXP), American National Insurance (ANAT), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Philip Morris (PM), Phillips 66 (PSX), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Coca Cola FEMSA (KOF), General Electric (GE), Illinois Tool Works (ITW), Lockheed Martin (LMT), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the 13F portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A) (RDS.B), Total S A ADR (TOT), Connecticut Water Service (CTWS), Leucadia National (LUK), National Oilwell Varco (NOV), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and CKX Lands Inc. (CKX).The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q1 2016:Form 4, 13D/G, etc: 1/6/2016 - MRC Global - 13G - 5.74M shares - 5.62% of business."

"Tracking Tweedy Browne Portfolio – Q4 2015 Update"

"Tweedy Browne’s US long portfolio increased from $3.36B to $3.41B this quarter.The largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Alphabet and they account for ~41% of the US long portfolio.Agco and MRC Global stakes were increased significantly while reducing Torchmark Corporation during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/10/2016. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2015.This quarter, Tweedy Browne’s US long portfolio increased marginally from $3.36B to $3.41B. The number of holdings remained steady at 49. The largest holding is Johnson & Johnson at 11.14% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Alphabet Inc. Combined they are at 40.72% of the portfolio. 36 of the 49 13F stakes reported are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. The best known work is “” that was first released in 1992. Also, Christopher Browne authored the book “”, a great introduction.Note: Tweedy Browne’s 13F report lists several ADRs and the funds also hold shares in their native markets. For example, the flagship Tweedy Browne Global Value Fund (TBGVX) has a global orientation with non-US allocation at ~70% of the portfolio and cash at ~22%. The top five holdings are Roche Holding AG Dividend Right Cert. (RHHVF), Safran SA (SAFRF), Novartis AG (NVSEF), Heineken Holding NV (HKHHF), and GlaxoSmithKline PLC (GLAXF). Together, they are at ~15% of the portfolio.Stake Increases:Agco Corporation (AGCO): AGCO was a minutely small stake as of last quarter. This quarter saw a ~92% increase at prices between $43.83 and $51.44. The stock is currently at $45.03 and the position is now at 0.69% of the 13F portfolio.Emerson Electric (EMR): EMR is a long-term 2.70% stake. The position was first purchased in 2008 and doubled the following year at a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. Last major activity was in Q2 2015 when the stake saw a ~13% reduction at prices between $55.43 and $61.78. Last quarter saw a marginal reduction while there was a minor increase this quarter. The stock currently trades at $45.77.Halliburton Company (HAL): HAL is a large 5.33% of the portfolio stake. It was established in 2012 at prices between $27.80 and $38.50. The stock currently trades near the low end of that range at $29.60. This quarter saw marginal buying. For investors attempting to follow Tweedy Browne, HAL is a good option to consider for further research.International Business Machines (IBM) and MRC Global (MRC): IBM is a 1.36% of the 13F portfolio position established last quarter at prices between $141 and $173 and increased by ~6% this quarter at prices between $132 and $153. The stock currently trades below those ranges at $120. The 2.18% MRC stake was purchased last quarter at prices between $10.91 and $15.72 and increased by ~16% this quarter at prices between $10.91 and $15.36. The stock is now well below those ranges at $8.86.Note: Tweedy Browne controls 5.62% of MRC.Stake Decreases:Baxalta Inc. (BXLT): The 2.86% of the portfolio BXLT stake was established as a result of the spinoff of Baxalta from Baxter International that closed July 1st. Baxter shareholders received one share of BXLT for each share of Baxter held. This quarter saw a marginal reduction. The stock is now at $37.51.Note: Last month, BXLT accepted an acquisition offer from Shire plc (SHPG) whereby BXLT shareholders would receive $18 per share cash and 0.1482 shares of SHPG for each BXLT share held. At current prices, the deal is worth ~$41 per share.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 8.29% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last seven quarters. The stock currently trades at $127.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their third-largest stake at 7.53% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Since then, the stake was kept relatively steady although the last few quarters have seen minor reductions. The stock currently trades at $22.51. For investors attempting to follow Tweedy Browne, CSCO is a good option to consider for further research.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.7M share stake (3.73% of portfolio) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $32.35. This quarter saw a marginal reduction.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a fairly large 3.57% of the US long portfolio position. It has seen marginal reductions in the last seven quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades well below the low end of that range at $21.64. This quarter saw a ~6% reduction at prices between $28.67 and $47.76.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a large (top-five) 6.31% position first purchased in 2012 at much lower prices compared to the current trading price of $684. Last two quarters have seen marginal reductions. Tweedy Browne is sitting on huge long-term gains on this position.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 11.14%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling and that pattern continued this quarter: ~4.2% reduction. The share count is still at 3.69M shares. The stock currently trades at $102. Tweedy Browne is sitting on large long-term gains on this position.Verizon Communications (VZ): VZ is a 2.24% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.42 and $51.50 and that was followed by a ~31% increase in Q2 2015 at prices between $46.61 and $50.55. Last quarter saw a ~6% trimming while this quarter saw a marginal further reduction. The stock currently trades at $49.98.Wells Fargo (WFC): WFC is the fourth-largest position at 7.45% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $46.13. This quarter saw a ~7% reduction at prices between $51 and $56.Bank of New York Mellon (BK): BK is a fairly large 4.40% stake first purchased in 2010 in the mid-20s price range. Last few quarters had seen minor reductions. There was a ~11% selling this quarter at prices between $38 and $44. The stock currently trades at $33.56.Comcast Corporation (CMCSA) and Torchmark Corporation (TMK): CMCSA and TMK are very long-term stakes that have been in the portfolio since before the financial crisis. Both stakes saw significant reductions this quarter. The 1.82% CMCSA stake was reduced by ~11% at prices between $56 and $63 and the stock is now at $55.81. TMK position was reduced by ~82% to a minutely small 0.42% stake at prices between $55 and $61. The stock is now at $51.05.3M Company (MMM) and Baxter International (BAX): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM was first purchased in 2008 while BAX stake was established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Diageo plc (DEO), Illinois Tool Works (ITW), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Philip Morris (PM), Phillips 66 (PSX), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Coca Cola FEMSA (KOF), General Electric (GE), Lockheed Martin (LMT), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A), Total S A ADR (TOT), Brown & Brown (BRO), Connecticut Water Service (CTWS), Leucadia National (LUK), National Oilwell Varco (NOV), NOW Inc. (DNOW), and Shenandoah Tel. (SHEN).The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q4 2015:11/18/2015 Note - to add from Q4 2015 update: Add the fact that flagship fund (TBGVX) has a global orientation. Also, include performance information and global holdings that are in the top-ten. DONE 2/11/2016."

"Tracking Tweedy Browne Portfolio – Q3 2015 Update"

"Tweedy Browne’s US long portfolio decreased from $3.62B to $3.36B this quarter.The largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Wells Fargo, Cisco Systems, and Halliburton and they account for around 40% of the US long portfolio.Baxalta Inc., MRC Global, and International Business Machines are the new stakes.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/13/2015. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2015.This quarter, Tweedy Browne’s US long portfolio decreased 7.25% from $3.62B to $3.36B. The number of holdings increased from 47 to 49. The largest holding is Johnson & Johnson at 10.72% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Wells Fargo, Cisco Systems, and Halliburton Company. Combined, they are at 39.98% of the portfolio. 34 of the 49 13F stakes reported are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992. Christopher Browne authored “”, a great introduction.New Stakes:Baxalta Inc. (BXLT): The 2.35% of the portfolio BXLT stake was established as a result of the spinoff of Baxalta from Baxter International that closed July 1st. Baxter shareholders received one share of BXLT for each share of Baxter held. The stock is now at $34.52.International Business Machines (IBM) and MRC Global (MRC): IBM is a 1.36% of the 13F portfolio position established this quarter at prices between $141 and $173. The stock currently trades below that range at $134. The 1.64% MRC stake was purchased at prices between $10.91 and $15.72 and the stock is now at $14.25.Note: Tweedy Browne controls ~4.8% of MRC.Stake Disposals:None.Stake Increases:None.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 8.31% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last six quarters. The stock currently trades at $133.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their fourth-largest stake at 7.68% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Since then, the stake was kept relatively steady although the last few quarters have seen minor reductions. The stock currently trades at $26.81.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.7M share position (3.89% of portfolio) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $53.89. Last quarter saw a ~4% trimming at prices between $61 and $69.40 and this quarter saw a marginal further reduction.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a fairly large 4.44% of the US long portfolio position. It has seen marginal reductions in the last six quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades below that range at $45.91. For investors attempting to follow Tweedy Browne, DVN is a good option to consider for further research.Emerson Electric (EMR): EMR is a long-term stake first purchased in 2008 and doubled the following year with a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. Last quarter saw a ~13% reduction at prices between $55.43 and $61.78 and this quarter saw a marginal further reduction. The stock currently trades at $48.67.Google Inc. (GOOG) (GOOGL): GOOG is a fairly large 5.21% position first purchased in 2012 at much lower prices compared to the current trading price of $725. Last quarter saw a marginal increase while this quarter saw a very minor decrease. Tweedy Browne is sitting on huge long-term gains on this position.Halliburton Company (HAL): HAL is a large (top five) 5.58% of the portfolio stake. It was established in 2012 at prices between $27.80 and $38.50. The stock currently trades at $38.11. This quarter saw very minor selling.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 10.72%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling and that pattern continued this quarter: ~1.6% reduction. The share count is still at 3.86M shares. The stock currently trades at $102. Tweedy Browne is sitting on large long-term gains on this position.Verizon Communications (VZ): VZ is a small 2.14% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.42 and $51.50 and that was followed by a ~31% increase last quarter at prices between $46.61 and $50.55. This quarter saw a ~6% trimming. The stock currently trades just below their purchase price ranges at $45.08. For investors attempting to follow Tweedy Browne, VZ is a good option to consider for further research.Wells Fargo (WFC): WFC is the third-largest position at 7.69% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $54.96. This quarter saw a marginal decrease.3M Company (MMM), Bank of New York Mellon (BK), and Baxter International (BAX): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM was first purchased in 2008 while BK & BAX stakes were established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Comcast Corporation (CMCSA), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Philip Morris (PM), Phillips 66 (PSX), Torchmark Corporation (TMK), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Coca Cola FEMSA (KOF), Illinois Tool Works (ITW), Lockheed Martin (LMT), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A), Total S A ADR (TOT), Brown & Brown (BRO), Connecticut Water Service (CTWS), General Electric (GE), Leucadia National (LUK), National Oilwell Varco (NOV), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and AGCO Corp. (AGCO). Canadian Natural Resources (CNQ) and Exxon Mobil (XOM) were dropped while General Electric was added during the quarter.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q3 2015:"

"Tracking Tweedy Browne Portfolio – Q2 2015 Update"

"Tweedy Browne’s US long portfolio decreased from $3.71B to $3.62B this quarter.The largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Wells Fargo, Cisco Systems, and Devon Energy and they account for around 41% of the US long portfolio.Verizon stake was substantially increased while reducing Emerson Electric this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/07/2015. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2015.This quarter, Tweedy Browne’s US long portfolio decreased 2.30% from $3.71B to $3.62B. The number of holdings remained steady at 47. The largest holding is Johnson & Johnson at 10.55% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Wells Fargo, Cisco Systems, and Devon Energy. Combined, they are at 40.92% of the portfolio. 33 of the 47 13F stakes reported are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne (TBGVX) (TWEBX) (TBHDX) (TBCUX) has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992. Christopher Browne authored “”, a great introduction.New Stakes:None.Stake Disposals:None.Stake Increases:Verizon Communications (VZ): VZ is a small 2.26% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. In Q4 2014, the stake was increased by ~38% at prices between $45.42 and $51.50 and that was followed by a ~31% increase this quarter at prices between $46.61 and $50.55. The stock currently trades at $47.86. For investors attempting to follow Tweedy Browne, VZ is a good option to consider for further research.Google Inc. (GOOG) (GOOGL): GOOG is a medium-sized 4.11% position first purchased in 2012 at much lower prices compared to the current trading price of $660. Last few quarters had seen very minor reductions while this quarter saw a marginal increase. Tweedy Browne is sitting on huge long-term gains on this position.Stake Decreases:Emerson Electric (EMR): EMR is a long-term stake first purchased in 2008 and doubled the following year with a cost-basis in the low-30s. Around 40% of that original position was sold in 2010 in the low-50s price-range. It had since been kept relatively steady. This quarter saw a ~13% reduction at prices between $55.43 and $61.78. The stock currently trades at $49.08.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.8M share position (4.77 % of portfolio) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $51.54. This quarter saw a ~4% trimming at prices between $61 and $69.40.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Halliburton Company (HAL): HAL is a fairly large 6.32% of the portfolio stake. It was established in 2012 at prices between $27.80 and $38.50. The stock currently trades at $42.73. This quarter saw very minor selling.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 8.12% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last five quarters. The stock currently trades at around $142.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their fourth-largest stake at 7.57% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Since then, the stake was kept relatively steady although the last few quarters have seen minor reductions. The stock currently trades at $29.03.Devon Energy (DVN): DVN is a top-five 6.78% of the US long portfolio position. It has seen marginal reductions in the last five quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades below that range at $47.88. For investors attempting to follow Tweedy Browne, DVN is a good option to consider for further research.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 10.55%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake saw minor selling and that pattern continued this quarter: ~3.4% reduction. The share count is still at 3.92M shares. The stock currently trades at $98.71. Tweedy Browne is sitting on large long-term gains on this position.National-Oilwell Varco (NOV): NOV is a small 0.50% of the US long portfolio stake established in Q3 2013 at prices between $69 and $79. The original position was increased by ~12% early last year at prices between $73 and $83. Last three quarters saw very minor reductions and the stock currently trades at $40.99.NOTE: The figures quoted above understate the actual performance of this stake as there was a spin-off related price-drop. On June 2, 2014, NOV shareholders received one share of NOW Inc. (DNOW) common stock for every four shares of NOV held.Wells Fargo (WFC): WFC is the third-largest position at 7.86% of the US long portfolio. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $56.73. This quarter saw a marginal decrease.3M Company (MMM), Bank of New York Mellon (BK), and Baxter International (BAX): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM was first purchased in 2008 while BK & BAX stakes were established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Comcast Corporation (CMCSA), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Philip Morris (PM), Phillips 66 (PSX), Torchmark Corporation (TMK), Total SA (TOT), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Coca Cola FEMSA (KOF), Illinois Tool Works (ITW), Lockheed Martin (LMT), and US Bancorp (USB): These are very small (less than ~1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A), Canadian Natural Resources (CNQ), Brown & Brown (BRO), Connecticut Water Service (CTWS), Exxon Mobil (XOM), Leucadia National (LUK), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and AGCO Corp. (AGCO). Federated Investors (FII) was dropped while LUK was added during the quarter.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q2 2015:"

"Tracking Tweedy Browne Portfolio – Q1 2015 Update"

"Tweedy Browne’s US long portfolio decreased from $3.91B to $3.71B this quarter.The largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Devon Energy and they account for around 41% of the US long portfolio.A 2.02% position in Joy Global was eliminated this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 05/05/2015. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2014.This quarter, Tweedy Browne’s US long portfolio decreased around 5% from $3.91B to $3.71B. The number of holdings decreased from 49 to 47. The largest holding is Johnson & Johnson at 11.01% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Devon Energy. 33 of the 47 reported stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992. Christopher Browne is the author of “”, a great introduction.New Stakes:None.Stake Disposals:Joy Global (JOY): JOY is a small ~2% position that was first purchased in 2012. The bulk of the stake was purchased in 2013 at higher prices compared to the current trading price of $42.26. Last quarter, the position was reduced by ~48% at prices between $45.91 and $54.87 and this quarter the remaining stake was sold at prices between $38 and $47. The activity indicates a bearish bias.Stake Increases:ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.8M share position (4.77 %) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $65.11. The last several quarters had seen minor reductions but this quarter saw a minutely small increase.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Halliburton Company (HAL): HAL was the second-largest position at 7.92% of the US long portfolio as of Q3 2014. The bulk of the stake was purchased in 2012 at prices between $27.80 and $38.50. The position was marginally increased in the last two quarters. The stock went down about 40% last quarter but has returned ~16% so far this year. The stock currently trades at $45.91 and the stake is at 6.34%.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 8.42% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last four quarters. The stock currently trades at around $145.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their third-largest stake at 7.67% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Since then, the stake was kept relatively steady although the last few quarters have seen minor reductions. The stock currently trades at $29.26.Devon Energy (DVN): DVN is a top-five 6.78% of the US long portfolio position that was reduced marginally in the last four quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades at $67.47. The position has been kept relatively steady since.Google Inc. (GOOG) (GOOGL): GOOG is a medium-sized 4.17% position first purchased in 2012 at much lower prices compared to the current trading price of $540. Last few quarters have seen very minor reductions. Browne is sitting on huge long-term gains on this position.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 11.01%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen marginal reductions and that pattern continued this quarter: ~2% reduction. The share count is still at ~4.06M shares. The stock currently trades at $101. Tweedy Browne is sitting on large long-term gains on this position.National-Oilwell Varco (NOV): NOV is a small 0.50% of the US long portfolio stake established in Q3 2013 at prices between $69 and $79. The original position was increased by ~12% early last year at prices between $73 and $83. Last two quarters saw very minor reductions and the stock currently trades at $50.71.NOTE: The figures quoted above understate the actual performance of this stake as there was a spin-off related price-drop. On June 2, 2014, NOV shareholders received one share of NOW Inc. (DNOW) common stock for every four shares of NOV held.Verizon Communications (VZ): VZ is a small 1.76% of the US long portfolio position established in Q3 2014 at prices between $48.40 and $52. Last quarter, the stake was increased by ~38% at prices between $45.42 and $51.50. This quarter saw a ~4% reduction at prices between $45.71 and $49.81. The stock currently trades at $49.61.Wells Fargo (WFC): WFC is a top-five position that was marginally reduced this quarter to a 7.49% of the US long portfolio stake. The initial position was established in 2010 with the bulk of the current stake purchased in 2011 at prices between $25 and $34. The stock currently trades at $56.3M Company (MMM), Bank of New York Mellon (BK), Baxter International (BAX), & Emerson Electric (EMR): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM & EMR positions were first purchased in 2008 while BK & BAX stakes were established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Coca Cola FEMSA (KOF), Comcast Corporation (CMCSA), Diageo plc (DEO), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Torchmark Corporation (TMK), Total SA (TOT), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Lockheed Martin (LMT) & Philip Morris (PM): These positions were kept steady last quarter but reduced marginally this quarter. LMT is a very small 0.82% stake while PM is a medium-sized 3.77% position.Kept Steady:Illinois Tool Works (ITW) & US Bancorp (USB): These are very small (less than 1% of the US long portfolio each) stakes kept steady this quarter.Other minutely small (less than 0.5% of the US long portfolio each) positions in the portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A), Canadian Natural Resources (CNQ), Brown & Brown (BRO), Connecticut Water Service (CTWS), Exxon Mobil (XOM), Federated Investors (FII), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and AGCO Corp. (AGCO).The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q1 2015:"

"Tracking Tweedy Browne Portfolio – Q4 2014 Update"

"Tweedy Browne’s US long portfolio decreased from $4.34B to $3.91B this quarter.The largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Devon Energy and they account for around 41% of the US long portfolio.A 5.39% position in Banco Santander Brazil was eliminated and a 4.12% position in Joy Global was reduced by around 50% this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 02/12/2015. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2014.This quarter, Tweedy Browne’s US long portfolio decreased around 10% from $4.34B to $3.91B. The number of holdings remained steady at 49. The largest holding is Johnson & Johnson at 11.09% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Berkshire Hathaway, Cisco Systems, Wells Fargo, and Devon Energy. 34 of the 49 reported stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992.New Stakes:None.Stake Disposals:Banco Santander Brasil (BSBR): BSBR was the second-largest position at 9.07% of the US long portfolio as of Q2 2014. The position was aggressively built-up against falling prices over several quarters at prices between $4.48 and $7.29. Last quarter the pattern reversed as the stake was reduced by 41.64% at prices between $6.48 and $7.09 and that was followed by the disposal this quarter at prices between $4.60 and $6.54. The stock currently trades at $5.07. The about-turn indicates a clear bearish bias.Canadian Natural Resources (CNQ): CNQ was a very small 0.60% of the US long portfolio position that was eliminated this quarter. As the position size was very small, the activity does not indicate a clear bias.Stake Increases:Verizon Communications (VZ): VZ is a small 1.68% of the US long portfolio position established last quarter at prices between $48.40 and $52. This quarter, the stake was increased by ~38% at prices between $45.42 and $51.50. VZ has seen super-investor interest with Berkshire Hathaway & Chou Associates Management also adding recently. The stock currently trades at $49.31, well within their purchase price ranges.Halliburton Company (HAL): HAL was the second-largest position at 7.92% of the US long portfolio as of last quarter. The bulk of the stake was purchased in 2012 at prices between $27.80 and $38.50. The position was marginally increased this quarter. The stock went down about 40% during the quarter and that resulted in the stake falling to 5.39% of the US long portfolio. The stock currently trades at $44.19.Stake Decreases:Joy Global (JOY): JOY is a small ~2% position that was first purchased in 2012. The bulk of the stake was purchased in 2013 at higher prices compared to the current trading price of around $44. This quarter, the position was reduced by ~48% at prices between $45.91 and $54.87. The substantial reduction in a longer-term stake indicates a bearish bias.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their second-largest position at 8.33% of the US long portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced in the last three quarters. The stock currently trades at around $148.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. It is currently their third-largest stake at 7.59% of the US long portfolio. The bulk of the current position was purchased in 2012 at prices between $15.50 and $21. Since then, the stake was kept relatively steady although the last few quarters have seen minor reductions. The stock currently trades at $29.43.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.8M share position (5.01%) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $69.88. The last several quarters have seen minor reductions.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a top-five 6.55% of the US long portfolio position that was reduced marginally in the last three quarters. The bulk of the current stake was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades at $66.47. The position has been kept relatively steady since.Google Inc. (GOOG) (GOOGL): GOOG is a medium-sized 3.80% position first purchased in 2012 at much lower prices compared to the current trading price of around $549. Last few quarters have seen very minor reductions. Browne is sitting on huge long-term gains on this position.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 11.09%. It is a long-term stake that has been in the portfolio since before the financial crisis. The position was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has been marginally reduced and the pattern continued this quarter with a minor 0.52% reduction. The share count is still at ~4.14M shares. The stock currently trades at $99.62. Tweedy Browne is sitting on large long-term gains on this position.National-Oilwell Varco (NOV): NOV is a small 0.62% of the US long portfolio stake established in Q3 2013 at prices between $69 and $79. The original position was increased by ~12% early last year at prices between $73 and $83. This quarter saw a very minor reduction and the stock currently trades at $53.36.NOTE: The figures quoted above understate the actual performance of this stake as there was a spin-off related price-drop. On June 2, 2014, NOV shareholders received one share of NOW Inc. (DNOW) common stock for every four shares of NOV held.Wells Fargo (WFC): WFC is a top-five position that was marginally reduced this quarter to a 7.24% of the US long portfolio stake. The initial position was established in 2010 with the bulk of the current stake purchased in 2011 at prices between $25 and $34. The stock currently trades at $55.33.3M Company (MMM), Bank of New York Mellon (BK), Baxter International (BAX), & Emerson Electric (EMR): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM & EMR positions were first purchased in 2008 while BK & BAX stakes were established in 2010. The positions have seen very minor reductions in recent quarters. The long-term nature of these stakes indicates a clear bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Coca Cola FEMSA (KOF), Comcast Corporation (CMCSA), Diageo plc (DEO), Illinois Tool Works (ITW), MasterCard Inc. (MA), National Western Life (NWLI), Novartis AG (NVS), Phillips 66 (PSX), Torchmark Corporation (TMK), Total SA (TOT), UniFirst Corporation (UNF), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Lockheed Martin (LMT), Philip Morris (PM), & US Bancorp (USB): These positions were kept steady this quarter. LMT & USB are very small (less than 1% of the US long portfolio each) stakes while PM is a medium-sized 3.87% position.Other minutely small (less than 0.5% of the US long portfolio each) stakes in the portfolio include GlaxoSmithKline (GSK), HSBC Holdings (HSBC), Royal Dutch Shell (RDS.A), Canadian Natural Resources (CNQ), Brown & Brown (BRO), Connecticut Water Service (CTWS), Exxon Mobil (XOM), Federated Investors (FII), NOW Inc. (DNOW), Shenandoah Tel. (SHEN), and AGCO Corp. (AGCO).The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q4 2014:"

"Tracking Tweedy Browne Portfolio – Q3 2014 Update"

"Tweedy Browne’s US long portfolio decreased from $4.68B to $4.34B this quarter.The largest five individual stock positions are Johnson & Johnson, Halliburton, Berkshire Hathaway, Devon Energy, and Wells Fargo and they account for around 38% of the US long portfolio.A large ~9% position in Banco Santander Brazil was reduced by over 40% this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Tweedy Browne US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 11/12/2014. Please visit our series to get an idea of their investment philosophy and the fund’s moves during Q2 2014.This quarter, Tweedy Browne’s US long portfolio decreased 7.2% from $4.68B to $4.34B. The number of holdings remained steady at 49. The largest holding is Johnson & Johnson at 10.22% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Halliburton, Berkshire Hathaway, Devon Energy, and Wells Fargo. 33 of the 49 reported stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992 and updated in 2009.New Stakes:Verizon Communications (VZ): VZ is a small 1.17% of the US long portfolio position established this quarter at prices between $48.40 and $52. VZ has seen super-investor interest with Berkshire Hathaway & Chou Associates Management also adding recently. The stock currently trades at $51.10, well within their purchase price ranges.Stake Disposals:None.Stake Increases:None.Stake Decreases:Banco Santander Brasil (BSBR): BSBR was the second-largest position at 9.07% of the US long portfolio as of last quarter. The position was aggressively built-up against falling prices over several quarters at prices between $4.48 and $7.29. This quarter the pattern reversed as the stake was reduced by 41.64% at prices between $6.48 and $7.09. The stock currently trades at $5.50 and the remaining stake is at 5.39% of the US long portfolio. The about-turn indicates a clear bearish bias.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. Back in 2009, it was a very small 0.6% of the portfolio position. The bulk of the current 6.89% stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced last two quarters. The stock currently trades at around $146.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. The bulk of the current 6.19% stake was purchased in 2012 at prices between $15.50 and $21. Since then, the position was kept relatively steady although the last few quarters have seen minor stake reductions. The stock currently trades at $25.61.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~2.8M share position (5.01%) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $70.37. The last several quarters have seen minor stake reductions.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Devon Energy (DVN): DVN is a large 6.58% of the US long portfolio position that was reduced marginally in the last two quarters. The bulk of the current position was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades at $63.32. The position has been kept relatively steady since.Google Inc. (GOOG) (GOOGL) & Joy Global (JOY): GOOG & JOY are medium-sized (less than ~5% of the US long portfolio) positions first purchased in 2012. Most of the GOOG position was purchased in 2012 at much lower prices. The bulk of the JOY stake was purchased in 2013 and the stock price has not budged much since.Halliburton Company (HAL): HAL is the second-largest position at 7.92% of the US long portfolio. The bulk of the stake was purchased in 2012 at prices between $27.80 and $38.50. The stock currently trades well outside that range at $51.69 and the position has seen marginal reductions in the last few quarters.Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 10.22%. It is a long-term position that has been in the portfolio since before the financial crisis. The stake was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the position has been marginally reduced and the pattern continued this quarter with a minor 0.77% reduction. The share count is still at ~4.2M shares. The stock currently trades at around $109. Tweedy Browne is sitting on long-term gains on this position.National-Oilwell Varco (NOV): NOV is a small 0.65% of the US long portfolio position established in Q3 2013 at prices between $69 and $79. The original position was increased by ~12% earlier this year at prices between $73 and $83. This quarter saw a very minor reduction and the stock currently trades at $71.37.NOTE: The figures quoted above understate the actual performance of this position as there was a spin-off related price-drop. On June 2, 2014, NOV shareholders received one share of NOW Inc. (DNOW) common stock for every four shares of NOV held.Wells Fargo (WFC): WFC is a top-five position that was marginally reduced this quarter to a 6.21% of the US long portfolio stake. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $53.52.Wal-Mart Stores (WMT), Lockheed Martin (LMT), & MasterCard Inc. (MA): These are small positions (less than 2% of the US long portfolio) that were reduced significantly this quarter. The activity indicates a mild bearish bias toward these businesses.3M Company (MMM), Bank of New York Mellon (BK), Baxter International (BAX), Emerson Electric (EMR), & Philip Morris (PM): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM & EMR positions were first purchased in 2008 while BK & PM stakes were established in 2010 & 2009 respectively. The positions have seen very minor stake reductions in recent quarters. The long-term nature of these positions indicates a clear bullish bias toward these businesses.Novartis AG (NVS), Phillips 66 (PSX), American Express (AXP), American National Insurance (ANAT), Comcast Corporation (CMCSA), Diageo plc (DEO), Torchmark Corporation (TMK), Total SA (TOT), Unilever (UN) (UL), & Union Pacific (UNP): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Canadian Natural Resources (CNQ), Coca Cola FEMSA (KOF), & Illinois Tool Works (ITW): These are small positions (less than 2% of the US long portfolio) that were kept steady this quarter.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q3 2014:"

"Tracking Tweedy Browne Portfolio – Q2 2014 Update"

"Tweedy Browne’s US long portfolio increased marginally from $4.34B to $4.68B this quarter.The largest five individual stock positions are Johnson & Johnson, Banco Santander Brasil, Halliburton, Devon Energy, and Wells Fargo and they account for around 40% of the US long portfolio.The vast majority of the positions were adjusted this quarter but they were all minor.This article is the first in a series that provides an ongoing analysis of the changes made to Tweedy Browne’s US stock portfolio on a quarterly basis. It is based on Tweedy Browne’s regulatory filed on 08/13/2014. The firm dates back to 1920 when it was established as a dealer for closely held inactively traded securities - famous clients from the 1930s to the 1950s time period include Benjamin Graham, Warren Buffett, and Walter Schloss. Tweedy Browne became a partnership investment vehicle in 1959 and accepted first outside monies (limited partners) in 1968.Tweedy Browne’s investment philosophy takes off from Benjamin Graham’s idea of investing with a margin-of-safety: buy positions that are trading at a significant discount to intrinsic value and sell them when they approach intrinsic value. The focus of their research is in determining intrinsic values and identifying the ones trading at a significant discount. To filter from the 20,000-odd corporations worldwide, certain characteristics are sought: low P/B ratio, low P/E ratio, low price-to-cash-flow ratio, above-average dividend yield, low P/S ratio as compared to other companies in the same industry, low corporate leverage, insider share purchases, company share repurchases, etc. The firm has over $21.9B in Assets Under Management (AUM) - about $9.2B is spread-out among four mutual funds and the rest are in private accounts (for individuals, institutions, partnerships, etc.). The portfolio is concentrated with recent 13F reports showing around 50 individual positions. Although the long-term performance of all assets under management is not published, the performance of their flagship mutual fund (Global Value - AUM of around $7.5B) clearly demonstrates large outperformance over the long-term: since inception in 1993, the fund has an alpha of 4.47% against the MSCI EAFE (currency hedged) index: 10.36% annualized for the Global Value fund vs 5.89% annualized for the MSCI EAFE (currency hedged) index.This quarter, Tweedy Browne’s US long portfolio increased marginally from $4.34B to $4.68B. The number of holdings increased from 47 to 49. The largest holding is Johnson & Johnson at 9.38% of the US long portfolio. Largest five individual stock positions are Johnson & Johnson, Banco Santander Brasil, Halliburton, Devon Energy, and Wells Fargo.Tweedy Browne has released a number of over the years and that is a valuable resource for anyone looking to learn from their investment philosophy. The best known work is “” that was first released in 1992 and updated in 2009.New Stakes:None.Stake Disposals:None.Stake Increases:Banco Santander Brasil (BSBR): BSBR is the second-largest position at 9.07% of the US long portfolio. The position was aggressively built-up against falling prices over the last several quarters at prices between $4.48 and $7.29. The stock currently trades at $6.66. The activity indicates a clear bullish bias.National-Oilwell Varco (NOV): NOV is a small 0.65% of the US long portfolio position established in Q3 2013 at prices between $69 and $79. The original position was increased by ~12% over the last two quarters at prices between $73 and $83. The stock currently trades at $81.40.Stake Decreases:Johnson & Johnson (JNJ): JNJ is the largest position in the US long portfolio at 9.38%. It is a long-term position that has been in the portfolio since before the financial crisis. The stake was built up from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the position has been marginally reduced and the pattern continued this quarter. The share count is still at 4.2M shares. The stock currently trades at around $101. Tweedy Browne is sitting on significant long-term gains on this position.Halliburton Company (HAL): HAL is a top-five position in the US long portfolio that was marginally reduced this quarter. The stake is currently at 8.13%. The bulk of the position was purchased in 2012 at prices between $27.80 and $38.50. The stock currently trades at close to $70. Tweedy Browne continues to stay bullish even after doubling the investment.Devon Energy (DVN): DVN is a large 7.14% of the US long portfolio position that was reduced marginally this quarter. The bulk of the current position was purchased in 2012 when around 2.2M shares were acquired at prices between $51 and $75. The stock currently trades within that range at $72.63. The position has been kept relatively steady since - the last two quarters saw marginal stake reductions.Wells Fargo (WFC): WFC is a top-five position that was marginally reduced this quarter to a 5.92% of the US long portfolio stake. The initial stake was established in 2010 with the bulk of the current position purchased in 2011 at prices between $25 and $34. The stock currently trades at $50.24.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. Back in 2009, it was a very small 0.6% of the portfolio position. The bulk of the current 5.89% stake was purchased in 2010 and 2012 at prices between $65 and $90. The position was marginally reduced this quarter. The stock currently trades at around $133.Cisco Systems (CSCO): CSCO was a 2.2% of the US long portfolio position when first established in 2011. The bulk of the current 5.78% stake was purchased in 2012 at prices between $15.50 and $21. Since then, the position was kept relatively steady - the last few quarters saw minor stake reductions. The stock currently trades at $24.63.ConocoPhillips (COP): COP was a minutely small position in 2007. The majority of the current ~3M share position (5.4%) was purchased in 2009 at prices between $37 and $55. The stock currently trades at $80.58. The last several quarters have seen very minor stake reductions.NOTE: The actual performance of this position is much higher compared to the figures quoted above as there was a spin-off related price-drop. On May 1, 2012 COP had spun off Phillips 66 whereby COP shareholders received one share of Phillips 66 for every 2 shares of COP.Google Inc. (GOOG) (GOOGL) & Joy Global (JOY): GOOG & JOY are medium-sized (less than ~5% of the US long portfolio) positions first purchased in 2012. Most of the GOOG position was purchased in 2012 at much lower prices. The bulk of the JOY stake was purchased in 2013 and the stock price has not budged much since.3M Company (MMM), Emerson Electric (EMR), Bank of New York Mellon (BK), & Baxter International (BAX): These are medium-sized (less than ~5% of the US long portfolio) long-term stakes in the portfolio. MMM & EMR positions were first purchased in 2008 while BK & BAX stakes were established in 2010. The positions have seen very minor stake reductions in recent quarters. The long-term nature of these positions indicates a clear bullish bias toward these businesses.American Express (AXP), American National Insurance (ANAT), Comcast Corporation (CMCSA), Diageo plc (DEO), Novartis AG (NVS), Phillips 66 (PSX), Torchmark Corporation (TMK), Total SA (TOT), Unilever (UN) (UL), Union Pacific (UNP), & Wal-Mart Stores (WMT): These are small positions (less than 2% of the US long portfolio) that were reduced marginally this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:Canadian Natural Resources (CNQ), Coca Cola FEMSA (KOF), Illinois Tool Works (ITW), Lockheed Martin (LMT), & MasterCard Inc. (MA): These are small positions (less than 2% of the US long portfolio) that were kept steady this quarter.The US long equity portfolio also has fifteen other very small positions (less than ~0.5% of the portfolio each). As the sizing is minute, the activities in those positions do not indicate a clear bias.The spreadsheet below highlights changes to Tweedy Browne’s US stock holdings in Q2 2014:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 8/14/2023. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Halvorsen’s 13F stock portfolio value increased from $21.31B to $24.43B. The number of holdings increased from 49 to 86. The largest five individual stock positions are Visa, Danaher Corp, Api Group, Philip Morris International, and UnitedHealth. They add up to ~22% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Danaher Corp (DHR) and Philip Morris International (PM): DHR is a 4.18% of the portfolio position established this quarter at prices between ~$225 and ~$256 and the stock currently trades at ~$248. The 3.62% PM stake was purchased at prices between ~$90 and ~$102 and it is now at $94.45.CBRE Group (CBRE), Everest RE Group (EG), Arista Networks (ANET), Netflix (NFLX), Doordash (DASH), Gallagher Arthur J & Co (AJG), Five9 (FIVN), EPAM Systems (EPAM), United Parcel Service (UPS), PPG Industries (PPG), and Nvidia (NVDA): These small (less than ~1% of the portfolio each) stakes were established during the quarter.Stake Disposals:Block Inc. (SQ) and Molina Healthcare (MOH): These two small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Visa Inc. (V): Visa is currently the largest 13F position at ~7% of the portfolio. It was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while in the next quarter there was one-third selling at prices between ~$191 and ~$235. Q3 2022 saw another stake doubling at prices between ~$178 and ~$217. That was followed by a one-third increase in the last three quarters at prices between ~$178 and ~$240. The stock currently trades at ~$247.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $26.92. There was a marginal increase over the last two quarters.Note: Viking Global has a ~17% ownership stake in the business.Fortive Corp (FTV): The ~3% FTV stake was increased by ~55% this quarter at prices between ~$63 and ~$75. The stock currently trades at $76.47.Workday Inc. (WDAY): WDAY is a 2.81% of the portfolio position built during the last two quarters at prices between ~$160 and ~$227. The stock is now at ~$248.HDFC Bank (HDB): HDB is a 2.66% of the portfolio position built over the three quarters through Q2 2022 at prices between ~$51 and ~$78 and the stock is now at $65.56. The last several quarters saw only minor adjustments. This quarter saw a ~12% increase.Sherwin Williams (SHW): The 2.47% SHW stake was established last quarter at prices between ~$209 and ~$249 and it is now at ~$269. There was a marginal increase this quarter.BioMarin Pharma (BMRN): The 1.48% BMRN stake was built during the three quarters through Q2 2022 at prices between ~$74 and ~$92. The last quarter saw a ~60% selling at prices between ~$88 and ~$117 while this quarter saw a stake doubling at prices between ~$87 and ~$100. The stock currently trades at ~$92.Ameriprise Financial (AMP), Cadence Design Systems (CDNS), Coupang (CPNG), International Flavors and Fragrances (IFF), Micron Technology (MU), Microsoft Corporation (MSFT), MasterCard (MA), Synopsys (SNPS), Unum Group (UNUM), and Valvoline (VVV): These small (less than ~2% of the portfolio each) positions were increased during the quarter.Note: Regulatory filings since the quarter ended show them owning 8.34M shares (~6% of business) of Valvoline. This is compared to ~7.7M shares in the 13F report.Stake Decreases:UnitedHealth (UNH): The 3.53% UNH stake was built in the last three quarters at prices between ~$460 and ~$555. The stock currently trades at ~$480. This quarter saw a ~15% trimming.General Electric (GE): The 3.21% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the next two quarters at prices between ~$64 and ~$103. Q3 2022 saw a similar increase at prices between ~$61 and ~$81 while the next quarter saw a ~40% selling at prices between ~$48 and ~$69. The stock is now at ~$115. There was a ~17% trimming this quarter.Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $11.22. Viking Global’s ~3% of the portfolio stake goes back to a private investment made in July 2016. There was a ~14% trimming this quarter.Note: Viking Global controls ~10% of Roivant Sciences.Meta Platforms (META) previously Facebook: META is a ~3% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters saw a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. The next two quarters saw the stake rebuilt at prices between ~$134 and ~$234 while in Q4 2022 there was a ~55% reduction at prices between ~$89 and ~$140. The last quarter saw a ~35% increase at prices between ~$125 and ~$212 while this quarter saw a ~20% reduction at prices between ~$208 and ~$289. The stock is now at ~$302.Elevance Health (ELV): The 2.57% ELV stake was built during Q2 2022 at prices between ~$444 and ~$530. There was a ~60% stake increase in the next quarter at prices between ~$446 and ~$507. Q4 2022 saw a ~20% reduction at prices while last quarter there was a similar increase. This quarter saw another one-third selling at prices between ~$436 and ~$496. The stock is now at ~$445.Fortinet Inc. (FTNT): The 2.38% FTNT stake was established during Q4 2022 at prices between ~$46 and ~$57 and it is now at $63.50. The last quarter saw a two-thirds increase at prices between ~$48 and ~$67 while this quarter saw a ~35% reduction at prices between ~$60 and ~$76.Amazon.com Inc. (AMZN): AMZN is now a 2.35% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: H2 2022 saw a ~55% stake increase at prices between ~$82 and ~$145. The last two quarters saw a two-thirds selling at prices between ~$83 and ~$130. The stock currently trades at ~$141.Acadia Healthcare (ACAD), Chubb Ltd. (CB), CSX Corp (CSX), Constellation Energy (CEG), Emerson Electric (EMR), Intuit (INTU), Karuna Therapeutics (KRTX), Lululemon Athletica (LULU), McKesson Corp (MCK), Royalty Pharma (RPRX), Seagate Technology (STX), Thermo Fisher Scientific (TMO), and ZoomInfo Technologies (ZI): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a 1.87% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $28.55.Note: Regulatory filings since the quarter ended show them owning ~25.12M shares (~15.7% of business) of BBIO. This is compared to 26.62M shares in the 13F report.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% in Q1 2022 at prices between ~$2.80 and ~$8.70. Q2 2022 saw further selling. The position was rebuilt next quarter at prices between ~$2.40 and ~$3.75. Q4 2022 saw a ~40% selling at prices between $1.58 and $3.52. There was a ~125% stake increase last quarter at prices between $1.20 and $2.20. The stock now trades at $2.07.Adaptive Biotechnologies (ADPT): ADPT position is now at 0.82% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently go for $6.67. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.Inhibrx (INBX): The very small 0.71% of the portfolio INBX stake was kept steady this quarter.Note 1: Regulatory filings since the quarter ended show them owning ~7.2M shares. This is compared to ~6.6M shares in the 13F report. The increase happened at $19.35 per share.Note 2: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Amylyx Pharma (AMLX), Edgewise Therapeutics (EWTX), New Amsterdam Pharma (NAMS), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Trevi Therapeutics (TRVI), and Verastem (VSTM).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/20/2023 to 6/12/2023: 13G – 6/5 – VSTM – 1.32M shares – 7.9% of business. 13D/A – 5/16 – CZOO – 3M shares – 7.2% of business, 13D/A – 4/27 & 3/21 – same, . Form 4 – 5/11 – FDMT – 4D Molecular Therapeutics - 850K shares acquired at 16 – 4.79M shares."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2023 Update"

"Halvorsen's 13F portfolio value increased from ~$19.98B to ~$21.31B this quarter. The number of positions decreased from 53 to 49.Viking Global increased McKesson, UnitedHealth, Fortinet, Meta Platforms, CSX Corp, and Fortive while decreasing Amazon.com, Seagate Technology, Microsoft, Mastercard, Ameriprise, BioMarin Pharma, and Micron Technology.The top three positions are Visa Inc, McKesson, and UnitedHealth. Together, they are at ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 5/15/2023. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Halvorsen’s 13F stock portfolio value increased from $19.98B to $21.31B. The number of holdings decreased from 53 to 49. The largest five individual stock positions are Visa, McKesson, UnitedHealth, Elevance Health, and General Electric. They add up to ~26% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Lululemon Athletica (LULU) and Sherwin Williams (SHW): LULU is a 3.24% of the portfolio position purchased this quarter at prices between ~$293 and ~$364 and the stock currently trades just above that range at ~$368. The 2.38% SHW stake was established at prices between ~$209 and ~$249 and it is now at ~$245.Emerson Electric (EMR), Zoominfo Technologies (ZI), Constellation Energy (CEG), and Workday Inc. (WDAY), and Coupang (CPNG): These small (less than ~1% of the portfolio each) stakes were established during the quarter.Stake Disposals:American International Group (AIG), Advanced Micro Devices (AMD), Brookfield Corp (BN), Clorox Company (CLX), Dollar General (DG), Insulet Corp (PODD), International Flavors & Fragrances (IFF), KE Holdings (BEKE), Li Auto (LI), RH Inc. (RH), and Uber Technologies (UBER): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter.Stake Increases:Visa Inc. (V): Visa is currently the largest 13F position at ~7% of the portfolio. It was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while in the next quarter there was a one-third selling at prices between ~$191 and ~$235. Q3 2022 saw another stake doubling at prices between ~$178 and ~$217. That was followed with a ~23% increase in the last two quarters at prices between ~$178 and ~$231. The stock currently trades at ~$226.McKesson Corp (MCK): MCK is a large (top three) 5.36% of the portfolio position purchased during Q2 2022 at prices between ~$300 and ~$336 and the stock currently trades well above that range at ~$395. There was a ~60% stake increase next quarter at prices between ~$321 and ~$374. That was followed with a ~45% increase this quarter at prices between ~$335 and ~$386.UnitedHealth (UNH): The large (top three) 4.66% UNH stake was built in the last three quarters at prices between ~$460 and ~$555. The stock currently trades at ~$493.Elevance Health (ELV): The large (top five) 4.65% ELV stake was built during Q2 2022 at prices between ~$444 and ~$530. There was a ~60% stake increase next quarter at prices between ~$446 and ~$507. Last quarter saw a ~20% reduction at prices while this quarter there was a similar increase. The stock is now at ~$473.General Electric (GE): The large (top five) 3.86% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the next two quarters at prices between ~$64 and ~$103. Q3 2022 saw a similar increase at prices between ~$61 and ~$81 while last quarter saw a ~40% selling at prices between ~$48 and ~$69. The stock is now at ~$106. There was a ~11% increase this quarter.CSX Corp (CSX) and Fortinet Inc. (FTNT): CSX is a ~3% of the portfolio position purchased last quarter at prices between ~$26.50 and ~$32.75 and the stock currently trades at $32.40. There was a ~42% stake increase this quarter at prices between ~$28 and ~$33. The 3.70% FTNT stake was established last quarter at prices between ~$46 and ~$57 and it is now well above that range at $69.84. This quarter saw a two-thirds increase at prices between ~$48 and ~$67.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $25.15. There was a marginal increase this quarter.Note: Viking Global has a ~17% ownership stake in the business.Meta Platforms (META) previously Facebook: META is a 3.21% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters saw a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. The next two quarters saw the stake rebuilt at prices between ~$134 and ~$234 while in the last quarter there was a ~55% reduction at prices between ~$89 and ~$140. This quarter saw a ~35% increase at prices between ~$125 and ~$212. The stock is now at ~$271.Thermo Fisher Scientific (TMO): The 2.32% TMO position saw a ~40% stake increase last quarter at prices between ~$485 and ~$571. The stock is now at ~$524. There was a minor ~2% increase this quarter.Royalty Pharma (RPRX): The ~2% RPRX stake was built in Q4 2021 at prices between ~$35 and ~$43. The stock currently trades below that range at $32.81. There was a ~8% trimming last quarter while this quarter saw a similar increase.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% in Q1 2022 at prices between ~$2.80 and ~$8.70. Q2 2022 saw further selling. The position was rebuilt next quarter at prices between ~$2.40 and ~$3.75. Last quarter saw a ~40% selling at prices between $1.58 and $3.52. There was a ~125% stake increase this quarter at prices between $1.20 and $2.20. The stock now trades at $1.95.Acadia Healthcare (ACAD), Cadence Design Systems (CDNS), Fortive Corp (FTV), Guardant Health (GH), Intuit (INTU), Karuna Therapeutics (KRTX), Molina Healthcare (MOH), Progressive Corp (PGR), Rogers Communications (RCI), Unum Group (UNUM), and Valvoline (VVV): These small (less than ~2% of the portfolio each) positions were increased during the quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is now a 3.70% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between ~$95 and ~$177. The stake was rebuilt the next quarter at prices between ~$155 and ~$175 but was again sold down in Q3 2021 at prices between ~$159 and ~$187. The pattern continued over the next two quarters: the stake more than doubled at prices between ~$136 and ~$185. That was followed with another ~55% stake increase over the last two quarters at prices between ~$82 and ~$145. This quarter saw a ~40% selling at prices between ~$83 and ~$113. The stock currently trades at ~$127.Chubb Ltd. (CB): CB is a ~3% position that saw a ~20% stake increase in Q4 2021 at prices between ~$174 and ~$196. It is now at ~$191. There was a ~13% trimming next quarter while Q2 2022 saw a similar increase. The last three quarters also saw minor trimming.HDFC Bank (HDB): HDB is a 2.59% of the portfolio position built over the three quarters through Q2 2022 at prices between ~$51 and ~$78 and the stock is now at $63.94. Next quarter saw a minor ~6% stake increase while last quarter there was a ~12% reduction. There was a minor ~3% trimming this quarter.Seagate Technology (STX): STX is a 1.63% of the portfolio position purchased last quarter at prices between ~$48.50 and ~$58 and it now goes for $63.41. There was a ~11% trimming this quarter.Microsoft Corporation (MSFT): MSFT is now at 1.42% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2021 saw the position sold down by ~75% at prices between ~$212 and ~$343. There was a ~18% stake increase during Q3 2022 at prices between ~$225 and ~$294. This quarter saw a ~70% reduction at prices between ~$222 and ~$288. The stock is now at ~$332.MasterCard (MA): The 1.36% MA stake saw a ~30% increase during Q2 2022 at prices between ~$309 and ~$379. Next quarter saw a ~23% reduction at prices between ~$284 and ~$360. There was a ~53% reduction this quarter at prices between ~$345 and ~$382. The stock currently trades at ~$375.BioMarin Pharma (BMRN): The ~1% BMRN stake was built during the three quarters through Q2 2022 at prices between ~$74 and ~$92. This quarter saw a ~60% selling at prices between ~$88 and ~$117. The stock currently trades at ~$93.Amylyx Pharma (AMLX), Ameriprise Financial (AMP), Block Inc. (SQ), Boston Scientific (BSX), Charles River (CRL), Equitable Holdings (EQH), Inspire Medical Systems (INSP), and Micron Technology (MU): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note: Viking Global has a ~7% ownership stake in Amylyx Pharma.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $9.42. Viking Global’s ~3% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.BridgeBio Pharma (BBIO): BBIO is a ~2% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $15.81.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 1.24% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $7.94. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.Inhibrx (INBX): The very small 0.59% of the portfolio INBX stake was kept steady this quarter.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Cazoo (CZOO), Edgewise Therapeutics (EWTX), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), Trevi Therapeutics (TRVI), and Verastem (VSTM).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/28/2022 to 3/20/2023: 13D/A – 2/27 – CZOO – 3M shares, 7.2% of business. 13G/13Gas – 2/14 – PHVS – Pharvaris NV – 3.23M shares – 9.7% of business, GH – Guardant Health – 4.11M shares – 4% of business, AMLX – Amylyx Pharma – 4.63M shares – 7% of business, TRVI – Trevi Therapeutics – 6.16M shares – 9.99% of business, INBX – InhibRX – 6.64M shares – 15.2% of business, FIGS – zero, APG Group – API – 42.1M shares – 17.4% of business, LAB – Standard Bio Tools – 8.32M shares – 9.5% of business, DNA – 143.1M shares – 9.36% of business, COUP – zero, PEPG – PepGen – 1.54M shares – 6.5% of business, CLDX – Celldex Therapeutics – zero, PRCT – Procept BioRobotics – zero, EWTX – Edgewise Therapeutics – 4.41M shares – 7% of business, Orion Acquisition - zero."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2022 Update"

"Halvorsen's 13F portfolio value decreased from $21.66B to ~$19.98B this quarter. The number of positions decreased from 88 to 53.Viking Global increased Amazon and United Health while decreasing General Electric, Meta Platforms, and Boston Scientific. They also dropped T-Mobile and Parker Hannifin.The top three positions are Visa Inc, Amazon.com, and Elevance Health. Together, they are at ~16% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 2/14/2023. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Halvorsen’s 13F stock portfolio value decreased from $21.66B to $19.98B. The number of holdings decreased from 88 to 53. The largest five individual stock positions are Visa, Amazon.com, Elevance Health, McKesson, and Microsoft. They add up to ~24% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:CSX Corp (CSX), Fortinet Inc. (FTNT), and Seagate Technology (STX): CSX is a 2.41% of the portfolio position purchased this quarter at prices between ~$26.50 and ~$32.75 and the stock currently trades at $28.29. The 1.74% FTNT stake was established at prices between ~$46 and ~$57 and it is now well above that range at $61.21. STX is a 1.63% of the portfolio position purchased at prices between ~$48.50 and ~$58 and it now goes for $60.52.Li Auto (LI), American International Group (AIG), Equitable Holdings (EQH), and Advanced Micro Devices (AMD): These are small (less than ~1% of the portfolio each) new stakes established during the quarter.Stake Disposals:T-Mobile US (TMUS): The ~2% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while in Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase in Q4 2021 at prices between ~$107 and ~$128. The last three quarters saw the disposal at prices between ~$122 and ~$152. The stock is now at ~$143.Parker Hannifin (PH): The ~2% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. There was a ~42% reduction last quarter at prices between ~$238 and ~$308. The elimination this quarter was at prices between ~$242 and ~$311. The stock currently trades at ~$322.CME Group (CME), KKR & Company (KKR), Marsh & McLennan (MMC), PayPal Holdings (PYPL), Sea Limited (SE), Salesforce.com (CRM), ServiceNow (NOW), and Take-Two Software (TTWO): These small (less than ~2% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Visa Inc. (V): Visa is currently the largest 13F position at ~6% of the portfolio. It was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while in the next quarter there was a one-third selling at prices between ~$191 and ~$235. The last quarter saw another stake doubling at prices between ~$178 and ~$217. The stock currently trades at ~$220. This quarter also saw a ~8% stake increase.Amazon.com Inc. (AMZN): AMZN is now a large (top three) 5.25% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between ~$95 and ~$177. The stake was rebuilt next quarter at prices between ~$155 and ~$175 but was again sold down in Q3 2021 at prices between ~$159 and ~$187. The pattern continued over the next two quarters: the stake more than doubled at prices between ~$136 and ~$185. That was followed with another ~55% stake increase over the last two quarters at prices between ~$82 and ~$145. The stock currently trades at $98.70.UnitedHealth (UNH): The 3.36% UNH stake was built in the last two quarters at prices between ~$499 and ~$555. The stock currently trades at ~$476.BioMarin Pharma (BMRN): The 2.73% BMRN stake was built during the three quarters through Q2 2022 at prices between ~$74 and ~$92. The stock currently trades at ~$90. There were minor increases in the last two quarters.Thermo Fisher Scientific (TMO): The 2.31% TMO position saw a ~40% stake increase this quarter at prices between ~$485 and ~$571. The stock is now at ~$554.Acadia Healthcare (ACAD), Cadence Design Systems (CDNS), Clorox Company (CLX), Guardant Health (GH), Inhibrx (INBX), Intuit (INTU), Karuna Therapeutics (KRTX), KE Holdings (BEKE), Micron Technology (MU), Molina Healthcare (MOH), Rogers Communications (RCI), and RH Inc. (RH): These small (less than ~2.5% of the portfolio each) positions were increased during the quarter.Stake Decreases:Elevance Health (ELV): The large (top three) 4.81% ELV stake is now the largest position in the portfolio. It was built during Q2 2022 at prices between ~$444 and ~$530. There was a ~60% stake increase last quarter at prices between ~$446 and ~$507. This quarter saw a ~20% reduction at prices between ~$454 and ~$547. The stock is now at ~$465.McKesson Corp (MCK): MCK is a large (top five) 4.14% of the portfolio position purchased during Q2 2022 at prices between ~$300 and ~$336 and the stock currently trades above that range at ~$342. There was a ~60% stake increase last quarter at prices between ~$321 and ~$374. This quarter saw a ~15% trimming.Microsoft Corporation (MSFT): MSFT is now at 4.12% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2021 saw the position sold down by ~75% at prices between ~$212 and ~$343. There was a ~18% stake increase last quarter at prices between ~$225 and ~$294. The stock is now at ~$272. This quarter saw a ~2% trimming.Chubb Ltd. (CB): CB is a ~4% position that saw a ~20% stake increase in Q4 2021 at prices between ~$174 and ~$196. It is now at ~$190. There was a ~13% trimming next quarter while Q2 2022 saw a similar increase. The last two quarters also saw minor trimming.General Electric (GE): The 3.26% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the next two quarters at prices between ~$64 and ~$103. Last quarter saw a similar increase at prices between ~$61 and ~$81 while this quarter saw a ~40% selling at prices between ~$48 and ~$69. The stock is now at $89.59.MasterCard (MA): The ~3% MA stake saw a ~30% increase during Q2 2022 at prices between ~$309 and ~$379. The last quarter saw a ~23% reduction at prices between ~$284 and ~$360. There was a minor ~3% trimming this quarter. The stock currently trades at ~$351.HDFC Bank (HDB): HDB is a ~3% of the portfolio position built over the three quarters through Q2 2022 at prices between ~$51 and ~$78 and the stock is now at $62.81. Last quarter saw a minor ~6% stake increase while this quarter there was a ~12% reduction.Boston Scientific (BSX): The 2.21% BSX stake saw a ~175% stake increase in Q4 2021 at prices between ~$38 and ~$45. Next quarter saw a roughly one-third selling at prices between ~$41 and ~$45. The last two quarters saw a ~25% stake increase at prices between ~$35 and ~$47 while this quarter there was a ~40% selling at prices between ~$38 and ~$47. The stock currently trades at ~$48.Royalty Pharma (RPRX): The ~2% RPRX stake was built in Q4 2021 at prices between ~$35 and ~$43. The stock currently trades at ~$35. There was a ~8% trimming this quarter.Meta Platforms (META) previously Facebook: META is a 1.44% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. The last two quarters saw the stake rebuilt at prices between ~$134 and ~$234 while this quarter there was a ~55% reduction at prices between ~$89 and ~$140. The stock is now at ~$200.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% in Q1 2022 at prices between ~$2.80 and ~$8.70. Q2 2022 saw further selling. The position was rebuilt last quarter at prices between ~$2.40 and ~$3.75. This quarter saw a ~40% selling at prices between $1.58 and $3.52. The stock now trades at $1.22.Ameriprise Financial (AMP), Amylyx Pharma (AMLX), Block Inc. (SQ), Brookfield Corp (BN), Charles River (CRL), Dollar General (DG), Fortive Corp (FTV), Inspire Medical Systems (INSP), Insulet Corp (PODD), International Flavors & Fragrances (IFF), Uber Technologies (UBER), Unum Group (UNUM), and Valvoline (VVV): These small (less than ~2.6% of the portfolio each) stakes were decreased this quarter.Note: Viking Global has a ~7% ownership stake in Amylyx Pharma.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $7.27. Viking Global’s 3.53% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $21.15.Note: Viking Global has a ~17% ownership stake in the business.Adaptive Biotechnologies (ADPT): ADPT position is now at 1.15% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $7.93. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a ~1% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $12.84.Note: Viking Global controls ~21% of BridgeBio Pharma.Catalent (CTLT): The minutely small 0.32% stake in CTLT was kept steady this quarter.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Cazoo (CZOO), Edgewise Therapeutics (EWTX), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Trevi Therapeutics (TRVI).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/18/2022 to 11/28/2022: 13D/A, Form 4 – 11/25 – Frazier Lifesciences Acq. – FLAC – zero – 3.7M shares disposed, Form 4 – 11/4 - ~850K shares purchased at 10.08, Form 3, 13D/A, 13G – 11/4 – 2.85M shares - 3.7M shares total (25.67% of business). Form 4 – 11/17 – RLYB – 3.33M shares acquired at ~$6. 13D/A – 11/10 – CZOO – 60M shares – 7.3% of business, 13D – 9/19 – 60M shares – 7.3% of business, . Form 4 – 10/12 – INBX – 1.33M shares acquired at ~$30 – 3.88M shares total. 13G – 10/7 – Trevi Therapeutics – TRVI – 5.98M shares – 9.99% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2022 Update"

"Halvorsen's 13F portfolio value decreased marginally from $21.86B to $21.66B this quarter. The number of positions increased from 82 to 88.Viking Global increased Elevance Health, Visa, and McKesson while decreasing T-Mobile US, Parker Hannifin and Fortive. They also dropped American International Group and Centene.The top three positions are Elevance Health, Amazon.com, and Visa Inc. Together, they are at ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/14/2022. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Halvorsen’s 13F stock portfolio value decreased marginally from $21.86B to $21.66B. The number of holdings increased from 82 to 88. Largest five individual stock positions are Elevance Health, Amazon.com, Visa, McKesson, and Microsoft. They add up to ~22% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Salesforce.com (CRM): CRM is a 1.59% of the portfolio stake purchased this quarter at prices between ~$144 and ~$191 and the stock currently trades below that range at ~$129.UnitedHealth (UNH), Valvoline (VVV), PayPal Holdings (PYPL), KKR & Company (KKR), Sea Limited (SE), and Rogers Communications (RCI): These small (less than ~1% of the portfolio each) stakes were established during the quarter.Stake Disposals:American International Group (AIG): The 2.36% of the portfolio position in AIG was established last quarter at prices between ~$50 and ~$64. The disposal this quarter was at prices between ~$47.50 and ~$57.50. The stock is now at ~$63.Centene Corp (CNC): Most of the 3.21% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. That was followed with a ~20% reduction in Q1 2022 at prices between ~$75 and ~$88. The elimination this quarter was at prices between ~$77 and ~$97. The stock is now at $81.63.AON plc (AON), Boeing Company (BA), Booking Holdings (BKNG), Lam Research (LRCX), Walt Disney (DIS), and Workday (WDAY): These small (less than ~1.5% of the portfolio each) stakes were dropped during the quarter.Stake Increases:Elevance Health (ELV): The 4.90% ELV stake is now the largest position in the portfolio. It was built last quarter at prices between ~$444 and ~$530. There was a ~60% stake increase this quarter at prices between ~$446 and ~$507. The stock is now at ~$514.Amazon.com Inc. (AMZN): AMZN is now a large (top three) 4.85% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between ~$95 and ~$177. The stake was rebuilt next quarter at prices between ~$155 and ~$175 but was again sold down in Q3 2021 at prices between ~$159 and ~$187. The pattern continued over the next two quarters: stake more than doubled at prices between ~$136 and ~$185. The stock currently trades at ~$85. This quarter also saw a ~15% stake increase.Visa Inc. (V): The large (top three) 4.39% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while next quarter there was a one-third selling at prices between ~$191 and ~$235. This quarter saw another stake doubling at prices between ~$178 and ~$217. The stock currently trades at ~$206.McKesson Corp (MCK): MCK is a large (top five) ~4% of the portfolio position purchased last quarter at prices between ~$300 and ~$336 and the stock currently trades above that range at ~$384. There was a ~60% stake increase this quarter at prices between ~$321 and ~$374.Microsoft Corporation (MSFT): MSFT is now at 3.77% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Last year saw the position sold down by ~75% at prices between ~$212 and ~$343. There was a ~18% stake increase this quarter at prices between ~$225 and ~$294. The stock is now at ~$239.General Electric (GE): The 3.68% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the last two quarters at prices between ~$64 and ~$103. This quarter saw a similar increase at prices between ~$61 and ~$81. The stock is now at $81.79.Meta Platforms (META) previously Facebook: META is a ~2% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. Last two quarters saw the stake rebuilt at prices between ~$134 and ~$234. The stock is now at ~$118.Boston Scientific (BSX): The 2.89% BSX stake saw a ~175% stake increase in Q4 2021 at prices between ~$38 and ~$45. Next quarter saw a roughly one-third selling at prices between ~$41 and ~$45. The stock currently trades at ~$46. Last two quarters saw a ~25% stake increase at prices between ~$35 and ~$47.Brookfield Corp (BN): BN is a 2.79% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$32 and ~$45 and it is now at ~$32. There was a ~25% reduction last quarter while this quarter saw a similar increase.Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed earlier this month. Shares of the spinoff which assumed the name Brookfield Asset Management was distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp. The spinoff was valued at ~$12 per share.Dollar General (DG): The 2.69% of the portfolio position in DG saw a stake doubling this quarter at prices between ~$236 and ~$258. The stock is now at $248.HDFC Bank (HDB): HDB is a 2.62% of the portfolio position built over the last three quarters at prices between ~$51 and ~$78 and the stock is now at $66.84. This quarter saw a minor ~6% stake increase.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $18.60. Last three quarters have seen marginal increases.Note: Viking Global has a ~17% ownership stake in the business.Intuit (INTU): INTU is a ~2% of the portfolio stake purchased last quarter at prices between ~$353 and ~$506 and it now goes for ~$385. There was a minor ~4% stake increase this quarter.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% in Q1 2022 at prices between ~$2.80 and ~$8.70. Last quarter saw further selling. The position was rebuilt this quarter at prices between ~$2.40 and ~$3.75. The stock now trades at $1.66.Ameriprise Financial (AMP), BioMarin Pharma (BMRN), Charles River (CRL), CME Group (CME), Insulet Corp (PODD), Micron Technology (MU), ServiceNow (NOW), Take-Two Software (TTWO), and Unum Group (UNUM): These small (less than ~2.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Chubb Ltd. (CB): CB is a ~3% position that saw a ~20% stake increase in Q4 2021 at prices between ~$174 and ~$196. It is now at ~$220. There was a ~13% trimming next quarter while last quarter saw a similar increase. There was a minor ~5% trimming this quarter.MasterCard (MA): The 2.32% MA stake saw a ~30% increase last quarter at prices between ~$309 and ~$379. The stock currently trades at ~$344. This quarter saw a ~23% reduction at prices between ~$284 and ~$360.T-Mobile US (TMUS): The ~2% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while in Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase in Q4 2021 at prices between ~$107 and ~$128. Last quarter saw a similar reduction at prices between ~$122 and ~$139. That was followed with a ~65% selling this quarter at prices between ~$132 and ~$147. The stock is now at ~$140.Royalty Pharma (RPRX): The ~2% RPRX stake was built in Q4 2021 at prices between ~$35 and ~$43. The stock currently trades at $39.44. Last quarter saw a ~14% stake increase while this quarter there was similar trimming.Parker Hannifin (PH): The ~2% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. There was a ~42% reduction this quarter at prices between ~$238 and ~$308. The stock currently trades at ~$291.Fortive Corp (FTV): FTV is a 1.64% of the portfolio position established during the three quarters through Q1 2020 at prices between $42 and $83. There was a ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. Q4 2021 saw a ~20% selling at prices between ~$70 and ~$79 while next quarter there was a ~40% stake increase at prices between ~$56 and ~$74. That was followed with a ~50% reduction this quarter at prices between ~$54 and ~$69. The stock currently goes for ~$64.International Flavors & Fragrances (IFF): The 1.56% IFF stake was built in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades at ~$104. Last quarter saw a roughly one-third increase while this quarter saw a similar reduction.Acadia Healthcare (ACAD), Amylyx Pharma (AMLX), Avantor Inc. (AVTR), Block Inc. (SQ), Catalent (CTLT), Guardant Health (GH), Intellia Therapeutics (NTLA), KE Holdings (KE), Karuna Therapeutics (KRTX), Marsh & McLennan (MMC), Molina Healthcare (MOH), Thermo Fisher Scientific (TMO), Uber Technologies (UBER), and Zai Lab (ZLAB): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note: Viking Global has a ~9.8% ownership stake in Amylyx Pharma.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for ~$7. Viking Global’s 1.31% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.BridgeBio Pharma (BBIO): BBIO is a 1.22% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $7.88.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at ~1% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $7.50. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Cazoo (CZOO), Edgewise Therapeutics (EWTX), Inhibrx (INBX), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Trevi Therapeutics (TRVI).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/3/2022 to 9/18/2022: 13G/A – 9/12 & form 4 – 9/8 – AMLX – Amylyx – 5.77M shares – 9.9% of business – reduction at prices between ~27 and ~32. 13G – 7/1 – DNA – 115.1M shares – 9.7% of business. 13G – 6/10 – Celldex Therapeutics – CLDX – 2.37M shares – 5.1% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2022 Update"

"Halvorsen's 13F portfolio value decreased from $24.74B to $21.86B this quarter. The number of positions increased from 56 to 82.Viking Global added McKesson, American International Group, and Intuit while decreasing T-Mobile US, General Electric, and Brookfield Asset Management. They also increased Elevance Health while dropping Comcast.The top three positions are T-Mobile US, Amazon.com, and Microsoft Corporation. Together, they are at ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 8/15/2022. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Halvorsen’s 13F stock portfolio value decreased ~12% from $24.74B to $21.86B. The number of holdings increased from 56 to 82. Largest five individual stock positions are T-Mobile US, Amazon.com, Microsoft, Parker Hannifin, and Chubb Limited. They add up to ~20% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:McKesson Corp (MCK), American International Group (AIG), and Intuit (INTU): MCK is a 2.43% of the portfolio position purchased this quarter at prices between ~$300 and ~$336 and the stock currently trades above that range at ~$346. The 2.36% of the portfolio position in AIG was established at prices between ~$50 and ~$64 and it is now at $53.65. INTU is a ~2% of the portfolio stake purchased at prices between ~$353 and ~$506 and it now goes for ~$423.Lam Research (LRCX), Walt Disney (DIS), and CME Group (CME): These are small (less than ~1.5% of the portfolio each) new positions established during the quarter.Stake Disposals:Otis Worldwide (OTIS) and Shopify (SHOP): The ~1% OTIS stake was established last quarter at prices between ~$72 and ~$87. The disposal this quarter was at prices between ~$68 and ~$78. The stock currently trades at $67.80. SHOP was a 0.57% of the portfolio position purchased at prices between ~$51 and ~$136. It was sold this quarter at prices between ~$30 and ~$73. The stock is now at $31.73.Comcast Corp (CMCSA): CMCSA was a 2.49% of the portfolio stake built during H2 2021 at prices between ~$48 and ~$62. It was sold this quarter at prices between ~$38 and ~$48. The stock currently trades at $34.52.Farfetch Ltd. (FTCH): The original FTCH stake was purchased in Q3 2021 at prices between ~$37 and ~$51. There was a ~50% reduction next quarter at prices between ~$30 and ~$47. That was followed with similar selling last quarter at prices between ~$11 and ~$34. The remainder stake was disposed this quarter. The stock currently trades at $10.38.Deere & Co (DE), JD.com (JD), Lithia Motors (LAD), Laboratory Cop (LH), Li Auto (LI), Match Group (MTCH), Tenet Healthcare (THC), and ZoomInfo Technologies (ZI): These very small (less than ~1.25% of the portfolio each) positions were disposed during the quarter.Stake Increases:Boston Scientific (BSX) and Chubb Ltd. (CB): The 2.15% BSX stake saw a ~175% stake increase in Q4 2021 at prices between ~$38 and ~$45. Last quarter saw a roughly one-third selling at prices between ~$41 and ~$45. The stock currently trades at $41.70. There was a ~14% stake increase this quarter. CB is a 3.39% position that saw a ~20% stake increase in Q4 2021 at prices between ~$174 and ~$196. It is now at ~$189. There was a ~13% trimming last quarter while this quarter saw a similar increase.MasterCard (MA) and Elevance Health (ELV): These two positions saw substantial increases this quarter. The 3.32% MA stake saw a ~30% increase at prices between ~$309 and ~$379. The stock currently trades at ~$315. The 3.23% ELV stake was primarily built this quarter at prices between ~$444 and ~$530 and it is now at ~$480.Centene Corp (CNC): Most of the 3.21% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. That was followed with a ~20% reduction this quarter at prices between ~$75 and ~$88. The stock is now at ~$84. There was a minor ~6% stake increase this quarter.International Flavors & Fragrances (IFF): The 1.88% IFF stake was built last quarter at prices between ~$116 and ~$150 and the stock currently trades at ~$102. This quarter saw a roughly one-third increase at prices between ~$108 and ~$135.HDFC Bank (HDB) and Royalty Pharma (RPRX): HDB is a 2.31% of the portfolio position built over the last three quarters at prices between ~$51 and ~$78 and the stock is now at $64.92. The 2.38% RPRX stake was built in Q4 2021 at prices between ~$35 and ~$43. The stock currently trades at $41.95. This quarter saw a ~14% stake increase.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $14.94. Last two quarters have seen marginal increases.Note: Viking Global has a ~17% ownership stake in the business.Meta Platforms (META) previously Facebook: META is a ~2% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling last quarter at prices between ~$187 and ~$339. This quarter saw a ~135% stake increase at prices between ~$156 and ~$234. The stock is now at ~$146.Acadia Healthcare (ACAD), Ameriprise Financial (AMP), Avantor Inc. (AVTR), Block Inc. (SQ), BioMarin Pharma (BMRN), Boeing Company (BA), Booking Holdings (BKNG), Catalent (CTLT), Charles River (CRL), Dollar General (DG), Karuna Therapeutics (KRTX), Marsh & McLennan (MMC), Molina Healthcare (MOH), Take-Two Software (TTWO), Thermo Fisher Scientific (TMO), Uber Technologies (UBER), Unum Group (UNUM), and Zai Lab (ZLAB): These small (less than ~2.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:T-Mobile US (TMUS): TMUS is currently the largest position at 5.64% of the portfolio. It was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while in Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase in Q4 2021 at prices between ~$107 and ~$128. This quarter saw a similar reduction at prices between ~$122 and ~$139. The stock is now at ~$140.Amazon.com Inc. (AMZN): AMZN is now a large (top three) 3.94% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between ~$95 and ~$177. The stake was rebuilt next quarter at prices between ~$155 and ~$175 but was again sold down in Q3 2021 at prices between ~$159 and ~$187. The pattern continued over the last two quarters: stake more than doubled at prices between ~$136 and ~$185. The stock currently trades at ~$124. There was minor trimming this quarter.Microsoft Corporation (MSFT): MSFT is now at 3.48% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Last year saw the position sold down by ~75% at prices between ~$212 and ~$343. The stock is now at ~$245. Last quarter saw a ~13% stake increase while this quarter there was a similar reduction.Parker Hannifin (PH): The 3.46% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. The stock currently trades at ~$260. Last three quarters have seen only minor adjustments.Fortive Corp (FTV): FTV is a 2.93% of the portfolio position established during the three quarters through Q1 2020 at prices between $42 and $83. There was a ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. Q4 2021 saw a ~20% selling at prices between ~$70 and ~$79 while last quarter there was a ~40% stake increase at prices between ~$56 and ~$74. The stock currently goes for $62.72. This quarter saw a minor ~2% trimming.General Electric (GE): The 2.55% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the last two quarters at prices between ~$64 and ~$103. The stock is now at $66.39.Brookfield Asset Management (BAM): BAM is a 2.47% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$44 and ~$57 and it is now at ~$48. There was a ~25% reduction this quarter at prices between ~$43 and ~$59.Visa Inc. (V): The 2.30% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while last quarter there was a one-third selling at prices between ~$191 and ~$235. The stock currently trades at ~$193. This quarter saw a minor ~2% trimming.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% last quarter at prices between ~$2.80 and ~$8.70. This quarter saw further selling. The stock now trades at ~$3.AON plc (AON), Global-e Online (GLBE), Guardant Health (GH), Insulet Corp (PODD), KE Holdings (KE), Intellia Therapeutics (NTLA), Procept BioRobotics (PRCT), Rivian Automotive (RIVN), ServiceNow (NOW), and Workday (WDAY): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $3.25. Viking Global’s 1.64% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.Adaptive Biotechnologies (ADPT): ADPT position is now at 1.11% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $7.63. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a ~1% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $11.14.Note: Viking Global controls ~21% of BridgeBio Pharma.Amylyx Pharma (AMLX): The very small 0.63% of the portfolio stake in AMLX was kept steady this quarter.Note: Regulatory filings from last week show them owning 5.77M shares (9.9% of the business) of Amylyx Pharma. This is compared to 7.17M shares in the 13F report. The reduction was at prices between $27 and $33.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Celldex Therapeutics (CLDX), Edgewise Therapeutics (EWTX), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/1/2022 to 6/3/2022: 13G – 5/20 – PepGen – PEPG - 1.79M shares – 8% of business, 13G – 4/14 – Standard BioTools – LAB – 8.1M shares – 9.5% of business, Form 4 & 13G/A – 3/22 – PRCT - 1.25M shares disposed at 29.9 – 3.66M shares – 8.4% of business. Form 4 – ¾ - DNA – 288M shares disposed – 51.06M shares (4.99% of business)."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2022 Update"

"Halvorsen's 13F portfolio value decreased from $34.49B to $24.74B this quarter. The number of positions decreased from 107 to 56.Viking Global increased Amazon.com, Fortive, and International Flavors & Fragrances while dropping Humana, Coupa Software and Twilio.The top three positions are T-Mobile US, Amazon.com, and General Electric. Together, they are at ~16% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 5/16/2022. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Halvorsen’s 13F stock portfolio value decreased from $34.49B to $24.74B. The number of holdings decreased from 107 to 56. Largest five individual stock positions are T-Mobile US, Amazon.com, General Electric, Microsoft, and Brookfield Asset Management. They add up to ~24% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Otis Worldwide (OTIS), Shopify (SHOP), and Charles Schwab (SCHW): These are small new positions purchased this quarter. The ~1% OTIS stake was established at prices between ~$72 and ~$87 and the stock currently trades near the low end of that range at ~$75. SHOP is a 0.57% of the portfolio position purchased at prices between ~$513 and ~$1363 and it is now well below that range at ~$354. The 0.56% SCHW stake was established at prices between ~$76 and ~$96 and it currently goes for ~$70.Stake Disposals:Humana Inc. (HUM): The 3.58% HUM stake was built over the two quarters through Q3 2021 at prices between ~$407 and ~$471. The disposal this quarter was at prices between ~$363 and ~$466. The stock currently trades at ~$442.Twilio Inc. (TWLO): TWLO was a 2.28% of the portfolio position purchased last quarter at prices between ~$248 and ~$369. The stake was eliminated this quarter at prices between ~$125 and ~$262. The stock currently trades at ~$102.Coupa Software (COUP): COUP was a 1.91% of the portfolio position built in H1 2021 at prices between ~$217 and ~$370 and it currently trades at ~$71. The stake was sold this quarter at prices between ~$73 and ~$164.FIGS Inc. (FIGS): FIGS had an IPO last May. Shares started trading at ~$30 and currently goes for $8.56. Viking Global’s 1.18% of the portfolio stake goes back to funding rounds prior to the IPO. The position was sold this quarter at prices between ~$13.50 and ~$27.Assurant Inc. (AIZ), Bristol Myers Squibb (BMY), FleetCor Technologies (FLT), McDonald’s Corp (MCD), Palo Alto Networks (PANW), Peloton Interactive (PTON), Sunrun Inc. (RUN), Tesla Inc. (TSLA), Willis Towers Watson (WLTW), and Zimmer Biomet Holdings (ZBH): These small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:T-Mobile US (TMUS): TMUS is currently the largest position at 6.51% of the portfolio. It was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase last quarter at prices between ~$107 and ~$128. The stock is now at ~$137. This quarter also saw a minor ~2% stake increase.Amazon.com Inc. (AMZN): AMZN is now a large (top three) 5.21% of the portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt next quarter at prices between ~$3094 and ~$3505 but was again sold down in Q3 2021 at prices between ~$3188 and ~$3731. The pattern continued over the last two quarters: stake more than doubled at prices between ~$2720 and ~$3696. The stock currently trades at ~$2447.Microsoft Corporation (MSFT): MSFT is now at 3.87% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. H2 2020 saw a ~180% stake increase at prices between ~$200 and ~$232. Last four quarters saw the position sold down by ~75% at prices between ~$212 and ~$343. The stock is now at ~$270. There was a ~13% stake increase this quarter.Parker Hannifin (PH): The 3.39% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. The stock currently trades at ~$277. Last two quarters have seen only minor adjustments.Fortive Corp (FTV): FTV is a 2.77% of the portfolio position established during the three quarters through Q1 2020 at prices between $42 and $83. There was a ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. Last quarter saw a ~20% selling at prices between ~$70 and ~$79 while this quarter there was a ~40% stake increase at prices between ~$56 and ~$74. The stock currently goes for $62.58.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $17.77. There was a marginal increase this quarter.Note: Viking Global has a ~17% ownership stake in the business.Workday (WDAY), and AON plc (AON): The ~2% of the portfolio position in WDAY was established over the last two quarters at prices between ~$213 and ~$301 and it is now at ~$162. AON is a ~2% stake purchased last quarter at prices between ~$285 and ~$321 and it now goes for ~$269. There was a minor ~5% stake increase this quarter.International Flavors & Fragrances (IFF): The 1.88% IFF stake was built this quarter at prices between ~$116 and ~$150 and the stock currently trades at ~$133.Guardant Health (GH): The 1.46% GH stake saw a two-thirds stake increase over the two quarters through Q3 2021 at prices between ~$99 and ~$166. The stock is now at ~$38. Last two quarters have also seen a ~20% stake increase.Note: Viking Global controls ~6% of the business.Acadia Healthcare (ACAD), BioMarin Pharma (BMRN), Catalent (CTLT), Global-e Online (GLBE), HDFC Bank (HDB), Intellia Therapeutics (NTLA), KE Holdings (KE), Marsh & McLennan (MMC), Match Group (MTCH), Royalty Pharma (RPRX), ServiceNow (NOW), Thermo Fisher Scientific (TMO), and Zai Lab (ZLAB): These small (less than ~1.75% of the portfolio each) stakes were increased this quarter.Stake Decreases:General Electric (GE): The large (top three) 4.43% of the portfolio GE stake was purchased over the last five quarters at prices between ~$44 and ~$115 and the stock currently trades at ~$77. There was a ~30% selling this quarter at prices between ~$85 and ~$103.Brookfield Asset Management (BAM): BAM is a 3.49% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$44 and ~$57 and it is now at ~$50. Last two quarters have seen only minor adjustments.Boston Scientific (BSX) and Chubb Ltd. (CB): The 2.15% BSX stake saw a ~175% stake increase last quarter at prices between ~$38 and ~$45. The stock currently trades at $39.91. This quarter saw a roughly one-third selling at prices between ~$41 and ~$45. CB is a 2.59% position that saw a ~20% stake increase last quarter at prices between ~$174 and ~$196. It is now at ~$209. There was a ~13% trimming this quarter.Comcast Corp (CMCSA): CMCSA is a 2.49% of the portfolio stake built over the last two quarters at prices between ~$48 and ~$62 and it is now well below that range at $42.93. There was marginal trimming this quarter.Centene Corp (CNC): Most of the 2.48% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. That was followed with a ~20% reduction this quarter at prices between ~$75 and ~$88. The stock is now at ~$82.Visa Inc. (V): The 2.18% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. Last two quarters saw a stake doubling at prices between ~$190 and ~$251 while this quarter there was a one-third selling at prices between ~$191 and ~$235. The stock currently trades at ~$213.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% this quarter at prices between ~$2.80 and ~$8.70. They still have ~5% ownership stake in the business. The stock now trades at $3.66.Meta Platforms (FB) previously Facebook: FB is a ~1% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling this quarter at prices between ~$187 and ~$339. The stock is now at ~$191.Farfetch Ltd. (FTCH): FTCH is now a minutely small 0.16% position. The original stake was purchased in Q3 2021 at prices between ~$37 and ~$51. There was a ~50% reduction last quarter at prices between ~$30 and ~$47. That was followed with similar selling this quarter at prices between ~$11 and ~$34. The stock currently trades at $8.85.Ameriprise Financial (AMP), Avantor Inc. (AVTR), Booking Holdings (BKNG), Deere & Co (DE), Insulet Corp (PODD), JD.com (JD), Lithia Motors (LAD), Laboratory Cop (LH), Molina Healthcare (MOH), Tenet Healthcare (THC), Take-Two Software (TTWO), Uber Technologies (UBER), and ZoomInfo Technologies (ZI): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $4.36. Viking Global’s 1.65% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.Adaptive Biotechnologies (ADPT): ADPT position is now at 2.44% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $6.94. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a ~1% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $7.22.Note: Viking Global controls ~21% of BridgeBio Pharma.Inhibrx (INBX), Procept BioRobotics (PRCT), and Rivian Automotive (RIVN): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: They have a 8.4% ownership stake in Procept BioRobotics and a 14% ownership stake in Inhibrx.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Amlylyx (AMLX), Edgewise Therapeutics (EWTX), PepGen (PEPG), Pharvaris NV (PHVS), PMV Pharma (PMVP), Rallybio Corp (RLYB), Standard BioTools (LAB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/28/2021 to 3/1/2022: 13G/As – 2/14 – FIGS – 13.34M shares – 8.8% of business, NUAN – zero, OHPA – Orion Acquisition – 3.67M shares – 8.9% of business, FDMT – 4D Molecular – 3.94M shares – 12.3% of business, ADPT – 29.99M shares – 21.3% of business, ATHA – Athira Pharma – zero, Inhibrx – INBX – 5.31M shares – 14% of business, EWTX – Edgewise Therapeutics – 2.73M shares – 5.5% of business, MUDS – zero, PHVS – Pharvaris NV – 2.46M shares – 7.4% of business, PRCT – Procept Bio – 4.91M shares – 11.3% of business, PMVP – PMV Pharma – 1.79M shares – 3.9% of business, RLYB – Rallybio – 4.19M shares – 13.1% of business, ROIV – 88.24M shares – 12.8% of business, TALS – Talaris Therapeutics – 3.29M shares – 8% of business, ZNTL – Zentalis – 2.12M shares – 4.7% of business, ABCL – AbCellera Biologics – zero, COUP – 4.17M shares – 5.6% of business. 13G/A – 1/21 - AMLX – Amylyx – 7.17M shares – 12.4% of business – Form 4 – 1/13 – 2.3M shares acquired at 19 - Form 3 – 1/11 – 4.87M shares - , 13G – 1/18 – GH – Guardant Health – 5.12M shares – 5% of business. Form 4 – 1/5 – API – Api Group - Series perpetual preferred releated. – 13G/A – 1/5 – 41.46M shares – 17.3% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2021 Update"

"Halvorsen's 13F portfolio value decreased from $36.04B to $34.49B this quarter. The number of positions increased from 96 to 107.Viking Global added Twilio, Workday, and Aon plc while dropping Fidelity National Information Services and Snowflake.The top three positions are Ginkgo Bioworks, General Electric, and T-Mobile US. Together, they are at ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 2/14/2022. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Halvorsen’s 13F stock portfolio value decreased from $36.04B to $34.49B. The number of holdings increased from 96 to 107. Largest five individual stock positions are Ginkgo Bioworks, General Electric, T-Mobile US, Humana, and Brookfield Asset Management. They add up to ~24% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $5.22. Viking Global’s 2.58% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.Twilio Inc. (TWLO), Workday (WDAY), and AON plc (AON): These are medium-sized new positions established this quarter. TWLO is a 2.28% of the portfolio position purchased at prices between ~$248 and ~$369 and the stock currently trades at ~$150. The 1.39% of the portfolio position in WDAY was established at prices between ~$250 and ~$301 and it is now at ~$235. AON is a 1.32% stake purchased at prices between ~$285 and ~$321 and it now goes for ~$316.Note: AON is back in the portfolio after a quarter’s gap. A 2.10% AON stake was built in H1 2020 at prices between $146 and $237. The two quarters through Q1 2021 had seen a ~30% selling at prices between ~$180 and ~$234 while next quarter there was a similar increase at prices between ~$230 and ~$259. The disposal last quarter was at prices between ~$227 and ~$299.Rivian Automotive (RIVN), Global-e Online (GLBE), Biomarin Pharma (BMRN), and Take-Two Software (TTWO): These are small (less than ~1% of the portfolio each) positions established this quarter. Rivian had an IPO last November. Shares started trading at ~$100 and currently goes for $42.13.Stake Disposals:Fidelity National Information Services (FIS): FIS was a 2.42% position built in 2020 at prices between ~$102 and ~$157 and it now goes for $95.20. There was a ~20% selling in Q1 2021 at prices between ~$123 and ~$146. That was followed with a ~22% reduction this quarter at prices between ~$121 and ~$151. The disposal this quarter was at prices between ~$102 and ~$125.Snowflake (SNOW): SNOW is a 1.21% of the portfolio position that saw a ~160% stake increase last quarter at prices between ~$237 and ~$324. The position was sold this quarter at prices between ~$295 and ~$402. The stock is now at ~$209.ICICI Bank (IBN), Ingersoll Rand (IR), Netflix Inc. (NFLX), Pinterest Inc. (PINS), UnitedHealth Group (UNH), and Zoom Video Communications (ZM): These small (less than ~1% of the portfolio each) stakes were sold during the quarter.Stake Increases:Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. They have 22.8% ownership stake in the business. The stock now trades at ~$3. There was a marginal increase this quarter.General Electric (GE): The large (top three) 4.94% of the portfolio GE stake was purchased over the last five quarters at prices between ~$44 and ~$115 and the stock currently trades at $95.53.T-Mobile US (TMUS): The large (top three) 4.41% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while last quarter there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase this quarter at prices between ~$107 and ~$128. The stock is now at ~$129.Brookfield Asset Management (BAM): BAM is a ~3% of the portfolio position purchased over the last two quarters at prices between ~$44 and ~$57 and it is now at $55.47. There was a minor ~3% stake increase this quarter.Amazon.com Inc. (AMZN): AMZN is now at 2.69% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: The four quarters through Q1 2021 had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt next quarter at prices between ~$3094 and ~$3505 but was again sold down last quarter at prices between ~$3188 and ~$3731. The pattern continued this quarter: 37% stake increase at prices between ~$3190 and ~$3696. The stock currently trades at ~$3145.Visa Inc. (V): The 2.50% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. Last two quarters saw a stake doubling at prices between ~$190 and ~$251. The stock currently trades at ~$214.Comcast Corp (CMCSA): CMCSA is a 1.58% of the portfolio stake built over the last two quarters at prices between ~$48 and ~$62 and it is now at $46.48.Boston Scientific (BSX) and Chubb Ltd. (CB): These two positions were increased substantially this quarter. The 2.34% BSX stake saw a ~175% stake increase at prices between ~$38 and ~$45. The stock currently trades at $44.21. CB is a ~2% position that saw a ~20% stake increase at prices between ~$174 and ~$196. It is now at ~$211.Coupa Software (COUP): COUP is a 1.91% of the portfolio position built in H1 2021 at prices between ~$217 and ~$370 and it currently trades at $81.91. Last two quarters have seen minor increases.Note: Viking Global controls 5.6% of the business.Guardant Health (GH): The 1.47% GH stake saw a two-thirds stake increase over the last two quarters at prices between ~$99 and ~$166. The stock is now at $55.82. There was a minor ~4% stake increase this quarter.Note: Viking Global controls ~5% of the business.Meta Platforms (FB) previously Facebook: FB is a 1.80% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295 and it is now at ~$208. Last two quarters had seen a ~27% selling at prices between ~$295 and ~$382 while this quarter saw a ~10% increase.Ameriprise Financial (AMP), Avantor Inc. (AVTR), Deere & Co (DE), HDFC Bank (HDB), Intellia Therapeutics (NTLA), Laboratory Cop (LH), Marsh & McLennan (MMC), Match Group (MTCH), Royalty Pharma (RPRX), Uber Technologies (UBER), and Zai Lab (ZLAB): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Humana Inc. (HUM), and Parker Hannifin (PH): The 3.58% HUM stake was built over the last two quarters at prices between ~$407 and ~$471. The stock currently trades at ~$441. There was a ~11% trimming this quarter. The 2.82% PH stake saw a huge stake build-up last quarter at prices between ~$279 and ~$313. The stock currently trades at ~$289. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is now at 2.86% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. H2 2020 saw a ~180% stake increase at prices between ~$200 and ~$232. Last four quarters saw the position sold down by ~75% at prices between ~$212 and ~$343. The stock is now at ~$295.Centene Corp (CNC): Most of the ~2% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. The stock is now at ~$88. This quarter saw a ~3% trimming.Fortive Corp (FTV): FTV is a 1.88% of the portfolio position established in Q3 2019 at prices between $67 and $83. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while next quarter there was a ~17% stake increase. There was another ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. This quarter saw a ~20% selling at prices between ~$70 and ~$79. It currently goes for ~$61.McDonald’s Corp (MCD), and Farfetch Ltd. (FTCH): These two small stakes established last quarter were sold down this quarter. The 0.74% of the portfolio position in MCD was purchased at prices between ~$229 and ~$248 and the stock currently trades at ~$238. There was a two-thirds selling this quarter at prices between ~$236 and ~$269. The 0.58% FTCH position was purchased at prices between ~$37 and ~$51 and the stock currently trades way below that range at $13.65. There was a ~50% reduction this quarter at prices between ~$30 and ~$47.Assurant Inc. (AIZ), Booking Holdings (BKNG), Bristol Myers Squibb (BMY), FleetCor Technologies (FLT), Insulet Corp (PODD), JD.com (JD), Lithia Motors (LAD), Molina Healthcare (MOH), Palo Alto Networks (PANW), Peloton Interactive (PTON), ServiceNow (NOW), Sunrun Inc. (RUN), Tenet Healthcare (THC), Tesla Inc. (TSLA), Willis Towers Watson (WLTW), Zimmer Biomet Holdings (ZBH), and ZoomInfo Technologies (ZI): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $21.07.Note: Viking Global has a ~17% ownership stake in the business.Adaptive Biotechnologies (ADPT): ADPT position is now at 2.44% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $12.42. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a 1.29% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $10.76.Note: Viking Global controls ~21% of BridgeBio Pharma.FIGS Inc. (FIGS): FIGS had an IPO last May. Shares started trading at ~$30 and currently goes for $18.90. Viking Global’s 1.18% of the portfolio stake goes back to funding rounds prior to the IPO.Inhibrx (INBX) and Procept BioRobotics (PRCT): These two very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: They have a 11.3% ownership stake in Procept BioRobotics and a 14% ownership stake in Inhibrx.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Amlylyx (AMLX), Edgewise Therapeutics (EWTX), Pharvaris NV (PHVS), PMV Pharma (PMVP), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/27/2021 to 11/28/2021: 13G – 10/15 – TDCX – 1M shares 4.6% of business. Form 3 – 10/1 – ROIV – 751K, 36.84M, 35.54M, 15.11M shares. 13D/A – 10/1 – DNA - ~303M shares (22.8% of business), 13D – 9/27 – 302.9M shares – 22.8% of business. 13G – 9/27 – Procept BioRobotics – PRCT – 4.91M shares – 11.3% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2021 Update"

"Halvorsen's 13F portfolio value increased from $32.98B to $36.04B this quarter. The number of positions increased from 88 to 96.Viking Global added McDonald’s and increased General Electric, Humana, Brookfield Asset Management, and Parker Hannifin while dropping Aon plc during the quarter. They also reduced Amazon, Thermo Fisher Scientific, and Align Technology.The top three positions are Ginkgo Bioworks, General Electric, and T-Mobile US. Together, they are at ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/15/2021. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Halvorsen’s 13F stock portfolio value increased from $32.98B to $36.04B. The number of holdings increased from 88 to 96. Largest five individual stock positions are Ginkgo Bioworks, General Electric, T-Mobile US, BridgeBio Pharma, and Humana. They add up to ~25% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .Note: Regulatory filings since the quarter ended show them owning 1M shares (4.6% of business) of TDCX Inc. (TDCX) which had an IPO in October.New Stakes:Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading in September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The current valuation is ~80x that at ~$16B. They have 22.8% ownership stake in the business. The stock now trades at $10.48.McDonald’s Corp (MCD), Comcast Corp (CMCSA), and Farfetch Ltd. (FTCH): These are small new stakes established this quarter. The ~2% of the portfolio position in MCD was purchased at prices between ~$229 and ~$248 and the stock currently trades at ~$266. CMCSA is a 1.58% of the portfolio stake established at prices between ~$55 and ~$62 and it is now well below that range at $48.84. The 1.20% FTCH position was purchased at prices between ~$37 and ~$51 and the stock currently trades below that range at $29.73.Pinterest Inc. (PINS), Zoom Video Communications (ZM), Tesla Inc. (TSLA), Uber Technologies (UBER), Willis Towers Watson (WLTW), and Procept BioRobotics (PRCT): These are very small (less than ~1% of the portfolio each) new positions established during the quarter.Note: They have a 11.3% ownership stake in Procept BioRobotics.Stake Disposals:Aon plc (AON): The 2.10% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$295. The two quarters through Q1 2021 had seen a ~30% selling at prices between ~$180 and ~$234 while last quarter there was a similar increase at prices between ~$230 and ~$259. The disposal this quarter was at prices between ~$227 and ~$299.Bank of America (BAC): A large stake in BAC was established in Q1 2021 at prices between ~$29.50 and ~$39 but was sold down last quarter at prices between ~$38 and ~$43. The stock currently trades at ~$45. The remainder stake was disposed during the quarter.Horizon Therapeutics (HZNP): The very small 0.33% of the portfolio stake in HZNP was eliminated this quarter.Stake Increases:General Electric (GE): The large (top three) 4.84% of the portfolio GE stake was purchased over the last four quarters at prices between ~$44 and ~$115 and the stock currently trades at $92.53.T-Mobile US (TMUS): The large (top three) 3.62% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Last quarter saw a ~25% reduction at prices between ~$125 and ~$147 while this quarter there was a ~35% stake increase at around the same price range. The stock is now at ~$121.Humana Inc. (HUM), Brookfield Asset Management (BAM), and Parker Hannifin (PH): These three positions saw substantial buying this quarter. The 3.25% HUM stake was built over the last two quarters at prices between ~$407 and ~$471. The stock currently trades at ~$457. BAM is a 2.52% of the portfolio position purchased over the last two quarters at prices between ~$44 and ~$57 and it is now at $58.31. The 2.41% PH stake saw a huge stake build-up this quarter at prices between ~$279 and ~$313. The stock currently trades at ~$313.Coupa Software (COUP): COUP is a 2.38% of the portfolio position built over the last two quarters at prices between ~$217 and ~$370 and it currently trades at ~$152. This quarter also saw a ~9% stake increase.Guardant Health (GH): The 1.70% GH stake saw a two-thirds stake increase over the last two quarters at prices between ~$99 and ~$166. The stock is now at $97.75.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 1.63% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the last two quarters at prices between ~$193 and ~$237. This quarter saw a ~50% stake increase at prices between ~$220 and ~$251. The stock currently trades at ~$214. ZBH is a 1.38% of the portfolio position built in H2 2020 at prices between ~$117 and ~$156 and it is now at ~$121. Last quarter saw a ~23% reduction at prices between ~$157 and ~$179 while this quarter there was a ~15% stake increase.Peloton Interactive (PTON) and Snowflake (SNOW): These two stakes saw large increases this quarter. The 1.57% PTON position was primarily built this quarter at prices between ~$85 and ~$126. The stock currently trades way below that range at $39.81. SNOW is a 1.21% of the portfolio position that saw a ~160% stake increase this quarter at prices between ~$237 and ~$324. The stock is now at ~$325.Booking Holdings (BKNG), Sunrun Inc. (RUN), Tenet Healthcare (THC), ZoomInfo Technologies (ZI), and Zai Lab (ZLAB): These very small (less than ~1.10% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now at 2.85% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. H2 2020 saw a ~180% stake increase at prices between ~$200 and ~$232. Last three quarters saw the position sold down by ~70% at prices between ~$212 and ~$305. The stock is now at ~$325.Fidelity National Information Services (FIS): FIS is a 2.42% position built last year at prices between ~$102 and ~$157 and it now goes for ~$109. There was a ~20% selling in Q1 2021 at prices between ~$123 and ~$146. That was followed with a ~22% reduction this quarter at prices between ~$121 and ~$151.Fortive Corp (FTV): FTV is a 2.12% of the portfolio position established in Q3 2019 at prices between $67 and $83. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while next quarter there was a ~17% stake increase. There was another ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. It currently goes for $75.34. Last two quarters have seen only minor adjustments.Amazon.com Inc. (AMZN): AMZN is now at 1.85% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. The four quarters through Q1 2021 had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt last quarter at prices between ~$3094 and ~$3505 but was again sold down this quarter at prices between ~$3188 and ~$3731. The stock currently trades at ~$3377.FleetCor Technologies (FLT): The 1.79% FLT stake was established in Q3 2020 and increased by ~400% next quarter at prices between ~$219 and ~$282. There was a ~25% increase over the last two quarters at prices between ~$243 and ~$293. The stock is now at ~$216. This quarter saw a ~14% trimming.Centene Corp (CNC): Most of the 1.71% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. The stock is now at ~$83. This quarter saw a ~11% trimming.Palo Alto Networks (PANW): The 1.69% of the portfolio PANW stake was purchased in Q4 2020 at prices between ~$221 and ~$372. There was a one-third increase in Q1 2021 at prices between ~$317 and ~$397. This quarter saw the stake sold down by ~50% at prices between ~$362 and ~$491. The stock is now at ~$524.Facebook (FB): FB is a 1.61% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295 and it is now well above that range at ~$335. Last two quarters have seen a ~27% selling at prices between ~$295 and ~$382.FIGS Inc. (FIGS): FIGS had an IPO in May. Shares started trading at ~$30 and currently goes for $22.94. Viking Global’s 1.52% of the portfolio stake goes back to funding rounds prior to the IPO. This quarter saw marginal trimming.Align Technology (ALGN), Ameriprise Financial (AMP), Assurant Inc. (AIZ), Avantor Inc. (AVTR), Boston Scientific (BSX), Bristol Myers Squibb (BMY), Chubb Ltd. (CB), Deere & Co (DE), ICICI Bank (IBN), Ingersoll Rand (IR), Insulet Corp (PODD), JD.com (JD), Lithia Motors (LAD), Laboratory Cop (LH), Marsh & McLennan (MMC), Molina Healthcare (MOH), Match Group (MTCH), Netflix Inc. (NFLX), ServiceNow (NOW), Thermo Fisher Scientific (TMO), and UnitedHealth Group (UNH): These very small (less than ~1.50% of the portfolio each) stakes were reduced this quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-five 3.46% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $37.05.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 2.83% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $26.28. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price. Viking Global still controls ~22% of Adaptive Biotechnologies.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $23.32. Viking Global has a ~13% ownership stake in the business.Note: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX), FIGS Inc. (FIGS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL). Rallybio had an IPO in July. Viking Global’s investment goes back to previous funding rounds.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q2 2021 and Q3 2021.8/24/2021 – MIT Tech Review ( downloaded) on Ginkgo says Viking Global owns ~20% of Ginkgo.Regulatory filings from 6/17/2021 thru 9/27/2021: Form 3 – 9/23 – DNA – Ginkgo Bioworks – 339M shares. 9/21 – Form 4 – PROCEPT BioRobotics – PRCT – Series E thru G preferred coverts related filing - ~4.9M shares. Form 3 – similar. Form 4 – 9/3 – FIGS - ~200K shares disposed at ~$46 per share – 14.74M shares remain. 13G – 8/9 – Rallybio corp – RLYB – 4.19M shares – 13.1% of business. Form 4 – 8/2 & Form 3 – 7/29 – Series B convert of 3.39M shares and 806K shares @ $13. 13G – 7/20 – COUP – 3.85M shares – 5.2% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2021 Update"

"Halvorsen's 13F portfolio value decreased marginally from $33.58B to $32.98B this quarter. The number of positions decreased from 94 to 88.Viking Global added FIGS Inc. & JD.com and increased Amazon.com & General Electric during the quarter.The top three positions are Amazon.com, BridgeBio Pharma, and Fidelity National Information Services. Together, they are at ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 8/16/2021. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Halvorsen’s 13F stock portfolio value decreased from $33.58B to $32.98B. The number of holdings decreased from 94 to 88. Largest five individual stock positions are Amazon.com, BridgeBio Pharma, Fidelity National Information Services, Microsoft, and General Electric. They add up to ~21% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .Note 1: Regulatory filings from last week show them owning ~339M shares (~20% of the business) of Ginkgo Bioworks (DNA). Shares of Ginkgo Bioworks started trading last week after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The current valuation is ~75x that at ~$15B.Note 2: Regulatory filings since the quarter ended show them owning ~4.2M shares (~13% of the business) of Rallybio Corp (RLYB) and ~4.9M shares (~12% of the business) of PROCEPT BioRobotics (PRCT). Rallybio and PROCEPT BioRobotics had IPOs in July and earlier this month respectively. Viking Global’s investments go back to previous funding rounds.New Stakes:FIGS Inc. (FIGS): FIGS had an IPO in May. Shares started trading at ~$30 and currently goes for $39.02. Viking Global’s 2.27% of the portfolio stake goes back to funding rounds prior to the IPO.JD.com (JD): JD is a ~2% of the portfolio position established this quarter at prices between ~$67 and ~$84 and the stock currently trades at $76.43.ICICI Bank (IBN), Humana Inc. (HUM), Brookfield Asset Management (BAM), and Booking Holdings (BKNG): These are small (less than ~1.1% of the portfolio each) new stakes established this quarter.Note: Booking Holdings is back in the portfolio after a quarter’s gap.Stake Disposals:O’Reilly Automotive (ORLY), : The 1.61% of the portfolio ORLY stake was purchased last quarter at prices between ~$425 and ~$509. It was sold this quarter at prices between ~$507 and ~$566. It is now at ~$624.Moody’s Corp (MCO): The 1.53% MCO position was established in Q2 2020 at prices between ~$198 and ~$283. Next quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase in Q4 2020 at prices between ~$262 and ~$295. The disposal this quarter was at prices between ~$299 and ~$366. The stock is now at ~$368.AbCellera Biologics (ABCL): ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $20.99. Viking Global’s 1.93% of the portfolio position goes back to funding rounds prior to the IPO. The elimination this quarter was at prices between ~$20 and ~$34.JP Morgan Chase (JPM): JPM was a ~3% of the portfolio stake built between Q2 & Q4 2020 at prices between ~$84 and ~$114. Last quarter saw the position sold down by ~90% to a very small 0.40% portfolio stake at prices between ~$126 and ~$158. The stock is now at ~$167. The remainder stake was disposed this quarter.Mercadolibre Inc. (MELI): MELI stake was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The four quarters through Q2 2020 had seen the stake almost sold out at prices between ~$490 and ~$975. Next quarter saw the stake rebuilt at prices between ~$957 and ~$1225. There was a ~60% selling last quarter at prices between ~$1370 and ~$1984. This quarter saw the position eliminated at prices between ~$1297 and ~$1623. The stock is now at ~$1768.Nuance Communications (NUAN): The 1.44% NUAN stake was purchased in Q2 2020 at prices between ~$16 and ~$26. Next quarter saw a one-third increase at prices between ~$25 and ~$34 while last quarter there was a one-third selling at prices between ~$40 and ~$50.50. The elimination this quarter was at prices between ~$44 and ~$55. The stock currently trades at $55.12.Note: Nuance is getting acquired by Microsoft in a $56 per share all-cash deal announced in April.Cigna Corp (CI), Equitable Holdings (EQH), HCA Healthcare (HCA), Hartford Financial (HIG), MetLife Inc. (MET), Otis Worldwide (OTIS), Sea Limited (SE), Unity Software (U), and Verisign Inc. (VRSN): These small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Amazon.com Inc. (AMZN): AMZN is now the top position at ~5% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. Last four quarters had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt this quarter at prices between ~$3094 and ~$3505. The stock currently trades at ~$3406.General Electric (GE), Match Group (MTCH), and ServiceNow (NOW): These three positions were built over the last three quarters. The 3.75% of the portfolio GE stake was purchased at prices between ~$48 and ~$115 and the stock currently trades at ~$105. The small 1.15% MTCH stake was built at prices between ~$110 and ~$172 and it now goes for ~$165. NOW is a 2.47% of the portfolio position purchased at prices between ~$454 and ~$595 and it currently trades at ~$650.Palo Alto Networks (PANW): The 2.41% of the portfolio PANW stake was purchased in Q4 2020 at prices between ~$221 and ~$372 and it is now at ~$486. There was a one-third increase last quarter at prices between ~$317 and ~$397. That was followed with a ~5% stake increase this quarter.Coupa Software (COUP) and Netflix Inc. (NFLX): COUP is a 2.86% of the portfolio position built over the last two quarters at prices between ~$217 and ~$370 and it currently trades at ~$240. The 1.41% NFLX stake was purchased at prices between ~$486 and ~$586 and it is now at ~$593.Note: Regulatory filings since the quarter ended show them owning 3.85M shares (5.2% of the business) of Coupa Software. This is compared to ~3.6M shares in the 13F report.Fortive Corp (FTV): FTV is a 2.49% of the portfolio position established in Q3 2019 at prices between $67 and $83. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while next quarter there was a ~17% stake increase. There was another ~40% stake increase last quarter at prices between ~$66 and ~$73. It currently goes for $73.29. This quarter also saw a ~5% stake increase.Centene Corp (CNC): Most of the 2.48% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. Last two quarters had seen a one-third selling at prices between ~$58 and ~$71. The stock is now at $63.83. There was a minor ~2% stake increase this quarter.Chubb Ltd. (CB): The 2.37% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$178. There was a ~20% selling in Q4 2020 at prices between ~$116 and ~$155 while last quarter saw a ~55% stake increase at prices between ~$145 and ~$175. That was followed with a ~18% stake increase this quarter.FleetCor Technologies (FLT): The 2.23% FLT stake was established in Q3 2020 and increased by ~400% next quarter at prices between ~$219 and ~$282. The stock is now at ~$270. There was a ~25% further increase over the last two quarters at prices between ~$243 and ~$293.Aon plc (AON): The 2.10% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$294. Last two quarters had seen a ~30% selling at prices between ~$180 and ~$234 while this quarter there was a similar increase at prices between ~$230 and ~$259.Bristol Myers Squibb (BMY): The bulk of the 2.29% of the portfolio stake in BMY was built over the last two quarters at prices between ~$59 and ~$67. The stock is now at $59.84.Ameriprise Financial (AMP), Deere & Co (DE), Guardant Health (GH), Ingersoll Rand (IR), Insulet Corp (PODD), Laboratory Cop (LH), Lithia Motors (LAD), Sunrun Inc. (RUN), Thermo Fisher Scientific (TMO), and Zai Lab (ZLAB): These small (less than ~1.6% of the portfolio each) stakes were increased this quarter.Stake Decreases:Fidelity National Information Services (FIS): FIS is a top-three 3.95% position built last year at prices between ~$102 and ~$157 and it now goes for ~$124. There was a ~20% selling last quarter at prices between ~$123 and ~$146. This quarter also saw a ~4% trimming.Microsoft Corporation (MSFT): MSFT is now at 3.82% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. H2 2020 saw a ~180% stake increase at prices between ~$200 and ~$232. Last two quarters saw the position sold down by ~60% at prices between ~$212 and ~$271. The stock is now at ~$294.T-Mobile US (TMUS): The 3.31% TMUS stake was purchased over the last six quarters at prices between ~$74 and ~$135. This quarter saw a ~25% reduction at prices between ~$125 and ~$147. The stock is now at ~$128.UnitedHealth Group (UNH): UNH is a 2.18% of the portfolio position purchased in Q4 2020 at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$405. There was a ~40% selling this quarter at prices between ~$364 and ~$421.Facebook (FB): FB is a ~2% of the portfolio position established over the last two quarters at prices between ~$246 and ~$295 and it is now well above that range at ~$354. This quarter saw a ~14% trimming.Boston Scientific (BSX): The 1.73% BSX stake was established in H2 2018 at prices between $33 and $38.50. Recent activity follows. There was a ~40% selling in Q2 2020 at prices between $30 and $39 while in Q4 2020 there was a ~60% stake increase at prices between ~$33 and ~$42. Last two quarters saw a two-thirds selling at prices between ~$35 and ~$44. The stock is currently at $44.46.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 1.57% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the last two quarters at prices between ~$193 and ~$237. The stock currently trades at ~$230. ZBH is a 1.44% of the portfolio position built in H2 2020 at prices between ~$117 and ~$156 and it is now at ~$152. This quarter saw a ~23% reduction at prices between ~$157 and ~$179.Bank of America (BAC): BAC is now a small 0.90% of the portfolio position. A large stake was established last quarter at prices between ~$29.50 and ~$39 but was sold down this quarter at prices between ~$38 and ~$43. The stock currently trades at $43.26.Alphabet (GOOG): GOOG is now a minutely small 0.40% of the portfolio position. A 2.79% stake was established in Q3 2020 at prices between ~$1415 and ~$1728 and increased by ~225% next quarter at prices between ~$1451 and ~$1824. Last quarter saw a ~25% reduction at prices between ~$1728 and ~$2138. The position was almost sold out this quarter at prices between ~$2069 and ~$2546. It currently trades at ~$2830.Assurant Inc. (AIZ), Avantor Inc. (AVTR), Align Technology (ALGN), Horizon Therapeutics (HZNP), Marsh & McLennan (MMC), Molina Healthcare (MOH), and Parker Hannifin (PH): These small (less than ~1.3% of the portfolio each) stakes were decreased during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-three 4.92% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $50.44.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 3.72% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $35.83. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price. Viking Global still controls ~22% of Adaptive Biotechnologies.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $21.03. Viking Global has a ~13% ownership stake in the business.4D Molecular Therapeutics (FDMT): The minutely small 0.29% FDMT stake was kept steady this quarter. .Note: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX), FIGS Inc. (FIGS), Mudrick Capital II (MUDS), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/14/2021 thru 6/17/2021: 13G – 6/16 – APG – 33.33M shares – 16.6% of business. Form 3, 13G – 6/7 – FIGS – 14.94M shares – 10.12% of business. 13G – 5/17 – Talaris Therapeutics – TALS – 3.3M shares – 8.2% of business. 13G – 4/16 – MUDS – 3.05M shares – 9.6% of business. 13G – 4/5 – Edgewise Therapeutics - EWTX – 3.35M shares – 7% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2021 Update"

"Halvorsen's 13F portfolio value decreased from $36.37B to $33.58B. The number of positions decreased from 96 to 94.Viking Global added Bank of America while reducing JP Morgan Chase and dropping Walt Disney.The top three positions are Microsoft, BridgeBio Pharma, and Fidelity National Information Services. Together, they are at ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 5/17/2021. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Halvorsen’s 13F stock portfolio value decreased ~8% from $36.37B to $33.58B. The number of holdings decreased from 96 to 94. Largest five individual stock positions are Microsoft, BridgeBio Pharma, Fidelity National Information Services, T-Mobile US, and Bank of America. They add up to ~22% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Bank of America (BAC): BAC is a large (top five) 3.61% of the portfolio position established this quarter at prices between ~$29.50 and ~$39 and the stock currently trades at $39.80.O’Reilly Automotive (ORLY), Coupa Software (COUP), and Netflix Inc. (NFLX): The 1.61% of the portfolio ORLY stake was purchased at prices between ~$425 and ~$509 and it is now just above that range at ~$538. COUP is a 1.36% of the portfolio position established at prices between ~$239 and ~$370 and it currently trades near the low end of that range at ~$241. The 1.17% NFLX stake was purchased at prices between ~$493 and ~$586 and it is now at ~$498.Sunrun Inc. (RUN), Deere & Co (DE), and Ameriprise Financial (AMP): These are very small (less than ~0.80% of the portfolio each) new positions established during the quarter.Stake Disposals:Walt Disney (DIS): DIS was a 2.13% of the portfolio position established last quarter at prices between ~$118 and ~$181. This quarter saw the stake disposed at prices between ~$163 and ~$202. The stock currently trades at ~$175.American Express (AXP): The 1.74% AXP position was built in H1 2020 at prices between ~$69 and ~$137 and it is now at ~$162. Last quarter saw a ~50% selling at prices between ~$91 and ~$125. The remaining stake was disposed this quarter at prices between ~$114 and ~$150.Booking Holdings (BKNG): BKNG was a 1.15% position purchased in Q4 2019 at prices between $1838 and $2073. Next quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. There was another ~70% stake increase in Q3 2020 at prices between $1638 and $1949. Last quarter saw a ~45% selling at prices between ~$1604 and ~$2227. The rest was sold this quarter at prices between ~$1886 and ~$2462. It is currently at ~$2294.Hilton Worldwide (HLT): The 1.44% HLT stake was established in Q2 2020 at prices between ~$56 and ~$90. There was a ~20% stake increase next quarter at prices between $73.50 and $94. Last quarter saw a ~45% reduction at prices between ~$84 and ~$111. The remaining stake was disposed this quarter at prices between ~$99 and ~$127. The stock is now at ~$126Taiwan Semi (TSM): TSM was a 1.68% of the portfolio stake purchased in Q3 2020 at prices between ~$57 and ~$86 and the stock currently trades at ~$119. There was a ~9% trimming last quarter and the disposal this quarter was at prices between ~$109 and ~$140.Advanced Micro Devices (AMD), Avalon Bay Communities (AVB), Encompass Health (EHC), and Micron Technology (MU): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:T-Mobile US (TMUS): The large (top five) 3.84% TMUS stake was purchased over the last six quarters at prices between ~$74 and ~$135 and it now goes for ~$147.UnitedHealth Group (UNH) and Palo Alto Networks (PANW): UNH is a 3.41% of the portfolio position purchased last quarter at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$397. There was a ~10% stake increase this quarter. The 2.41% of the portfolio PANW stake was purchased last quarter at prices between ~$221 and ~$372 and it is now at ~$372. There was a one-third increase this quarter at prices between ~$317 and ~$397.General Electric (GE), Facebook (FB), Match Group (MTCH), and ServiceNow (NOW): These four positions were built over the last two quarters. The 2.37% of the portfolio GE stake was purchased at prices between ~$6 and ~$14 and the stock currently trades at ~$13. FB is a ~2% of the portfolio position established at prices between ~$246 and ~$295 and it is now well above that range at ~$337. The small 0.83% MTCH stake was built at prices between ~$110 and ~$172 and it now goes for ~$150. NOW is a 1.34% of the portfolio position purchased at prices between ~$464 and ~$595 and it currently trades at ~$530.Fortive Corp (FTV): FTV is a 2.35% of the portfolio position established in Q3 2019 at prices between $67 and $83. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while last quarter there was a ~17% stake increase. There was another ~40% stake increase this quarter at prices between ~$66 and ~$73. It currently goes for $69.50.FleetCor Technologies (FLT): The 2.11% FLT stake was established in Q3 2020 and increased by ~400% last quarter at prices between ~$219 and ~$282. The stock is now at ~$263. There was a ~15% further increase this quarter.Chubb Ltd. (CB): The ~2% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$160. There was a ~20% selling last quarter at prices between ~$116 and ~$155 while this quarter saw a ~55% stake increase at prices between ~$145 and ~$175.Moody’s Corp (MCO): The 1.53% MCO position was established in Q2 2020 at prices between ~$198 and ~$283. Next quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase last quarter at prices between ~$262 and ~$295. There was a minor ~4% further increase this quarter. The stock is now at ~$355Align Technology (ALGN), Assurant Inc. (AIZ), Avantor Inc. (AVTR), Bristol Myers Squibb (BMY), Equitable Holdings (EQH), Insulet Corp (PODD), Laboratory Cop (LH), MetLife Inc. (MET), Marsh & McLennan (MMC), Molina Healthcare (MOH), Otis Worldwide (OTIS), and Thermo Fisher Scientific (TMO): These small (less than ~1.4% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at ~6% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. Q3 2020 saw a ~120% stake increase at prices between ~$200 and ~$232. There was another ~45% increase last quarter at prices between ~$202 and ~$225. This quarter saw a ~30% selling at prices between ~$212 and ~$245. The stock is now at ~$261.Fidelity National Information Services (FIS): FIS is a top-three ~4% position built last year at prices between ~$102 and ~$157 and it now goes for ~$146. There was a ~20% selling this quarter at prices between ~$123 and ~$146.Alphabet (GOOG): GOOG is a 2.79% stake established in Q3 2020 at prices between ~$1415 and ~$1728 and increased by ~225% last quarter at prices between ~$1451 and ~$1824. This quarter saw a ~25% reduction at prices between ~$1728 and ~$2138. It currently trades at ~$2527.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 2.55% Visa position was primarily built last quarter at prices between ~$181 and ~$219. There was a ~25% reduction this quarter at prices between ~$193 and ~$226. The stock currently trades at ~$232. ZBH is a 1.82% of the portfolio position built over the last two quarters at prices between ~$117 and ~$156 and it is now at ~$160. There was marginal trimming this quarter.Centene Corp (CNC): Most of the ~2% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. Last two quarters saw a ~35% reduction at prices between ~$58 and ~$71. The stock is now at $74.31.Boston Scientific (BSX): The ~2% BSX stake was established in H2 2018 at prices between $33 and $38.50. Recent activity follows. There was a ~40% selling in Q2 2020 at prices between $30 and $39 while last quarter there was a ~60% stake increase at prices between ~$33 and ~$42. This quarter saw a ~40% selling at prices between ~$35 and ~$40. The stock is currently at $43.35.AbCellera Biologics (ABCL): ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $22.81. Viking Global’s 1.93% of the portfolio position goes back to funding rounds prior to the IPO. There was marginal trimming this quarter.Amazon.com Inc. (AMZN): AMZN is now at 1.67% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. Last four quarters have seen a ~80% selling at prices between $1908 and $3531. The stock currently trades at ~$3489.Aon plc (AON): The 1.48% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$233. Last two quarters have seen a ~30% selling at prices between ~$180 and ~$234.Nuance Communications (NUAN): The 1.44% NUAN stake was purchased in Q2 2020 at prices between ~$16 and ~$26. Next quarter saw a one-third increase at prices between ~$25 and ~$34 while this quarter there was a one-third selling at prices between ~$40 and ~$50.50. The stock currently trades at $54.64.Note: Viking Global controls ~4% of Nuance Communications. Nuance is getting acquired by Microsoft in a $56 per share all-cash deal announced in April.Mercadolibre Inc. (MELI): MELI is now a small 0.71% of the portfolio stake. It was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The four quarters through Q2 2020 had seen the stake almost sold out at prices between ~$490 and ~$975. Next quarter saw the stake rebuilt at prices between ~$957 and ~$1225. There was a ~60% selling this quarter at prices between ~$1370 and ~$1984. The stock is now at ~$1463.Parker Hannifin (PH): PH is a small 0.77% position purchased in Q2 2020 at prices between ~$116 and ~$202. Next quarter saw a ~75% stake increase at prices between ~$175 and ~$214 while last quarter there was a one-third reduction at prices between ~$201 and ~$280. This quarter saw another ~50% selling at prices between ~$250 and ~$318. The stock currently goes for ~$285.JP Morgan Chase (JPM): JPM was a ~3% of the portfolio stake built between Q2 & Q4 2020 at prices between ~$84 and ~$114. This quarter saw the position sold down by ~90% to a very small 0.40% portfolio stake at prices between ~$126 and ~$158. The stock is now at ~$152Cigna Corp (CI), Guardant Health (GH), HCA Healthcare (HCA), Hartford Financial (HIG), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Sea Limited (SE), and Verisign Inc. (VRSN): These small (less than ~1.35% of the portfolio each) stakes were reduced during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-three 4.88% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $62.63.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 4.88% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $39.82. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming last quarter at ~$50 average price. Viking Global still controls ~22% of Adaptive Biotechnologies.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $21.66. Viking Global has a ~13% ownership stake in the business.4D Molecular Therapeutics (FDMT) and Unity Software (U): These two very small (less than ~0.50% of the portfolio each) stakes were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Acadia Healthcare (ACHC), Affirm Holdings (AFRM), Alignment Healthcare (ALHC), Arena Pharma (ARNA), Arista Networks (ANET), Athira Pharma (ATHA), Bilibili Inc. (BILI), Blueprint Medicines (BPMC), Bumble Inc. (BMBL), Catalent (CTLT), CM Life Sciences (CMLF), Dominos Pizza (DPZ), DoorDash Inc. (DASH), Edgewise Therapeutics (EWTX), Gracell Biotechnologies (GRCL), Inhibrx (INBX0, Karuna Therapeutics (KRTX), Kinnate Biopharma (KNTE), Orion Acquisition (OHPA) units, Pacific Biosciences (PACB), Pharvaris NV (PHVS), PMV Pharma (PMVP), PVH Corporation (PVH), RLX Technology (RLX), Royalty Pharma (RPRX), Shopify (SHOP), Snowflake (SNOW), Tenet Healthcare (THC), Tuya Inc. (TUYA), Unity Software (U), Verisign (VRSN), VMWare (VMW), Walgreens Boots Alliance (WBA), Willis Towers Watson (WLTW), Xpeng (XPEV), Zai Lab (ZLAB), and Zentalis Pharma (ZNTL).Note 1: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX) and Zentalis Pharma (ZNTL).Note 2: Regulatory filings since the quarter ended show them owning significant stakes in the following businesses: FIGS Inc. (FIGS), Talaris Therapeutics (TALS), and Mudrick Capital II (MUDS).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/13/2021: 13G – 3/12 – Orion Acquisition – OHPAU – 3.6M shares – 8.7% of business, 13G, G/As – 2/16 – Pharvaris – PHVS - 2.42M shares – 7.6% of business, AbCellera Biologics – ABCL – 19.3M shares – 7.2% of business, 13G/A – 12/28, 12/21 – 19.3M shares – 7.2%, 4D Molecular Therapeutics – FDMD – 3.94M shares – 14.9% of business, 12/21 – same, Form 4 – 12/17 - ~4M shares @ 23, Form 3 – 12/10 – 2.84M shares, Athira Pharma – ATHA – 2.12M shares – 6% of business, Zentalis Pharma – ZNTL – 3M shares – 7.4% of business, Form 4 – 12/3 – 500K shares disposed @ 50.5, 3.94M shares, PMV Pharma – PMVP – 2.36M shares – 5.3% of business, Inhibrx – INBX – 5.31M shares – 14.1% of business, GoHealth – GOCO – 2.6M shares – 3.1% of business, ADPT – ~30M shares – 21.9% of business. 12/16 – Form 4 – 1M shares disposed @ 55.65, 29.99M shares remain, Change Healthcare – CHNG – zero, VRTX – zero, CHWY – zero, aTyr Pharma – LIFE – zero, Canada Goose – GOOS – zero. 2/12 – 13G/A – 16.38M shares – 5.8% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2020 Update"

"Halvorsen's 13F portfolio value increased from $27.68B to $36.37B. The number of positions increased from 86 to 96.Viking Global added UnitedHealth, AbCellera Biologics, Walt Disney, and Palo Alto Networks while dropping Analog Devices, CME Group, Comcast, and Exact Sciences.The top three positions are Microsoft, BridgeBio Pharma, and Adaptive Biotechnologies. Together, they are at ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 2/16/2021. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~31% from $27.68B to $36.37B. The number of holdings increased from 86 to 96. Largest five individual stock positions are Microsoft, BridgeBio Pharma, Adaptive Biotechnologies, Fidelity National Information Services, and T-Mobile US. They add up to ~25% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:UnitedHealth Group (UNH), AbCellera Biologics (ABCL), Walt Disney (DIS), and Palo Alto Networks (PANW): These are medium-sized new stakes established this quarter. UNH is a 2.69% of the portfolio position purchased at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$369. ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $29.23. Viking Global’s position goes back to funding rounds prior to the IPO. DIS is a 2.13% of the portfolio position established at prices between ~$118 and ~$181 and the stock currently trades above that range at ~$189. The 1.84% of the portfolio PANW stake was purchased at prices between ~$221 and ~$372 and it is now at ~$324.ServiceNow (NOW), Hartford Financial (HIG), General Electric (GE), HCA Healthcare (HCA), and Facebook (FB): These are very small (less than ~1% of the portfolio each) stakes established during the quarter.Air Products & Chemicals (APD), 4D Molecular Therapeutics (FDMT), MetLife Inc. (MET), Marsh & McLennan (MMC), Match Group (MTCH), Becton Dickinson (BDX), Bilibili Inc. (BILI), Equitable Holdings (EQH), Progressive Corp (PGR), McAfee Corp (MCFE), Doordash (DASH), CarMax Inc. (KMX), Kinnate Biopharma (KNTE), Arena Pharma (ARNA), Acadia Healthcare (ACHC), and Seer Inc. (SEER): These are minutely small (less than 0.5% of the portfolio each) positions established this quarter.Note: Regulatory filings from earlier this week show them owning 2.83M shares (series B/C redeemable convertible preferred stock) of 4D Molecular Therapeutics (FDMT). FDMT had an IPO priced at $23 in December. It currently trades at $42.80.Stake Disposals:Analog Devices (ADI): The 1.24% ADI stake was established in Q2 2020 at prices between ~$84 and ~$125. There was a ~50% stake increase last quarter at prices between ~$112 and ~$125. The disposal this quarter was at prices between ~$114 and ~$148. The stock is now at ~$151Comcast Corp (CMCSA): CMCSA was a 1.68% stake established in H1 2020 at prices between ~$32 and ~$48. Last quarter saw a two-thirds selling at prices between ~$39 and ~$47. The elimination this quarter was at prices between $41.40 and $52.40. The stock currently trades at $56.14.Allstate Corp (ALL), Anthem Inc. (ANTM), Atlassian Corp (TEAM), aTyr Pharma (LIFE), Bill.com (BILL), Ceridian HCM Holdings (CDAY), CME Group (CME), Exact Sciences (EXAS), Li Auto (LI), Liberty Media Formula One (FWONK), Nikola Corp (NKLA), Raytheon Technologies (RTX), and VBI Vaccines (VBIV): These small (less than ~1.5% of the portfolio each) stakes were disposed this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at 7.24% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Q4 2018 saw a ~28% increase at prices between $94 and $116. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. Last quarter saw a ~120% stake increase at prices between ~$200 and ~$232. There was another ~45% increase this quarter at prices between ~$202 and ~$225. The stock is now at ~$238.Fidelity National Information Services (FIS): FIS is a top-five 4.60% position built last year at prices between ~$102 and ~$157 and it now goes for ~$142.T-Mobile US (TMUS): The 3.23% TMUS stake was purchased over the last three quarters at prices between ~$74 and ~$119 and it now goes for ~$124. There was a ~8% further increase this quarter.Alphabet (GOOG): GOOG is a ~3% stake established last quarter at prices between ~$1415 and ~$1728 and increased by ~225% this quarter at prices between ~$1451 and ~$1824. It currently trades at ~$2041.Boston Scientific (BSX): The ~3% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. The three quarters thru Q1 2020 had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling next quarter at prices between $30 and $39. This quarter saw a ~60% stake increase at prices between ~$33 and ~$42. The stock is currently at $37.24.FleetCor Technologies (FLT), Visa Inc. (V), and Zimmer Biomet Holdings (ZBH): These three stakes saw large increases this quarter. The 1.70% FLT stake was established last quarter and increased by ~400% this quarter at prices between ~$219 and ~$282. The stock is now at ~$272. The 2.46% Visa position was primarily built this quarter at prices between ~$181 and ~$219. The stock currently trades at ~$208. ZBH is a 1.64% of the portfolio position built over the last two quarters at prices between ~$117 and ~$156 and it is now at ~$156.Fortive Corp (FTV): FTV is a 1.55% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $67.70. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Last quarter saw a ~22% selling at prices between ~$56 and ~$65 while this quarter there was a ~17% stake increase.Moody’s Corp (MCO): The 1.31% MCO position was established in Q2 2020 at prices between ~$198 and ~$283 and it is now at ~$291. Last quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase this quarter at prices between ~$262 and ~$295.Cigna Corp (CI): The 1.12% CI position was built in H1 2020 at prices between ~$130 and ~$223 and the stock currently trades at ~$238. Last quarter saw a ~50% selling at prices between ~$161 and ~$191 while this quarter there was a one-third increase at prices between ~$163 and ~$221.Avantor Inc. (AVTR), Catalent Inc. (CTLT), Horizon Therapeutics (HZNP), Insulet Corp (PODD), Otis Worldwide (OTIS), Sea Limited (SE), Royalty Pharma (RPRX), Verisign Inc. (VRSN): These small (less than ~1% of the portfolio each) stakes saw increases this quarter.Stake Decreases:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s third-largest 13F position at 4.88% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $41.96. Q1 2020 saw a ~13% trimming at ~$25 per share. Viking Global controls ~22% of Adaptive Biotechnologies. There was a ~10% trimming this quarter at ~$50 average price.American Express (AXP) and JP Morgan Chase (JPM): The 1.74% AXP position was built in H1 2020 at prices between ~$69 and ~$137 and it is now at ~$136. This quarter saw a ~50% selling at prices between ~$91 and ~$125. JPM is a ~3% of the portfolio stake built over the last three quarters at prices between ~$84 and ~$114 and it is now at ~$150. There was a ~10% trimming this quarter.Centene Corp (CNC): Most of the 2.16% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at ~$64. This quarter saw a ~25% reduction at prices between ~$58 and ~$71.Nuance Communications (NUAN) and Parker Hannifin (PH): The ~2% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at ~$44. Last quarter saw a one-third increase at prices between ~$25 and ~$34 while this quarter there was a ~4% trimming. PH is a 1.26% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$306. Last quarter saw a ~75% stake increase at prices between ~$175 and ~$214 while this quarter there was a one-third reduction at prices between ~$201 and ~$280.Note: Viking Global controls ~6% of Nuance Communications.Mercadolibre Inc. (MELI): MELI is now a 1.90% of the portfolio stake. It was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The four quarters through Q2 2020 had seen the stake almost sold out at prices between ~$490 and ~$975. Last quarter saw the stake rebuilt at prices between ~$957 and ~$1225. The stock is now at ~$1447. There was a ~13% trimming this quarter.Amazon.com Inc. (AMZN): AMZN is now at 1.80% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. Last three quarters have seen a ~77% selling at prices between $1908 and $3531. The stock currently trades at ~$3138.Taiwan Semi (TSM): TSM is a 1.68% of the portfolio stake purchased last quarter at prices between ~$57 and ~$86 and the stock currently trades well above that range at ~$115. There was a ~9% trimming this quarter.Aon plc (AON): The 1.49% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$224. This quarter saw a ~15% trimming.Hilton Worldwide (HLT): The 1.44% HLT stake was established in Q2 2020 at prices between ~$56 and ~$90 and it is now at ~$119. There was a ~20% stake increase last quarter at prices between $73.50 and $94. This quarter saw a ~45% reduction at prices between ~$84 and ~$111.Booking Holdings (BKNG): BKNG is a 1.15% position purchased in Q4 2019 at prices between $1838 and $2073. Next quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. There was another ~70% stake increase last quarter at prices between $1638 and $1949. This quarter saw a ~45% selling at prices between ~$1604 and ~$2227. It is currently at ~$2215.Chubb Ltd. (CB): The 1.15% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$157. There was a ~20% selling this quarter at prices between ~$116 and ~$155.Advanced Micro Devices (AMD), Align Technology (ALGN), Assurant Inc. (AIZ), Avalon Bay Communities (AVB), Blueprint Medicines (BPMC), Bristol Myers Squibb CVRs, Bristol Myers Squibb (BMY), Chindata Group Holdings (CD), Cooper Companies (COO), CoStar Group (CSGP), Darden Restaurants (DRI), Encompass Health (EHC), Everest RE Group (RE), Genmab A S (GMAB), GoHealth Inc. (GOCO), Guardant Health (GH), Ingersoll Rand (IR), Karuna Therapeutics (KRTX), Las Vegas Sands (LVS), Laboratory Cop (LH), Micron Technology (MU), Molina Healthcare (MOH), PMV Pharma (PMVP), PVH Corp (PVH), Pacific Biosciences (PACB), Snowflake (SNOW), Thermo Fisher Scientific (TMO), Viela Bio (VIE), Workday Inc. (WDAY), Zentalis Pharma (ZNTL): These very small (less than ~0.5% of the portfolio each) positions were reduced this quarter.Note: Viking Global has a ~17% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for ~$52. Viking Global’s stake goes back to a funding round last December prior to the IPO. Regulatory filings since the quarter ended show them owning 3.93M shares. This is compared to 4.44M shares in the 13F report. The ~10% trimming happened at ~$50.50 per share.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a fairly large 5.21% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $65.79.Note: Viking Global controls ~21% of BridgeBio Pharma.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $19.23. Viking Global has a ~13% ownership stake in the business.Agora Inc. (API), Athira Pharma (ATHA), Inhibrx (INBX), JFrog Ltd. (FROG), Jamf Holding (JAMF), Unity Software (U), and Vertex Inc. (VRTX): These are minutely small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note: Viking Global has substantial ownership stakes in the following businesses: 6.1% of PMV Pharma, 6.9% of Athira Pharma, 5.5% of GoHealth, 8.5% of Vertex Inc., and 14% of Inhibrx.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q3 and Q4 2020.Regulatory filings thru 12/11/2020: Form 3 – 12/10 – FDMT (4D Molecular Therapeutics) – 2.83M shares in Series B/C Redeemable Convertible Preferred stock. Form 4 – 12/3 – ZNTL – 500K shares disposed @ 50.5, 3.94M shares remain. Form 4 – 11/13 – ADPT – 2.5M shares disposed @ 49.515, 30.99M shares remain. 13G – 10/5 – PMV Pharma - PMVP – 2.64M shares – 6.1% of business. 13G – 9/28 – Athira Pharma – ATHA – 2.12M shares – 6.9% of business. 13G – 8/31 – InhibRX – INRX – 5.12M shares – 13.6% of business. Form 4 – 8/28– 180K shares purchased @ ~$18.9, 3.88M shares total, Form 4 – 8/25 - ~130K shares purchased @ ~$19.35, 3.88M shares total, Form 3 – 8/25 – same info."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2020 Update"

"Halvorsen's 13F portfolio value increased from $23.14B to $27.68B. The number of positions increased 71 to 86.Viking Global increased Microsoft, Mecadolibre, and CME Group while reducing Amazon.com and dropping Uber Technologies & JD.com.The top three positions are Microsoft, Adaptive Biotechnologies, and Fidelity National Information Services. Together, they are at ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/16/2020. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~20% from $23.14B to $27.68B. The number of holdings increased from 71 to 86. Largest five individual stock positions are Microsoft, Adaptive Biotechnologies, Fidelity National Information Services, American Express, and Centene Corp. They add up to ~25% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .Note: Regulatory filings from earlier this week show them owning 2.83M shares (series B/C redeemable convertible preferred stock) of 4D Molecular Therapeutics (FDMT). FDMT had an IPO priced at $23 today. Shares closed at ~$40.New Stakes:Taiwan Semi (TSM): TSM is a 1.80% of the portfolio stake purchased this quarter at prices between ~$57 and ~$86 and the stock currently trades well above that range at ~$104.Avalon Bay Communities (AVB), Advanced Micro Devices (AMD), Raytheon Technologies (RTX), and Alphabet (GOOG): These are small new stakes established during the quarter. The 1.38% AVB position was purchased at prices between ~$146 and ~$162 and it is now at $162. AMD is a 1.33% of the portfolio stake established at prices between ~$52 and ~$92 and the stock currently trades at $91.65. The 1.28% RTX position was purchased at prices between ~$56 and ~$64 and it now goes for $72.89. GOOG is a ~1% stake established at prices between ~$1415 and ~$1728 and it currently trades at $1782.CoStar Group (CSGP), Zimmer Biomet Holdings (ZBH), Bill.com (BILL), Bristol Myers Squibb (BMY), Otis Worldwide (OTIS), Atlassian Corp (TEAM), Ceridian HCM Holdings (CDAY), Snowflake (SNOW), and Anthem Inc. (ANTM): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Verisign Inc. (VRSN), Unity Software (U), FleetCor Technologies (FLT), Inhibrx (INBX), PMV Pharma (PMVP), Laboratory Cop (LH), GoHealth Inc. (GOCO), Karuna Therapeutics (KRTX), Insulet Corp (PODD), Vertex Inc. (VRTX), Pacific Biosciences (PACB), Athira Pharma (ATHA), Nikola Corp (NKLA), Li Auto (LI), VBI Vaccines (VBIV), Chindata Group Holdings (CD), Jamf Holding (JAMF), and JFrog Ltd. (FROG): These are minutely small (less than ~0.5% of the portfolio each) new stakes established during the quarter.Note: Although the stakes relative to the overall portfolio are minutely small, it is significant that they have substantial ownership positions in the following businesses: 6.1% of PMV Pharma, 6.9% of Athira Pharma, 5.5% of GoHealth, 8.5% of Vertex Inc., and 14% of Inhibrx.Stake Disposals:JD.com (JD): JD was a ~2% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% next quarter at prices between $25.75 and $31.50. Last four quarters had seen a ~75% reduction at prices between $27 and $59. The disposal this quarter was at prices between ~$60 and ~$83. The stock currently trades at $82.61.Uber Technologies (UBER): UBER had an IPO in Q2 2019. It started trading at ~$41.50. Q4 2019 saw a ~160% stake increase at prices between $26 and $34. Last two quarters had seen a ~55% selling at prices between $15 and $41. That was followed with the elimination this quarter at prices between ~$29.40 and ~$38. The stock is now at $52.63.Lowes Companies (LOW): The ~1% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it is now at ~$158. Q1 2020 saw a ~25% stake increase at prices between ~$65 and ~$127. There was a two-thirds selling last quarter at prices between $80 and $136. The remaining position was disposed this quarter at prices between ~$135 and ~$171.Netflix Inc. (NFLX): NFLX was a large (top three) 5.20% of the 13F portfolio stake as of Q1 2020. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The stake was rebuilt in Q4 2018 at prices between $234 and $381. There was a one-third selling in Q1 2019 at around the same price range. Q3 2019 saw a stake doubling at prices between $255 and $382 while next quarter saw a ~20% trimming. Q1 2020 saw another ~25% selling at prices between ~$299 and ~$388. Last quarter saw the stake almost sold out at prices between $362 and $468. The stock is now at ~$503. The remainder stake was disposed this quarter.Salesforce.com (CRM): CRM was a 1.74% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at ~$222. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. Last three quarters had seen a ~55% reduction at prices between $124 and $194. The remaining position was sold this quarter at prices between ~$186 and ~$281.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.Alibaba Group Holdings (BABA), Danaher Corp (DHR), Envista Holdings (NVST), Linde plc (LIN), Momenta Pharma (MNTA), Sherwin Williams (SHW), TJX Companies (TJX), and UniQure NV (QURE): These small (less than ~1% of the portfolio each) stakes established last quarter were disposed this quarter.Anaplan (PLAN), Change Healthcare (CHNG), Editas Medicine (EDIT), and Varian Medical (VAR): These small (less than ~1% of the portfolio each) positions were eliminated during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at 6.27% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Q4 2018 saw a ~28% increase at prices between $94 and $116. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction last quarter at prices between $152 and $202. This quarter saw a ~120% stake increase at prices between ~$200 and ~$232. The stock is now at ~$213.American Express (AXP), Fidelity National Information Services (FIS), and JP Morgan Chase (JPM): These three positions were built this year. The top five 3.93% AXP position was established at prices between ~$69 and ~$137 and it is now at ~$120. FIS is a top three 4.73% position built this year at prices between ~$102 and ~$157 and it now goes for ~$148. The 3.29% JPM stake was purchased at prices between ~$79 and ~$141 and the stock currently trades at ~$120.Centene Corp (CNC): Most of the 3.68% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at $60.71. This quarter saw a ~8% stake increase.T-Mobile US (TMUS): The 3.33% TMUS stake was purchased over the last three quarters at prices between ~$74 and ~$119 and it now goes for ~$131.Hilton Worldwide (HLT): The 2.72% HLT stake was established last quarter at prices between ~$56 and ~$90 and it is now at ~$105. There was a ~20% stake increase this quarter at prices between $73.50 and $94.Boston Scientific (BSX): The 2.60% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. The three quarters thru Q1 2020 had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling last quarter at prices between $30 and $39. The stock is currently at ~$33.60. This quarter saw a minor ~2% stake increase.Aon plc (AON): The 2.25% AON stake saw a ~200% stake increase in Q1 2020 at prices between $146 and $237 and the stock currently trades at ~$204. There was a ~30% further increase last quarter at prices between $154 and $200. This quarter also saw a ~2% increase.Booking Holdings (BKNG): BKNG is a 2.15% position purchased in Q4 2019 at prices between $1838 and $2073. Next quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. There was another ~70% stake increase this quarter at prices between $1638 and $1949. It is currently at $2089.Nuance Communications (NUAN), Moody’s Corp (MCO), Parker Hannifin (PH), and Analog Devices (ADI): These four stakes established last quarter were increased this quarter. The ~2% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at $43.65. This quarter saw a one-third increase at prices between ~$25 and ~$34. The 1.36% MCO position was established at prices between ~$198 and ~$283 and it is now at ~$275. This quarter saw a one-third increase at prices between ~$271 and ~$305. PH is a 1.84% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$275. This quarter saw a ~75% stake increase at prices between ~$175 and ~$214. The 1.24% ADI stake was established at prices between ~$84 and ~$125 and it is now at ~$141. There was a ~50% stake increase this quarter at prices between ~$112 and ~$125.Note: Viking Global controls ~6% of Nuance Communications.Mercadolibre Inc. (MELI): MELI is now a 1.85% of the portfolio stake. It was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. Last four quarters had seen the stake almost sold out at prices between ~$490 and ~$975. This quarter saw the stake rebuilt at prices between ~$957 and ~$1225. The stock is now at ~$1607.Chubb Ltd. (CB): The 1.43% CB stake was built this year at prices between ~$94 and ~$165 and it currently trades at ~$154.Avantor Inc. (AVTR), Align Technology (ALGN), CME Group (CME), Cooper Companies (COO), Guardant Health (GH), Exact Sciences (EXAS), Encompass Health (EHC), Everest RE Group (RE), Molina Healthcare (MOH), PVH Corp (PVH), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes saw increases this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is now at 3.10% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Next quarter saw a ~160% stake increase at prices between $1693 and $1963. Last two quarters have seen a ~70% selling at prices between $1908 and $3531. The stock currently trades at ~$3116.Thermo Fisher Scientific (TMO): TMO is a 2.20% of the portfolio position purchased last quarter at prices between $275 and $362 and the stock currently trades at ~$471. There was a ~20% reduction this quarter at prices between ~$360 and ~$442.Fortive Corp (FTV): FTV is a 1.88% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $68.55. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. This quarter saw a ~22% selling at prices between ~$56 and ~$65.Cigna Corp (CI) and Comcast Corp (CMCSA): The 0.89% CI position was built in H1 2020 at prices between ~$130 and ~$223 and the stock currently trades at ~$209. This quarter saw a ~50% selling at prices between ~$161 and ~$191. CMCSA is a 1.68% stake established in H1 2020 at prices between ~$32 and ~$48 and it is now at $50.93. This quarter saw a two-thirds selling at prices between ~$39 and ~$47.Las Vegas Sands (LVS): LVS is a 1.45% of the portfolio position established in H1 2020 at prices between $38 and $74 and it is now at $56.75. There was a ~23% selling this quarter at prices between ~$43 and ~$53.Allstate Corp (ALL), Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Bristol Myers Squibb CVRs, Catalent Inc. (CTLT), Darden Restaurants (DRI), Genmab A S (GMAB), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Liberty Media Formula One (FWONK), Micron Technology (MU), Royalty Pharma (RPRX), Sea Limited (SE), Viela Bio (VIE), and Workday Inc. (WDAY): These very small (less than ~1.25% of the portfolio each) positions saw substantial increases this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at ~6% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $56.05. Q1 2020 saw a ~13% trimming at ~$25 per share. Viking Global controls ~27% of Adaptive Biotechnologies.Note: Regulatory filings since the quarter ended show them owning 30.99M shares. This is compared to 33.49M shares in the 13F report. Around 2.5M shares were sold at ~$49.50 average price.BridgeBio Pharma (BBIO): BBIO is a fairly large 3.61% stake established in Q2 2019. It had an IPO last quarter. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $61.35.Note: Viking Global controls ~21% of BridgeBio Pharma.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group last October. APi Group started trading at $10.40 and now goes for $17.74. Viking Global has a ~13% ownership stake in the business.Agora Inc. (API), aTyr Pharma (LIFE), and Zentalis Pharma (ZNTL): These very small (less than ~0.5% of the portfolio each) positions were kept steady this quarter.Note: Viking Global has a ~17% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for ~$52. Viking Global’s stake goes back to a funding round last December prior to the IPO. Regulatory filings since the quarter ended show them owning 3.93M shares. This is compared to 4.44M shares in the 13F report. The ~10% trimming happened at ~$50.50 per share.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/30/2020: 13G – 8/30 – INBX – 5.13M shares – 13.6% of business, Form 4 – 8/28– 180K shares purchased @ ~$18.9, 3.88M shares total, Form 4 – 8/25 - ~130K shares purchased @ ~$19.35, 3.88M shares total, Form 3 – 8/25 – same info. 13G – 8/10 – NUAN – 14.35M shares – 5.1% of business. 13G – 8/10 – VERX – 1.85M shares – 8.2% of business. 13G – 7/27 – GoHealth – GOCO – 4.56M shares – 5.4% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2020 Update"

"Halvorsen's 13F portfolio value increased from $19.21B to $23.14B. The number of positions increased from 64 to 71.Viking Global increased Comcast, American Express, and Fidelity National Information Services while reducing Amazon.com, Boston Scientific, and JD.com.The top three positions are Amazon.com, Adaptive Biotechnologies, and Comcast. Together, they are at ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/7/2020. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~20% from $19.21B to $23.14B. The number of holdings increased from 64 to 71. Largest five individual stock positions are Amazon.com, Adaptive Biotechnologies, Comcast, Centene, and American Express. They add up to ~28% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .Note: Regulatory filings since the quarter ended show them owning 5.13M shares (13.6% of business) of Inhibrx (INBX), 1.85M shares (8.2% of business) of Vertex Inc. (VERX), and 4.56M shares (5.4% of business) of GoHealth (GOCO).New Stakes:Thermo Fisher Scientific (TMO), Hilton Worldwide (HLT), and APi Group (APG): These are medium-sized new positions established this quarter. TMO is a 2.72% of the portfolio position purchased at prices between $275 and $362 and the stock currently trades well above that range at ~$420. The 2.31% HLT stake was established at prices between ~$56 and ~$90 and it is now at $89.36. Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group last October. APi Group started trading at $10.40 and now goes for $14.09. Viking Global has a ~13% ownership stake in the business.Nuance Communications (NUAN), Moody’s Corp (MCO), Parker Hannifin (PH), and Analog Devices (ADI): These are small (less than ~1.5% of the portfolio each) new positions established this quarter. The 1.40% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at $30.72. The 1.16% MCO position was established at prices between ~$198 and ~$283 and it is now at ~$284. PH is a 1.14% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$204. The ~1% ADI stake was established at prices between ~$84 and ~$125 and it is now at ~$114.Note: Regulatory filings since the quarter ended show them owning 14.35M shares (5.1% of business) of Nuance Communications. This is compared to 12.80M shares in the 13F report.Alibaba Group Holdings (BABA), Align Technology (ALGN), Allstate Corp (ALL), Danaher Corp (DHR), Darden Restaurants (DRI), Linde plc (LIN), Royalty Pharma (RPRX), Sherwin Williams (SHW), and Zentalis Pharma (ZNTL): These are very small (less than ~1% of the portfolio each) new positions established during the quarter.Note 1: Viking Global has a ~19% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for $28.90. Viking Global’s stake goes back to a funding round last December prior to the IPO.Note 2: Alibaba Group Holdings and Align Technology are back in the portfolio after a quarter’s gap.Envista Holdings (NVST), Everest RE Group (RE), TJX Companies (TJX), PVH Corp (PVH), Momenta Pharma (MNTA), Agora Inc. (API), and UniQure NV (QURE): These are minutely small (less than ~0.5% of the portfolio each) new stakes established this quarter.Note: Envista Holdings is back in the portfolio after a quarter’s gap.Stake Disposals:Anthem Inc. (ANTM): ANTM was a 2.14% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The three quarters thru Q1 2019 had seen a ~40% further increase at prices between $236 and $318. The position was reduced by ~71% over the last four quarters at prices between ~$175 and ~$310. The disposal this quarter was at prices between ~$203 and ~$301. The stock is now at ~$261.Alphabet Inc. (GOOG) (GOOGL): GOOG was a 1.89% position. It was first purchased in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. Recent activity follows: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was rebuilt to a top five position next quarter at prices between $976 and $1203. Last year had seen the stake almost eliminated at prices between $1036 and $1360. The position was rebuilt again last quarter at prices between $1054 and $1525. The disposal this quarter was at prices between $1093 and $1465. The stock is now at $1526.Facebook Inc. (FB): FB was a 1.74% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116 but was sold down in the first three quarters of 2018 realizing huge gains. The position was built back up in Q4 2018 at prices between $124 and $169. Next quarter saw a ~55% reduction at prices between $131 and $173 while Q2 2019 there was a 230% stake increase at prices between $177 and $205. At the time, it was a top-three position. Last quarter saw a ~70% selling at prices between ~$146 and ~$223. The remainder was sold this quarter at prices between $154 and $242. The stock currently trades at ~$268.Agilent Technologies (A), BioMarin Pharma (BMRN), Canada Goose (GOOS), Covetrus Inc. (CVET), CSX Corp. (CSX), Gallagher Arthur (AJG), Moderna Inc. (MRNA), Microchip Technology (MCHP), Norfolk Southern (NSC), O’Reilly Automotive (ORLY), Progressive Corp (PGR), ServiceNow (NOW), and SmileDirectClub (SDC): These small (less than ~1.5% of the portfolio each) positions were eliminated this quarter.Stake Increases:JP Morgan Chase (JPM) and American Express (AXP): These two positions established last quarter were increased substantially this quarter. The 2.61% JPM stake was purchased at prices between ~$79 and $141 and the stock currently trades at ~$100. The large (top five) 4.32% AXP position was established at prices between ~$69 and ~$137 and it is now at ~$103.Cigna Corp (CI), Comcast Corp (CMCSA), and Fidelity National Information Services (FIS): These three positions were substantially increased over the last two quarters. The 2.39% CI position was purchased at prices between ~$130 and ~$223 and the stock currently trades at ~$170. CMCSA is a large (top three) 4.80% stake established at prices between ~$32 and ~$48 and it is now at ~$44. FIS is a 3.89% position purchased at prices between ~$102 and ~$157 and it now goes for ~$146.Aon plc (AON): The 2.46% AON stake saw a ~200% stake increase last quarter at prices between $146 and $237 and the stock currently trades at ~$202. There was a ~30% further increase this quarter at prices between $154 and $200.Chubb Ltd. (CB), Las Vegas Sands (LVS), and T-Mobile US (TMUS): These three positions were built over the last two quarters. The 1.20% CB stake was purchased at prices between $94 and $165 and it currently trades at $119. LVS is a 2.19% of the portfolio position established at prices between $38 and $74 and it is now at $52.32. The 1.71% TMUS stake was purchased at prices between $74 and $110 and it now goes for $112.Booking Holdings (BKNG): BKNG is a 1.40% position purchased in Q4 2019 at prices between $1838 and $2073. Last quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. It is currently at $1817. This quarter also saw a ~9% increase.Anaplan (PLAN), Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Sea Limited (SE), and Encompass Health (EHC): These very small (less than ~1.25% of the portfolio each) positions saw substantial increases this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 7.31% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Next quarter saw a ~160% stake increase at prices between $1693 and $1963. There was a ~30% reduction this quarter at prices between $1906 and $2765. The stock currently trades at $3175.Centene Corp (CNC): Most of the 4.42% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while last quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at $57.10. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is now a 3.26% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Q4 2018 saw a ~28% increase at prices between $94 and $116. 2019 had seen a ~90% reduction at prices between $102 and $159. Last quarter saw the stake rebuilt at prices between $135 and $189. The stock is now at ~$205. There was a ~25% reduction this quarter at prices between $152 and $202.Boston Scientific (BSX): The 2.80% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. Last three quarters had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling this quarter at prices between $30 and $39. The stock is currently at ~$41.Fortive Corp (FTV): FTV is a 2.56% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $76.45. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase last quarter at prices between ~$42 and ~$79. There was a ~7% trimming this quarter.Uber Technologies (UBER): UBER had an IPO in Q2 2019. It started trading at ~$41.50. Q4 2019 saw a ~160% stake increase at prices between $26 and $34. Last two quarters have seen a ~55% selling at prices between $15 and $41. The stock is now at ~$36 and the stake is at 2.21% of the portfolio.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a ~2% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% next quarter at prices between $25.75 and $31.50. Last four quarters have seen a ~75% reduction at prices between $27 and $59. The stock currently trades at $74.53. MELI is now a minutely small 0.30% of the portfolio stake. It was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. Last four quarters saw the stake almost sold out at prices between ~$490 and ~$975. The stock is now at ~$1041.Salesforce.com (CRM): CRM is a 1.74% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at ~$248. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. Last three quarters have seen a ~55% reduction at prices between $124 and $194.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.Lowes Companies (LOW): The ~1% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it is now at ~$158. Last quarter saw a ~25% stake increase at prices between ~$65 and ~$127. There was a two-thirds selling this quarter at prices between $80 and $136.Netflix Inc. (NFLX): NFLX was a large (top three) 5.20% of the 13F portfolio stake as of last quarter. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The stake was rebuilt in Q4 2018 at prices between $234 and $381. There was a one-third selling in Q1 2019 at around the same price range. Q3 2019 saw a stake doubling at prices between $255 and $382 while next quarter saw a ~20% trimming. Last quarter saw another ~25% selling at prices between ~$299 and ~$388. This quarter saw the stake almost sold out at prices between $362 and $468. The stock is now at ~$481.Avantor Inc. (AVTR), Bristol Myers Squibb CVRs, Catalent Inc. (CTLT), Change Healthcare (CHNG), Cooper Companies (COO), CME Group (CME), Editas Medicine (EDIT), Exact Sciences (EXAS), Genmab A S (GMAB), Guardant Health (GH), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Micron Technology (MU), Molina Healthcare (MOH), Varian Medical (VAR), Viela Bio (VIE), Visa Inc. (V), and Workday Inc. (WDAY): These small (less than ~1.25% of the portfolio each) positions saw reductions this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at ~7% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $39.17. Last quarter saw a ~13% trimming at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a fairly large 3.75% stake established in Q2 2019. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $33.09.Note: Viking Global controls ~21% of BridgeBio Pharma.aTyr Pharma (LIFE) and Liberty Media Formula One (FWONK): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/30/2020: Form 3 – 4/28 – API – APi Group (APG) - 33.33M shares. 13G – 4/15 – ZNTL – 4.44M shares - ~13% of business, Form 4 – 4/8 – 725K shares acquired @ 18, 4.44M shares, Form 3 – 4/3 – 3.72M shares – they participated in an $85M funding round prior to the IPO in December 2019. 13G – 3/13 – CHNG – 7.85M shares – 6.3% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2020 Update"

"Halvorsen's 13F portfolio value decreased from $21.35B to $19.21B. The number of positions decreased from 66 to 64.Viking Global increased Comcast, Fidelity National Information Services, & Google while reducing Facebook and dropping Square & Monster Beverage.The top three positions are Amazon.com, Boston Scientific, and Netflix. Together, they are at ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/13/2020. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Halvorsen’s 13F stock portfolio value decreased ~10% from $21.35B to $19.21B. The number of holdings decreased from 66 to 64. Largest five individual stock positions are Amazon.com, Boston Scientific, Netflix, Centene, and Adaptive Biotechnologies. They add up to ~29% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .Note: Regulatory filings since the quarter ended show them owning 4.44M shares (~13% of the business) of Zentalis Pharmaceuticals (ZNTL) and 33.33M shares (~19% of the business) of APi Group (APG). Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for $45.60. Viking Global’s stake goes back to a funding round last December prior to the IPO. Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group last October. APi Group started trading at $10.40 and now goes for ~$12.New Stakes:JP Morgan Chase (JPM), American Express (AXP), Workday Inc. (WDAY), Ingersoll Rand (IR), CME Group, and Micron Technology (MU): These are small (less than ~2% of the portfolio each) new positions established during the quarter.O’Reilly Automotive (ORLY), Agilent Technologies (A), Progressive Corp (PGR), Las Vegas Sands (LVS), Change Healthcare (CHNG), and Cooper Companies (COO): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Note: Viking Global has a ~6.3% ownership stake in Change Healthcare.T-Mobile US (TMUS), Chubb Ltd. (CB), Gallagher Arthur (AJG), Encompass Health (EHC), Varian Medical (VAR), Horizon Therapeutics (HZNP), CSX Corp. (CSX), Microchip Technology (MCHP), and SmileDirectClub (SDC): These are minutely small (less than ~0.5% of the portfolio each) stakes established during the quarter.Stake Disposals:Monster Beverage (MNST): The 3.85% MNST position was purchased in Q2 2019 at prices between $52.50 and $66 and increased by ~45% over the next two quarters at prices between $55 and $66. The entire stake was sold this quarter at prices between ~$51 and ~$70. The stock is now at $72.23.Square Inc. (SQ): SQ was a 2.94% position built in Q2 2019 at prices between $57 and $82. The elimination this quarter was at prices between $38 and $86. The stock currently trades at ~$90.Middleby Corp (MIDD): MIDD was a very small ~1% stake purchased in Q3 2019 at prices between $107 and $142 and it is now at ~$87. Last quarter saw a two-thirds stake increase at prices between $108 and $125 but the stake was disposed this quarter at prices between ~$45 and ~$115.Coupa Software (COUP): COUP was a small ~1% stake established in Q2 2019 at prices between $90 and $153 and the stock is currently at ~$217. The disposal this quarter was at prices between ~$110 and ~$173.Activison Blizzard (ATVI): ATVI was a ~1% of the portfolio. The stake was purchased in Q1 2019 at prices between $40 and $51 and increased by ~60% next quarter at prices between $42 and $50. Q3 2019 saw the position almost sold out at prices between $45 and $56. The stake was rebuilt last quarter at prices between $52 and $59.50 but was sold this quarter at prices between $52 and $64. ATVI currently trades at $69.43.Alibaba Group Holdings (BABA), Align Technology (ALGN), American International Group (AIG), AXA Equitable (EQH), Chewy Inc. (CHWY), Datadog Inc. (DDOG), Edwards Lifesciences (EW), Envista Holdings (NVST), Gardner Denver Holdings (GDI), Humana Inc. (HUM), Illumina Inc. (ILMN), McKesson Corp (MCK), Metlife Inc. (MET), Raytheon Co (RTN), Tesla Inc. (TSLA), Textron Inc. (TXT), UnitedHealth Group (UNH), and United Rentals (URI): These very small stakes (less than ~1% of the portfolio each) were dropped during the quarter.Stake Increases:Boston Scientific (BSX): The large (top three) 5.40% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. Last three quarters have seen a ~250% increase at prices between ~$26 and ~$46. The stock is currently at ~$39. For investors attempting to follow, BSX is a good option to consider for further research.Centene Corp (CNC): Most of the 5% of the portfolio stake in CNC was purchased last year at prices between $47and $66. Last two quarters saw a ~22% selling while this quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at ~$65.Microsoft Corporation (MSFT): MSFT is now a ~4% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Q4 2018 saw a ~28% increase at prices between $94 and $116. Last four quarters had seen a ~90% reduction at prices between $102 and $159. This quarter saw the stake rebuilt at prices between $135 and $189. The stock is now at ~$187.Cigna Corp (CI), Comcast Corp (CMCSA), and Fidelity National Information Services (FIS): These very small positions established last quarter were built to substantial stakes this quarter. The 2.35% CI position was purchased at prices between ~$130 and $223 and the stock currently trades at ~$210. CMCSA is a 3.20% stake established at prices between ~$32 and ~$48 and it is now at ~$42. FIS is a 2.41% position purchased at prices between ~$102 and ~$157 and it now goes for ~$143.Fortive Corp (FTV): FTV is a 2.71% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $70.61. Last quarter saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase this quarter at prices between ~$42 and ~$79.Lowes Companies (LOW): The 2.45% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it is now at ~$131. This quarter saw a ~25% stake increase at prices between ~$65 and ~$127.Alphabet Inc. (GOOG) (GOOGL): GOOG is now a 1.89% position. It was first purchased in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follows: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was rebuilt to a top five position next quarter at prices between $976 and $1203. Last four quarters had seen the stake almost eliminated at prices between $1036 and $1360. The position was rebuilt again this quarter at prices between $1054 and $1525. The stock is now at $1440.Booking Holdings (BKNG): BKNG is a 1.31% position purchased last quarter at prices between $1838 and $2073. This quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. It is currently at $1813.Aon plc (AON): The ~2% AON stake saw a ~200% stake increase this quarter at prices between $146 and $237 and the stock currently trades at ~$200.Assurant Inc. (AIZ), aTyr Pharma (LIFE), Avantor Inc. (AVTR), Blueprint Medicines (BPMC), Catalent Inc. (CTLT), Exact Sciences (EXAS), Genmab A S (GMAB), Norfolk Southern (NSC), Sea Limited (SE), and Visa Inc. (V): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at ~9% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Next quarter saw a ~160% stake increase at prices between $1693 and $1963. The stock currently trades at $2483. Q3 2019 also saw a ~13% stake increase while last two quarters saw marginal trimming.Netflix Inc. (NFLX): NFLX is a large (top three) 5.20% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The stake was rebuilt in Q4 2018 at prices between $234 and $381. There was a one-third selling in Q1 2019 at around the same price range. Q3 2019 saw a stake doubling at prices between $255 and $382 while last quarter saw a ~20% trimming. This quarter saw another ~25% selling at prices between ~$299 and ~$388. The stock is now at ~$420.Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s fifth-largest 13F position at ~5% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $38.73. This quarter saw a ~13% trimming at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a ~4% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% next quarter at prices between $25.75 and $31.50. Last two quarters had seen a ~30% reduction at prices between $26 and $36. This quarter also saw a ~15% trimming. The stock currently trades at ~$59. MELI is a ~1% of the portfolio stake purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. Last three quarters saw a ~55% selling at prices between ~$450 and ~$740. The stock is now at ~$867.Uber Technologies (UBER): UBER had an IPO in Q2 2019. It started trading at ~$41.50. Last quarter saw a ~160% stake increase to a top five 5.31% portfolio position at prices between $26 and $34. The stock is now at $37.21. There was a one-third selling this quarter at prices between ~$15 and ~$41.Facebook Inc. (FB): FB is now a 1.74% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116 but was sold down in the first three quarters of 2018 realizing huge gains. The position was built back up in Q4 2018 at prices between $124 and $169. Next quarter saw a ~55% reduction at prices between $131 and $173 while Q2 2019 there was a 230% stake increase at prices between $177 and $205. At the time, it was a top-three position. This quarter saw a ~70% selling at prices between ~$146 and ~$223. The stock currently trades at ~$231.Salesforce.com (CRM): CRM is a 2.63% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at $174. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. There was a ~11% trimming last quarter and that was followed with a ~20% selling this quarter.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.Anthem Inc. (ANTM): ANTM is a 2.14% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The three quarters thru Q1 2019 had seen a ~40% further increase at prices between $236 and $318. The position was reduced by ~71% over the last four quarters at prices between ~$175 and ~$310. The stock is now at ~$288.Anaplan (PLAN), BioMarin Pharma (BMRN), Bristol Myers Squibb CVRs, Canada Goose (GOOS), Covetrus Inc. (CVET), Editas Medicine (EDIT), Guardant Health (GH), Liberty Media Formula One (FWONK), Moderna Inc. (MRNA), Molina Healthcare (MOH), ServiceNow (NOW), and Viela Bio (VIE): These are very small (less than ~0.5% of the portfolio each) stakes that were reduced during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a fairly large ~4% stake established in Q2 2019. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for ~$29.Note: Viking Global controls ~21% of BridgeBio Pharma.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2020:Regulatory filings thru 2/25/2020: 13G/As – 2/11 – LIFE – 817K shares – 9.4% of business including preferred stock that could be converted, MRNA – 3.32M shares – 1% of business, MIDD – 1.86M shares – 3.3% of business, CHWY – 2.9M shares – 5.4% of business, 12/12 – 3.65M shares – 6.8% of business, EIDX – 0, BERY – 0, ADPT -38.4M shares – 30.4% of business (EOY INFO), Form 4 – 1/30 – 4.9M shares disposed at ~$25, 33.5M shares remain . 13G – 1/21 – GOOS – 3M shares – 5.2% of business,"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2019 Update"

"Halvorsen's 13F portfolio value increased from $19.20B to $21.35B. The number of positions increased from 61 to 66.Viking Global increased Uber Technologies while decreasing Alibaba Group Holdings and dropping Boeing.The top three positions are Amazon.com, Facebook, and Adaptive Biotechnologies. Together, they are at ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/13/2020. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Halvorsen’s 13F stock portfolio value increased ~11% from $19.20B to $21.35B. The number of holdings increased from 61 to 66. Largest five individual stock positions are Amazon.com, Facebook, Adaptive Biotechnologies, Netflix, and Uber Technologies. They add up to ~30% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Metlife Inc. (MET), UnitedHealth Group (UNH), Booking Holdings (BKNG), Textron Inc. (TXT), and McKesson Corp (MCK): These are small new positions established this quarter. MET is a 1.61% of the portfolio position purchased at prices between $44 and $51 and the stock currently trades below that range at $39.18. The 1.32% UNH stake was established at prices between $215 and $296 and it is now at $284. BKNG is a 1.23% position purchased at prices between $1838 and $2073 and it is currently below that range at $1612. The ~1% of the portfolio TXT stake was established at prices between $43.50 and $50.50 and the stock is currently well below that range at ~$36. MCK is a ~1% position purchased at prices between $130 and $153 and the stock currently trades at $142.American International Group (AIG), Anaplan (PLAN), Bristol Myers Squibb CVRs, Cigna Corp (CI), Canada Goose (GOOS), Chewy Inc. (CHWY), Comcast Corp (CMCSA), Fidelity National Information Services (FIS), Humana Inc. (HUM), Norfolk Southern (NSC), Sea Limited (SEA), Tesla Inc. (TSLA), and Viela Bio (VIE): These are minutely small (less than ~0.5% of the portfolio each) new stakes established during the quarter.Note: Regulatory filings since the quarter ended show them owning 3M shares of Canada Goose. This is compared to 2.4M shares in the 13F Report. Viking Global controls ~7% of the business.Stake Disposals:Boeing Inc. (BA): BA was a fairly large 4.54% of the portfolio stake established in Q2 2019 at prices between $337 and $396 and the stock currently trades well below that range at $262. Last quarter saw a ~20% selling at prices between $320 and $387 and that was followed with the disposal this quarter was at prices between $326 and $383.Adobe Systems (ADBE): ADBE stake was established in Q4 2018 at prices between $205 and $275. Last three quarters saw the stake reduced by ~90% at prices between $216 and $311. The remaining very small 0.46% position was disposed this quarter at prices between $261 and $310. The stock currently trades at $337.United Technologies (UTX): UTX was a 1.42% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. Last quarter saw the stake reduced by ~70% at prices between $123 and $138. The remaining position was eliminated this quarter at prices between $130 and $151. It is now at ~$127.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.10X Genomics (TXG), Athene Holding (ATH), AnaptysBio Inc. (ANAB), Cloudflare Inc. (NET), Carvana (CVNA), Crown Holdings (CCK), GrubHub Inc. (GRUB), Progressive Corp (PGR), Sage Therapeutics (SAGE), and Syneos Health (SYNH): These very small stakes (less than ~1% of the portfolio each) were dropped this quarter.Stake Increases:Facebook Inc. (FB): FB is a top three 6.12% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116 but was sold down in the first three quarters of 2018 realizing huge gains. The position was built back up in Q4 2018 at prices between $124 and $169. Next quarter saw a ~55% reduction at prices between $131 and $173 while Q2 2019 there was a 230% stake increase at prices between $177 and $205. The stock currently trades at ~$181. This quarter saw a marginal increase.Monster Beverage (MNST) and Uber Technologies (UBER): These two positions established in Q2 2019 were increased over the last two quarters. The 3.85% MNST position was purchased at prices between $52.50 and $66 and increased by ~45% over the last two quarters at prices between $55 and $66. The stock is now at $66.19. UBER had an IPO in Q2 2019. It started trading at ~$41.50. This quarter saw a ~160% stake increase to a top five 5.31% portfolio position at prices between $26 and $34. The stock is now at $31.68.Boston Scientific (BSX): The 3.92% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. The stock is currently at $37.60. Last two quarters have seen a stake doubling at prices between $38 and $45.ServiceNow (NOW), Fortive Corp (FTV), Guardant Health (GH), Molina Healthcare (MOH), and Middleby Corp (MIDD): These are small positions established last quarter and increased this quarter. The 2.34% NOW stake was purchased at prices between $250 and $302 and increased by ~55% this quarter at prices between $220 and $287. The stock currently trades at $317. FTV is a 2.56% of the portfolio position established at prices between $67 and $83 and it currently goes for $66.81. This quarter saw a ~50% stake increase at prices between $64 and $77. The 1.40 % GH stake was purchased at prices between $60 and $110 and it is now at $78.13. This quarter saw a one-third increase at prices between $59.50 and $83. MOH is a 1.47% position established at prices between $107 and $145 and increased by ~60% this quarter at prices between $109 and $138. The stock is now at $138. MIDD is a very small ~1% stake purchased at prices between $107 and $142 and it is now at ~$101. This quarter saw a two-thirds stake increase at prices between $108 and $125.Square Inc. (SQ) and Coupa Software (COUP): These two stakes established in Q2 2019 were increased over the last two quarters. SQ is a 2.94% position built at prices between $57 and $82 and the stock currently trades at ~$73. COUP is a small 0.97% stake established at prices between $90 and $153 and the stock is currently at $141. Both positions saw minor increases this quarter.Activison Blizzard (ATVI): ATVI is now at 1.12% of the portfolio. The stake was purchased in Q1 2019 at prices between $40 and $51 and increased by ~60% next quarter at prices between $42 and $50. Last quarter saw the position almost sold out at prices between $45 and $56. The position was rebuilt this quarter at prices between $52 and $59.50. It currently goes for ~$60.Visa Inc. (V): The Visa stake was built in the Q3 2016 to Q3 2017 timeframe at prices between $74 and $106. The next four quarters saw the stake almost sold out at prices between $105 and $150. The position was rebuilt in Q4 2018 at prices between $122 and $151. Last three quarters saw the pattern repeat: stake almost eliminated at prices between $128 and $186. The stock currently trades at ~$184. This quarter saw a one-third increase.Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Avantor Inc. (AVTR), Raytheon Co (RTN), and United Rentals (URI): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 7.70% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Next quarter saw a ~160% stake increase at prices between $1693 and $1963. The stock currently trades at $1901. Last quarter also saw a ~13% stake increase while this quarter there was marginal trimming.Netflix Inc. (NFLX): NFLX is a large (top five) 5.35% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The stake was built back up in Q4 2018 at prices between $234 and $381. There was a one-third selling in Q1 2019 at around the same price range. Last quarter saw a stake doubling at prices between $255 and $382 while this quarter saw a ~20% trimming. The stock is now at ~$369.Anthem Inc. (ANTM): ANTM is a 4.37% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The three quarters thru Q1 2019 had seen a ~40% further increase at prices between $236 and $318. The position was reduced by ~50% over the last three quarters at prices between $235 and $311. The stock is now at ~$282.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a medium-sized 3.67% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% next quarter at prices between $25.75 and $31.50. The stock currently trades above those ranges at $42.16. Last two quarters have seen a ~30% reduction at prices between $26 and $36. MELI is a 1.89% of the portfolio stake purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The stock is now at ~$615. Last two quarters saw a ~17% selling at prices between $485 and $690.Centene Corp (CNC): Most of the 3.21% of the portfolio stake in CNC was purchased last year at prices between $47and $66. The stock is now at $58.56. Last two quarters saw a ~22% selling.Lowes Companies (LOW): The 2.48% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it now goes for ~$105. This quarter saw a ~9% trimming.Salesforce.com (CRM): CRM is a 3.33% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at $164. Last quarter saw a ~70% stake increase at prices between $140 and $160. There was a ~11% trimming this quarter.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.Liberty Media Formula One (FWONK): FWONK is a 1.86% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at ~$35. Last three quarters have seen a ~25% selling at prices between $35 and $46.Microsoft Corporation (MSFT): MSFT is now a small ~1% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Q4 2018 saw a ~28% increase at prices between $94 and $116. Last four quarters have seen a ~90% reduction at prices between $102 and $159. The stock is now at ~$162. They are harvesting gains.Alphabet Inc. (GOOG) (GOOGL): GOOG is now a minutely small 0.35% position. It was first purchased in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follows: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was built back up to a top five position next quarter at prices between $976 and $1203. Last four quarters have seen the stake almost eliminated at prices between $1036 and $1360. The stock is now at $1298. Viking Global harvested gains.Moderna Inc. (MRNA): MRNA had an IPO last December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $29.61. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Last three quarters have seen a ~80% selling at prices between $12.25 and $28.35.Illumina Inc. (ILMN): The 0.63% ILMN stake was established in Q2 2018 at prices between ~$275 and ~$365 and increased by ~200% next quarter at around the same price range. Last two quarters had seen a ~64% stake increase at prices between $267 and $378 while this quarter there was a ~80% selling at prices between $288 and $336. The stock is now at ~$274.BioMarin Pharma (BMRN): The 0.64% BMRN stake was built in 2018 at prices between $76 and $106. It is currently at $94.27. There was a ~50% selling in Q2 2019 at prices between $80 and $94. Last quarter saw a ~18% stake increase while this quarter there was a ~45% selling at prices between $64 and $86.50.Alibaba Group Holdings (BABA): BABA was the third-largest 13F position at 6% of the portfolio as of Q1 2019. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase in Q4 2018 at prices between $156 and $198. Next quarter saw a ~44% selling at prices between $131 and $187. The position was almost sold out in Q2 2019 at prices between $149 and $195. It was built back up to a ~2% portfolio stake last quarter at prices between $154 and $183. This quarter saw the position reduced by ~85% to a minutely small 0.33% portfolio stake at prices between $162 and $216. The stock currently trades at ~$205.Note: BABA is a frequently traded position in Viking’s portfolio.Align Technology (ALGN), AXA Equitable (EQH), Aon plc (AON), Catalent Inc. (CTLT), Datadog Inc. (DDOG), Edwards Lifesciences (EW), Envista Holdings (NVST), Exact Sciences (EXAS), Gardner Denver Holdings (GDI), and Genmab A S (GMAB): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter. Cloudflare, Datadog, and Envista had IPOs last September. Envista is a subsidiary of Danaher (DHR).Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s third-largest 13F position at 5.38% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for ~$27.Note: Regulatory filings since the quarter ended show them owning 33.5M shares. This is compared to 38.4M shares in the 13F report – 4.9M shares disposed at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a fairly large 4.37% stake established in Q2 2019. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for ~$29.Note: Viking Global controls ~21% of BridgeBio Pharma.aTyr Pharma (LIFE), Covetrus Inc. (CVET), and Editas Medicine (EDIT): These very small stakes (less than ~1% of the portfolio each) were kept steady this quarter.Note: Viking Global has a 4.5% ownership stake in Editas Medicine and 9.4% of aTyr Pharma (includes preferred stock that could be converted).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2019:Regulatory filings thru 12/17/2019: 13G – 12/12 – CHWY – 3.65M shares – 6.8% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2019 Update"

"Halvorsen's 13F portfolio value decreased from $22.29B to $19.20B. The number of positions increased from 58 to 61.Viking Global increased Netflix, Square, Lowes, and Alibaba while decreasing Adobe Systems and dropping UnitedHealth.The top three positions are Amazon.com, Adaptive Biotechnologies, and Netflix. Together, they are at ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/13/2019. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Halvorsen’s 13F stock portfolio value decreased ~14% from $22.29B to $19.20B. The number of holdings increased from 58 to 61. Largest five individual stock positions are Amazon.com, Adaptive Biotechnologies, Netflix, Facebook, and Anthem Inc. They add up to 31% of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:ServiceNow (NOW), Fortive Corp (FTV), Guardant Health (GH), Molina Healthcare (MOH), and Middleby Corp (MIDD): These are small new positions established this quarter. The 2.34% NOW stake was purchased at prices between $250 and $302 and the stock currently trades near the middle of that range at $276. FTV is a 1.73% of the portfolio position established at prices between $67 and $83 and it currently goes for $76.74. The 0.96% GH stake was purchased at prices between $60 and $110 and it is now at $79.51. MOH is a very small 0.84% position established at prices between $107 and $145 and the stock is now at $133. MIDD is a very small 0.68% stake purchased at prices between $107 and $142 and it is now at $111.Progressive Corp (PGR), United Rentals (URI), Edwards Lifesciences (EW), Sage Therapeutics (SAGE), Envista Holdings (NVST), Datadog Inc. (DDOG), Cloudflare Inc. (NET), Genmab A S (GMAB), Carvana (CVNA), and 10X Genomics (TXG): These are minutely small (less than ~0.50% of the portfolio each) new positions established during the quarter. Envista, Datadog, Cloudflare, and 10x Genomics had IPOs in September. Envista is a subsidiary of Danaher (DHR).Note: Viking Global has a 5.4% ownership stake in CHWY.Stake Disposals:United Health (UNH): UNH was a top five 5.27% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. Q4 2018 saw a ~130% stake increase at prices between $233 and $286 and that was followed with a ~31% stake increase next quarter at prices between $233 and $272. Last quarter also saw a ~30% stake increase at prices between $217 and $252. The position was disposed this quarter at prices between $215 and $267. The stock is currently at $291.Micron Technology (MU): MU was a 1.11% of the portfolio position established in H1 2019 at prices between $31 and $44. The stake was disposed this quarter at prices between $39 and $51. The stock is now at ~$53.Berry Global (BERY): BERY was a 2.39% of the portfolio position first purchased in Q3 2018 at prices between $45.50 and $51. Last quarter saw the position almost sold out at prices between $47 and $59. The remainder stake was eliminated this quarter. The stock is now at $46.84.American International Group (AIG), AO Smith (AOS), Chewy Inc. (CHWY), Davita Inc. (DVA), Eidos Therapeutics (EIDX), Nvidia Corp (NVDA), NXP Semiconductors (NXPI), Slack Technologies (WORK), and Wellcare Health Plans (WCG): These very small (less than ~1% of the portfolio each) positions were disposed this quarter.Stake Increases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 8.18% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follow: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Last quarter saw a ~160% stake increase at prices between $1693 and $1963. The stock currently trades at $1791. This quarter also saw a ~13% stake increase.Netflix Inc. (NFLX): NFLX is a large (top three) ~6% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The position was built back up in Q4 2018 at prices between $234 and $381. There was a one-third selling in Q1 2019 at around the same price range. This quarter saw a stake doubling at prices between $255 and $382. The stock is now at ~$315.Illumina Inc. (ILMN): The 3.05% ILMN stake was established in Q2 2018 at prices between ~$275 and ~$365 and increased by ~200% next quarter at around the same price range. The stock is now at $324. Last two quarters have seen a ~64% stake increase at prices between $267 and $378.Boston Scientific (BSX): The 2.21% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while last quarter there was a 185% stake increase at prices between $34.90 and $43. The stock is currently at $44.75. This quarter also saw a ~13% stake increase.Square Inc. (SQ), Lowes Companies (LOW), and Coupa Software (COUP): These three stakes established last quarter saw large increases this quarter. SQ is a 3.24% position built at prices between $57 and $82 and the stock currently trades at $65.55. The 2.79% LOW position was purchased at prices between $92 and $117 and it now goes for $119. COUP is a small 0.90% stake established at prices between $90 and $153 and the stock is currently at $141. For investors attempting to follow, SQ is a good option to consider for further research.Monster Beverage (MNST), Salesforce.com (CRM), and Uber Technologies (UBER): These are medium-sized positions established last quarter and increased this quarter. The 3.19% MNST position was purchased at prices between $52.50 and $66 and increased by ~19% this quarter. The stock is now at $62.77. CRM is a ~4% portfolio stake established at prices between $145 and $166 and it is now at $162. This quarter saw a ~70% stake increase at prices between $140 and $160. UBER had an IPO last quarter. It started trading at ~$41.50 and currently goes for ~$29.75. Viking Global’s stake is at 2.30% of the portfolio. This quarter saw a ~9% stake increase.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.BioMarin Pharma (BMRN): The ~1% BMRN stake was built last year at prices between $76 and $106. It is currently at $83.38. There was a ~50% selling last quarter at prices between $80 and $94. This quarter saw a ~18% stake increase.Alibaba Group Holdings (BABA): BABA was the third-largest 13F position at 6% of the portfolio as of Q1 2019. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase in Q4 2018 at prices between $156 and $198. Next quarter saw a ~44% selling at prices between $131 and $187. The position was almost sold out last quarter at prices between $149 and $195. It was built back up to a ~2% portfolio stake this quarter at prices between $154 and $183. The stock currently trades at ~$208.Note: BABA is a frequently traded position in Viking’s portfolio.AXA Equitable (EQH), Assurant Inc. (AIZ), Athene Holding (ATH), Blueprint Medicines (BPMC), GrubHub Inc. (GRUB), and Gardner Denver Holdings (GDI): These small (less than ~1% of the portfolio each) positions were increased this quarter.Stake Decreases:Facebook Inc. (FB): FB is a top five 5.79% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. It was sold down last year realizing huge gains. The position was built back up in Q4 2018 at prices between $124 and $169. Next quarter saw a ~55% reduction at prices between $131 and $173 while last quarter there was a 230% stake increase at prices between $177 and $205. This quarter saw a ~12% trimming. The stock currently trades at ~$198.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a fairly large ~4% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% last quarter at prices between $25.75 and $31.50. The stock currently trades above those ranges at $34.69. This quarter saw a ~15% trimming. MELI is a 2.32% of the portfolio stake purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% last quarter at prices between $482 and $641. The stock is now at ~$586. This quarter saw a ~6% trimming.Centene Corp (CNC): Most of the 2.78% of the portfolio stake in CNC was purchased this year at prices between $47and $66. The stock is now at $58.94. This quarter saw a ~12% trimming.Activison Blizzard (ATVI): ATVI is now a minutely small 0.21% position. The stake was purchased in Q1 2019 at prices between $40 and $51 and increased by ~60% last quarter at prices between $42 and $50. This quarter saw the position almost sold out at prices between $45 and $56. It currently goes for $58.26.Adobe Systems (ADBE): ADBE is now a very small 0.46% portfolio stake. It was established in Q4 2018 at prices between $205 and $275. Last three quarters saw the stake reduced by ~90% at prices between $216 and $311. The stock currently trades at $323.Alphabet Inc. (GOOG) (GOOGL): The GOOG stake was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was built back up to a top five position next quarter at prices between $976 and $1203. Last three quarters have seen a ~80% selling at prices between $1016 and $1288. The stock is now at $1355 and the stake is at 1.28% of the portfolio.Anthem Inc. (ANTM): ANTM is a top five ~5% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The three quarters thru Q1 2019 had seen a ~40% further increase at prices between $236 and $318. The position was reduced by ~37% over the last two quarters at prices between $236 and $311. The stock is now at ~$291.Microsoft Corporation (MSFT): MSFT is a fairly large 4.30% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. The position has wavered. Recent activity follow. Q4 2018 saw a ~28% increase at prices between $94 and $116. Last three quarters have seen a ~55% reduction at prices between $97 and $141. The stock is now at $155.Boeing Inc. (BA): BA is a fairly large 4.54% of the portfolio stake established last quarter at prices between $337 and $396 and the stock currently trades below that range at $327. This quarter saw a ~20% selling at prices between $320 and $387.Liberty Media Formula One (FWONK): FWONK is a 2.17% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $44.14. The position has seen minor trimming over the last two quarters.Moderna Inc. (MRNA): MRNA had an IPO last December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $18.44. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Last two quarters have seen a ~70% selling at prices between $12.25 and $28.35.United Technologies (UTX): UTX is a 1.42% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. This quarter saw the stake reduced by ~70% at prices between $123 and $138. It is now at ~$149.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Visa Inc. (V): The Visa stake was built in the Q3 2016 to Q3 2017 timeframe at prices between $74 and $106. The next four quarters saw the stake almost sold out at prices between $105 and $150. The position was rebuilt in Q4 2018 at prices between $122 and $151. Last three quarters saw the pattern repeat: stake almost eliminated at prices between $128 and $186. The stock currently trades at $186.Align Technology (ALGN), AnaptysBio Inc. (ANAB), aTyr Pharma (LIFE), Aon plc (AON), Avantor Inc. (AVTR), Crown Holdings (CCK), Catalent Inc. (CTLT), Editas Medicine (EDIT), Exact Sciences (EXAS), Raytheon Co (RTN), and Syneos Health (SYNH): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter.Note: Viking Global has a 4.5% ownership stake in Editas Medicine. They had a ~10% stake in aTyr Pharma as of last quarter. The stake was almost eliminated this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at 6.18% of the portfolio. It came about as a result of Adaptive’s IPO in June. Viking Global was a majority investor in Adaptive. They control ~31% of the business. Shares started trading at ~$48 and currently goes for $29.35.BridgeBio Pharma (BBIO): BBIO is a medium-sized ~3% stake established last quarter. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. Viking Global controls ~21% of the business. The stock started trading at ~$27 per share and currently goes for ~$35.Covetrus Inc. (CVET): The minutely small 0.21% of the portfolio stake in CVET was kept steady this quarter.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2019:Regulatory filings thru 9/5/2019: 13D/A, Form 4 – 7/12 – Axovant - AXGT – 0 - info, Form 4, 13D/A – 7/10 – Arbutus – ABUS, MYOV, UROV – 0 - info, Form 4 6/19, 6/14 UROV minor. 13D 6/14 MYOV – 40.8M shares – 45.6% of business, Form 4 6/13 MYOV – 2.4M shares acquired at 8.25 – 40.77M shares indirect ownership thru Roivant. Form 4 611 UROV – minor. 13D – 7/8 – BBIO – 26.6M shares – 22.1% of business, Form 4 6/28 – IPO related conversion of 21.9M shares & acquisition of 4.7M shares at $17, Form 3 6/27 – preferred ownership regarding. Form 4 – 7/2 – ADPT – IPO related conversion – 38.4M shares, Form 3 6/26 – preferred ownership regarding."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2019 Update"

"Halvorsen's 13F portfolio value increased from $17.44B to $22.29B. The number of positions increased from 56 to 58.Viking Global increased Amazon, Facebook, and JD.com while decreasing Alibaba Group Holdings and dropping Marathon Petroleum.The top three positions are Adaptive Biotechnologies, Amazon, and Anthem. Together, they are at ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/14/2019. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Halvorsen’s 13F stock portfolio value increased ~28% from $17.44B to $22.29B. The number of holdings increased from 56 to 58. Largest five individual stock positions are Adaptive Biotechnologies, Amazon, Anthem, Facebook, and UnitedHealth. They add up to one-third of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s largest 13F position at 8.32% of the portfolio. It came about as a result of Adaptive’s IPO in June. Viking Global was a majority investor in Adaptive. They control ~31% of the business. Shares started trading at ~$48 and currently goes for $43.83.Boeing Inc. (BA): BA is a fairly large 4.54% of the portfolio stake established this quarter at prices between $337 and $396 and the stock currently trades at $363.BridgeBio Pharma (BBIO), Monster Beverage (MNST), Salesforce.com (CRM), and Uber Technologies (UBER): These are medium-sized new positions established during the quarter. UBER and BBIO had IPOs during the quarter. The BBIO stake goes back to earlier funding rounds prior to the IPO. Viking Global controls ~21% of the business. The stock started trading at ~$27 per share and currently goes for ~$31. The 2.54% MNST position was purchased at prices between $52.50 and $66 and it is now at $57.17. CRM is a ~2% portfolio stake established at prices between $145 and $166 and it is now at $151. UBER started trading at ~$41.50 and currently goes for ~$32. Viking Global’s stake is at 2.78% of the portfolio.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed last quarter at prices between $121 and $167.Avantor Inc. (AVTR), Square Inc. (SQ), Slack Technologies (WORK), Lowes Companies (LOW), Coupa Software (COUP), and AO Smith (AOS): These are very small (less than ~1% of the portfolio each) stakes established this quarter. AVTR and WORK had IPO’s during the quarter.GrubHub Inc. (GRUB), Raytheon Co (RTN), Athene Holding (ATH), Chewy Inc. (CHWY), Gardner Denver Holdings (GDI), Assurant Inc. (AIZ), and American International Group (AIG): These are minutely small (less than ~0.50% of the portfolio each) positions established this quarter. CHWY had an IPO in June. Shares started trading at $35 and currently goes for $32.79.Stake Disposals:Marathon Petroleum (MPC): MPC was a fairly large 4.72% position built in Q3 2018 at prices between $70 and $86. Next quarter saw another ~85% stake increase at prices between $54 and $86. The position was disposed this quarter at prices between $46 and $63.50. The stock is now at $52.47.Middleby Corp (MIDD): The MIDD position was established in Q2 2018 at prices between $99 and $132. There was a ~20% selling in Q3 2018 at prices between $99 and $130 and next quarter saw an additional ~75% selling at prices between $98 and $126. The minutely small ~0.50% stake that remained was disposed this quarter. The stock is currently at ~$114.Thermo Fisher Scientific (TMO): TMO was a 1.80% position. It was purchased in Q4 2017 at prices between $182 and $200 and increased by ~190% in Q2 2018 at prices between $203 and $220. Next quarter saw a ~25% selling at prices between $206 and $249 and that was followed with a ~70% selling in Q4 2018 at prices between $209 and $252. There was an about turn last quarter: stake more than doubled at prices between $209 and $276. The disposal this quarter was at prices between $258 and $299. The stock is now at $295.Walt Disney (DIS): The 1.38% DIS stake was established in Q1 2018. It was increased by ~650% over the next two quarters at prices between $99 and $117. The position saw a 70% selling in Q4 2018 at prices between $100 and $119. Last quarter also saw a one-third selling at prices between $106 and $115. The elimination this quarter was at prices between $112 and $142. The stock is currently at ~$140.Burlington Stores (BURL), Diamondback Energy (FANG), Gallagher Arthur J & Co. (AJG), Jazz Pharmaceuticals (JAZZ), Lyondellbasell Inds. (LYB), Mylan NV (MYL),Nevro Corp (NVRO), Progressive Corp (PGR), Zendesk Inc. (ZEN), and Zimmer Biomet Holdings (ZBH): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.Stake Increases:Amazon.com Inc. (AMZN): AMZN is top three 6.82% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follow: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling last quarter at prices between $1344 and $1819. This quarter saw a ~160% stake increase at prices between $1693 and $1963. The stock currently trades at $1834.Facebook Inc. (FB): FB is a top five 6.12% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. The position has wavered. Recent activity follow. There was a roughly one-third selling in Q2 2018 at prices between $155 and $202 and another ~70% reduction next quarter at prices between $159 and $218. The position was built back up in Q4 2018 at prices between $124 and $169. The stock currently trades at $188. Last quarter saw a ~55% reduction at prices between $131 and $173 while this quarter there was a 230% stake increase at prices between $164 and $196.United Health (UNH): UNH is a top five 5.27% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. Q4 2018 saw a ~130% stake increase at prices between $233 and $286 and that was followed with a ~31% stake increase last quarter at prices between $233 and $272. This quarter also saw a ~30% stake increase at prices between $217 and $252. The stock is currently at $229.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a fairly large 4.33% of the portfolio stake purchased last quarter at prices between $19.75 and $31.25 and increased by ~175% this quarter at prices between $25.75 and $31.50. The stock currently trades at $31.08. MELI is a 2.35% of the portfolio stake purchased last quarter at prices between $258 and $518 and increased by ~40% this quarter at prices between $482 and $641. The stock is now at ~$598.Netflix Inc. (NFLX): NFLX is a 3.41% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The position was built back up in Q4 2018 at prices between $234 and $381. There was a one-third selling last quarter at around the same price range. The stock is now at ~$290. This quarter saw a marginal increase.Boston Scientific (BSX) and Centene Corp (CNC): The 1.77% BSX stake was established in H2 2018 at prices between $33 and $38.50. Last quarter saw a ~38% selling at prices between $32.90 and $40.75 while this quarter there was a 185% stake increase at prices between $34.90 and $43. The stock is currently at $43.45. Most of the 3.29% of the portfolio stake in CNC was purchased this year at prices between $47and $66. The stock is now below that range at $45.89. For investors attempting to follow, CNC is a good option to consider for further research.Illumina Inc. (ILMN): The 2.27% ILMN stake was established in Q2 2018 at prices between ~$275 and ~$365 and increased by ~200% next quarter at around the same price range. The stock is now below the low end of that range at $270. This quarter saw a ~15% stake increase. For investors attempting to follow, ILMN is a good option to consider for further research.Activison Blizzard (ATVI) and Micron Technology (MU): These two positions were purchased last quarter and increased this quarter. The 1.28% ATVI stake was purchased at prices between $40 and $51 and increased by ~60% this quarter at prices between $42 and $50. It currently goes for $54.58. MU is a 1.11% of the portfolio position established last quarter at prices between $31 and $44 and increased by ~180% this quarter at prices between $32.50 and $44. The stock is now at ~$49.Aon plc (AON), AXA Equitable (EQH), Crown Holdings (CCK), Davita Inc. (DVA), and Catalent Inc. (CTLT): These very small stakes (less than ~1% of the portfolio each) were increased this quarter.Stake Decreases:Anthem Inc. (ANTM): ANTM is a top three 6.58% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The stock is now at ~$249. Last three quarters had seen a ~40% further increase at prices between $236 and $318 while this quarter there was a ~15% trimming.Microsoft Corporation (MSFT): MSFT is a fairly large 4.63% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. The position has wavered. Recent activity follow. Q4 2018 saw a ~28% increase at prices between $94 and $116. Last two quarters have seen a ~40% reduction at prices between $97.40 and $138. The stock is now at $139.United Technologies (UTX): UTX is a 3.94% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. It is now at ~$134. Last two quarters have seen only minor adjustments.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Alphabet Inc. (GOOG) (GOOGL): The GOOG stake was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was built back up to a top five position next quarter at prices between $976 and $1203. Last quarter saw a ~45% reduction at prices between $1016 and $1232 and that was followed with a ~23% selling this quarter at prices between $1036 and $1288. The stock is now at $1205 and the stake is at 1.92% of the portfolio.Liberty Media Formula One (FWONK): FWONK is a 1.91% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $42.79. The position had seen minor trimming last year while last two quarters have seen minor increases.Adobe Systems (ADBE): ADBE is a 1.61% portfolio stake established in Q4 2018 at prices between $205 and $275. Last quarter saw a ~27% reduction at around the same price range. There was a ~40% selling this quarter at prices between $259 and $302. The stock currently trades at $285.BioMarin Pharma (BMRN): The ~1% BMRN stake was built last year at prices between $76 and $106. It is currently at ~$72. There was a ~50% selling this quarter at prices between $80 and $94.Moderna Inc. (MRNA): MRNA had an IPO last December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $15.88. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. This quarter saw a ~50% selling at prices between $13.50 and $28.50. Their ownership stake in Moderna is currently at ~2.7%.Alibaba Group Holdings (BABA): BABA was the third-largest 13F position at 6% of the portfolio as of last quarter. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase in Q4 2018 at prices between $156 and $198. There was a ~44% selling last quarter at prices between $131 and $187. This quarter saw the position almost sold out at prices between $149 and $195. The stock currently trades at ~$177.Note: BABA is a frequently traded position in Viking’s portfolio.Berry Global (BERY): BERY was a 2.39% of the portfolio position first purchased in Q3 2018 at prices between $45.50 and $51. This quarter saw the position almost sold out at prices between $47 and $59. The stock is now at $38.77.Visa Inc. (V): The Visa stake was purchased in H2 2016 at prices between $74 and $83. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. The four quarters thru Q3 2018 saw the position almost sold out at prices between $105 and $150. The stake was rebuilt in Q4 2018 at prices between $122 and $151. Last quarter saw a ~50% selling at around the same price range and that was followed with a ~90% selling this quarter at prices between $157 and $174. The stock currently trades at $186. The stake is now minutely small at 0.30% of the portfolio.Align Technology (ALGN), AnaptysBio Inc. (ANAB), Blueprint Medicines (BPMC), Covetrus Inc. (CVET), Eidos Therapeutics (EIDX), Exact Sciences (EXAS), Nvidia Corp (NVDA), NXP Semiconductors (NXPI), Syneos Health (SYNH), and Wellcare Health Plans (WCG): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:aTyr Pharma (LIFE) and Editas Medicine (EDIT): These minutely small (less than ~0.10% of the portfolio each) stakes were kept steady this quarter.Note: Viking Global has a 5.4% ownership stake in Editas Medicine and a ~10% stake in aTyr Pharma.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2019:Regulatory filings thru 6/10/2019: several form 4s showing minor increases to UROV. Form 4 – 3/18, 13D/A – 3/19 – AXON – 6.67M shares acquired at $1.5 – 105.95M shares total (58.15% of business) – Roivant made these purchases to maintain ownership."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2019 Update"

"Halvorsen's 13F portfolio value decreased from $17.57B to $17.44B. The number of positions remained steady at 56.Viking Global increased Anthem Inc. and UnitedHealth Group while reducing Microsoft and Alibaba Group Holdings.The top three positions are Anthem Inc., Microsoft, and Alibaba Group Holdings. Together, they are at ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/15/2019. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Halvorsen’s 13F stock portfolio value decreased marginally from $17.57B to $17.44B. The number of holdings remained steady at 56. Largest five individual stock positions are Anthem Inc., Microsoft, Alibaba Group Holdings, UnitedHealth, and United Technologies. They add up to one-third of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:JD.com (JD), Nvidia Corp (NVDA), and Mercadolibre Inc. (MELI): JD is a 2% of the portfolio stake purchased this quarter at prices between $19.75 and $31.25 and the stock currently trades at $27.26. The 1.94% NVDA position was established at prices between $127 and $184 and it is now at $148. MELI is a 1.78% of the portfolio stake purchased this quarter at prices between $258 and $518 and the stock is now well above that range at ~$617.NXP Semiconductors (NXPI) and Activison Blizzard (ATVI): NXPI is a small 1.38% of the portfolio position established this quarter at prices between $67.50 and $97 and the stock is now at $95.39. The 1.28% ATVI stake was purchased at prices between $40 and $51 and it currently goes for ~$46.Allstate Corp (ALL), Covetrus Inc. (CVET), Crown Holdings (CCK), Booking Holdings (BKNG), Hess Corp (HES), and Micron Technology (MU): These are very small positions (less than ~1% of the portfolio each) established this quarter.Zimmer Biomet Holdings (ZBH), Burlington Stores (BURL), Lyondellbasell Inds. (LYB), AXA Equitable (EQH), and Nevro Corp (NVRO): These are minutely small stakes (less than ~0.5% of the portfolio each) established this quarter.Stake Disposals:Salesforce.com (CRM): CRM was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling in Q3 2017 at prices between $86 and $98 and that was followed with a ~35% reduction the following quarter at prices between $93.50 and $109. Q1 2018 saw another ~55% selling at prices between $104 and $128. The stock currently trades at ~$153. Last three quarters had seen a ~400% stake increase at prices between $115 and $160. This quarter saw the position disposed at prices between $121 and $167.DowDupont: DowDupont was a 1.78% portfolio position established in Q2 2018 at prices between $62 and $70. The stake was sold down by ~44% last quarter at prices between $49 and $65 and disposed this quarter.Encana Corp. (ECA): ECA was a large 5.38% of the portfolio position as of Q3 2018. Last quarter saw a ~90% reduction to a minutely small stake at prices between $5.11 and $13.50. The vast majority of the original stake was purchased in Q1 2016 at prices between $3 and $6. The stock is now at $5.05. The remainder stake was disposed this quarter. Viking Global realized gains.Raymond James (RJF): The ~1% RJF position was first purchased in Q2 2017 at prices between $71.50 and $77 and increased by ~7x over the next three quarters at prices between $75 and $99. The stock currently trades at $84.66. Last three quarters saw the stake sold down by ~60% at prices between $69 and $102. The elimination this quarter was at prices between $69.75 and $84.50.Abeona Therapeutics (ABEO), Amneal Pharmaceuticals (AMRX), American Airlines (AAL), Boeing (BA), Canadian Pacific Railway (CP), Cognex Corp (CGNX), CTrip.com (CTRP), Iqiyi Inc. (IQ), Lennar Corporation (LEN), Sealed Air Corp (SEE), T-Mobile US (TMUS), and Zillow Group (Z): These very small (less than ~1% of the portfolio each) positions were disposed during the quarter.Note 1: MRNA had an IPO in December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $15.67. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Their ownership stake in Moderna is currently at 5.4%.Note 2: Canadian Pacific Railway has seen previous roundtrips. It is a frequently traded stock in the portfolio.Stake Increases:Anthem Inc. (ANTM): ANTM is currently the largest 13F position at 10.19% of the portfolio. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The stock is now well above those ranges at ~$282. There was a ~15% increase over the last two quarters and that was followed with a ~22% stake increase this quarter at prices between $236 and $317.United Health (UNH): UNH is a 5.30% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. Last quarter saw a ~130% stake increase at prices between $233 and $286 and that was followed with a ~31% stake increase this quarter at prices between $233 and $272. The stock is currently at $248.United Technologies (UTX): UTX is a 5.24% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. The stake was almost doubled in Q2 2018 at prices between $118 and $128. The position was sold down by ~45% in Q3 2018 at prices between $125 and $142 while last quarter saw a ~18% stake increase. It is now at ~$128. There was a marginal stake increase this quarter.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Marathon Petroleum (MPC): MPC was a minutely small stake established in Q2 2018. The position was built to a medium-sized stake next quarter at prices between $70 and $86. Last quarter saw another ~85% stake increase at prices between $54 and $86. The stock is now at $47.68. There was a minor ~4% stake increase this quarter and the position is now at 4.72% of the portfolio.BioMarin Pharma (BMRN): The 2.61% BMRN stake was built last year at prices between $76 and $106. It is currently at ~$81. There was a marginal increase this quarter.Liberty Media Formula One (FWONK): FWONK is a 2.35% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $37.85. The position had seen minor trimming in the last four quarters while this quarter saw a ~7% increase.Thermo Fisher Scientific (TMO): TMO is a 1.80% position. It was purchased in Q4 2017 at prices between $182 and $200 and increased by ~190% in Q2 2018 at prices between $203 and $220. Next quarter saw a ~25% selling at prices between $206 and $249 and that was followed with a ~70% selling last quarter at prices between $209 and $252. There was an about turn this quarter: stake more than doubled at prices between $209 and $276. The stock is now at $284.Middleby Corp (MIDD): The MIDD position was established in Q2 2018 at prices between $99 and $132. There was a ~20% selling in Q3 2018 at prices between $99 and $130 and last quarter saw an additional ~75% selling at prices between $98 and $126. The stock is currently at ~$135 and the stake is now minutely small at 0.46%. There was a marginal increase this quarter.Align Technology (ALGN) and Wellcare Health Plans (WCG): These two positions were established last quarter and increased this quarter. The ~3% of the portfolio stake in ALGN was purchased at prices between $185 and $285 and the stock currently trades at $315. WCG is a ~2% of the portfolio position established at prices between $231 and $283 and the stock currently trades at $291.Berry Global (BERY) and Illumina Inc. (ILMN): BERY is a 2.39% of the portfolio position first purchased in Q3 2018 at prices between $45.50 and $51 and the stock currently trades at $50.51. The 2.11% ILMN stake was established in Q2 2018 at prices between ~$275 and ~$365 and increased by ~200% last quarter at around the same price range. The stock is now at $337. This quarter saw a minor increase.Note: Viking Global owns ~5.5% of Berry Global.Aon plc (AON), AnaptysBio Inc. (ANAB), aTyr Pharma (LIFE), Centene Corp (CNC), Davita Inc. (DVA), Mylan NV (MYL), and Syneos Health (SYNH): These are very small (less than ~1% of the portfolio each) positions that saw increases this quarter.Note: Viking Global has a ~10% stake in aTyr Pharma.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a large (top three) 6.61% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction in the following quarter at prices between $68 and $75.50. The stock is now at ~$133. Last quarter saw a ~28% increase at prices between $94 and $116 while this quarter there was similar selling at around the same price range.Alibaba Group Holdings (BABA): BABA is currently the third-largest 13F position at 6% of the portfolio. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase last quarter at prices between $156 and $198 and the stock currently trades at ~$160. There was a ~44% selling this quarter at prices between $131 and $187.Note: BABA is a frequently traded position in Viking’s portfolio.Netflix Inc. (NFLX): NFLX is a ~4% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The position was built back up last quarter at prices between $234 and $381. There was a one-third selling this quarter at around the same price range. The stock is now at $352.Alphabet Inc. (GOOG) (GOOGL): The GOOG stake was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q4 2017 saw a one-third reduction at prices between $952 and $1077 and that was followed with a ~38% selling next quarter at prices between $1005 and $1175. Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was built back up to a top five position last quarter at prices between $976 and $1203. The stock is now at $1080. This quarter saw a ~45% reduction at prices between $1016 and $1232.Amazon.com Inc. (AMZN): AMZN is 3.18% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: the fairly large ~4% portfolio position as of Q4 2017 was almost sold out next quarter at prices between $1189 and $1598. The position was built back up to a ~2% portfolio stake in Q2 2018 at prices between $1370 and $1735. Last quarter saw a whopping 260% stake increase at prices between $1344 and $2005. The stock currently trades at $1861. There was a ~53% selling this quarter at prices between $1344 and $1819.Adobe Systems (ADBE): ADBE is a medium-sized 3.58% portfolio stake established last quarter at prices between $205 and $275. This quarter saw a ~27% reduction at around the same price range. The stock currently trades at $280.Visa Inc. (V): The 2.75% V stake was purchased in H2 2016 at prices between $74 and $83. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. The four quarters thru Q3 2018 saw the position almost sold out at prices between $105 and $150. The stake was rebuilt last quarter at prices between $122 and $151This quarter saw a ~50% selling at around the same price range. The stock currently trades at $171.Facebook Inc. (FB): FB is a ~2% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling in the following quarter at prices between $148 and $174. Q1 2018 saw a ~140% increase at prices between $152 and $193. There was a roughly one-third selling next quarter at prices between $155 and $202 and another ~70% reduction in Q3 2018 at prices between $159 and $218. The position was built back up last quarter at prices between $124 and $169. The stock currently trades at $175. This quarter saw a ~55% reduction at prices between $131 and $173.Walt Disney (DIS): The 1.38% DIS stake was established in Q1 2018. It was increased by ~650% over the next two quarters at prices between $99 and $117. The position saw a 70% selling last quarter at prices between $100 and $119 and the stock is now at ~$137. This quarter also saw a one-third selling at prices between $106 and $115.Moderna Inc. (MRNA): MRNA had an IPO last December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $15.67. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Their ownership stake in Moderna is currently at ~5.4%. There was a ~2% trimming this quarter.Blueprint Medicines (BPMC), Boston Scientific (BSX), Catalent Inc. (CTLT), Diamondback Energy (FANG), Exact Sciences (EXAS), Gallagher Arthur J & Co. (AJG), Jazz Pharmaceuticals (JAZZ), Progressive Corp (PGR), and Zendesk Inc. (ZEN): These are small (less than ~1.5% of the portfolio each) stakes reduced this quarter.Kept Steady:Editas Medicine (EDIT), and Eidos Therapeutics (EIDX): These minutely small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.Note: Viking Global has 5.4% ownership stake each in Eidos Therapeutics & Editas Medicine.Note: Regulatory filings show Viking Global owning 22.79M shares (~75% of business) of Urovant Sciences (UROV). The stock is currently at $8.51.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2019:Regulatory Filings thru 3/9/2019: 13G/A – 2/19 – BERY – 6.95M shares – 5.3% - 13G/A 1/11 5.5M shares – 4.2%, 13G/A – 1/11 – Deciphera – 0, X – 0, Jianpu – 0, PE – 0. 13G/A – 1/10 – LIFE – 3M shares 9.5%, Myovant – 38.3M shares – 56%, EIDX – 1.99M shares – 5.4%, MRNA – 17M shares – 5.2% - 13G 12/21- same, MIDD – 620K shares – 1.1%, ECA – 9Mshares 0.9%, ABEO – 294K shares – 0.6%. 13D/A – 1/3 – Arbutus – 16M shares – 28.9%, Urovant – 22.7M shares – 75.6%, Axovant – 99.3M shares – 65.2% - 12/20 13D/A same – Form 4 10M shares @ $1 acquired."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2018 Update"

"Halvorsen's 13F portfolio value decreased from $18.06B to $17.57B. The number of positions decreased from 64 to 56.Viking Global increased Amazon.com, Alphabet, Netflix, and Visa while dropping General Electric and reducing Encana.The top three positions are Alibaba Group Holdings, Anthem Inc., and Microsoft. Together, they are at ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/14/2019. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Halvorsen’s 13F stock portfolio value decreased ~3% from $18.06B to $17.57B. The number of holdings decreased from 64 to 56. Largest five individual stock positions are Alibaba Group Holdings, Anthem Inc., Microsoft, Amazon.com, and Alphabet. They add up to just over one-third of the portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Adobe Systems (ADBE): ADBE is a medium-sized 3.58% portfolio stake established this quarter at prices between $205 and $275 and the stock currently trades at $255.Moderna Inc. (MRNA), American Airlines (AAL), and Boeing (BA): These are small (less than ~1.5% of the portfolio each) new stakes established this quarter.Note: MRNA had an IPO in December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $20.93. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Their ownership stake in Moderna is currently at 5.4%.Zillow Group (Z), Diamondback Energy (FANG), Davita Inc. (DVA), Wellcare Health Plans (WCG), Align Technology (ALGN), Canadian Pacific Railway (CP), Zendesk Inc. (ZEN), Cognex Corp (CGNX), Sealed Air Corp (SEE), and CTrip.com (CTRP): These are very small (less than ~1% of the portfolio each) positions established this quarter.Note: Canadian Pacific Railway is back in the portfolio after a quarter’s gap. It is a frequently traded stock that had been in the portfolio since Q4 2013. The disposal last quarter was at prices between $178 and $216. The stock is now at $205.Stake Disposals:General Electric (GE): The large (top three) 8.28% GE stake was purchased in Q2 2018 at prices between $12.75 and $15.30 and almost doubled last quarter at prices between $11 and $14. The disposal this quarter was at prices between $6.75 and $13.50. The stock currently trades at $9.58.Autodesk Inc. (ADSK): ADSK was a 2.64% portfolio stake established in H2 107 at prices between $99 and $130. The position was reduced by ~75% over the last two quarters at prices between $123 and $157. The remaining stake was disposed this quarter at prices between $118 and $156. The stock currently trades at ~$152.Hartford Financial Services (HIG): HIG stake had seen a ~175% increase in Q2 2018 to a 1.70% portfolio stake at prices between $50 and $55 but the position was almost sold out last quarter at prices between $49 and $54. The stock currently trades at $48.11. The minutely small remainder stake was eliminated this quarter.Lincoln National (LNC): The LNC position saw a ~120% increase to a 1.67% portfolio stake in Q2 2018 at prices between $62 and $72. Last quarter saw a ~30% selling at prices between $62 and $70 and the disposal this quarter was at prices between $48.50 and $70.50. The stock currently trades at $60.17.Parsley Energy (PE): The 2.69% PE position was established in Q3 2017 at prices between $24 and $30 and increased by ~130% the following quarter at around the same price range. It is now at $17.28. The stake had wavered. Last quarter saw a ~24% reduction at prices between $26.50 and $33 and the elimination this quarter was at prices between $14.50 and $30.70.Note: Viking Global had a ~5% ownership stake in Parsley Energy.Analog Devices (ADI), Cheniere Energy (LNG), Children’s Place (PLCE), Elanco Animal Health (ELAN), Ferrari NV (RACE), LivaNova (LIVN), PG&E Corp. (PCG), Pinduoduo Inc. (PDD), WPX Energy (WPX), and Wynn Resorts (WYNN): These new positions established last quarter were disposed this quarter.Deciphera Pharmaceuticals (DCPH), HDFC Bank (HDB), Jianpu Technology (JT), Olin Corp (OLN), Patterson UTI Energy (PTEN), Tenaris SA (TS), and Toronto Dominion (TD): These very small (less than ~1% of the portfolio each) positions were disposed this quarter.Stake Increases:Alibaba Group Holdings (BABA): BABA is currently the largest 13F position at 7.95% of the portfolio. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase last quarter at prices between $156 and $198 and the stock currently trades at ~$175. For investors attempting to follow Viking Global, BABA is a good option to consider for further research. This quarter also saw a ~8% stake increaseNote: BABA is a frequently traded position in Viking’s portfolio.Anthem Inc. (ANTM): The large (top three) 7.62% ANTM stake was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The stock is now well above those ranges at ~$295. There was a ~15% increase over the last two quarters.Microsoft Corporation (MSFT): MSFT is a large (top three) 7.61% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction in the following quarter at prices between $68 and $75.50. The stock is now at ~$111. This quarter saw a ~28% increase at prices between $94 and $116.Amazon.com Inc. (AMZN): AMZN is now a top five 5.67% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: the fairly large ~4% portfolio position as of Q4 2017 was almost sold out next quarter at prices between $1189 and $1598. The position was built back up to a ~2% portfolio stake in Q2 2018 at prices between $1370 and $1735. This quarter saw a whopping 260% stake increase at prices between $1344 and $2005. The stock currently trades at $1621.Alphabet Inc. (GOOG) (GOOGL): The GOOG stake was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q4 2017 saw a one-third reduction at prices between $952 and $1077 and that was followed with a ~38% selling next quarter at prices between $1005 and $1175. Last quarter saw the position almost sold out at prices between $1102 and $1268. The position was built back up to a top five 5.52% position this quarter at prices between $976 and $1203. The stock is now at $1142.Netflix Inc. (NFLX): NFLX is now a fairly large 4.62% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The position was built back up this quarter at prices between $234 and $381. The stock is now at $350.Visa Inc. (V): The 4.60% V stake was purchased in H2 2016 at prices between $74 and $83. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. Last four quarters saw the positon almost sold out at prices between $105 and $150. The position was rebuilt this quarter at prices between $122 and $151. The stock currently trades at $147.Marathon Petroleum (MPC): MPC was a minutely small stake established in Q2 2018. The position was built to a medium-sized position last quarter at prices between $70 and $86. This quarter saw another ~85% stake increase to a 4.45% portfolio position at prices between $54 and $86. The stock is now at $57.50.United Technologies (UTX): UTX is a 4.23% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. The stake was almost doubled in Q2 2018 at prices between $118 and $128. The position was sold down by ~45% last quarter at prices between $125 and $142 while this quarter saw a ~18% stake increase. It is now at ~$124.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.United Health (UNH): UNH is a ~4% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. This quarter saw a ~130% stake increase at prices between $233 and $286 and the stock is currently at $237.Salesforce.com (CRM): CRM is a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling in Q3 2017 at prices between $86 and $98 and that was followed with a ~35% reduction the following quarter at prices between $93.50 and $109. Q1 2018 saw another ~55% selling at prices between $104 and $128. The stock currently trades at ~$155. Last three quarters have seen a ~400% stake increase at prices between $115 and $160.Facebook Inc. (FB): FB is a 3.58% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling in the following quarter at prices between $148 and $174. Q1 2018 saw a ~140% increase at prices between $152 and $193. There was a roughly one-third selling next quarter at prices between $155 and $202 and another ~70% reduction last quarter at prices between $159 and $218. The position was built back up this quarter at prices between $124 and $169. The stock currently trades at $170.BioMarin Pharma (BMRN): The 2.47% BMRN stake was built last year at prices between $76 and $106. It is currently at ~$90.AnaptysBio Inc. (ANAB), Amneal Pharmaceuticals (AMRX), Aon plc (AON), Berry Global (BERY), Blueprint Medicines (BPMC), Catalent Inc. (CTLT), Centene Corp (CNC), Exact Sciences (EXAS), Illumina Inc. (ILMN), Iqiyi Inc. (IQ), Progressive Corp (PGR), and T-Mobile US (TMUS): These are small (less than ~1.5% of the portfolio each) stakes increased this quarter.Note: Regulatory filings since the quarter ended show them owning 6.95M shares of Berry Global (5.3% of the business). This is compared to 5.5M shares (4.2% of business) in the 13F Report.Stake Decreases:Walt Disney (DIS): The 2.11% DIS stake was established in Q1 2018. It was increased by ~650% over the next two quarters at prices between $99 and $117. The position saw a 70% selling this quarter at prices between $100 and $119 and the stock is now at ~$114.Liberty Media Formula One (FWONK): FWONK is a 1.90% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $32.81. The position has seen minor trimming in the last four quarters.DowDupont (DWDP): DWDP is a 1.78% portfolio position established in Q2 2018 at prices between $62 and $70. The stake was sold down by ~44% this quarter at prices between $49 and $65. It is now at $54.68.Raymond James (RJF): The ~1% RJF position was first purchased in Q2 2017 at prices between $71.50 and $77 and increased by ~7x over the next three quarters at prices between $75 and $99. The stock currently trades at $80.35. Last three quarters saw the stake sold down by ~60% at prices between $69 and $102.Thermo Fisher Scientific (TMO): TMO is now a small 0.70% position. It was purchased in Q4 2017 at prices between $182 and $200 and increased by ~190% in Q2 2018 at prices between $203 and $220. Last quarter saw a ~25% selling at prices between $206 and $249 and that was followed with a ~70% selling this quarter at prices between $209 and $252. The stock is now at $250.Middleby Corp (MIDD): The MIDD position was established in Q2 2018 at prices between $99 and $132. There was a ~20% selling last quarter at prices between $99 and $130 and this quarter saw an additional ~75% selling at prices between $98 and $126. The stock is currently at ~$124 and the stake is now minutely small at 0.36%.Encana Corp. (ECA): ECA was a large 5.38% of the portfolio position as of last quarter. This quarter saw a ~90% reduction to a minutely small stake at prices between $5.11 and $13.50. The vast majority of the original stake was purchased in Q1 2016 at prices between $3 and $6. The stock is now at $6.66. Viking Global realized gains.Abeona Therapeutics (ABEO), Boston Scientific (BSX), Gallagher Arthur J & Co. (AJG), Jazz Pharmaceuticals (JAZZ), Lennar Corporation (LEN), Mylan NV (MYL), and Syneos Health (SYNH): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:aTyr Pharma (LIFE), Editas Medicine (EDIT), and Eidos Therapeutics (EIDX): These minutely small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.Note: Viking Global has 5.4% ownership stake each in Eidos Therapeutics & Editas Medicine and a 9.5% stake in aTyr Pharma.Note: Regulatory filings show Viking Global owning 22.7M shares (75.6% of business) of Urovant Sciences (UROV) – around 2.7M shares were added last quarter at ~$14 per share. The stock is currently at ~$13.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2018:Regulatory Filings thru 11/26/2018: 13G – 10/22 – BERY – 7.2M shares – 5.4% of business, 13D – 10/10 – Urovant Sciences (UROV) – 22.7M shares – 75.6% of business, Form 4 10/3 – 2.7M shares acquired @ $14, 22.7M shares remain, Form 3 9/26 – 20.03M shares."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2018 Update"

"Halvorsen's 13F portfolio value increased from $17.47B to $18.06B. The number of positions increased from 60 to 64.Viking Global increased Alibaba Group Holdings, Walt Disney, and Marathon Petroleum while reducing Facebook and Alphabet.The top three positions are Alibaba Group Holdings, General Electric, and Anthem Inc. Together, they are at ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/14/2018. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Halvorsen’s 13F stock portfolio value increased 3.40% from $17.47B to $18.06B. The number of holdings increased from 60 to 64. Largest five individual stock positions are Alibaba Group Holdings, General Electric, Anthem Inc., Walt Disney, and Microsoft. They add up to ~38% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:PG&E Corp. (PCG), Berry Global (BERY), Ferrari NV (RACE), Wynn Resorts (WYNN), Mylan NV (MYL), Boston Scientific (BSX), Analog Devices (ADI), Exact Sciences (EXAS): These are small (less than ~1.5% of the portfolio each) positions established this quarter.Note: Regulatory filings since the quarter ended show them owning 7.2M shares (5.4% of business) of Berry Global. This is compared to 5.18M shares in the 13F report.Progressive Corp (PGR), Aon plc (AON), Children’s Place (PLCE), WPX Energy (WPX), Iqiyi Inc. (IQ), Cheniere Energy (LNG), Pinduoduo Inc. (PDD), Amneal Pharmaceuticals (AMRX), Elanco Animal Health (ELAN), Blueprint Medicines (BPMC), and LivaNova (LIVN): These are minutely small (less than ~0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Anheuser Busch Inbev (BUD) and Equifax Inc. (EFX): These two positions built over the three quarters thru Q1 2018 were disposed this quarter. The 1.60% BUD position was built at prices between $103 and $126. The position saw a one-third reduction last quarter at prices between $92 and $110 and the disposal this quarter was at prices between $87 and $107. It is now at $76.16. The EFX stake had seen a ~350% increase in Q4 2017 at prices between $106 and $120. The 1.84% stake as of Q1 2018 was almost eliminated last quarter at prices between $111 and $128. The remainder stake was disposed this quarter. The stock is currently at ~$101.Canadian Pacific Railway (CP): CP is a frequently traded stock that had been in the portfolio since Q4 2013. Recent activity follow: ~90% increase in Q3 2017 at prices between $151 and $169 followed with a ~30% reduction next quarter at prices between $165 and $185. There was another two-thirds reduction last quarter at prices between $173 and $195 and the elimination this quarter was at prices between $178 and $216. The stock is now at ~$203.Baidu Inc. (BIDU): The 1.24% BIDU stake was purchased last quarter at prices between $220 and $284 and disposed this quarter at prices between $213 and $272. It is now at $183.United States Steel (X): The 1.27% X position was purchased in Q1 2018 at prices between $33.50 and $46 and reduced by ~30% last quarter at prices between $32 and $38. The elimination this quarter was at prices between $28 and $38. The stock currently trades at $25.72.Domino’s Pizza (DPZ): The 0.80% DPZ position saw a ~500% increase in Q4 2017 at prices between $169 and $209. There was a ~40% selling next quarter at prices between $186 and $232 and that was followed with a ~60% reduction last quarter at prices between $230 and $292. The positon was eliminated this quarter at prices between $256 and $301. The stock currently goes for ~$263.Axa Equitable (EQH), Aetna Inc. (AET), Dentsply Sirona (XRAY), Hanesbrands Inc. (HBI), Liberty Media Sirius XM (LSXMA), Mercadolibre (MELI), Rockwell Collins (COL), and Micron Technology (MU): These small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Alibaba Group Holdings (BABA): BABA is currently the largest 13F position at 8.64% of the portfolio. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase this quarter at prices between $156 and $198 and the stock currently trades at ~$150. For investors attempting to follow Viking Global, BABA is a good option to consider for further research.Note: BABA is a frequently traded position in Viking’s portfolio.General Electric (GE) and DowDupont (DWDP): These positions established last quarter were increased this quarter. The large (top three) 8.28% GE stake was purchased at prices between $12.75 and $15.30 and almost doubled this quarter at prices between $11 and $14. The stock currently trades below those ranges at $7.57. DWDP is a 3.70% portfolio position established at prices between $62 and $70 and increased marginally this quarter. It is now at ~$56.43.Anthem Inc. (ANTM): The large (top three) 7.25% ANTM stake was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The stock is now at ~$281. There was a ~7% increase this quarter.Walt Disney (DIS) and BioMarin Pharma (BMRN): These two positions established in Q1 2018 saw huge increases in the last two quarters. The DIS stake saw a ~650% increase to a large (top five) ~7% portfolio position at prices between $99 and $117 and the stock is now at ~$112. The 2.22% BMRN stake was increased by ~140% at prices between $76 and $106 and it is currently at $93.78.Encana Corp. (ECA): ECA is a large 5.38% of the portfolio position. The vast majority of the stake was purchased in Q1 2016 at prices between $3 and $6. H1 2017 saw a ~18% reduction at prices between $8.75 and $13.25. Q3 2017 saw the pattern reverse: ~30% stake increase at prices between $8.40 and $11.80. The stock is now at $7.12. Last two quarters had seen a combined ~24% selling at prices between $10 and $14. There was a ~4% increase this quarter.Note: Viking Global owns ~7% of Encana.Marathon Petroleum (MPC): MPC was a minutely small stake established last quarter. The position was built to a medium-sized ~3% position this quarter at prices between $70 and $86. The stock currently trades well below that range at $61.73.Amazon.com Inc. (AMZN): AMZN is a ~2% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: the fairly large ~4% portfolio position as of Q4 2017 was almost sold out next quarter at prices between $1189 and $1598. The position was built back up last quarter at prices between $1370 and $1735. This quarter saw a ~15% increase. The stock currently trades at $1502.Salesforce.com (CRM): CRM is a 1.92% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling in Q3 2017 at prices between $86 and $98 and that was followed with a ~35% reduction the following quarter at prices between $93.50 and $109. Q1 2018 saw another ~55% selling at prices between $104 and $128. The stock currently trades at ~$122. The stake was doubled over the last two quarters at prices between $115 and $160.United Health (UNH): UNH is a 1.83% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. There was a ~3% trimming last quarter and that was followed with a ~18% selling this quarter. The stock is now at ~$262. There was a ~5% increase this quarter.Netflix Inc. (NFLX): NFLX is now a small 1.22% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. It was a fairly large ~3.5% of the portfolio (~7.6M shares) stake at the time. The five quarters thru Q2 2018 had seen the position sold down by ~95% at prices between $146 and $417. The stock is now at ~$259. Viking Global realized huge gains. This quarter saw a one-third increase at prices between $317 and $419.AnaptysBio Inc. (ANAB), HDFC Bank (HDB), Jazz Pharmaceuticals (JAZZ), Olin Corp (OLN), and Syneos Health (SYNH): These very small (less than 1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a large (top five) 6.50% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction in the following quarter at prices between $68 and $75.50. The stock is now at ~$103. Last quarter saw a ~6% increase while this quarter there was a similar reduction.United Technologies (UTX): UTX is a 4.56% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. The stake was almost doubled last quarter at prices between $118 and $128. The position was sold down by ~45% this quarter at prices between $125 and $142. It is now at ~$129.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Parsley Energy (PE): The 2.69% PE position was established in Q3 2017 at prices between $24 and $30 and increased by ~130% the following quarter at around the same price range. It is now at $20.66. There was a ~22% selling Q1 2018 at prices between $21.50 and $31 while last quarter there was a ~52% increase at prices between $26.50 and $33. There was a ~24% reduction this quarter at prices between $26.50 and $33.Note: Viking Global has a ~5% ownership stake in Parsley Energy.Thermo Fisher Scientific (TMO): TMO is a 2.54% stake purchased in Q4 2017 at prices between $182 and $200 and increased by ~190% last quarter at prices between $203 and $220. This quarter saw a ~25% selling at prices between $206 and $249. The stock is now at $235.Liberty Media Formula One (FWONK): FWONK is a 2.31% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $29.74. The position has seen minor trimming in the last three quarters.Raymond James (RJF): The ~2% RJF position was first purchased in Q2 2017 at prices between $71.50 and $77 and increased by ~7x over the next three quarters at prices between $75 and $99. The stock currently trades at $76.64. There was a ~6% trimming last quarter while this quarter there was a ~30% reduction.Middleby Corp (MIDD): MIDD is a 1.72% portfolio position established last quarter at prices between $99 and $132. There was a ~20% selling this quarter at prices between $99 and $130. The stock is currently at ~$117.Note: Viking Global has a ~4.3% ownership stake in Middleby Corp.Facebook Inc. (FB): FB is now a small 1.62% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling in the following quarter at prices between $148 and $174. Q1 2018 saw a ~140% increase at prices between $152 and $193. There was a roughly one-third selling last quarter at prices between $155 and $202 and another ~70% reduction this quarter at prices between $159 and $218. The stock currently trades at $132.Lincoln National (LNC): The LNC position saw a ~120% increase to a 1.67% portfolio stake last quarter at prices between $62 and $72. This quarter saw a ~30% selling at prices between $62 and $70. The stock currently trades at $60.97.Alphabet Inc. (GOOG) (GOOGL): GOOG was a ~4% of the portfolio stake as of last quarter. It was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q4 2017 saw a one-third reduction at prices between $952 and $1077 and that was followed with a ~38% selling last quarter at prices between $1005 and $1175. This quarter saw the position almost sold out at prices between $1102 and $1268. The stock is now at $1024.Visa Inc. (V): The ~1% V stake was purchased in H2 2016 at prices between $74 and $83. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. Last four quarters saw a ~88% reduction at prices between $105 and $150. The stock is now at ~$133. Viking Global is harvesting gains.Autodesk Inc. (ADSK): ADSK is a ~1% portfolio stake established in Q3 2017 at prices between $99 and $117 and increased by two-thirds the following quarter at prices between $104 and $130. The stock currently trades at ~$133. The position was reduced by ~75% over the last two quarters at prices between $123 and $157.Lennar Corporation (LEN): LEN is a 0.88% position purchased in Q1 2017 at prices between $43 and $53 and increased by ~80% in Q3 2017 at prices between $50 and $55. Last four quarters have seen a ~64% selling at prices between $50 and $72. The stock is now at $42.74.Hartford Financial Services (HIG): HIG is now a minutely small 0.11% position. Last quarter had seen a ~175% increase to a 1.70% portfolio stake at prices between $50 and $55 but the position was almost sold out this quarter at prices between $49 and $54. The stock currently trades at $44.10.Abeona Therapeutics (ABEO), Catalent Inc. (CTLT), Centene Corp (CNC), Deciphera Pharmaceuticals (DCPH), Gallagher Arthur J & Co. (AJG), Illumina Inc. (ILMN), Jianpu Technology (JT), Patterson UTI Energy (PTEN), T-Mobile US (TMUS), Tenaris SA (TS), and Toronto Dominion (TD): These are very small (less than ~1% of the portfolio each) positions reduced this quarter.Kept Steady:aTyr Pharma (LIFE), Editas Medicine (EDIT), and Eidos Therapeutics (EIDX): These are minutely small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note: Viking Global has a 5.4% ownership stake in Eidos Therapeutics.Note: Regulatory filings show Viking Global owning 22.7M shares (75.6% of business) of Urovant Sciences (UROV) – around 2.7M shares were added during the quarter at ~$14 per share.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2018:Regulatory Filings thru 9/5/2018: 13G – 7/2 – EIDX – Eidos – 1.99M shares – 5.4% of business, 13G – 6/25 – MIDD – 3.03M shares – 5.4% of business, Form 4 – 6/7 – Axovant Sciences – AXON – acquired 14.29M shares @ 1.75 – 89.29M shares total, 13D/A – 6/7 – 73.1% of businesss – related private placement agreement with Roivant whereby they provided the financing for the new shares issued to them."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2018 Update"

"Halvorsen's 13F portfolio value increased from $16.61B to $17.47B. The number of positions increased from 58 to 60.Viking Global doubled United Technologies while adding General Electric and dropping Wells Fargo.The top three positions are United Technologies, Facebook, and Microsoft.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/14/2018. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Halvorsen’s 13F stock portfolio value increased ~5% from $16.61B to $17.47B. The number of holdings increased from 58 to 60. Largest five individual stock positions are United Technologies, Facebook, Microsoft, Anthem, and General Electric. They add up to ~32% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:General Electric (GE) and DowDupont (DWDP): These are medium-sized new positions established this quarter. The 5.33% GE stake was purchased at prices between $12.75 and $15.30 and the stock currently trades below that range at $12.51. DWDP is a 3.85% portfolio position established at prices between $62 and $70 and it is now at ~$70.Middleby Corp (MIDD) and Baidu Inc. (BIDU): These are small (less than ~2% of the portfolio each) new stakes purchased this quarter. MIDD is a 1.81% portfolio position established at prices between $99 and $132 and the stock is currently at ~$126. The 1.24% BIDU stake was purchased at prices between $220 and $284 and it is now below that range at $215.Note: Viking Global has a 5.4% ownership stake in Middleby Corp.T-Mobile US (TMUS), Illumina Inc. (ILMN), Hanesbrands Inc. (HBI), Olin Corp (OLN), Patterson UTI Energy (PTEN), and Centene Corp (CNC): These are very small (less than ~1% of the portfolio each) positions established this quarter.Axa Equitable (EQH), Marathon Petroleum (MPC), Aetna Inc. (AET), Eidos Therapeutics (EIDX), Rockwell Collins (COL), and Micron Technology (MU): These are minutely small (less than ~0.5% of the portfolio each) stakes established this quarter.Note: Viking Global has a 5.4% ownership stake in Eidos Therapeutics.Stake Disposals:Wells Fargo (WFC): WFC was a ~4% of the portfolio stake established in Q2 2017 at prices between $51 and $56 and sold down by ~85% the following quarter at prices between $49.50 and $56. Q4 2017 saw a reversal: ~180% increase at prices between $53 and $62. There was another ~140% increase last quarter at prices between $51 and $66. The disposal this quarter was at prices between $50 and $56. The stock is now at $57.93.Transdigm Group (TDG): TDG position was established in Q4 2017 at prices between $256 and $285. Last quarter saw a ~80% stake increase at prices between $270 and $317. The ~2% portfolio stake as of last quarter was eliminated this quarter at prices between $301 and $346. The stock currently trades at $354.Alliance Data Systems (ADS): ADS was a minutely small position established in Q4 2017. Last quarter saw the stake built to a medium-size 2.34% of the portfolio position at prices between $212 and $276. The position was disposed this quarter at prices between $195 and $237. The stock is now at $238.Western Digital (WDC): WDC was a 1.67% portfolio position established last quarter at prices between $80 and $107 and sold this quarter at prices between $77 and $93. It is now at $57.79.AK Steel (AKS), AveXis Inc. (AVXS), CVS Health Group (CVS), Cimarex Energy (XEC), Cleveland Cliffs (CLF), Continental Resources (CLR), Iqiyi Inc. (IQ), JD.com (JD), Momo Inc. (MOMO), and Netease Inc. (NTES): These very small (less than ~1% of the portfolio each) positions were disposed this quarter.Stake Increases:United Technologies (UTX): UTX is now the largest 13F position at 7.61% of the portfolio. It was first purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. The stake was almost doubled this quarter at prices between $118 and $128. It is now at ~$134.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Microsoft Corporation (MSFT): MSFT is a large (top three) 6.21% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction in the following quarter at prices between $68 and $75.50. The stock is now at ~$109. This quarter saw a ~6% increase.Anthem Inc. (ANTM): The large (top five) ~6% ANTM stake was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The stock is now at ~$271. There was a marginal increase this quarter.Parsley Energy (PE): The 3.74% PE position was established in Q3 2017 at prices between $24 and $30 and increased by ~130% the following quarter at around the same price range. It is now at $26.44. There was a ~22% selling last quarter at prices between $21.50 and $31 while this quarter there was a ~52% increase at prices between $26.50 and $33.Note: Viking Global has a ~7% ownership stake in Parsley Energy.Walt Disney (DIS), BioMarin Pharma (BMRN), and Hartford Financial Services (HIG): These three positions established last quarter saw huge increases this quarter. The DIS stake saw a ~300% increase to a 3.45% portfolio position at prices between $98.50 and $109 and the stock is now at ~$110. The 1.76% BMRN stake was almost doubled at prices between $76 and $99 and it is currently at $96.16. HIG is 1.70% position that saw a ~175% increase this quarter at prices between $50 and $55. The stock currently trades at $49.88.Thermo Fisher Scientific (TMO): TMO is a ~3% stake purchased in Q4 2017 at prices between $182 and $200 and increased by ~190% this quarter at prices between $203 and $220. The stock is now at $236.Lennar Corporation (LEN): LEN is a 1.63% position purchased in Q1 2017 at prices between $43 and $53 and increased by ~80% in Q3 2017 at prices between $50 and $55. There was a ~20% reduction in Q4 2017 at prices between $53 and $64 and that was followed with a one-third selling last quarter at prices between $56.50 and $72. The stock is now at $52.34. There was a ~10% increase this quarter.Amazon.com Inc. (AMZN): AMZN is a 1.56% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: the fairly large ~4% portfolio position as of Q4 2017 was almost sold out last quarter at prices between $1189 and $1598. The position was built back up to 1.56% portfolio stake this quarter at prices between $1370 and $1735. The stock currently trades at $1958.Salesforce.com (CRM): CRM is a 0.91% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling in Q3 2017 at prices between $86 and $98 and that was followed with a ~35% reduction the following quarter at prices between $93.50 and $109. Last quarter saw another ~55% selling at prices between $104 and $128. The stock currently trades at ~$149. There was a ~12% increase this quarter.Lincoln National (LNC): The LNC position saw a ~120% increase to a 1.67% portfolio stake this quarter at prices between $62 and $72. The stock currently trades near the low end of that range at $65.35.AnaptysBio Inc. (ANAB), Catalent Inc. (CTLT), Gallagher Arthur J & Co. (AJG), HDFC Bank (HDB), Jazz Pharmaceuticals (JAZZ), Liberty Media Sirius XM (LSXMA), and Tenaris SA (TS): These very small (less than 1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Facebook Inc. (FB): FB is the second-largest position at ~7% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling in the following quarter at prices between $148 and $174. Last quarter saw a whopping ~140% increase at prices between $152 and $193. The stock is now at ~$162. There was a roughly one-third selling this quarter at prices between $155 and $202.Encana Corp. (ECA): ECA is a large 5.31% of the portfolio position. The vast majority of the stake was purchased in Q1 2016 at prices between $3 and $6. H1 2017 saw a ~18% reduction at prices between $8.75 and $13.25. Q3 2017 saw the pattern reverse: ~30% stake increase at prices between $8.40 and $11.80. The stock is now at $12.51. Last two quarters have seen a combined ~24% selling at prices between $10 and $14.Note: Viking Global owns ~7% of Encana.Alphabet Inc. (GOOG) (GOOGL): GOOG is a ~4% of the portfolio stake. It was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q4 2017 saw a one-third reduction at prices between $952 and $1077. There was a marginal increase last quarter while this quarter there was a ~38% selling at prices between $1005 and $1175. The stock is now at $1171.Raymond James (RJF): The ~3% RJF position was first purchased in Q2 2017 at prices between $71.50 and $77 and increased by ~7x over the next three quarters at prices between $75 and $99. The stock currently trades at $91.82. There was a ~6% trimming this quarter.Autodesk Inc. (ADSK): ADSK is a 2.45% portfolio stake established in Q3 2017 at prices between $99 and $117 and increased by two-thirds the following quarter at prices between $104 and $130. The stock currently trades well above those ranges at ~$149. There was a ~14% stake increase last quarter while this quarter saw a ~30% selling at prices between $123 and $141.Visa Inc. (V): The 2.43% V stake was purchased in H2 2016 at prices between $74 and $83. Q1 2017 had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. Q4 2017 saw a reversal: ~25% selling at prices between $105 and $114 and that was followed with a one-third reduction last quarter at prices between $114 and $126. There was another ~38% selling this quarter at prices between $118 and $136. The stock is now at ~$145. Viking Global is harvesting gains.Liberty Media Formula One (FWONK): FWONK is a 2.42% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $35.95. The position has seen minor trimming in the last two quarters.United Health (UNH): UNH is a 1.67% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. There was a ~3% trimming last quarter and that was followed with a ~18% selling this quarter. The stock is now at ~$270.Alibaba Group Holdings (BABA) and United States Steel (X): These two stakes established last quarter were reduced this quarter. BABA is a 2.22% portfolio stake established at prices between $172 and $205 and the stock currently trades at ~$160. There was a ~5% trimming this quarter. The 1.27% X position was purchased at prices between $33.50 and $46 and it currently trades at ~$30. There was a ~30% selling this quarter at prices between $32 and $38.Note 1: Viking Global controls 3.5% of United States Steel.Note 2: BABA is a frequently traded position in Viking’s portfolio.Anheuser Busch Inbev (BUD) and Equifax Inc. (EFX): These two positions built over the last three quarters saw selling this quarter. The 1.60% BUD position was first purchased at prices between $110 and $123 and increased by ~80% in Q4 2017 at prices between $110 and $126. There was another ~50% stake increase last quarter at prices between $103 and $116. The position saw a one-third reduction this quarter at prices between $92 and $110 and it is now at $90.23. The EFX stake had seen a ~350% increase in Q4 2017 at prices between $106 and $120. The 1.84% stake as of last quarter was almost eliminated this quarter at prices between $111 and $128 and it currently trades at ~$136.Netflix Inc. (NFLX): NFLX is now a small ~1% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. It was a fairly large ~3.5% of the portfolio (~7.6M shares) stake at the time. Last five quarters have seen the position sold down by ~95% at prices between $146 and $417. The stock is now at ~$347. Viking Global realized huge gains.Canadian Pacific Railway (CP): CP is a frequently traded stock that has been in the portfolio since Q4 2013. Recent activity follow: ~90% increase in Q3 2017 at prices between $151 and $169 followed with a ~30% reduction next quarter at prices between $165 and $185. There was another two-thirds reduction this quarter at prices between $173 and $195. The stock is now at ~$209 and the stake is at 0.86% of the portfolio.Domino’s Pizza (DPZ): The 0.80% DPZ position saw a ~500% increase in Q4 2017 at prices between $169 and $209. There was a ~40% selling last quarter at prices between $186 and $232 and that was followed with a ~60% reduction this quarter at prices between $230 and $292. The stock currently goes for ~$291.Abeona Therapeutics (ABEO), Deciphera Pharmaceuticals (DCPH), Dentsply Sirona (XRAY), Editas Medicine (EDIT), Jianpu Technology (JT), Mercadolibre (MELI), Syneos Health (SYNH), and Toronto Dominion (TD): These are very small (less than 0.65% of the portfolio each) positions reduced this quarter.Note: Viking Global controls ~5% of Abeona Therapeutics and ~4% of Deciphera Pharmaceuticals.Kept Steady:aTyr Pharma (LIFE): LIFE is a minutely small 0.01% stake kept steady this quarter.Note: Regulatory filings show Viking Global owning 38.34M shares (~63% of the business) of Myovant Sciences (MYOV), 16M shares (~29% of the business) of Arbutus Biopharma Corp (ABUS) and 89M shares (~73% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2018:Regulatory Filings thru 05/27/2018: Form 4 – 4/5 – Myovant – MYOV – 1.1M shares acquired at $20.27 – 38.34M shares outstanding, 13G – 3/9 – United States Steel – X – 9.7M shares – 5.5% of business,"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2018 Update"

"Halvorsen's 13F portfolio value increased from $16.26B to $16.61B. The number of positions decreased from 59 to 58.Viking Global increased Facebook, Wells Fargo, and Anthem while dropping Broadcom.The top three positions are Facebook, Alphabet, and Anthem.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/15/2018. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Halvorsen’s 13F stock portfolio value increased ~2% from $ $16.26B to $16.61B. The number of holdings decreased from 59 to 58. Largest five individual stock positions are Facebook, Alphabet, Anthem, Microsoft, and Encana Corp. They add up to ~32% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Alibaba Group Holdings (BABA), United States Steel (X), and Western Digital (WDC): These are medium-sized new positions established this quarter. BABA is a 2.43% portfolio stake established at prices between $172 and $205 and the stock currently trades at $199. The ~2% X position was purchased at prices between $33.50 and $46 and it currently trades near the low end of that range at $35.39. WDC is a 1.67% portfolio position established at prices between $80 and $107 and it is now at $86.35.Note 1: Viking Global controls 5.5% of United States Steel.Note 2: BABA is a frequently traded position in Viking’s portfolio.Walt Disney (DIS), BioMarin Pharma (BMRN), Iqiyi Inc. (IQ), Hartford Financial Services (HIG), Gallagher Arthur J & Co. (AJG), Tenaris SA (TS), and Voya Financial (VOYA): These are small (less than ~1% of the portfolio each) new positions established this quarter.Cimarex Energy (XEC), Mercadolibre (MELI), Catalent Inc. (CTLT), CVS Health Group (CVS), Momo Inc. (MOMO), AnaptysBio Inc. (ANAB), Continental Resources (CLR), JD.com (JD), Liberty Media Sirius XM (LSXMA), Cleveland Cliffs (CLF), and AK Steel (AKS): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Note: JD is back in the portfolio after a quarter’s gap. The original large (~38M shares) position was established in 2016 at prices between $20 and $32.50. Q1 to Q3 2017 had seen a ~90% selling at prices between $25 and $48 and the disposal last quarter was at prices between $36.75 and $43.Stake Disposals:Broadcom Ltd. (AVGO) previously Avago: AVGO was a 3.90% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. Q1 2017 saw a ~20% selling at prices between $174 and $227 and that was followed with another one-third reduction in Q3 2017 at prices between $230 and $257. The disposal this quarter was at prices between $228 and $272. Last quarter had seen a ~14% increase. The stock currently trades at $250.Time Warner Inc. (TWX): TWX was a 2.58% portfolio stake purchased at prices between $87 and $104 and eliminated this quarter at prices between $91 and $97. The stock currently trades at $94.17.Align Technology (ALGN), Calithera Biosciences (CALA), EQT Corp (EQT), GW Pharmaceuticals (GWPH), Mohawk Industries (MHK), Molina Healthcare (MOH), NuVasive Inc. (NUVA), and Universal Health Services (UHS): These were very small (less than 1% of the portfolio each) positions reduced last quarter and disposed this quarter.Diamondback Energy (FANG), Lowes Companies (LOW), Marsh & McLennan (MMC), Paccar Inc. (PCAR), Pioneer Natural Resources (PXD), Progressive Corp (PGR), Qualcomm Inc. (QCOM), Qudian Inc. (QD), RSP Permian Inc. (RSPP), Travelers Companies (TRV), and Union Pacific (UNP): These were minutely small stakes (less than ~0.5% of the portfolio each) established last quarter but disposed this quarter.Stake Increases:Facebook Inc. (FB): FB is now the largest position at ~9% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling in the following quarter at prices between $148 and $174. There was a ~12% trimming last quarter while this quarter saw a whopping ~140% increase at prices between $152 and $193. The stock is now at ~$185.Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F position at 6.21% of the portfolio. It was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: There was a ~75% reduction in Q2 2017 at prices between $823 and $984 and that was followed with a ~115% increase last quarter at prices between $899 and $980. Last quarter saw a one-third reduction at prices between $952 and $1077. The stock is now at $1076. There was a marginal increase this quarter.Anthem Inc. (ANTM) and Raymond James (RJF): These two positions were established in Q2 2017 and built over the last three quarters. The large (top three) ~6% ANTM stake was first purchased at prices between $165 and $193 and increased by ~15x over the last three quarters at prices between $181 and $258. The stock is now at ~$232. The 3.44% RJF position was first purchased at prices between $71.50 and $77 and increased by ~7x over the last three quarters at prices between $75 and $99. The stock currently trades at $99.47.Microsoft Corporation (MSFT): MSFT is a large (top five) 5.68% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction in the following quarter at prices between $68 and $75.50. The stock is now at $98.36. There was a ~12% trimming last quarter while this quarter saw a ~17% increase.Wells Fargo (WFC): WFC is a ~4% of the portfolio stake established in Q2 2017 at prices between $51 and $56 and sold down by ~85% the following quarter at prices between $49.50 and $56. Last quarter saw a reversal: ~180% increase at prices between $53 and $62. There was another ~140% increase this quarter at prices between $51 and $66. The stock is now at $54.90.Autodesk Inc. (ADSK): ADSK is a 3.51% portfolio stake established in Q3 2017 at prices between $99 and $117 and increased by two-thirds last quarter at prices between $104 and $130. The stock currently trades at ~$133. There was a ~14% stake increase this quarter.Dentsply Sirona (XRAY): The 2.80% XRAY stake was built over the last four quarters at prices between $50 and $69. The stock currently trades below that range at $46.57. For investors attempting to follow Viking Global, XRAY is a good option to consider for further research.Anheuser Busch Inbev (BUD) and Equifax Inc. (EFX): These positions first purchased in Q3 2017 saw substantial increases in the last two quarters. The 2.78% BUD position was first purchased at prices between $110 and $123 and increased by ~80% last quarter at prices between $110 and $126. There was another ~50% stake increase this quarter at prices between $103 and $116. The stock is now below those ranges at $94.72. The 1.84% EFX stake saw a ~350% increase last quarter at prices between $106 and $120 and it is currently at $115. This quarter also saw a ~11% increase.Canadian Pacific Railway (CP): CP is a frequently traded stock that has been in the portfolio since Q4 2013. Recent activity follow: ~90% increase in Q3 2017 at prices between $151 and $169 followed with a ~30% reduction last quarter at prices between $165 and $185. The stock is now at $186 and the stake is at 2.59% of the portfolio. There was a marginal increase this quarter.Transdigm Group (TDG) and Thermo Fisher Scientific (TMO): These two positions established last quarter saw increases this quarter. The TDG position was established at prices between $256 and $285 and the stock is now well above that range at $334. This quarter saw a ~80% stake increase at prices between $270 and $317. TMO is a ~1% stake purchased at prices between $182 and $200 and the stock is currently above that at ~$214. There was a ~6% stake increase this quarter.Alliance Data Systems (ADS): ADS was a minutely small position established last quarter. This quarter saw the stake built to a medium-size 2.34% of the portfolio position at prices between $212 and $276. The stock currently trades near the low end of that range at $213. For investors attempting to follow Viking Global, ADS is a good option to consider for further research.HDFC Bank (HDB) and Syneos Health (SYNH) previously INC Research: These minutely small stakes were increased this quarter.Stake Decreases:Encana Corp. (ECA): ECA is a large (top five) 5.35% of the portfolio position. The vast majority of the stake was purchased in Q1 2016 at prices between $3 and $6. Q1 2017 saw a ~11% trimming at prices between $10 and $14 and that was followed with another ~8% trimming in the following quarter at prices between $8 and $12. Q3 2017 saw the pattern reverse: ~30% stake increase at prices between $8.40 and $11.80. The stock is now at $12.64. This quarter saw a ~13% trimming.Note: Viking Global owns ~8% of Encana.United Technologies (UTX): The fairly large ~4% UTX position was purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% last quarter at prices between $116 and $128. It is now at $127. There was a ~9% trimming this quarter.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Visa Inc. (V): The 3.72% V stake was purchased in H2 2016 at prices between $74 and $83. Q1 2017 had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase in Q3 2017 at prices between $93 and $106. Last quarter saw a reversal: ~25% selling at prices between $105 and $114 and that was followed with a one-third reduction this quarter at prices between $114 and $126. The stock is now at $131.Toronto Dominion (TD): TD is a 2.67% portfolio stake established in Q3 2017 at prices between $50 and $56.60. The stock currently trades just above that range at $58.96. There was a ~8% trimming last quarter and that was followed with a ~12% selling this quarter.Netflix Inc. (NFLX): NFLX is a 2.62% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 & Q3 2016 saw a two-thirds reduction at prices between $85 and $112. There was a ~150% increase in Q4 2016 at prices between $98.50 and $128. There was another reversal in Q2 2017: ~72% reduction at prices between $140 and $166 and that was followed with a ~135% increase in the following quarter at prices between $146 and $189. The stock is now at $351. There was a ~5% trimming last quarter and that was followed with a ~60% reduction this quarter at prices between $201 and $331.Domino’s Pizza (DPZ) and Parsley Energy (PE): These two positions established in Q3 2017 saw increases last quarter but were reduced this quarter. The 1.70% DPZ position saw a ~500% increase last quarter at prices between $169 and $209 and the stock is now well above that range at $250. There was a ~40% selling this quarter at prices between $186 and $232. The 2.47% PE position was established in Q3 2017 at prices between $24 and $30 and increased by ~130% last quarter at around the same price range. It is now at $29.42. There was a ~22% selling this quarter at prices between $21.50 and $31.Note: Viking Global has a ~6% ownership stake in Parsley Energy.Liberty Media Formula One (FWONK): FWONK is a 2.23% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $30.83. The position has seen only very minor adjustments in the last two quarters.United Health (UNH): UNH is a ~2% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. Last three quarters had seen a ~58% selling at prices between $164 and $228. The stock is now at ~$245. There was a ~3% trimming this quarter.Lennar Corporation (LEN): LEN is a 1.75% position purchased in Q1 2017 at prices between $43 and $53 and increased by ~80% in Q3 2017 at prices between $50 and $55. There was a ~20% reduction last quarter at prices between $53 and $64 and that was followed with a one-third selling this quarter at prices between $56.50 and $72. The stock is now at $53.39.Amazon.com Inc. (AMZN): AMZN is a now a minutely small 0.31% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: the four quarters thru Q3 2017 had seen a combined ~85% selling at prices between $739 and $1026 while last quarter saw a ~30% increase at prices between $957 and $1196. The fairly large ~4% portfolio position as of last quarter was almost sold out this quarter at prices between $1189 and $1598. The stock currently trades at $1610.Salesforce.com (CRM): CRM is a 0.73% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling in Q3 2017 at prices between $86 and $98 and that was followed with a ~35% reduction last quarter at prices between $93.50 and $109. This quarter saw another ~55% selling at prices between $104 and $128. The stock currently trades at ~$128.Abeona Therapeutics (ABEO), aTyr Pharma (LIFE), AveXis Inc. (AVXS), Deciphera Pharmaceuticals (DCPH), Editas Medicine (EDIT), Jazz Pharmaceuticals (JAZZ), Jianpu Technology (JT), Lincoln National (LNC), and Netease Inc. (NTES): These are very small (less than 1% of the portfolio each) positions reduced this quarter.Note: Viking Global controls ~7% of Abeona Therapeutics and ~6% of Deciphera Pharmaceuticals.Kept Steady:aTyr Pharma (LIFE): LIFE is a minutely small 0.02% stake kept steady this quarter.Note: Regulatory filings show Viking Global owning 38.34M shares (~63% of the business) of Myovant Sciences (MYOV), 16M shares (~29% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (~70% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q1 2018:Regulatory Filings thru 02/21/2018: 13G/As – 2/14/2018 – JT - ~6.5M shares – 9.5% of business, PE – 18.1M shares – 7.3% of business, DCPH – 2.4M shares – 7.3% of business, ABEO – 4M shares – 8.6% of business, LIFE – 2.98M shares – 9.5% of business, EQT – 0, ECA – 93.4M shares – 9.6% of business, CALA – 1.64M shares – 4.6% of business, GPOR – 0, COG – 0, MYOV – 37.2M shares – 61% of business, Form 4 – 1/15 & 13D/A – 1/16 – ABUS – Roivant preferred convertible purchase related @ 7.13 initial conversion price & 10/16/2021 mandatory conversion, 16M shares – 29.1% of business, 13G – 11/30/2017 – JP – 6.62M shares – 9.6% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2017 Update"

"Halvorsen's 13F portfolio value increased from $15.44B to $16.26B. The number of positions remained steady at 59.Viking Global increased Anthem, Parsley Energy, & Domino’s Pizza while reducing Alphabet Inc. & Visa.The top three positions are Encana, Alphabet, and Visa.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/14/2018. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Halvorsen’s US long portfolio value increased ~5% from $15.44B to $16.26B. The number of holdings remained steady at 59. Largest five individual stock positions are Encana Corp, Alphabet Inc., Visa Inc., United Technologies, and Microsoft Corporation and they ~29% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Time Warner Inc. (TWX) and Netease Inc. (NTES): These are medium-sized new positions established this quarter. TWX is a 2.58% portfolio stake purchased at prices between $87 and $104 and the stock currently trades at $94.80. The ~2% NTES position was established at prices between $264 and $371 and it is now at $307.Note: TWX is a merger-arbitrage stake. In October 2016, AT&T (T) agreed to buy Time Warner for $107.50 per share (half cash).Transdigm Group (TDG) and Thermo Fisher Scientific (TMO): These are small (~1% of the portfolio each) new stakes this quarter. The TDG position was established at prices between $256 and $285 and the stock is now above that range at $293. TMO is a 0.95% stake purchased at prices between $182 and $200 and the stock is currently above that at $210.Note: Transdigm Group is back in the portfolio after a quarter’s gap.Alliance Data Systems (ADS), Diamondback Energy (FANG), Jianpu Technology (JT), Lowes Companies (LOW), Marsh & McLennan (MMC), Paccar Inc. (PCAR), Pioneer Natural Resources (PXD), Progressive Corp (PGR), Qualcomm Inc. (QCOM), Qudian Inc. (QD), RSP Permian Inc. (RSPP), Syneos Health (SYNH) previously INC Research, Travelers Companies (TRV), and Union Pacific (UNP): These are minutely small stakes established this quarter.Note 1: Regulatory filings since the quarter ended show them owning 6.5M shares (9.5% of business) of Jianpu Technology. This is compared to 2.6M shares in the 13F report.Note 2: Lowes Companies and Marsh & McLennan are back in the portfolio after a quarter’s gap.Stake Disposals:MasterCard Inc. (MA): MA was a minutely small stake as of Q2 2017. Last quarter saw a ~9x increase to a ~2% portfolio stake at prices between $121 and $143. The disposal this quarter was at prices between $141 and $154. The stock currently trades at ~$172.Deere & Co. (DE): DE was ~2.5% portfolio stake as of last quarter. A large position was established in Q4 2016 at prices between $85 and $104 and increased by ~55% the following quarter at prices between $103 and $111. The last two quarters had seen a combined ~80% reduction at prices between $108 and $132. The elimination this quarter was at prices between $126 and $159. It now goes for $162. Viking Global realized gains.Rice Energy (RICE): The 1.36% RICE stake was first purchased in Q2 2016 at prices between $13.50 and $22. The position had wavered since. Q1 2017 saw a ~55% increase at prices between $18.50 and $24 while the following quarter saw a one-third reduction at prices between $19 and $27. There was another ~40% selling last quarter at prices between $25 and $29. EQT Corporation acquired Rice Energy ($5.30 cash and 0.37 EQT shares for each share held) and that transaction closed last November.Twenty First Century Fox (FOXA): The 1.75% FOXA position was purchased in Q4 2016 at prices between $24 and $29 and increased by roughly two-thirds the following quarter at prices between $28.50 and $32.50. There was a ~55% reduction last quarter at prices between $25.50 and $30 and the disposal this quarter was at prices between $25 and $35. The stock currently trades at $37.06.JD.com (JD): JD was a very small ~0.90% of the 13F portfolio position as of last quarter. The original large position (~38M shares) was established in 2016 at prices between $20 and $32.50. Last three quarters had seen a ~90% selling at prices between $25 and $48. The elimination this quarter was at prices between $36.75 and $43. The stock is currently at $47.16. Viking Global harvested huge gains.Cabot Oil & Gas (COG): The original position (~36M shares) in COG was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last four quarters had seen a combined ~90% selling at prices between $20 and $27. The very small 0.70% remainder stake was disposed this quarter at prices between $24.50 and $29.50. The stock is now at $23.25.Albemarle Corp (ALB), Anadarko Petroleum (APC), Bank of America (BAC), Chubb Ltd (CB), D R Horton Inc. (DHI), Fleetcor Tech. (FLT), Johnson Controls (JCI), Newell Brands (NWL), Parken Hannifin (PH), Shire plc (SHPG), Spark Therapeutics (ONCE), Verizon Communications (VZ), and Walgreen Boots Alliance (WBA): These very small (less than ~1.25% of the portfolio each) positions were disposed this quarter.Stake Increases:United Technologies (UTX): The fairly large 4.68% UTX position was purchased last quarter at prices between $110 and $124 and increased by ~43% this quarter at prices between $116 and $128. It is now at $129.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Broadcom Ltd. (AVGO) previously Avago: AVGO is a 3.90% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. Q1 2017 saw a ~20% selling at prices between $174 and $227 and that was followed with another one-third reduction last quarter at prices between $230 and $257. The stock currently trades at $249. There was a ~14% increase this quarter.Amazon.com Inc. (AMZN): AMZN is a 3.73% of the 13F portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: Last four quarters had seen a combined ~85% selling at prices between $739 and $1026 while this quarter saw a ~30% increase at prices between $957 and $1196. The stock currently trades at $1483.Anthem Inc. (ANTM) and Raymond James (RJF): These two positions were established in Q2 2017 and built over the last two quarters. The 3.51% ANTM stake was first purchased at prices between $165 and $193 and increased by ~9x over the last two quarters at prices between $181 and $235. The stock is now at $232. The 2.61% RJF position was first purchased at prices between $71.50 and $77 and increased by ~5x over the last two quarters at prices between $75 and $91. The stock currently trades at $91.22.Autodesk Inc. (ADSK), Domino’s Pizza (DPZ), and Parsley Energy (PE): These three positions established last quarter saw substantial increases this quarter. ADSK is a 2.64% portfolio stake established at prices between $99 and $117 and increased by two-thirds this quarter at prices between $104 and $130. The stock currently trades at $112. The 2.39% DPZ position saw a ~500% increase this quarter at prices between $169 and $209 and the stock is now well above that range at $231. The 3.28% PE position was established last quarter at prices between $24 and $30 and increased by ~130% this quarter at around the same price range. It is now just below that range at $23.10.Note: Viking Global has a 7.3% ownership stake in Parsley Energy.Liberty Media Formula One (FWONK): FWONK is a 2.52% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $34.58. The position saw a marginal increase this quarter.Dentsply Sirona (XRAY): The 2.18% XRAY stake was built over the last three quarters at prices between $53 and $69. The stock currently trades at $58.06.Wells Fargo (WFC): WFC was a large 4.6% of the portfolio stake established in Q2 2017 at prices between $51 and $56 and sold down by ~85% last quarter to a very small 0.70% portfolio stake at prices between $49.50 and $56. This quarter saw a reversal: ~180% increase to a ~2% portfolio stake at prices between $53 and $62. The stock is now at $59.73.Anheuser Busch Inbev (BUD) and Equifax Inc. (EFX): These small (less than 2% of the portfolio each) positions first purchased last quarter saw substantial increases this quarter. The BUD position was first purchased at prices between $110 and $123 and increased by ~80% this quarter at prices between $110 and $126. The stock is now at $105. The 1.69% EFX stake saw a ~350% increase this quarter at prices between $106 and $120 and it is currently at $114.Abeona Therapeutics (ABEO), HDFC Bank (HDB), and Lincoln National (LNC): These are very small (less than 1% of the portfolio each) stakes that saw increases this quarter.Note 1: Viking Global controls 8.6% of Abeona Therapeutics.Note 2: Lincoln National has seen a previous roundtrip. A minutely small 0.19% portfolio stake was disposed in Q2 2017.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is now the second-largest 13F position at 6.43% of the portfolio. It was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: There was a ~75% reduction in Q2 2017 at prices between $823 and $984 and that was followed with a ~115% increase last quarter at prices between $899 and $980. This quarter saw a one-third reduction at prices between $952 and $1077. The stock is now at $1111.Visa Inc. (V): The large (top three) 5.34% V stake was purchased in H2 2016 at prices between $74 and $83. Q1 2017 had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase in the following quarter at prices between $89 and $97 and that was followed with another ~30% increase last quarter at prices between $93 and $106. This quarter saw a reversal: ~25% selling at prices between $105 and $114. The stock is now at $120.Microsoft Corporation (MSFT): MSFT is a large (top five) 4.66% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Q2 2017 saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction last quarter at prices between $68 and $75.50. The stock is now at $91.49. There was a ~12% trimming this quarter. Viking Global is harvesting gains.Netflix Inc. (NFLX): NFLX is a 4.40% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 & Q3 2016 saw a two-thirds reduction at prices between $85 and $112 while the following quarter saw a ~150% increase at prices between $98.50 and $128. That trading pattern continued over the last two quarters: ~72% reduction in Q2 2017 at prices between $140 and $166 followed with a ~135% increase last quarter at prices between $146 and $189. The stock is now at $281. There was a ~5% trimming this quarter.Facebook Inc. (FB): FB is a fairly large ~4% of the 13F portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction in Q2 2017 at prices between $139 and $155 and that was followed with another ~30% selling last quarter at prices between $148 and $174. The stock is now at ~$178. There was a ~12% trimming this quarter. Viking Global is harvesting gains.Toronto Dominion (TD): TD is a 3.21% portfolio stake established last quarter at prices between $50 and $56.60. The stock currently trades just above that range at $57.77. There was a ~8% trimming this quarter.Lennar Corporation (LEN): LEN is a ~3% position purchased in Q1 2017 at prices between $43 and $53 and increased by ~80% last quarter at prices between $50 and $55. There was a ~20% reduction this quarter at prices between $53 and $64. The stock is now at $58.66.Canadian Pacific Railway (CP): CP is a frequently traded stock that has been in the portfolio since Q4 2013. Recent activity follow: ~90% increase last quarter at prices between $151 and $169 followed with a ~30% reduction this quarter at prices between $165 and $185. The stock is now at $184 and the stake is at 2.72% of the portfolio.United Health (UNH): UNH is a ~2% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. Last three quarters have seen a ~58% selling at prices between $164 and $228. The stock is now at $225.Salesforce.com (CRM): CRM is a 1.44% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. There was a ~25% selling last quarter at prices between $86 and $98 and that was followed with a ~35% reduction this quarter at prices between $93.50 and $109. The stock currently trades at $114.Align Technology (ALGN), aTyr Pharma (LIFE), AveXis Inc. (AVXS), Calithera Biosciences (CALA), Deciphera Pharmaceuticals (DCPH), EQT Corp (EQT), GW Pharmaceuticals (GWPH), Jazz Pharmaceuticals (JAZZ), Mohawk Industries (MHK), Molina Healthcare (MOH), NuVasive Inc. (NUVA), Universal Health Services (UHS), : These are very small (less than 1% of the portfolio each) positions reduced this quarter.Note 1: Viking Global controls 5.6% of Abeona Therapeutics, 4.6% of Calithera Biosciences, 7.3% of Deciphera Pharmaceuticals, and 7.3% of Parsley Energy.Note 2: Regulatory filings since the quarter ended show Viking Global owning 2.98M shares (9.5% of the business) of aTyr Pharma. This is compared to 1.38M shares in the 13F report.Kept Steady:Encana Corp. (ECA): ECA is now the largest 13F position at 7.65% of the portfolio. The vast majority of the stake was purchased in Q1 2016 at prices between $3 and $6. Q1 2017 saw a ~11% trimming at prices between $10 and $14 and that was followed with another ~8% trimming in the following quarter at prices between $8 and $12. Last quarter saw the pattern reverse: ~30% stake increase at prices between $8.40 and $11.80. The stock is now at $10.59.Note: Viking Global owns ~9.6% of Encana.Editas Medicine (EDIT): EDIT is a minutely small 0.32% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 37.2M shares (~61% of the business) of Myovant Sciences (MYOV), 16M shares (~29% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (~70% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q4 2017:Regulatory Filings thru 11/19/2017: 13G – 10/26 – Parsley Energy – 17.8M shares – 7.2% of business. 13D/A, Form 4 – 10/17 – Arbutus Biopharma – 16M shares – 29.1% of business, 500K shares in $100 converts @ 7.19 purchased. 13G – 10/11 – Deciphera Pharma – 2.5M shares – 8.1% of business. 13G – 10/2 – Abeona Therapeutics – 2.24M shares – 5.6% of business. 13G – 9/11 – aTYR Pharma – 2.9M shares – 9.5% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2017 Update"

"Halvorsen's 13F portfolio value increased from $14.85B to $15.44B. The number of positions increased from 53 to 59.Viking Global more than doubled stakes in Alphabet & Netflix while reducing Facebook and Microsoft.The top three positions are Alphabet, Encana, and Visa.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/14/2017. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Halvorsen’s US long portfolio value increased ~4% from $14.85B to $15.44B. The number of holdings increased from 53 to 59. Largest five individual stock positions are Alphabet Inc., Encana Corp, Visa Inc., Facebook Inc., and Microsoft Corporation and they add up to one-third of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Toronto Dominion (TD) and United Technologies (UTX): These are medium sized positions purchased this quarter. TD is a 3.51% portfolio stake established at prices between $50 and $56.60 and the stock currently trades just above that range at $57.65. The 3.14% UTX position was purchased at prices between $110 and $124 and it is now at $116.Note: United Technologies is back in the portfolio after a quarter’s gap.Autodesk Inc. (ADSK): ADSK is a 1.77% portfolio stake established this quarter at prices between $99 and $117 and the stock currently trades well above that range at $126.Parsley Energy (PE), Anheuser Busch Inbev (BUD), Bank of America (BAC), Verizon Communications (VZ), EQT Corp (EQT), Newell Brands (NWL), and Align Technology (ALGN): These are small (less than 1.5% of the portfolio each) new positions purchased this quarter.Note 1: Regulatory filings since the quarter ended show Viking Global owning 17.8M shares (7.2% of the business) of Parsley Energy. This is compared to 7.9M shares in the 13F report.Note 2: Bank of America is back in the portfolio after a quarter’s gap.Lincoln National (LNC), Albemarle Corp (ALB), Domino’s Pizza (DPZ), Equifax Inc. (EFX), Deciphera Pharmaceuticals (DCPH), Johnson Controls (JCI), Abeona Therapeutics (ABEO), Mohawk Industries (MHK), Spark Therapeutics (ONCE), Chubb Ltd (CB), and aTyr Pharma (LIFE): These are very small (less than 0.5% of the portfolio each) stakes established this quarter.Note 1: Regulatory filings since the quarter ended show Viking Global owning 2.9M shares (9.5% of the business) of aTyr Pharma. This is compared to 1.78M shares in the 13F report.Note 2: Viking Global controls 8.1% of Deciphera Pharmaceuticals and 5.6% of Abeona Therapeutics.Note 3: Lincoln National is back in the portfolio after a quarter’s gap.Stake Disposals:Lyondellbasell Industries (LYB): LYB is a 2.2% portfolio position first purchased in Q3 2016 at prices between $74.50 and $81 and increased by ~70% in the last two quarters at prices between $79 and $96. The position was disposed this quarter at prices between $83 and $100. The stock is now at $104.Aflac Inc. (AFL), Alibaba Group Holdings (BABA), and Transdigm Group (TDG): These are small (~1% of the portfolio each) positions purchased last quarter but disposed this quarter. AFL was a 1.12% stake purchased at prices between $72 and $79 and disposed at prices between $77 and $84. It now goes for $84.68. The 1% BABA position was established at prices between $107 and $144 and sold at prices between $141 and $180. It is now at $188. TDG was a 0.97% position purchased at prices between $219 and $273 and eliminated at prices between $250 and $288. It is currently at $267.BioMarin Pharmaceuticals (BMRN), DowDupont (DWDP) prev Dow Chemical, Expedia Inc. (EXPE), Extraction Oil & Gas (XOG), Humana Inc. (HUM), Kite Pharmaceuticals (KITE), Lowes Cos (LOW), Marsh & McLennan (MMC), Neuroderm Ltd. (NDRM), Norfolk Southern (NSC), and Zimmer Biomet (ZBH): These are very small (less than ~0.5% of the portfolio each) stakes disposed this quarter.Note: Neuroderm was acquired by Mitsubishi Tanabe Pharma (MTZXF) and that transaction closed in July. Gilead Sciences (GILD) acquired Kite Pharmaceuticals for $180 per share and that transaction closed last month.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is now the largest 13F position at 9.30% of the portfolio. It was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: There was a ~75% reduction last quarter at prices between $823 and $984 and that was followed with a ~115% increase this quarter at prices between $899 and $980. The stock is now at $1018. For investors attempting to follow Viking Global, GOOG is a good option to consider for further research.Encana Corp. (ECA): ECA is a large (top three) 7.12% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. Q1 2017 saw a ~11% trimming at prices between $10 and $14 and that was followed with another ~8% trimming last quarter at prices between $8 and $12. This quarter saw the pattern reverse: ~30% stake increase at prices between $8.40 and $11.80. The stock is now at $11.63.Note: Viking Global owns ~9.6% of Encana.Visa Inc. (V): The large (top three) ~7% V stake was purchased in H2 2016 at prices between $74 and $83. Q1 2017 had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase last quarter at prices between $89 and $97 and that was followed with another ~30% increase this quarter at prices between $93 and $106. The stock is now at $110.Netflix Inc. (NFLX): NFLX is a 4.60% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 & Q3 2016 saw a two-thirds reduction at prices between $85 and $112 while the following quarter saw a ~150% increase at prices between $98.50 and $128. That trading pattern continued over the last two quarters: ~72% reduction last quarter at prices between $140 and $166 followed with a ~135% increase this quarter at prices between $146 and $189. The stock is now at $194.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase in Q3 2016 at prices between $129 and $156. Q4 2016 saw the position reduced by one-third at prices between $140 and $156. Q1 2017 saw another about-turn: ~37% increase at prices between $141 and $155. There was a ~42% selling last quarter at prices between $147 and $161 and that was followed with a ~90% increase this quarter at prices between $151 and $169. The stock is now at $168 and the stake is at 3.73% of the portfolio.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Lennar Corporation (LEN): LEN is a 3.25% position purchased in Q1 2017 at prices between $43 and $53 and increased by ~80% this quarter at prices between $50 and $55. The stock is now above those ranges at $59.12.MasterCard Inc. (MA): MA was a minutely small stake as of last quarter. This quarter saw a ~9x stake increase to a ~2% portfolio stake at prices between $121 and $143. The stock currently trades at ~$150.Raymond James (RJF): RJF is a 1.75% position purchased last quarter at prices between $72 and $81 and increased by ~235% this quarter at prices between $75 and $85. The stock is now at $84.72.Dentsply Sirona (XRAY) and Jazz Pharmaceuticals (JAZZ): These two small positions saw large increases in the last two quarters. The 1.38% XRAY stake saw a two-thirds increase last quarter and a ~150% increase this quarter at prices between $53 and $66. The stock currently trades at $66.43. JAZZ is a ~1% position that saw a 400% increase last quarter at prices between $141 and $162. This quarter also saw a ~20% increase. The stock is now at $136.Anthem Inc. (ANTM), Calithera Biosciences (CALA), Fleetcor Tech. (FLT), HDFC Bank (HDB), Molina Healthcare (MOH), and NuVasive Inc. (NUVA): These are very small (less than ~1% of the portfolio each) stakes that saw increases this quarter.Note: Viking Global owns 7.4% of Calithera Biosciences.Stake Decreases:Facebook Inc. (FB): FB is a large (top five) ~5% of the 13F portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. There was a ~60% reduction last quarter at prices between $139 and $155 and that was followed with another ~30% selling this quarter at prices between $148 and $174. The stock is now at ~$179. Viking Global is harvesting gains.Microsoft Corporation (MSFT): MSFT is a large (top five) ~5% position. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase the following quarter at prices between $62 and $66. Last quarter saw the pattern reverse: one-third selling at prices between $65 and $72.50 and that was followed with another ~50% reduction this quarter at prices between $68 and $75.50. The stock is now at $82.53.Broadcom Ltd. (AVGO) previously Avago: AVGO is a 3.39% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. Q1 2017 saw a ~20% selling at prices between $174 and $227 and that was followed with another one-third reduction this quarter at prices between $230 and $257. The stock currently trades at $275. Viking Global is realizing gains.United Health (UNH): UNH is a 2.67% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. Last two quarters have seen a ~40% selling at prices between $164 and $200. The stock is now at $210.Deere & Co. (DE): DE is ~2.5% portfolio stake. A large position was established in Q4 2016 at prices between $85 and $104 and increased by ~55% the following quarter at prices between $103 and $111. Last two quarters have seen a combined ~80% reduction at prices between $108 and $132. It now goes for $137.Amazon.com Inc. (AMZN): AMZN is a ~2.5% of the US long portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Recent activity follow: Last four quarters saw a combined ~85% selling at prices between $739 and $1026. The stock currently trades at $1126. Halvorsen is harvesting gains.Salesforce.com (CRM): CRM ~2% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% last quarter at prices between $82 and $91. There was a ~25% selling this quarter at prices between $86 and $98. The stock currently trades at $107.Twenty First Century Fox (FOXA): The 1.75% FOXA position was purchased in Q4 2016 at prices between $24 and $29 and increased by roughly two-thirds the following quarter at prices between $28.50 and $32.50. There was a ~55% reduction this quarter at prices between $25.50 and $30. The stock currently trades at $30.66.Rice Energy (RICE): The 1.36% RICE stake was first purchased in Q2 2016 at prices between $13.50 and $22. The position has wavered since. Q1 2017 saw a ~55% increase at prices between $18.50 and $24 while last quarter saw a one-third reduction at prices between $19 and $27. There was another ~40% selling this quarter at prices between $25 and $29.Note: EQT Corporation (EQT) acquired Rice Energy ($5.30 cash and 0.37 EQT shares for each share held) and that transaction closed last week.JD.com (JD): JD is now a very small ~0.90% of the US long portfolio position. The original large (~38M shares) position was established in 2016 at prices between $20 and $32.50. Last three quarters saw the position reduced by ~90% at prices between $25 and $48. The stock is currently at $39.20. Viking Global harvested huge gains.Cabot Oil & Gas (COG): The original position (~36M shares) in COG was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last four quarters saw a combined ~90% selling at prices between $20 and $27. The stock is now at $29.01.Wells Fargo (WFC): WFC was a large 4.6% of the portfolio stake established last quarter at prices between $51 and $56 and sold down by ~85% this quarter to a very small 0.70% portfolio stake at prices between $49.50 and $56. The stock is now at $54.05.Anadarko Petroleum (APC), AveXis Inc. (AVXS), D R Horton Inc. (DHI), GW Pharmaceuticals (GWPH), Parken Hannifin (PH), Shire plc (SHPG), Universal Health Services (UHS), and Walgreen Boots Alliance (WBA): These very small (less than ~1% of the portfolio each) positions saw reductions this quarter.Kept Steady:Liberty Media Formula One (FWONK): FWONK is a ~3% position purchased last quarter at prices between $27.50 and $35 and the stock is now at $38.58.Editas Medicine (EDIT): EDIT is a minutely small 0.27% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (~29% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (~70% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q3 2017:Regulatory Filings thru 8/18/2017: 13G/As – 7/10/2017 – RICE – 12M shares – 5.8% of business, ECA - 72.8M shares – 7.5% of business, CALA - 2.4M shares – 6.4% of business. 13D/As – 7/6/2017, 6/14/2017 – Axovant – 75M shares – 69.8% of business, Arbutus Biopharma – 16M shares – 29.1% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2017 Update"

"Halvorsen's 13F portfolio value decreased from $22.64B to $14.85B. The number of positions decreased from 62 to 53.Viking Global added Wells Fargo, increased Visa, and dropped Charles Schwab.The top three positions are Microsoft, Deere, and Facebook.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/14/2017. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Halvorsen’s US long portfolio value decreased ~34% from $22.64B to $14.85B. The number of holdings decreased from 62 to 53. Largest five individual stock positions are Microsoft Corporation, Deere & Company, Facebook Inc., Broadcom Ltd., and Visa and they add up to one-third of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Wells Fargo (WFC): WFC is a large 4.6% of the portfolio stake established this quarter at prices between $51 and $56 and the stock is now at $51.68. For investors attempting to follow Viking Global, WFC is a good option to consider for further research.Anadarko Petroleum (APC), Aflac Inc. (AFL), Alibaba Group Holdings (BABA), and Transdigm Group (TDG): These are small (~1% of the portfolio each) positions purchased this quarter. The 1.2% APC position was established at prices between $43.50 and $63 and the stock currently trades below that range at $42.17. AFL is a 1.12% stake purchased at prices between $72 and $79 and it now goes for $79.84. The 1% BABA position was established at prices between $107 and $144 and it is now well above that range at $168. TDG is a 0.97% position at prices between $219 and $273 and it is currently at $273.Molina Healthcare (MOH), Raymond James (RJF), Fleetcor Tech. (FLT), Norfolk Southern (NSC), Lowes Cos (LOW), Marsh & McLennan (MMC), Anthem Inc. (ANTM), Zimmer Biomet (ZBH), Kite Pharmaceuticals (KITE), Expedia Inc. (EXPE), and Neuroderm Ltd. (NDRM): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Charles Schwab (SCHW): SCHW was a ~2% stake established in Q4 2016 at prices between $31 and $40.50 and increased by roughly one-third last quarter at prices between $39 and $43.50. The disposal this quarter was at prices between $37.50 and $43. It is now at $39.51.Biogen Inc. (BIIB): BIIB saw a roughly 13-times increase in Q2 2016 at prices between $225 and $290. A third of that stake was sold in the following quarter at prices between $242 and $330 and that was followed with another ~10% trimming in Q4 2016. There was a two-third reduction last quarter at prices between $264 and $299 and the elimination this quarter was at prices between $247 and $287. The stock currently trades at ~$282.JPMorgan Chase (JPM): The ~1.5% JPM stake established last quarter at prices between $83 and $94 was sold this quarter at prices between $82 and $91. It currently trades at $90.74.Acadia Healthcare (ACHC), Adobe Systems (ADBE), Allergan plc (AGN), Bank of America (BAC), Chesapeake Energy (CHK), Centene Corp. (CNC), Coach Inc. (COH), Davita Inc. (DVA), Gulfport Energy (GPOR), Hartford Financial (HIG), Intercontinental Exchange (ICE), Incyte Corp. (INCY), Liberty Global (LBTYA)(LBTYK), Lincoln National (LNC), Patheon N V (PTI), Progressive Corp. (PGR), TJX Companies (TJX), Union Pacific (UNP), United Technologies (UTX), Western Digital (WDC), Walt Disney (DIS), and Wynn Resorts (WYNN): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.Note: Viking Global owned ~4.8% of Gulfport Energy as of last quarter.Stake Increases:Visa Inc. (V): The large (top five) ~5% V stake was purchased in H2 2016 at prices between $74 and $83. Last quarter had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase this quarter at prices between $89 and $97. The stock is now at $103.Twenty First Century Fox (FOXA): The 4.27% FOXA position was purchased at prices between $24 and $29 and increased by roughly two-thirds last quarter at prices between $28.50 and $32.50. The stock currently trades at $27.26. There was a ~10% further increase this quarter. For investors attempting to follow Viking Global, FOXA is a good option to consider for further research.Salesforce.com (CRM): CRM 2.76% portfolio position established last quarter at prices between $70.50 and $84. There was a ~80% stake increase this quarter at prices between $82 and $91 and the stock currently trades near the top end of those ranges at $90.76.Lyondellbasell Industries (LYB) and Universal Health Services (UHS): These two positions established in Q3 2016 were increased significantly in the last two quarters. LYB is a 2.2% portfolio position first purchased in Q3 2016 at prices between $74.50 and $81 and increased by ~70% this year at prices between $79 and $96. The stock is now at $87.34. The ~1.4% UHS stake saw a whopping ~500% increase this year at prices between $106 and $127. It now goes for $108.Parken Hannifin (PH): PH is a ~1.4% portfolio position established last quarter at prices between $140 and $160 and increased by ~280% this quarter at prices between $152 and $165. The stock currently trades at $155.AveXis Inc. (AVXS), Calithera Biosciences (CALA), Dentsply Sirona (XRAY), Extraction Oil & Gas (XOG), GW Pharmaceuticals (GWPH), HDFC Bank (HDB), Jazz Pharmaceuticals (JAZZ), NuVasive Inc. (NUVA), and Shire plc (SHPG): These very small (less than ~1% of the portfolio each) positions saw increases this quarter.Note: Viking Global owns 6.4% of Calithera Biosciences.Stake Decreases:Microsoft Corporation (MSFT): MSFT is the largest position at ~9% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase last quarter at prices between $62 and $66. This quarter saw the pattern reverse: one-third selling at prices between $65 and $72.50. The stock is now at $72.49.Deere & Co. (DE): DE is now a top-three ~8% portfolio stake. The position was established in Q4 2016 at prices between $85 and $104 and increased by ~55% last quarter at prices between $103 and $111. There was a one-third reduction this quarter at prices between $108 and $128. It now goes for $117.Facebook Inc. (FB): FB is Viking Global’s third-largest 13F stake at 6.29% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at ~$167. Q3 2016 saw a ~7% trimming and that was followed with another ~17% selling last quarter at prices between $117 and $143. There was a ~60% reduction this quarter at prices between $139 and $155. Viking Global is harvesting gains.Broadcom Ltd. (AVGO) previously Avago: AVGO is a top five 5.25% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $249. Last quarter saw a ~20% selling at prices between $174 and $227 and that was followed with a ~6% trimming this quarter. Viking Global is realizing gains.Encana Corp. (ECA): ECA is a fairly large 4.31% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. Last quarter saw a ~11% trimming at prices between $10 and $14 and that was followed with another ~8% trimming this quarter at prices between $8 and $12. The stock is now at $9.17. Viking Global is starting to harvest huge gains.Note: Viking Global owns ~7.5% of Encana.Alphabet Inc. (GOOG) (GOOGL): GOOG is a fairly large 13F position at 4.27% of the portfolio. It was established in Q3 2014 at prices between $563 and $596. H1 2015 saw a huge ~425% increase at prices between $493 and $575. Q4 2015 & Q1 2016 saw a combined ~40% reduction at prices between $608 and $777. Q3 2016 saw the pattern reverse again: ~15% increase at prices between $692 and $787. The stock currently trades at $911. There was a minor ~5% trimming in Q4 2016 and that was followed with a ~14% selling last quarter at prices between $786 and $852. There was another ~73% reduction this quarter at prices between $823 and $984. Viking Global is harvesting huge gains.Amazon.com Inc. (AMZN): AMZN is a ~4% of the US long portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Q4 2016 saw a ~45% reduction at prices between $719 and $844 and that was followed with another one-third selling last quarter at prices between $753 and $887. This quarter saw a ~44% further reduction at prices between $885 and $1011. The stock currently trades at $959. Halvorsen is harvesting gains.United Health (UNH): UNH is a ~3.3% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% last quarter at prices between $158 and $172. There was a ~27% selling this quarter at prices between $164 and $187. The stock is now at $191.JD.com (JD): JD is a 2.41% of the US long portfolio position established in H1 2016 at prices between $20 and $32.50. H2 2016 saw a two-thirds increase at prices between $20 and $28. The stock is now well above that range at $40.13. There was a ~12% trimming last quarter at prices between $25.50 and $32. This quarter saw another ~73% reduction at prices between $31 and $43. Viking Global is harvesting huge gains.Cabot Oil & Gas (COG): The 2.39% COG position was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last three quarters saw a combined ~60% selling at prices between $20 and $26. The stock is now at $24.39.Note: Viking Global owns ~3.5% of Cabot Oil & Gas.Rice Energy (RICE): The ~2% RICE stake was first purchased in Q2 2016 at prices between $13.50 and $22. The position has wavered since. Last quarter saw a ~55% increase at prices between $18.50 and $24 while this quarter saw a one-third reduction at prices between $19 and $27. The stock is now at $26.32.Note: Viking Global owns ~5.8% of Rice Energy.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase to a 2.37% portfolio position (3.6M shares) in Q3 2016 at prices between $129 and $156. Q4 2016 saw the position reduced by one-third at prices between $140 and $156. Last quarter saw another about-turn: ~37% increase at prices between $141 and $155. There was a ~42% selling this quarter at prices between $147 and $161. The stock is now at $152 and the stake is at ~2%.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The next five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Lennar Corporation (LEN): LEN is a 1.93% position purchased last quarter at prices between $43 and $53 and the stock is now at $51.88. There was marginal trimming this quarter.Netflix Inc. (NFLX): NFLX is a 1.69% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 2016 saw a ~22% reduction at prices between $85 and $112 and that was followed with another ~60% selling in the following quarter at prices between $85 and $100. Q4 2016 saw the pattern reverse: ~150% increase at prices between $98.50 and $128. The stock currently trades at $167. This quarter saw a ~72% reduction at prices between $140 and $166.Walgreen Boots Alliance (WBA): WBA was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $54 and $69. The position had wavered since and by Q3 2016, the position was almost sold out. The pattern reversed again in Q4 2016 as the stake was rebuilt to a ~3% portfolio stake at prices between $77 and $88. There was another ~50% increase last quarter at prices between $80.50 and $88. This quarter saw a ~75% reduction at prices between $76 and $86.50. The stock currently trades at $80.03 and the stake is now at 1.59%.D R Horton Inc. (DHI): The 1.2% DHI position was purchased last quarter at prices between $27.50 and $34. The stock is now at $35.69. There was a ~15% trimming this quarter.BioMarin Pharmaceuticals (BMRN), Dow Chemical (DOW), Humana Inc. (HUM), and MasterCard Inc. (MA): These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Note: In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Kept Steady:Liberty Media Formula One (FWONK): FWONK is a ~3% position purchased last quarter at prices between $27.50 and $35 and the stock is now at $34.20.Editas Medicine (EDIT): EDIT is a minutely small 0.19% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (~29% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (~70% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q2 2017:Regulatory Filings thru 5/22/2017: 13G - 3/20 - GPOR - 9.1M shares - 5.8%."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2017 Update"

"Halvorsen's 13F portfolio increased from $22B to $22.64B. The number of positions increased from 60 to 62.Viking Global increased Deere, Walgreens Boots Alliance, and Microsoft while reducing Amazon.com, Dow Chemical, and Cabot Oil & Gas.The top three positions are Facebook Inc., Alphabet Inc., and Microsoft Corporation.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/15/2017. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Halvorsen’s US long portfolio increased ~3% from $22B to $22.64B. The number of holdings increased from 60 to 62. Largest five individual stock positions are Facebook Inc., Alphabet Inc., Microsoft Corporation, Deere & Company, and JD.com and they add up to ~40% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Liberty Media Formula One (FWONK), JPMorgan Chase (JPM), and Lennar Corporation (LEN): These are small (less than ~2% of the portfolio each) new stakes established this quarter. FWONK is a 1.86% position purchased at prices between $27.50 and $35 and the stock is now at $30.95. The ~1.5% JPM stake was established at prices between $83 and $94 and it currently trades near the low-end of that range at $84.70. LEN is a 1.26% position purchased at prices between $43 and $53 and the stock is now at $52.45.D R Horton Inc. (DHI) and Salesforce.com (CRM): DHI and CRM are very small ~1% portfolio stakes established this quarter. The 0.91% DHI position was purchased at prices between $27.50 and $34 and the stock is now at $33.91. CRM is a 0.97% stake established at prices between $70.50 and $84 and the stock currently trades well above that range at $88.94.Hartford Financial (HIG), Allergan plc (AGN), Parken Hannifin (PH), Lincoln National (LNC), HDFC Bank (HDB), Acadia Healthcare (ACHC), Coach Inc. (COH), AveXis Inc. (AVXS), Jazz Pharmaceuticals (JAZZ), Calithera Biosciences (CALA), Davita Inc. (DVA), Patheon N V (PTI), and Adobe Systems (ADBE): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Note: Viking Global owns 6.5% of Calithera Biosciences.Stake Disposals:Constellation Brands (STZ): STZ stake was a 2.74% of the portfolio position as of last quarter. The original minutely small position saw an almost ~500% increase in Q3 2016 at prices between $161 and $168 and that was followed with a ~50% increase last quarter at prices between $145 and $171. The stock currently trades at $184. The entire position was disposed of this quarter at prices between $147 and $165. The quick about-turn indicates a bearish bias.T-Mobile US (TMUS): The 2.20% TMUS position saw a 4-times increase in Q2 2016 at prices between $38 and $44. Last quarter saw a ~40% selling at prices between $45 and $59 and the elimination this quarter happened at prices between $56.50 and $65. The stock is currently at $67.22.Alibaba Group Holding (BABA), AstraZeneca plc (AZN), Eaton Corp. (ETN), Emerson Electric (EMR), Envision Healthcare (EVHC), 58.com (WUBA), and Range Resources (RRC): These are small (less than ~1% of the portfolio each) stakes that were disposed of this quarter.Allstate Corporation (ALL), Arch Coal Inc. (ARCH), Illumina Inc. (ILMN), Manulife Financial (MFC), Marsh & McLennan (MMC), Teck Resources (TCK), and VCA Inc. (WOOF): These are minutely small (less than ~0.5% of the portfolio each) stakes established last quarter but sold out this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three ~9% portfolio stake established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. There was another ~60% increase last quarter at prices between $57 and $64 and that was followed with a one-third increase this quarter at prices between $62 and $66. The stock is now at $68.45.Deere & Co. (DE): DE is now a top-five ~7% portfolio stake. The position was established last quarter at prices between $85 and $104 and increased by ~55% this quarter at prices between $104 and $111. It now goes for $122.Walgreen Boots Alliance (WBA): WBA was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $54 and $69. The position had wavered since and by Q3 2016, the position was almost sold out. The pattern reversed again last quarter as the position was rebuilt to a ~3% portfolio stake at prices between $77 and $88. There was another ~50% increase this quarter at prices between $80.50 and $88. The stock currently trades at $81.34 and the stake is now fairly large at 4.55%. For investors attempting to follow Viking Global, WBA is a good option to consider for further research.United Health (UNH) and Twenty First Century Fox (FOXA): These two positions were established last quarter and increased substantially this quarter. UNH is a ~2.7% portfolio stake established at prices between $134 and $164 and increased by ~62% this quarter at prices between $158 and $172. The stock is now at $175. The ~3% FOXA position was purchased at prices between $24 and $29 and increased by roughly two-thirds this quarter at prices between $28.50 and $32.50. The stock currently trades at $27.26. For investors attempting to follow Viking Global, FOXA is a good option to consider for further research.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase to a 2.37% portfolio position (3.6M shares) in Q3 2016 at prices between $129 and $156. Last quarter saw the position reduced by one-third at prices between $140 and $156. This quarter saw another about-turn: ~37% increase at prices between $141 and $155. The stock is now at $157 and the stake is at ~2%.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The next five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Charles Schwab (SCHW): SCHW is a ~2% stake established last quarter at prices between $31 and $40.50 and increased by roughly one-third this quarter at prices between $39 and $43.50. It is now at $38.52.Rice Energy (RICE): The ~2% RICE stake was first purchased in Q2 2016 at prices between $13.50 and $22. The position has wavered since. This quarter saw a ~55% increase at prices between $18.50 and $24. The stock is now at $21.42.Note: Viking Global owns ~8.6% of Rice Energy.Centene Corp. (CNC), Extraction Oil & Gas (XOG), Gulfport Energy (GPOR), Intercontinental Exchange (ICE), Lyondellbasell Industries (LYB), NuVasive Inc. (NUVA), Progressive Corp. (PGR), Universal Health Services (UHS), United Technologies (UTX), and Western Digital (WDC): These are small positions (less than ~1% of the portfolio each) that saw increases this quarter.Note: Viking Global owns ~4.8% of Gulfport Energy.Stake Decreases:Facebook Inc. (FB): FB is Viking Global’s largest 13F stake at ~10% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at ~$148. Q3 2016 saw a ~7% trimming and that was followed with another ~17% selling this quarter at prices between $117 and $143.Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F position at 9.52% of the portfolio. It was established in Q3 2014 at prices between $563 and $596. H1 2015 saw a huge ~425% increase at prices between $493 and $575. Q4 2015 & Q1 2016 saw a combined ~40% reduction at prices between $608 and $777. Q3 2016 saw the pattern reverse again: ~15% increase at prices between $692 and $787. The stock currently trades at $942 There was a minor ~5% trimming last quarter and that was followed with a ~14% selling this quarter at prices between $786 and $852.JD.com (JD): JD is a top-five 4.70% of the US long portfolio position established in H1 2016 at prices between $20 and $32.50. H2 2016 saw a two-thirds increase at prices between $20 and $28. The stock is now well above that range at $41.66. There was a ~12% trimming this quarter at prices between $25.50 and $32. Viking Global is starting to realize gains.Amazon.com Inc. (AMZN): AMZN is a fairly large ~4.4% of the US long portfolio position. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered since. Last quarter saw a ~45% reduction at prices between $719 and $844 and that was followed with another one-third selling this quarter at prices between $753 and $887. The stock currently trades at $971. Halvorsen is harvesting gains.Encana Corp. (ECA): ECA is a fairly large 4.22% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. This quarter saw a ~11% trimming at prices between $10 and $14. The stock is now at $11.28. Viking Global is starting to harvest huge gains.Note: Viking Global owns ~8.2% of Encana.Netflix Inc. (NFLX): NFLX is a ~4% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 2016 saw a ~22% reduction at prices between $85 and $112 and that was followed with another ~60% selling in the following quarter at prices between $85 and $100. Last quarter saw the pattern reverse: ~150% increase at prices between $98.50 and $128. The stock currently trades at $157. There was a ~9% trimming this quarter.Dow Chemical (DOW): The 3.85% DOW stake was purchased last quarter at prices between $52 and $59. This quarter saw a one-third reduction at prices between $57 and $65. The stock is now at $60.98.Note: In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Broadcom Ltd. (AVGO) previously Avago: AVGO is a ~3.5% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. There was a one-third stake increase in Q1 2016 primarily due to the acquisition of Broadcom Corporation that closed in January. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $238. This quarter saw a ~20% selling at prices between $174 and $227. Viking Global is realizing gains.Cabot Oil & Gas (COG): The ~2% COG position was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last two quarters saw a combined ~50% selling at prices between $20 and $26.50. The stock is now at $23.48.Note: Viking Global owns ~3.8% of Cabot Oil & Gas.Visa Inc. (V): The 1.72% V stake was purchased in H2 2016 at prices between $74 and $83. This quarter saw a ~12% trimming at prices between $80 and $90 and the stock is now at $93.31.Biogen Inc. (BIIB): BIIB saw a roughly 13-times increase in Q2 2016 at prices between $225 and $290. A third of that stake was sold in the following quarter at prices between $242 and $330 and that was followed with another ~10% trimming last quarter. There was a two-thirds selling this quarter at prices between $264 and $299. The stock currently trades at ~$250 and the stake is at ~1% of the portfolio.MasterCard Inc. (MA): MA was a ~2% of the US long portfolio position as of last quarter. The original stake was purchased in Q4 2011 at prices between $31 and $38 and the stake was sold down at much higher prices since. Q2 & Q3 2016 had seen a ~300% increase at prices between $87 and $102. There was a ~44% reduction last quarter at prices between $100 and $107 and the position was almost eliminated this quarter at prices between $105 and $113. The stock currently trades at ~$119. Viking Global harvested huge gains.Bank of America (BAC), BioMarin Pharmaceuticals (BMRN), Chesapeake Energy (CHK), Dentsply Sirona (XRAY), Extraction Oil & Gas (XOG), GW Pharmaceuticals (GWPH), Humana Inc. (HUM), Incyte Corp. (INCY), Liberty Global (LBTYA)(LBTYK), Shire plc (SHPG), TJX Companies (TJX), Union Pacific (UNP), Walt Disney (DIS), and Wynn Resorts (WYNN): These are very small (less than ~1% of the portfolio each) stakes that saw further reductions this quarter.Kept Steady:Editas Medicine (EDIT): EDIT is a minutely small 0.17% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (29.3% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (75.6% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q1 2017:Regulatory Filings thru 2/23/2017: 13G - 2/21/2017 - CALA - 1.6M shares - 7.8%. 13G/A Filings on 2/14/2017: CPN - 0, DYN - 0, RICE - 11.2M shares - 5.5%, KITE - 0, QUNR - 0, PXD - 0, LNG - 0, EDIT - 1.7M shares - 4.7%, ECA - 88.8M shares - 9.1%. GPOR - 6.3M shares - 4%, RRC - 3.1M shares - 1.3%. SWN - 0, COG - 27M shares - 5.8%. 13G/A - 2/10/2017 - MYOV - 37.2M shares - 61.8%."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2016 Update"

"Halvorsen's 13F portfolio decreased from $23.18B to $22B. The number of positions decreased from 62 to 60.Viking Global increased Microsoft while reducing Amazon.The top three positions are Alphabet Inc., Facebook Inc., and Microsoft Corporation.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/14/2017. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Halvorsen’s US long portfolio decreased ~5% from $23.18B to $22B. The number of holdings decreased from 62 to 60. Largest five individual stock positions are Alphabet Inc., Facebook Inc., Microsoft Corporation, Amazon.com, and Dow Chemical and they add up to ~37% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Dow Chemical (DOW) and Deere & Co. (DE): These are large new positions established this quarter. The 5.11% DOW stake was purchased at prices between $52 and $59 and the stock is now at $63.67. DE is a 4.36% position established at prices between $85 and $104 and it now goes for $110.Note: In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.United Health (UNH), Twenty First Century Fox (FOXA), and Charles Schwab (SCHW): These are small ~1.5% portfolio positions purchased this quarter. UNH is a 1.61% portfolio stake established at prices between $134 and $164 and the stock is now at $161. The 1.57% FOXA position was purchased at prices between $24 and $29 and the stock currently trades at $30.47. SCHW is a 1.45% stake established at prices between $31 and $40.50 and it is now at $41.62.Walt Disney (DIS) & Union Pacific (UNP): These are ~1% stakes established this quarter. The DIS position was purchased at prices between $91 and $106 and it currently trades at $110. UNP stake was established at prices between $88 and $106 and the stock is now at $109.Chesapeake Energy (CHK), Wynn Resorts (WYNN), Marsh & McLennan (MMC), Intercontinental Exchange (ICE), Dentsply Sirona (XRAY), Western Digital (WDC), Manulife Financial (MFC), Allstate Corporation (ALL), Progressive Corp. (PGR), United Technologies (UTX), Extraction Oil & Gas (XOG), NuVasive Inc. (NUVA), Illumina Inc. (ILMN), VCA Inc. (WOOF), Arch Coal Inc. (ARCH), and Teck Resources (TCK): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Note: Intercontinental Exchange and Marsh & McLennan are back in the portfolio after a quarter’s gap.Stake Disposals:Teva Pharmaceuticals (TEVA): TEVA was a fairly large position at 3.91% of the portfolio. The stake was established in Q3 2015 at prices between $55 and $72. The following quarter saw a ~180% increase at prices between $56 and $66 and that was followed with a one-third further increase in Q1 2016 at prices between $53.50 and $66. Q2 2016 saw a ~15% trimming at prices between $48.50 and $57. There was another ~30% selling last quarter at prices between $46 and $56 and the disposal this quarter was at prices between $35 and $46. The stock currently trades at $35.97.Air Products & Chemicals (APD): APD was a fairly large ~3% of the US long portfolio position. It was first purchased in the three quarters thru Q1 2015 at prices between $119 and $158. There was an about turn in Q2 2015: ~25% reduction at prices between $137 and $153. Q1 2016 saw a ~28% stake increase at prices between $116 and $145. The pattern reversed again last quarter: ~30% reduction at prices between $138 and $157. The elimination this quarter was at prices between $132 and $150. The stock currently trades at $140.Eli Lilly (LLY): LLY was a ~2% of the portfolio stake established in Q1 2016 at prices between $69 and $84. The following quarter saw a ~20% reduction at prices between $72 and $79 and that was followed with another roughly one-third reduction last quarter at prices between $77 and $83. The disposal this quarter was at prices between $66 and $83. The stock currently trades at $81.07.Anadarko Petroleum (APC), Calpine Corp. (CPN), Dynegy Inc. (DYN), and Southwestern Energy (SWN): These energy-related stocks were increased last quarter but disposed this quarter. Combined, they were at ~4% of the portfolio.Note: Viking Global had ownership stakes of ~6% of Calpine Corp and ~9.5% of Dynegy as of last quarter.Jazz Pharmaceuticals (JAZZ) and Sealed Air Corp. (SEE): These small positions (less than ~1% of the portfolio each) saw increases last quarter but were disposed of this quarter.American International Group (AIG), Eclipse Resources (ECR), and Kite Pharmaceuticals (KITE): These were very small (less than ~1% of the portfolio each) stakes that were decreased last quarter and disposed of this quarter.Amsurg Corporation (AMSG), Apple Inc. (AAPL), Dover Corp. (DOV), Home Depot (HD), Johnson Controls (JCI), Lowes Companies (LOW), Marriott Intl. (MAR), MetLife Inc. (MET), Pure Storage (PSTG), Salesforce.com (CRM), and Tesaro Inc. (TSRO): These very small stakes (less than ~1% of the portfolio each) established last quarter were disposed of this quarter.Stake Increases:Facebook Inc. (FB): FB is a top-three ~10% of the portfolio position. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at ~$136. Last quarter saw a ~7% trimming while this quarter saw a marginal increase.Microsoft Corporation (MSFT): MSFT is a top-three ~6% portfolio stake established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% last quarter at prices between $51 and $58.50. There was another ~60% increase this quarter at prices between $57 and $64. The stock is now at $64.36.Encana Corp. (ECA): ECA is a fairly large 4.74% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. Last two quarters have seen minor increases. The stock is now at $11.47.Note: Viking Global owns ~9% of Encana.JD.com (JD): JD is a 4.36% of the US long portfolio position established in Q1 2016 at prices between $22.50 and $32.50 and increased by almost 50% the following quarter at prices between $20 and $30. There was another ~20% increase last quarter at prices between $20 and $27 and that was followed with a ~40% increase this quarter at prices between $23.50 and $28. The stock is now at $30.47.Netflix Inc. (NFLX): NFLX is a 3.64% of the 13F portfolio stake. It was established in Q3 2015 at prices between $93 and $126 and increased by ~75% the following quarter at prices between $97 and $131. Q2 2015 saw a ~22% reduction at prices between $85 and $112 and that was followed with another ~60% selling last quarter at prices between $85 and $100. This quarter saw the pattern reverse: ~150% increase at prices between $98.50 and $128. The stock currently trades at $144.Walgreen Boots Alliance (WBA): WBA stake is now at ~3% of the portfolio. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $54 and $69. The next several quarters saw a ~40% selling at prices between $63 and $88. In Q2 2015, the pattern reversed: ~70% increase at prices between $83 and $93. It was a large ~8% portfolio stake at the time. The last four quarters saw the position almost sold out at prices between $75 and $87. The pattern reversed again this quarter as the position was rebuilt to a ~3% portfolio stake at prices between $77 and $88. The stock currently trades at $86.29.Constellation Brands (STZ): STZ stake is now at 2.74% of the portfolio. The original minutely small position saw an almost ~500% increase last quarter at prices between $161 and $168 and that was followed with a ~50% increase this quarter at prices between $145 and $171. The stock currently trades at ~$160. For investors attempting to follow Halvorsen, STZ is a good option to consider for further research.Visa Inc. (V), Liberty Global (LBTYA)(LBTYK), Eaton Corp. (ETN), BioMarin Pharma. (BMRN), Dentsply Sirona (XRAY), and Incyte Corp. (INCY): These are small starter positions (less than ~2% of the portfolio each) established last quarter and increased this quarter. The build-up indicates a bullish bias toward these businesses.Humana Inc. (HUM) and Shire plc (SHPG): These are small (less than ~1% of the portfolio each) stakes that were decreased last quarter but saw increases this quarter.Centene Corp. (CNC) and Alibaba Group Holding (BABA): These are minutely small positions (less than ~0.5% of the portfolio each) that saw increases this quarter. They are still too small to indicate a clear bias.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F position at 10.29% of the portfolio. It was established in Q3 2014 at prices between $563 and $596. H1 2015 saw a huge ~425% increase at prices between $493 and $575. Q4 2015 saw an about turn: ~20% reduction at prices between $608 and $777 and that was followed with another ~15% selling in Q2 2016 at prices between $668 and $767. Last quarter saw the pattern reverse again: ~15% increase at prices between $692 and $787. The stock currently trades at $831. There was a minor ~5% trimming this quarter.Amazon.com Inc. (AMZN): AMZN is a top five position at 5.54% of the US long portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. Q4 2015 saw a ~15% reduction at prices between $512 and $694 while the following quarter saw a one-third increase at prices between $482 and $676. There was a ~15% trimming over the last two quarters at prices between $586 and $772. This quarter saw another ~45% reduction at prices between $719 and $844. The stock currently trades at $856. Halvorsen is harvesting gains.Broadcom Ltd. (AVGO) previously Avago: AVGO is a fairly large 3.55% of the portfolio stake established in Q2 2015 at prices between $117 and $148. It was increased by ~46% in Q3 2015 at prices between $109 and $138. There was a one-third stake increase in Q1 2016 primarily due to the acquisition of Broadcom Corporation that closed in January. Last quarter saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $214. There was a minor ~3% trimming this quarter. Viking Global is realizing gains.Cabot Oil & Gas (COG), Gulfport Energy (GPOR), and Rice Energy (RICE): These energy-related stocks were increased this quarter. Combined, they are at ~5% of the portfolio.Note: Viking Global owns ~6% of Cabot Oil & Gas, ~5.5% of Rice Energy and ~4% of Gulfport Energy.Biogen Inc. (BIIB): BIIB saw a roughly 13-times increase in Q2 2016 at prices between $225 and $290. A third of that stake was sold last quarter at prices between $242 and $330 and that was followed with another ~10% trimming this quarter. The stock currently trades at ~$288 and the stake is at ~2.47% of the portfolio.T-Mobile US (TMUS): The TMUS position saw a 4-times increase in Q2 2016 at prices between $38 and $44. This quarter saw a ~40% selling at prices between $45 and $59. The stake is now at 2.20% of the portfolio and the stock is at $63.08.MasterCard Inc. (MA): MA is a ~2% of the US long portfolio position. The original stake was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. Recent activity follow: Q1 2015 saw a ~90% increase at prices between $81 and $93 while Q3 2015 saw a one-third decrease at prices between $87 and $98.50. The position was almost sold out in Q4 2015 at prices between $90 and $102. Q1 2016 saw a huge build-up: ~1100% increase at prices between $80.50 and $97.50. Last two quarters had seen another ~300% increase at prices between $87 and $102. There was a ~44% reduction this quarter at prices between $100 and $107. The stock currently trades at ~$109.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase to a 2.37% portfolio position (3.6M shares) last quarter at prices between $129 and $156. This quarter saw the position reduced by one-third at prices between $140 and $156. The stock is now at $153.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The next five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Bank of America (BAC), Lyondellbasell Industries (LYB), AstraZeneca plc (AZN), Emerson Electric (EMR), Universal Health Services (UHS): These are small starter positions (less than ~1% of the portfolio each) established last quarter but reduced substantially this quarter.GW Pharmaceuticals (GWPH), Envision Healthcare (EVHC), 58.com (WUBA), Range Resources (RRC): These are minutely small (less than ~0.5% of the portfolio each) stakes that saw further reductions this quarter.Kept Steady:Editas Medicine (EDIT): EDIT is a minutely small 0.13% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 1.6M shares (~8% of business) of Calithera Biosciences (CALA), 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (29.3% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (75.6% of the business) of Axovant Sciences Ltd (AXON). The latter three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q4 2016:Regulatory Filings thru 11/14/2016: Form 3 - 10/26/2016 - MYOV - 37.2M shares. The position came about because of the acquisition of Roivant Sciences in December 2015 - Roivant held 37.2M shares of Myovant Sciences.13G/D/A & Form 3/4 Filing thru 8/22/2016: ABUS - 7/13/2016 Form 3, 13D - 16M shares - 29.3%. AXON - 7/13/2016 Form 3, 13/D - 75M shares - 75.6%. CPN - 7/5/2016 13G - 20.54M shares - 5.4%."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2016 Update"

"Halvorsen's 13F portfolio decreased from $23.54B to $23.18B. The number of positions increased from 55 to 62.Viking Global increased Alphabet Inc. while reducing Broadcom and Teva Pharmaceuticals. Also, several positions in the energy sector saw large increases.The top three positions are Amazon.com, Alphabet Inc., and Facebook Inc.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/14/2016. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2016.This quarter, Halvorsen’s US long portfolio decreased ~2% from $23.54B to $23.18B. The number of holdings increased from 55 to 62. Largest five individual stock positions are Amazon.com, Alphabet Inc., Facebook Inc., Cabot Oil & Gas, and Encana and they add up to ~39% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Amsurg Corporation (AMSG), Apple Inc. (AAPL), AstraZeneca plc (AZN), Bank of America (BAC), BioMarin Pharma. (BMRN), Dentsply Sirona (XRAY), Dover Corp. (DOV), Eaton Corp. (ETN), Emerson Electric (EMR), Home Depot (HD), Incyte Corp. (INCY), Johnson Controls (JCI), Liberty Global (LBTYA)(LBTYK), Lowes Companies (LOW), Lyondellbasell Inds. (LYB), Marriott Intl. (MAR), MetLife Inc. (MET), Pure Storage (PSTG), Salesforce.com (CRM), Tesaro Inc. (TSRO), Universal Health Services (UHS), and Visa Inc. (V): These are small starter positions (less than ~2% of the portfolio each) established this quarter.Stake Disposals:Allergan plc (AGN): AGN was a ~2% stake first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. Q1 2014 saw a 70% reduction at prices between $177 and $221 generating huge gains. The next six quarters saw a ~600% stake increase at prices between $203 and $317. It was a top stake at 7.5% of the portfolio at the time. Q4 2015 & Q1 2016 had seen a one-third reduction at prices between $266 and $323 and that was followed with another ~60% selling last quarter at prices between $202 and $278. The disposal of the remaining ~2% position this quarter was at prices between $230 and $260. The stock currently trades at $193.Note: Part of the increase last year was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Newell Brands (NWL): NWL was a ~2% stake purchased in Q1 2016 at prices between $33.50 and $45 and more than doubled last quarter at prices between $43.50 and $49.50. The position was sold this quarter at prices between $48 and $55. The stock is now at $48.17.Pioneer Natural Resources (PXD): PXD was a very small stake ~1% of the US long portfolio position as of last quarter. It was established over the first three quarters of 2014 at prices between $165 and $233. Q4 2015 saw a ~41% further increase at prices between $116 and $149. It was a ~5% portfolio stake at the time. The pattern reversed in Q1 2016: ~73% reduction at prices between $108 and $143 and that was followed with a ~46% selling last quarter at prices between $138 and $169. The disposal this quarter was at prices between $149 and $188. The stock is now at $186. Viking Global realized losses.Aetna Inc. (AET), Aon plc (AON), Cigna Corporation (CI), CTrip.com Intl. (CTRP), DaVita Healthcare (DVA), and Marsh & McLennan (MMC): These are very small (less than ~1% of the portfolio each) stakes that were disposed of this quarter.Cloud Peak Energy (CLD), HCA Holdings (HCA), Hartford Financial Services (HIG), Intercontinental Exchange (ICE), NRG Energy (NRG), Santander Consumer USA (SC), and Tyco International (TYC): These are small starter positions (less than ~1% of the portfolio each) established last quarter but eliminated this quarter. Although the relative sizing is small, Viking had a ~5% ownership stake in Cloud Peak Energy.Stake Increases:Anadarko Petroleum (APC), Cabot Oil & Gas (COG), Calpine Corp. (CPN), Dynegy Inc. (DYN), Encana Corp. (ECA), Gulfport Energy (GPOR), Rice Energy (RICE), and Southwestern Energy (SWN): These energy-related stocks were increased this quarter. Combined, they are at ~17% of the portfolio. COG and ECA are large (top five) ~4% portfolio stakes.Note: Viking Global owns ~6% of Calpine, ~9.5% of Dynegy, and ~7% of Rice Energy.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase to a 2.37% portfolio position (3.6M shares) this quarter at prices between $129 and $156. The stock is now at $149.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The next five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F position at 10.40%. It was established in Q3 2014 at prices between $563 and $596. H1 2015 saw a huge ~425% increase at prices between $493 and $575. Q4 2015 saw an about turn: ~18% reduction at prices between $608 and $777 and that was followed with another ~15% selling last quarter at prices between $668 and $767. This quarter saw the pattern reverse again: ~15% increase at prices between $692 and $787. The stock currently trades at $761.JD.com (JD): JD is a ~3% of the US long portfolio position established in Q1 2016 at prices between $22.50 and $32.50 and increased by almost 50% last quarter at prices between $20 and $30. There was another ~20% increase this quarter at prices between $20 and $27. The stock is now at $25.74. For investors attempting to follow Viking Global, JD is a good option to consider for further research.Mastercard Inc. (MA): MA is a 3.37% of the US long portfolio position. The original stake was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. Recent activity follow: Q1 2015 saw a 92% increase at prices between $81 and $93 while Q3 2015 saw a one-third decrease at prices between $87 and $98.50. The position was almost sold out in Q4 2015 at prices between $90 and $102. Q1 2016 saw a huge build-up: ~1100% increase at prices between $80.50 and $97.50. Last two quarters have seen another ~300% increase at prices between $87 and $102. The stock currently trades at $105.Constellation Brands (STZ): STZ stake is now at ~2% of the portfolio. The original minutely small position saw an almost ~500% increase this quarter at prices between $161 and $168. The stock currently trades at $155. For investors attempting to follow Halvorsen, STZ is a good option to consider for further research.Microsoft Corporation (MSFT): MSFT is a fairly large 3.40% portfolio stake established last quarter at prices between $48.50 and $56.50 and increased by ~140% this quarter at prices between $51 and $58.50. The stock is now above those ranges at $60.40.Centene Corp. (CNC), GW Pharmaceuticals (GWPH), Jazz Pharmaceuticals (JAZZ), and Sealed Air Corp. (SEE): These are small positions (less than ~1% of the portfolio each) that saw increases this quarter. They are still too small to indicate a clear bias.Stake Decreases:Air Products & Chemicals (APD): APD is a fairly large ~3% of the US long portfolio position. It was first purchased in the three quarters thru Q1 2015 at prices between $119 and $158. There was an about turn in the following quarter: ~25% reduction at prices between $137 and $153. Q1 2016 saw a ~28% stake increase at prices between $116 and $145. The pattern reversed again this quarter: ~31% reduction at prices between $138 and $157. The stock currently trades at $141.Amazon.com Inc. (AMZN): AMZN is the largest position at 10.58% of the US long portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. Q4 2015 saw a ~15% reduction at prices between $512 and $694 while the following quarter saw a one-third increase at prices between $482 and $676. There was a ~15% trimming over the last two quarters at prices between $586 and $772. The stock currently trades at $780. Halvorsen is starting to harvest gains.Broadcom Ltd. (AVGO) previously Avago: AVGO is a fairly large 3.39% of the portfolio stake established in Q2 2015 at prices between $117 and $148. It was increased by ~46% in Q3 2015 at prices between $109 and $138. There was a one-third stake increase in Q1 2016 primarily due to the acquisition of Broadcom Corporation that closed in January. This quarter saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $177. Viking Global realized gains.Biogen Inc. (BIIB): BIIB saw a roughly 13-times increase last quarter at prices between $225 and $290. A third of that stake was sold this quarter at prices between $242 and $330. The stock currently trades at $306 and the stake is at ~3% of the portfolio.Eli Lilly (LLY): LLY is a ~2% of the portfolio stake established in Q1 2016 at prices between $69 and $84. Last quarter saw a ~20% reduction at prices between $72 and $79 and that was followed with another roughly one-third reduction this quarter at prices between $77 and $83. The stock currently trades at $68.Facebook Inc. (FB): FB is a top-three 10.37% of the portfolio position. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at $121. Last quarter saw a marginal increase while this quarter saw a ~7% trimming.Netflix Inc. (NFLX): NFLX is a ~1% of the 13F portfolio stake established in Q3 2015 at prices between $93 and $126. It was increased by ~74% in Q4 2015 at prices between $97 and $131. Last quarter saw a ~22% reduction at prices between $85 and $112 and that was followed with another ~58% selling this quarter at prices between $85 and $100. The stock currently trades at $118.T-Mobile US (TMUS): The TMUS position saw a 4-times increase last quarter at prices between $38 and $44 and the stake is now at 2.77% of the portfolio. The stock currently trades well above that range at $54.34. There was a marginal reduction this quarter.Teva Pharmaceuticals (TEVA): TEVA is a fairly large position at 3.91% of the portfolio. The stake was established in Q3 2015 at prices between $55 and $72. The following quarter saw a ~180% increase at prices between $56 and $66 and that was followed with a one-third further increase in Q1 2016 at prices between $53.50 and $66. Last quarter saw a ~15% trimming at prices between $48.50 and $57. There was another ~30% selling this quarter at prices between $46 and $56. The stock currently trades at $38.11.Walgreen Boots Alliance (WBA) previously Walgreen Company: WBA stake is now minutely small at 0.41% of the portfolio. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $54 and $69. The next several quarters saw a ~40% selling at prices between $63 and $88. In Q2 2015, the pattern reversed: ~70% increase at prices between $83 and $93. It was a large ~8% portfolio stake at the time. The last four quarters saw the position almost sold out at prices between $75 and $87. The stock currently trades at $84.05.Alibaba Group Holding (BABA), American International Group (AIG), Eclipse Resources (ECR), Envision Healthcare (EVHC), 58.com (WUBA), Humana Inc. (HUM), Kite Pharmaceuticals (KITE), Range Resources (RRC), and Shire plc (SHPG): These are small (less than ~1.5% of the portfolio each) stakes that saw decreases this quarter.Kept Steady:Editas Medicine (EDIT): EDIT is a minutely small 0.10% portfolio stake kept steady this quarter.Note: Regulatory filings this year show Viking Global owning 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (29.3% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (75.6% of the business) of Axovant Sciences Ltd (AXON). The positions are indirectly held thru Roivant Sciences, whom they acquired last year.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q3 2016:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2016 Update"

"Halvorsen's 13F portfolio increased from $22.72B to $23.54B. The number of positions decreased from 62 to 55.Viking Global increased Biogen, DaVita, MasterCard, and Newell Brands while reducing Allergan, Aetna, and Walgreens Boots Alliance.The top three positions are Amazon.com, Facebook Inc., and Alphabet Inc.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/15/2016. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2016.This quarter, Halvorsen’s US long portfolio increased 3.63% from $22.72B to $23.54B. The number of holdings decreased from 62 to 55. Largest five individual stock positions are Amazon.com, Facebook Inc., Alphabet Inc., Broadcom Ltd., and Teva Pharmaceuticals and they add up to 40.25% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:American International Group (AIG), Centene Corp. (CNC), Cloud Peak Energy (CLD), GW Pharmaceuticals (GWPH), HCA Holdings (HCA), Hartford Financial Services (HIG), Intercontinental Exchange (ICE), Jazz Pharmaceuticals (JAZZ), Microsoft Corporation (MSFT), NRG Energy (NRG), Rice Energy (RICE), Santander Consumer USA (SC), and Tyco International (TYC): These are small starter positions (less than ~1% of the portfolio each) established this quarter. Although the relative sizing is small, Viking owns significant ownership stakes in the following businesses: ~4.8% of Cloud Peak Energy and ~8% of Rice Energy.Stake Disposals:Anthem Inc. (ANTM): The 2.97% of the 13F portfolio ANTM stake was first purchased in Q2 2015 at the high-150s price-range. The following quarters saw consistent buying at lower prices with the share count increasing from 1.9M to 6.7M shares. The pattern reversed last quarter: ~28% reduction at prices between $117 and $144. The disposal this quarter was at prices between $125 and $148. The stock is now at $130.Cheniere Energy (LNG): LNG was a 2.24% of the US long portfolio position as of Q4 2015. It was almost eliminated last quarter at prices between $23.65 and $38.47 and the remaining minor stake was disposed of this quarter. The original position was from Q3 2014 at prices between $70 and $84.29. The stake was increased by ~83% in Q4 2014 at prices between $61.90 and $80.03 and another 55% the following quarter at prices between $66.61 and $81.40. Q2 2015 saw a ~27% reduction at prices between $68.49 and $79.78 while the following quarter saw a ~15% increase at prices between $48.50 and $70.65. Q4 2015 saw another ~22% increase at prices between $35.87 and $54.02. The stock currently trades at $45. Viking realized losses from this position.Lyondellbasell Industries (LYB): LYB is a long-term stake first purchased in 2010. The original position was reduced by over one-third in Q3 2014 at prices between $97.65 and $115 and another 43% the following quarter at prices between $70.61 and $109. Q1 2015 saw an about-turn: ~90% increase at prices between $74.36 and $91.55. There was a further 39% increase the following quarter at prices between $87.80 and $106. Q3 2015 also saw a ~26% increase at prices between $77.25 and $104. The pattern reversed in Q4 2015: ~31% reduction at prices between $83 and $98. The position was almost eliminated last quarter at prices between $72.34 and $88.60 and the remaining stake was disposed this quarter. It currently trades at $79.87.Biomarin Pharmaceuticals (BMRN), Dexcom Inc. (DXCM), Hilton Worldwide (HLT), Home Depot (HD), Jarden Corp. (JAH), Medivation Inc. (MDVN), Metlife Inc. (MET), Progressive Corp. (PGR), and United Health Services (UHS): These are very small (less than ~0.5% of the portfolio each) stakes established last quarter but eliminated this quarter.Chubb Ltd. (CB), Akorn Inc. (AKRX), and Prudential Financial (PRU): These are small (less than ~1% of the portfolio each) positions that were increased last quarter but disposed of this quarter. The position sizes were too small to indicate a clear bias.Crown Castle International (CCI), Endo International plc (ENDP), Kansas City Southern (KSU), Laboratory Corp of America Holdings (LH), Pfizer Inc. (PFE), and Transdigm Group (TDG): These small stakes (less than ~1% of the portfolio each) were reduced last quarter and eliminated this quarter.Stake Increases:Air Products & Chemicals (APD): APD is a fairly large 4.19% of the US long portfolio position. It was first purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% the following quarter at prices between $119 and $149. Q1 2015 saw a further ~46% increase at prices between $139 and $158. In Q2 2015, the pattern reversed: ~25% reduction at prices between $137 and $153. Q4 2015 saw a ~9% further selling. There was a ~28% stake increase last quarter at prices between $116 and $145 and that was followed with a marginal increase this quarter. The stock currently trades at $156.Broadcom Ltd. (AVGO) previously Avago Technologies: AVGO is a top-five 6.75% of the portfolio stake established in Q2 2015 at prices between $117 and $148. It was increased by ~46% in Q3 2015 at prices between $109 and $138. The one-third stake increase last quarter was primarily due to the acquisition of Broadcom Corporation that closed in January. The stock is currently at $175. This quarter saw a minor increase.Facebook Inc. (FB): FB is a top-three 9.78% of the portfolio position. It was purchased last quarter at prices between $94 and $116 and the stock is now at $124. This quarter saw a marginal increase.JD.com (JD): JD is a 2.03% of the US long portfolio position established last quarter at prices between $22.88 and $32.27 and increased by almost 50% this quarter at prices between $20 and $30. The stock is now at $25.91.Mastercard Inc. (MA): MA is a 2.41% of the US long portfolio position. The original stake was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. Recent activity follow: Q1 2015 saw a 92% increase at prices between $80.74 and $92.81 while Q3 2015 saw a one-third decrease at prices between $86.82 and $98.41. The position was almost sold out in Q4 2015 at prices between $90 and $102. Last quarter saw the pattern reverse again: huge ~1100% increase at prices between $80.65 and $97.36. This quarter saw another ~180% increase at prices between $87 and $98. The stock currently trades at $95.22.Newell Brands (NWL) formerly Newell Rubbermaid: NWL is a 2.05% stake purchased last quarter at prices between $33.76 and $44.95 and more than doubled this quarter at prices between $43.42 and $49.46. The stock is currently at $53.80.Biogen Inc. (BIIB) and T-Mobile US (TMUS): These two stakes had large increases this quarter and they have become fairly large positions. BIIB saw a roughly 13-times increase at prices between $225 and $290 and the stake is now at 3.3% of the portfolio. The stock currently trades well above that range at $317. The TMUS position saw a 4-times increase at prices between $38.30 and $43.91 and the stake is now at 2.57% of the portfolio. The stock currently trades above that range at $46.27.Alibaba Group Holding (BABA), Anadarko Petroleum (APC), Aon plc (AON), Calpine Corp. (CPN), Cigna Corporation (CI), DaVita Healthcare (DVA), Dynegy Inc. (DYN), Eclipse Resources (ECR), Envision Healthcare (EVHC), 58.com (WUBA), Kite Pharmaceuticals (KITE), Marsh & McLennan (MMC), Range Resources (RRC), Shire plc (SHPG), and Sealed Air Corp. (SEE): These are small (less than ~2% of the portfolio each) stakes that saw increases this quarter.Note: Viking owns ~5.4% of Calpine, ~8% of Dynegy, and ~5% of Kite Pharmaceuticals. There was a slight increase in Calpine after the quarter ended.Stake Decreases:Allergan plc (AGN) previously Actavis: AGN was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase in Q4 2014 at prices between $217 and $270. Q1 2015 saw an additional one-third increase at prices between $255 and $317. Last two quarters had seen a one-third reduction at prices between $266 and $323. There was another ~60% selling this quarter at prices between $202 and $278. The stock currently trades at $253 and the position is now at 1.90% of the portfolio.Note: Part of the increase in Q1 2015 was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Amazon.com Inc. (AMZN): AMZN is the largest position at 9.97% of the US long portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. Q4 2015 saw a ~15% reduction at prices between $512 and $694 while last quarter saw a one-third increase at prices between $482 and $676. There was a minor ~5% selling this quarter. The stock currently trades at $757. Halvorsen is starting to harvest huge gains.Canadian Pacific Railway (CP): CP is a 0.54% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 & Q3 2014 saw a combined ~60% reduction at prices between $144 and $209. In Q4 2014, the pattern reversed as there was a stake doubling at prices between $175 and $215. Q1 2015 saw another ~53% increase at prices between $175 and $194. Q2 & Q3 2015 saw the pattern reverse again: ~40% reduction at prices between $134 and $162. Last quarter saw another ~43% reduction at prices between $104 and $135 and that was followed with a ~60% selling this quarter at prices between $121 and $150. The stock currently trades at $152.Eli Lilly (LLY): LLY is a medium-sized 3.14% of the portfolio stake established last quarter at prices between $69 and $84. This quarter saw a ~20% reduction at prices between $72.01 and $78.75. The stock currently trades at $79.06.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is the third-largest 13F position at 7.84%. It was established in Q3 2014 at prices between $563 and $596. Q1 2015 saw a huge 234% increase at prices between $493 and $575 and that was followed with another 57% increase the following quarter at prices between $524 and $565. Q4 2015 saw a ~18% reduction at prices between $608 and $777 and that was followed with another ~15% selling this quarter at prices between $668 and $767. The stock currently trades at $775. Halvorsen is harvesting gains.Netflix Inc. (NFLX): NFLX is a 2.44% of the 13F portfolio stake established in Q3 2015 at prices between $93 and $126. It was increased by ~74% in Q4 2015 at prices between $97 and $131. This quarter saw a ~22% reduction at prices between $85 and $112. The stock currently trades at $95.87.Pioneer Natural Resources (PXD): PXD is now a very small stake at 0.88% of the US long portfolio. It was established in Q1 2014 at prices between $165 and $205 and was increased by almost 150% the following quarter at prices between $181 and $233. Another two-thirds increase happened in Q3 2014 in the $195 to $232 price-range. Q4 2015 saw a ~41% further increase at prices between $116 and $149. The pattern reversed last quarter: ~73% reduction at prices between $108 and $143 and that was followed with a ~46% selling this quarter at prices between $138 and $169. The stock is now at $186. Viking Global realized losses.Teva Pharmaceuticals (TEVA): TEVA is a top-five position at 5.92% of the portfolio. The stake was established in Q3 2015 at prices between $55 and $72. The following quarter saw a ~182% increase at prices between $56 and $66 and that was followed with a one-third further increase last quarter at prices between $53.50 and $65.86. This quarter saw a ~15% trimming at prices between $48.52 and $57.25. The stock currently trades at $52.99. For investors attempting to follow Viking Global, TEVA is a good option to consider for further research.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 1.23% WBA stake was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. Q1 2015 saw a ~23% decrease at prices between $73.75 and $88.23. In Q2 2015, the pattern reversed: ~69% increase at prices between $82.93 and $92.62. Q4 2015 saw a ~45% reduction at prices between $79 and $95 and that was followed with another ~51% reduction last quarter at prices between $72.91 and $85.16. There was another ~45% selling this quarter at prices between $76.21 and $86.70. The stock currently trades at $82.59.Cabot Oil & Gas (COG) and Gulfport Energy (GPOR): These two energy-related stocks had large increases last quarter but were reduced this quarter: COG had a ~3% trimming while the GPOR stake was reduced by ~20%. The COG & GPOR stakes are now at 3.86% and 1.19% of the portfolio respectively.Aetna Inc. (AET), Constellation Brands (STZ), Editas Medicine (EDIT), and Humana Inc. (HUM): These are very small (less than ~0.5% of the portfolio each) stakes that saw further reductions this quarter.Kept Steady:Encana Corp. (ECA) and Southwestern Energy (SWN): These two energy-related stocks saw huge increases last quarter but were kept steady this quarter. ECA & SWN positions are currently at 2.67% & 2.01% of the portfolio respectively.CTrip.com Intl. (CTRP): CTRP is a small ~1% of the portfolio stake kept steady this quarter.Note: Regulatory filings earlier this month show Viking Global owning 16M shares (29.3% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (75.6% of the business) of Axovant Sciences Ltd (AXON).The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q2 2016:13G/D/A & Form 3/4 Filing thru 5/21/2016: DYN -5/13/2016 13G - 6.34M shares - 5.4%. RICE - 4/25/2016 13G - 10.13M shares - 6.5%. FDC - 4/15/2016 - Form 4 - not sure. KITE - 2/29/2016 - 13G - 2.44M shares - 5%.13G/D/A & Form 3/4 Filing thru 2/21/2016: CTRP - 2/16/2016 13G/A - 470.89K - 0.8%. FDC - 2/16/2016 13G - 21.75M shares - 10.8%. QUNR - 2/16/2016 13G/A - 25.57M shares - 6.7%. BRCM - 2/16/2016 13G/A - 33.75M shares - 6%. PXD - 2/16/2016 13G/A - 9.37M shares - 5.8%. LH - 2/16/2016 13G/A - 3.2M shares - 3.2%. KITE - 2/16/2016 13G/A - 2.21M shares - 4.6%. WLL - 2/16/2016 13G/A - 0. ESPR - 2/16/2016 13G/A - 0. EVHC - 2/16/2016 13G/A - 7.81M shares - 4.2%. SEE - 2/16/2016 13G/A - 0. KSU - 2/16/2016 13G/A - 375K shares - 0.3%. LNG - 2/16/2016 13G/A - 15.92M shares - 6.7%. ILMN - 2/16/2016 13G/A - 0. MHK - 2/16/2016 13G/A - 0. EDIT - 2/9/2016 4/A & 13G - 2.73M shares - 7.5%. ECA - 2/1/2016 13G - 54.82M shares - 6.5%. GPOR - 1/29/2016 13G - 7.9M shares - 7.3%. RRC - 1/25/2016 13G - 11.59M shares - 6.8%. SWN - 1/21/2016 13G - 35.5M shares - 9.2%. COG - 1/21/2016 13G - 30.85M shares - 7.5%."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2016 Update"

"Halvorsen's 13F portfolio decreased from $26.52B to $22.72B. The number of positions decreased from 64 to 62.Viking Global added Facebook, increased Teva Pharmaceuticals & Amazon.com and dropped Valeant Pharmaceuticals during the quarter.The top three positions are Alphabet Inc., Facebook Inc., and Amazon.com.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/16/2016. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2015.This quarter, Halvorsen’s US long portfolio decreased 14.35% from $26.52B to $22.72B. The number of holdings decreased from 64 to 62. Largest five individual stock positions are Alphabet Inc., Facebook Inc., Amazon.com, Teva Pharmaceuticals, and Broadcom Ltd. and they add up to 43.90% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Eli Lilly (LLY): LLY is a fairly large 3.73% of the portfolio stake established this quarter at prices between $69 and $84. The stock currently trades at $74.81.Facebook Inc. (FB): FB is a huge 10.11% of the portfolio position. It was purchased this quarter at prices between $94 and $116 and the stock is now at $117. It is Viking’s second-largest 13F stake.JD.com (JD): JD is a 1.76% of the US long portfolio position established this quarter at prices between $22.88 and $32.27. The stock is now near the low end of that range at $23.45.Newell Brands (NWL) formerly Newell Rubbermaid: NWL is a small 0.92% stake purchased this quarter at prices between $33.76 and $44.95 and the stock is currently at $47.14.Aon plc (AON), Biomarin Pharmaceuticals (BMRN), Cigna Corporation (CI), Constellation Brands (STZ), DaVita Healthcare (DVA), Dexcom Inc. (DXCM), Dynergy Inc. (DYN), Eclipse Resources (ECR), Editas Medicine (EDIT), Hilton Worldwide (HLT), Home Depot (HD), Jarden Corp. (JAH), Medivation Inc. (MDVN), Metlife Inc. (MET), Progressive Corp. (PGR), Sealed Air Corp. (SEE), T-Mobile US (TMUS), and United Health Services (UHS): These are very small (less than ~0.5% of the portfolio each) stakes were established this quarter.Note 1: Aon plc, Cigna Corporation, Constellation Brands, DaVita Healthcare, Hilton Worldwide, Metlife Inc., Sealed Air Corp., and T-Mobile US have all seen previous roundtrips in the portfolio.Note 2: A regulatory 13G filing on 5/13/2016 shows Viking owning 6.34M shares (5.4% of the business) of Dynergy Inc.Stake Disposals:Broadcom Corporation (BRCM): BRCM was a large (top three) 7.36% of the portfolio stake purchased in Q3 2015 at prices between $47.19 and $53.80 and increased by 43% last quarter at prices between $50 and $58. In May 2015, Avago agreed to acquire Broadcom in a cash-and-stock deal and the transaction closed in January thus eliminating the position.Priceline Group (PCLN): PCLN is a 1.89% of the US long portfolio position established last quarter at prices between $1237 and $1470. It was disposed of this quarter at prices between $974 and $1351. The stock currently trades at $1249.Valeant Pharmaceuticals (VRX): VRX was the third-largest position at 5.96% of the US long portfolio as of Q4 2014. The stake was reduced by ~55% the following quarter at prices between $143 and $205. Last quarter saw a ~56% increase at prices between $70 and $182. The elimination this quarter was at prices between $26 and $102. The stock currently trades at $27.56. It was a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20.McKesson Corp. (MCK), Nike Inc. (NKE), Qunar Cayman (QUNR), Textron Inc. (TXT), and Vertex Pharmaceuticals (VRTX): These small positions (less than ~2% of the portfolio each) were increased significantly last quarter. But the stakes were all sold out this quarter. The quick about-turn indicates a clear negative bias.Aflac Inc. (AFL), Dentsply Intl. (XRAY), Dover Corp. (DOV), Energy Transfer Equity LP (ETE), Monsanto Co. (MO), ProQR Therapeutics (PRQR), Sirona Dental (SIRO), and Wellcare Health Plans (WCG): These are very small stakes (less than 0.5% of the portfolio each) were eliminated this quarter.Bank of New York Mellon (BK) and Citigroup Inc. (C): These small stakes (less than ~1.5% of the portfolio each) were reduced last quarter and disposed of this quarter.Chipotle Mexican Grill (CMG), Halliburton Company (HAL), Kraft Heinz (HNZ), Legg Mason (LM), and McDonald’s Corporation (MCD): These very small (less than ~1% of the portfolio each) stakes established last quarter were sold out this quarter.Stake Increases:Air Products & Chemicals (APD): APD is a fairly large 4.38% of the US long portfolio position. It was first purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% the following quarter at prices between $119 and $149. Q1 2015 saw a further ~46% increase at prices between $139 and $158. In Q2 2015, the pattern reversed: ~25% reduction at prices between $137 and $153. Last quarter saw a ~9% further selling. There was a ~28% stake increase this quarter at prices between $116 and $145. The stock currently trades at $141.Amazon.com Inc. (AMZN): AMZN is a large (top three) 8.98% of the US long portfolio stake established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. Last quarter saw a ~15% reduction at prices between $512 and $694 while there was a one-third increase this quarter at prices between $482 and $676. The stock currently trades outside those ranges at $703. Halvorsen is sitting on huge gains.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is the largest 13F position at 10.35%. It was established in Q3 2014 at prices between $563 and $596. Q1 2015 saw a huge 234% increase at prices between $493 and $575 and that was followed with another 57% increase the following quarter at prices between $524 and $565. Last quarter saw a ~18% reduction at prices between $608 and $777. The stock currently trades at $710. This quarter saw marginal buying.Broadcom Ltd. (AVGO) previously Avago Technologies: AVGO is a large top-five 6.69% of the portfolio stake established in Q2 2015 at prices between $117 and $148. It was increased by ~46% in Q3 2015 at prices between $109 and $138. The one-third stake increase this quarter was primarily due to the acquisition of Broadcom Corporation that closed in January. The stock is currently at $147.Mastercard Inc. (MA): MA is a 0.81% of the US long portfolio position. The original position was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. Recent activity follow: Q1 2015 saw a 92% increase at prices between $80.74 and $92.81 while Q3 2015 saw a one-third decrease at prices between $86.82 and $98.41. The position was almost sold out last quarter at prices between $90 and $102. This quarter saw the pattern reverse again: huge ~1100% increase at prices between $80.65 and $97.36. The stock currently trades at $95.46.Netflix Inc. (NFLX): NFLX is a medium-sized 3.63% of the 13F portfolio stake established in Q3 2015 at prices between $93 and $126. It was increased by ~74% last quarter at prices between $97 and $131. The stock currently trades at $92.49. This quarter saw a marginal ~3% increase.Teva Pharmaceuticals (TEVA): TEVA is a top-five position at 7.77% of the portfolio. The stake was established in Q3 2015 at prices between $55 and $72. Last quarter saw a ~182% increase at prices between $56 and $66 and that was followed with a one-third further increase this quarter at prices between $53.50 and $65.86. The stock currently trades below the low end of those ranges at $51.94. For investors attempting to follow Viking Global, TEVA is a good option to consider for further research.Aetna Inc. (AET), CTrip.com Intl. (CTRP), and Kite Pharmaceuticals (KITE): These small stakes (less than ~2% of the portfolio each) were reduced last quarter but increased this quarter. AET saw a ~200% increase while CTRP was increased by ~80%. KITE had a marginal increase. AET, CTRP, and KITE are now at 1.91%, 1.25%, and 0.46% of the portfolio respectively.Note: Viking owns ~5% of KITE.Cabot Oil & Gas (COG), Encana Corp. (ECA), Gulfport Energy (GPOR), Range Resources (RRC), and Southwestern Energy (SWN): These four energy related stocks were very small positions as of last quarter. They saw huge increases this quarter and together they are now at ~10% of the 13F portfolio.Chubb Ltd. (CB), Akorn Inc. (AKRX), Calpine Corp. (CPN), 58.com (WUBA), Marsh & McLennan (MMC), and Prudential Financial (PRU): These are very small (less than ~1% of the portfolio each) positions that were increased this quarter. The position sizes are still too small to indicate a clear bias.Stake Decreases:Allergan plc (AGN) previously Actavis: AGN was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase in Q4 2014 at prices between $217 and $270. Q1 2015 saw an additional one-third increase at prices between $255 and $317. Last two quarters have seen a one-third reduction at prices between $266 and $323. The stock currently trades at $229.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders were to receive 11.3 shares of a new company (the new business will be domiciled in Ireland - tax inversion deal structure) for each share held. The deal was terminated last month due to government pressure.Note 2: Part of the increase in Q1 2015 was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Anthem Inc. (ANTM): The 2.97% of the 13F portfolio ANTM stake was first purchased in Q2 2015 at the high-150s price-range. The following quarters saw consistent buying at lower prices with the share count increasing from 1.9M to 6.7M shares. The pattern reversed this quarter: ~28% reduction at prices between $117 and $144. The stock is now at $136.Cheniere Energy (LNG): LNG was a 2.24% of the US long portfolio position as of last quarter. It was almost eliminated this quarter at prices between $23.65 and $38.47. The original stake was from Q3 2014 at prices between $70 and $84.29. The position was increased by ~83% in Q4 2014 at prices between $61.90 and $80.03 and another 55% the following quarter at prices between $66.61 and $81.40. Q2 2015 saw a ~27% reduction at prices between $68.49 and $79.78 while the following quarter saw a ~15% increase at prices between $48.50 and $70.65. Last quarter saw another ~22% increase at prices between $35.87 and $54.02. The stock currently trades at $33.85. Viking realized losses from this position.Canadian Pacific Railway (CP): CP is a 1.34% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and the following quarter saw another one-third decrease in the $180 to $209 price-range. In Q4 2014, the pattern reversed as there was a stake doubling at prices between $175 and $215. Q1 2015 saw another ~53% increase at prices between $175 and $194. Q2 2015 had seen a ~15% trimming and that pattern continued the following quarter with a ~21% reduction at prices between $134 and $162. This quarter saw another ~43% reduction at prices between $104 and $135. The stock currently trades at $129.Lyondellbasell Industries (LYB): LYB is a long-term stake first purchased in 2010. The original position was reduced by over one-third in Q3 2014 at prices between $97.65 and $115 and another 43% the following quarter at prices between $70.61 and $109. Q1 2015 saw an about-turn: ~90% increase at prices between $74.36 and $91.55. There was a further 39% increase the following quarter at prices between $87.80 and $106. Q3 2015 also saw a ~26% increase at prices between $77.25 and $104. The pattern reversed last quarter: ~31% reduction at prices between $83 and $98. The position was almost eliminated this quarter at prices between $72.34 and $88.60. It currently trades at $80.44.Pioneer Natural Resources (PXD): PXD is a 1.58% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds the following quarter in the $195 to $232 price-range. Last quarter saw a ~41% further increase at prices between $116 and $149. The pattern reversed this quarter: ~73% reduction at prices between $108 and $143. The stock is now at $164.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 2.33% WBA stake was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. Q1 2015 saw a ~23% decrease at prices between $73.75 and $88.23. In Q2 2015, the pattern reversed: ~69% increase at prices between $82.93 and $92.62. Last quarter saw a ~45% reduction at prices between $79 and $95 and that was followed with another ~51% reduction this quarter at prices between $72.91 and $85.16. The stock currently trades at $77.22.Alibaba Group Holding (BABA), Biogen Inc. (BIIB), Crown Castle International (CCI), Envision Healthcare (EVHC), Humana Inc. (HUM), Kansas City Southern (KSU), Laboratory Corp of America Holdings (LH), Shire plc (SHPG), and Transdigm Group (TDG): These small stakes (less than ~1% of the portfolio each) were reduced further this quarter.Anadarko Petroleum (APC), Endo International plc (ENDP), and Pfizer Inc. (PFE): These are very small (less than ~0.5% of the portfolio each) stakes established last quarter but reduced this quarter.Note: A regulatory 13G filing on 4/25/2016 shows Viking owning 10.13M shares (6.5% of the business) of Rice Energy (RICE).The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q1 2016:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2015 Update"

"Halvorsen's 13F portfolio increased marginally from $26.09B to $26.52B. The number of positions increased from 63 to 64.Viking Global increased Broadcom & Teva Pharmaceuticals and reduced Walgreens Boots Alliance during the quarter.The top three positions are Alphabet Inc., Broadcom Corporation, and Allergan plc.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/16/2016. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2015.This quarter, Halvorsen’s US long portfolio increased marginally from $26.09B to $26.52B. The number of holdings increased from 63 to 64. Largest five individual stock positions are Alphabet Inc., Broadcom Corporation, Allergan plc, Amazon.com, and Teva Pharmaceuticals and they add up to just 35.86% of the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Priceline Group (PCLN): PCLN is a 1.89% of the US long portfolio position established this quarter at prices between $1237 and $1470 and the stock currently trades at $1284.Anadarko Petroleum (APC), Cabot Oil & Gas (COG), Chipotle Mexican Grill (CMG), Endo International plc (ENDP), Halliburton Company (HAL), Kraft Heinz (HNZ), and Pfizer Inc. (PFE): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Note 1: A regulatory 13G filing on 1/21/2016 shows Viking Global owning 30.85M shares (7.5% of business) of Cabot Oil & Gas. This is compared to 13.41M shares in the 13F.Note 2: Pfizer is acquiring Allergan plc and Halliburton is acquiring Baker Hughes (BHI). Halvorsen has a top three stake in Allergan.Stake Disposals:American International Group (AIG): AIG was a 1.79% stake established in Q1 2015 at prices between $48.87 and $56.42. It was reduced to a minutely small 0.31% position in Q2 2015 at prices between $54.79 and $63.32. Last quarter, the stake was more than doubled at prices between $55.66 and $64.54. The elimination this quarter happened at prices between $57 and $64. The stock currently trades at $51.52.Illumina Inc. (ILMN): ILMN was Viking Global’s second-largest individual stock position at 6.12% of the US long portfolio as of Q1 2015. It was reduced by ~42% next quarter at prices between $182 and $221 and another ~64% last quarter at prices between $168 and $240. The position was eliminated this quarter at prices between $140 and $194. The bulk of the original stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $151.Mallinckrodt Ltd. (MNK): MNK was a 0.96% position sold out this quarter at prices between $53.41 and $76.66. The original stake is from Q1 2015 at prices between $94 and $133. It was increased by ~53% the following quarter at prices between $113 and $130. Last quarter saw a ~28% reduction at prices between $58 and $127. The stock currently trades at $64.73.Mohawk Industries (MHK): MHK was a 1.38% of the US long portfolio stake sold out this quarter at prices between $181 and $200. The position was established in Q1 2014 at prices between $133 and $150. The stake was doubled over the following two quarters at prices between $125 and $148. In Q4 2014 the pattern reversed as there was a 30% reduction at prices between $125 and $158. Last quarter saw a ~54% further reduction at prices between $176 and $211. The stock currently trades at $166. Viking Global harvested gains from this position.Sealed Air Corp. (SEE): SEE was a 1.54% of the US long portfolio stake as of last quarter. The bulk of the original purchase was in Q1 2015 at prices between $39.42 and $48.30. Last quarter saw a one-third reduction at prices between $45.78 and $55.40 and the elimination this quarter was at prices between $42.17 and $51.70. The stock currently trades at $43.29.Allstate Corp. (ALL), Ameriprise Financial (AMP), Davita Healthcare (DVA), eBay Inc. (EBAY), Eaton Corporation (ETN), Hilton Worldwide (HLT), Starwood Hotels & Resorts (HOT), and Whiting Petroleum (WLL): These small positions (less than ~1% of the portfolio each) were sold out during the quarter.Note: Marriott International (MAR) announced the acquisition of Starwood Hotels & Resorts in November 2015 in a stock-and-cash deal valued at ~$80 per share.Stake Increases:Anthem Inc. (ANTM) and Humana Inc. (HUM): These two positions were increased ~13% each this quarter and combined are at ~6.44% of the portfolio. There is very heavy M&A activity in the sector and both these names are involved: Aetna is set to acquire Humana and Anthem agreed to acquire Cigna in deals announced in July 2015.Avago Technologies (AVGO): AVGO is a medium-sized 4.03% of the portfolio stake established in Q2 2015 at prices between $117 and $148. It was increased by ~46% last quarter at prices between $109 and $138. The stock currently trades at $129. This quarter saw a ~6% further increase.Broadcom Corporation (BRCM): BRCM is a large (top three) 7.36% of the portfolio stake purchased last quarter at prices between $47.19 and $53.80 and increased by 43% this quarter at prices between $50 and $58. Halvorsen’s ownership stake is at 6%.Note: In May 2015, Avago agreed to acquire Broadcom in a cash-and-stock deal. The transaction closed last month.Cheniere Energy (LNG): LNG is a 2.24% of the US long portfolio position. It was established in Q3 2014 at prices between $70 and $84.29. The stake was increased by ~83% in Q4 2014 at prices between $61.90 and $80.03 and another 55% the following quarter at prices between $66.61 and $81.40. Q2 2015 saw a ~27% reduction at prices between $68.49 and $79.78 while last quarter saw a ~15% increase at prices between $48.50 and $70.65. This quarter saw another ~22% increase at prices between $35.87 and $54.02. The stock currently trades below the low end of their purchase price ranges at $29.37. Viking Global controls 6.7% of the business.Note: LNG is fairly popular with super investors. Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), Stephen Mandel (Lone Pine Capital), and Carl Icahn have large stakes.Pioneer Natural Resources (PXD): PXD is a fairly large 4.43% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds the following quarter in the $195 to $232 price-range. This quarter saw a ~41% further increase at prices between $116 and $149. The stock currently trades at $123. Viking Global controls 5.8% of the business.Valeant Pharmaceuticals (VRX): VRX was the third-largest position at 5.96% of the US long portfolio as of Q4 2014. The stake was reduced by ~55% the following quarter at prices between $143 and $205. This quarter saw a ~56% increase at prices between $70 and $182. The stock currently trades at $84.97 and the stake is at 2.99%. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20.Netflix Inc. (NFLX): NFLX is a medium-sized 3.38% of the 13F portfolio stake established last quarter at prices between $93 and $126. It was increased by ~74% this quarter at prices between $97 and $131. The stock currently trades below those ranges at $89.23.Teva Pharmaceuticals (TEVA): TEVA is a top-five position at 6.20% of the portfolio. The stake was established last quarter at prices between $55 and $72. This quarter saw a ~182% increase at prices between $56 and $66. The stock currently trades near the low end of those ranges at $56.63. For investors attempting to follow Viking Global, TEVA is a good option to consider for further research.McKesson Corp. (MCK), Nike Inc. (NKE), Qunar Cayman (QUNR), Textron Inc. (TXT), Transdigm Group (TDG), and Vertex Pharmaceuticals (VRTX): These small positions (less than ~2% of the portfolio each) were increased during the quarter.Note: A regulatory 13G filing on 2/16/2016 shows Viking Global owning 25.57M shares (6.7% of business) of Qunar Cayman. This is compared to 8.5M shares in the 13F.Stake Decreases:Allergan plc (AGN) previously Actavis: AGN was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase in Q4 2014 at prices between $217 and $270. Q1 2015 saw an additional one-third increase at prices between $255 and $317. This quarter saw a ~17% trimming. It is now Halvorsen’s third largest position at 7.04% of the portfolio. The stock currently trades at $275.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders will receive 11.3 shares of a new company (the new business will be domiciled in Ireland - tax inversion deal structure) for each share held. The deal is expected to close in H2 2016.Note 2: Part of the increase in Q1 2015 was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Air Products & Chemicals (APD): APD is a medium-sized 2.64% of the US long portfolio position. It was first purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% the following quarter at prices between $119 and $149. Q1 2015 saw a further ~46% increase at prices between $139 and $158. In Q2 2015, the pattern reversed: ~25% reduction at prices between $137 and $153. The stock currently trades at $132. This quarter saw a ~9% trimming.Note: The business has seen activist involvement: Bill Ackman (Pershing Square) has a huge stake.Amazon.com Inc. (AMZN): AMZN is a large (top three) 6.54% of the US long portfolio stake established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third last quarter at prices between $429 and $548. This quarter saw a ~15% reduction at prices between $512 and $694. The stock currently trades at $535.Canadian Pacific Railway (CP): CP is a 1.93% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and the following quarter saw another one-third decrease in the $180 to $209 price-range. In Q4 2014, the pattern reversed as there was a stake doubling at prices between $175 and $215. Q1 2015 saw another ~53% increase at prices between $175 and $194. Q2 2015 had seen a ~15% trimming and that pattern continued last quarter with a ~21% reduction at prices between $134 and $162. The stock currently trades at $126. This quarter saw a marginal further reduction.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is the largest 13F position at 8.72%. It was established in Q3 2014 at prices between $563 and $596. Q1 2015 saw a huge 234% increase at prices between $493 and $575 and that was followed with another 57% increase the following quarter at prices between $524 and $565. This quarter saw a ~18% reduction at prices between $608 and $777. The stock currently trades at $701. Halvorsen is starting to harvest gains from this position.Lyondellbasell Industries (LYB): LYB is a long-term stake first purchased in 2010. The original position was reduced by over one-third in Q3 2014 at prices between $97.65 and $115 and another 43% the following quarter at prices between $70.61 and $109. Q1 2015 saw an about-turn: ~90% increase at prices between $74.36 and $91.55. There was a further 39% increase the following quarter at prices between $87.80 and $106. Last quarter also saw a ~26% increase at prices between $77.25 and $104. The pattern reversed this quarter: ~31% reduction at prices between $83 and $98. It currently trades at $78.14 and the stake is now at 3.06%.Mastercard Inc. (MA): MA was a 1.87% of the US long portfolio position as of last quarter. It was almost sold out this quarter at prices between $90 and $102. The original position was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. Recent activity follow: Q1 2015 saw a 92% increase at prices between $80.74 and $92.81 while last quarter saw a one-third decrease at prices between $86.82 and $98.41. The stock currently trades at $86.80. Halvorsen harvested long-term gains from this position.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 4.10% WBA stake was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. Q1 2015 saw a ~23% decrease at prices between $73.75 and $88.23. In Q2 2015, the pattern reversed: ~69% increase at prices between $82.93 and $92.62. This quarter saw a ~45% reduction at prices between $79 and $95. The stock currently trades at $77.57.Aetna Inc. (AET), Alibaba Group Holding (BABA), Bank of New York Mellon (BK), Citigroup Inc. (C), Crown Castle International (CCI), CTrip.com Intl. (CTRP), Envision Healthcare (EVHC), Kansas City Southern (KSU), Kite Pharmaceuticals (KITE), and Laboratory Corp of America Holdings (LH): These small stakes (less than ~1% of the portfolio each) were reduced further this quarter. Viking Global has a 4.2% ownership stake in Envision Healthcare.Note: Regulatory 13G filings since the quarter ended show Viking Global owning significant ownership stakes in the following businesses: 21.75M shares (10.8% of business) of First Data Corporation (FDC), 54.82M shares (6.5% of business) of Encana Corporation (ECA), 7.9M shares (7.3% of business) of Gulfport Energy (GPOR), 11.59M shares (6.8% of business) of Range Resources (RRC), and 35.5M shares (9.2% of business) of Southwestern Energy (SWN).The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Aflac Inc. (AFL), Biogen Inc. (BIIB), Calpine Corporation (CPN), Dentsply Intl. (XRAY), Dover Corp. (DOV), Energy Transfer Equity (ETE), 58.com Inc. (WUBA), Akorn Inc. (AKRX), Legg Mason Inc. (LM), Marsh & McLennan (MMC), McDonalds’ Corp. (MCD), Monsanto Company (MON), Prudential Financial (PRU), Shire plc (SHPG), Sirona Dental Systems (SIRO), Wellcare Health Plans (WCG), ProQR Therapeutics (PRQR), and Chubb Limited (CB) previously Ace Ltd..The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q4 2015:13G/D/A & From 3/4 Filings after 8/15/2015: 13G 11/9/2015 BRCM - 29.7M shares - 5.3% of business. 13G 10/30/2015 PXD - 8.96M shares - 6% of business. Form 3 10/15/2015 FDC - 21.75M shares of Class B that converts to 6.88M shares of Class A upon registration (1:3.16091 reverse stock split). 13G 10/13/2015 LH - 5.4M shares - 5.3% of business. 13G 10/5/2015 KITE - 2.69M shares - 6.1% of business. 13G 8/31/2015 MNK - 5.73M shares - 4.9% of business.13G/13D/A filings: 7/17/2015 - 13G - QUNR - 10.16M shares - 6.5% of business, 7/17/2015 - 13G - CTRP - 1.68M shares - 5.2% of business, 7/13/2015 - 13G - WLL - Whiting Petroleum - 10.26M shares - 5% of business, 6/29/2015 - 13G - ESPR - Esperion Therapeutics - 1.34M shares - 5.9% of business, 5/15/2015 - 13G - CAR - Avis Budget - 4.41M shares - 4.2% of business."

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2015 Update"

"Halvorsen's 13F portfolio decreased marginally from $26.47B to $26.09B. The number of positions increased from 56 to 63.Viking Global added Broadcom while increasing Amazon.com and Anthem Inc. during the quarter.The top three positions are Alphabet Inc. (8.82%), Allergan plc (7.50%), and Walgreens Boots Alliance (7.41%).This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/16/2015. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q2 2015.This quarter, Halvorsen’s US long portfolio decreased marginally from $26.47B to $26.09B. The number of holdings increased from 56 to 63. Largest five individual stock positions are Alphabet Inc., Allergan plc, Walgreens Boots Alliance, Amazon.com, and Broadcom Corporation and they add up to just over one-third the entire portfolio.Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Broadcom Corporation (BRCM): BRCM is a large (top five) 4.65% of the portfolio stake purchased this quarter at prices between $47.19 and $53.80. The stock is now at $53.33. It is a merger arbitrage stake. Avago Technologies is set to acquire BRCM. Halvorsen also has a fairly large position in Avago.Note: A 11/9/2015 13G filing shows Viking owning 29.7M shares (5.3% of the business). This is compared to 23.6M shares in the 13F.Hilton Worldwide (HLT), Laboratory Corp of America Holdings (LH), Netflix Inc. (NFLX), Starwood Hotels & Resorts (HOT), and Teva Pharmaceuticals (TEVA): These small stakes (less than ~2% of the portfolio each) were established during the quarter.Note 1: Marriott International (MAR) announced the acquisition of Starwood Hotels & Resorts last week in a stock-and-cash deal valued at ~$80 per share.Note 2: A 10/13/2015 13G filing shows Viking owning 5.4M shares (5.3% of the business) of Laboratory Corp of America Holdings. This is compared to 5M shares reported in the 13F.Eaton Corporation (ETN), eBay Inc. (EBAY), Nike Inc. (NKE), and Textron Inc. (TXT): These are very small positions (less than ~1% of the portfolio each) purchased this quarter.Stake Disposals:Baidu Inc. (BIDU): The ~1% BIDU position was first purchased in Q3 2013 at prices between $91 and $158. The stake was reduced by ~63% in Q3 2014 at prices between $182 and $229. Q4 2014 saw an about-turn: 68% increase at prices between $199 and $250. Q1 2015 saw a ~16% reduction at prices between $203 and $233 and that was followed by a ~47% reduction last quarter at prices between $189 and $221. The elimination this quarter happened at prices between $132 and $208. It currently trades at $207. Halvorsen harvested huge gains from this position.Metlife (MET): MET is a 2.49% stake bought in Q1 2015 at prices between $46.50 and $54.09 and increased by ~77% last quarter at prices between $50.25 and $57.70. The position was sold this quarter at prices between $46.07 and $57.70. It trades currently at $50.69.Aon plc (AON), Avis Budget Group (CAR), Biogen Inc. (BIIB), Cigna Inc. (CI), NXP Semiconductors NV (NXPI), Receptos Inc. (RCPT), Twenty First Century Fox (FOXA), and Universal Health Services (UHS): These very small stakes (less than ~1% of the portfolio each) were sold out during the quarter. The position sizes were too small to indicate a clear bias.Stake Increases:Allergan plc (AGN) previously Actavis: AGN was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase in Q4 2014 at prices between $217 and $270. Q1 2015 saw an additional one-third increase at prices between $255 and $317. Last two quarters have also seen minor increases. It is now Halvorsen’s second largest position at 7.50% of the US long portfolio. The stock currently trades at $302.Note: Part of the increase in Q1 2015 was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Air Products & Chemicals (APD): APD is a medium-sized 2.89% of the US long portfolio position. It was first purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% the following quarter at prices between $119 and $149. Q1 2015 saw a further ~46% increase at prices between $139 and $158. Last quarter the pattern reversed: ~25% reduction at prices between $137 and $153. The stock currently trades at $140. This quarter saw a marginal increase.Note: The business has seen activist involvement: Bill Ackman (Pershing Square) has a huge stake.American International Group (AIG): AIG was a 1.79% stake established in Q1 2015 at prices between $48.87 and $56.42. It was reduced to a minutely small 0.31% position last quarter at prices between $54.79 and $63.32. This quarter, the stake was more than doubled at prices between $55.66 and $64.54. The stock currently trades at $62.76 and the stake is still very small at 0.61% of the portfolio.Amazon.com Inc. (AMZN): AMZN is a large (top five) 3.74% of the US long portfolio stake established last quarter at prices between $370 and $446 and increased by roughly one-third this quarter at prices between $429 and $548. The stock currently trades well outside those ranges at $679.Avago Technologies (AVGO): AVGO is a medium-sized 3.32% of the portfolio stake established last quarter at prices between $117 and $148. It was increased by ~46% this quarter at prices between $109 and $138. The stock currently trades at $124.Note: In May, Avago agreed to acquire Broadcom in a cash-and-stock deal. Viking has built a large position in Broadcom.Bank of New York Mellon (BK): BK is a 1.54% of the US long portfolio position established in Q3 2014 in the $37.61 to $41.53 price-range and reduced by ~30% the following quarter at prices between $35.95 and $41.53. Last quarter saw a further ~24% reduction at prices between $40.21 and $43.95. This quarter, the pattern reversed: ~22% increase at prices between $37.78 and $45.26. The stock currently trades at $43.67.Cheniere Energy (LNG): LNG is a 2.42% of the US long portfolio position. It was established in Q3 2014 at prices between $70 and $84.29. The stake was increased by ~83% in Q4 2014 at prices between $61.90 and $80.03 and another 55% the following quarter at prices between $66.61 and $81.40. Last quarter saw a ~27% reduction at prices between $68.49 and $79.78 while this quarter saw a ~15% increase at prices between $48.50 and $70.65. The stock currently trades at $48.44. Halvorsen controls ~5.5% of the business.Note: LNG is fairly popular with super investors. Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), Stephen Mandel (Lone Pine Capital), and Carl Icahn have large stakes.Lyondellbasell Industries (LYB): LYB is a long-term stake first purchased in 2010. The original position was reduced by over one-third in Q3 2014 at prices between $97.65 and $115 and another 43% the following quarter at prices between $70.61 and $109. Q1 2015 saw an about-turn: ~90% increase at prices between $74.36 and $91.55. There was a further 39% increase last quarter at prices between $87.80 and $106. This quarter also saw a ~26% increase at prices between $77.25 and $104. It currently trades at $94.46 and the stake is now at 4.31%.Pioneer Natural Resources (PXD): PXD is a fairly large 3.11% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds the following quarter in the $195 to $232 price-range. Last three quarters have seen only minor adjustments. The stock currently trades at $143.Note: A 13G filing on 10/30/2015 shows Viking Global owning 8.96M shares (6% of the business) of PXD. This is compared to 6.67M shares in the 13F.Valeant Pharmaceuticals (VRX): VRX was the third-largest position at 5.96% of the US long portfolio as of Q4 2014. The stake was reduced by ~55% the following quarter at prices between $143 and $205. Last two quarters have seen minor increases. The stock currently trades at $87.34 and the stake is at 3.41%. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. Halvorsen has huge long-term gains on this position.Aetna Inc. (AET), Anthem Inc. (ANTM), and Humana Inc. (HUM): These three positions were increased this quarter and combined are at ~7.5% of the portfolio. There is very heavy recent M&A activity in the sector and all three names are involved: Aetna is set to acquire Humana and Anthem agreed to acquire Cigna in deals announced in July.Allstate Corp. (ALL), Citigroup Inc. (C), Kite Pharmaceuticals (KITE), McKesson Corp. (MCK), Qunar Cayman (QUNR), and Transdigm Group (TDG): These small positions (less than ~1.5% of the portfolio each) were increased during the quarter. The positions sizes are still too small to indicate a clear bias. Viking Global controls ~3.6% of Qunar Cayman.Note: A 13G regulatory filing on 10/5/2015 shows Viking Global owning 2.69M shares (6.1% of the business) of Kite Pharmaceuticals. This is compared to 2.47M shares in the 13F.Stake Decreases:Alibaba Group Holding (BABA): BABA is a very small 0.56% stake. It was established in Q3 2014 at prices between $87 and $94 and reduced by just over two-thirds the following quarter at prices between $85 and $119. Q1 2015 saw an about-turn as the stake was increased by ~87% at prices between $81.58 and $105. Last quarter had seen a ~13% trimming. This quarter saw a ~59% further reduction at prices between $57.39 and $84.19. The stock currently trades at $81.31.Canadian Pacific Railway (CP): CP is a 2.29% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and the following quarter saw another one-third decrease in the $180 to $209 price-range. In Q4 2014, the pattern reversed as there was a stake doubling at prices between $175 and $215. Q1 2015 saw another ~53% increase at prices between $175 and $194. Last quarter had seen a ~15% trimming and that pattern continued this quarter with a ~21% reduction at prices between $134 and $162. The stock currently trades at $147.Crown Castle International (CCI): CCI is a 1.36% of the US long portfolio position established in Q4 2014 at prices between $75.11 and $84.75. The stake saw a ~22% increase last quarter at prices between $81.55 and $86.64. This quarter saw a ~19% reduction at prices between $76.58 and $86.34. The stock currently trades at $87.40.CTrip.com Intl. (CTRP): CTRP is a 1.19% of the US long portfolio stake. The position saw a ~37% increase last quarter at prices between $58.62 and $84.63. This quarter saw a ~15% trimming. The stock currently trades at $111. Halvorsen controls ~14% of the business.Envision Healthcare (EVHC): EVHC is a 1.39% of the portfolio position established in Q1 2015 at prices between $33.91 and $38.69 and increased by ~80% last quarter at prices between $35.79 and $40.11. This quarter saw a ~20% reduction at prices between $35.99 and $45.27. The stock currently trades at $27.31. Halvorsen controls ~5.3% of the business.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is the largest 13F position at 8.82%. It was established in Q3 2014 at prices between $563 and $596. Q1 2015 saw a huge 234% increase at prices between $493 and $575 and that was followed with another 57% increase last quarter at prices between $524 and $565. The stock currently trades at $756. This quarter saw minor selling.Illumina Inc. (ILMN): ILMN was Viking Global’s second-largest individual stock position at 6.12% of the US long portfolio as of Q1 2015. It was reduced by ~42% last quarter at prices between $182 and $221 and another ~64% this quarter at prices between $168 and $240. The bulk of the original stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $175. The stake is now relatively small at 1.21% of the portfolio.Mallinckrodt Ltd. (MNK): MNK is a 0.96% position established in Q1 2015 at prices between $94 and $133 and increased by ~53% last quarter at prices between $113 and $130. This quarter saw a ~28% reduction at prices between $58 and $127. The stock currently trades at $66.08. Viking Global controls ~3.3% of MNK.Mastercard Inc. (MA): MA is a 1.87% of the US long portfolio position that was increased by ~27% in Q2 2014 at prices between $68.68 and $77.47. Q3 2014 saw another one-third increase at prices between $73.47 and $78.32. In Q4 2014, the stake was reduced by over two-thirds at prices between $69.78 and $89.08. Q1 2015 saw a 92% increase at prices between $80.74 and $92.81. This quarter, the position was sold down by around one-third at prices between $86.82 and $98.41. The original position was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. The stock currently trades at $99.38.Mohawk Industries (MHK): MHK is a 1.38% of the US long portfolio stake. The position was established in Q1 2014 at prices between $133 and $150. The stake was doubled over the following two quarters at prices between $125 and $148. In Q4 2014 the pattern reversed as there was a 30% reduction at prices between $125 and $158. This quarter saw a ~54% further reduction at prices between $176 and $211. The stock currently trades at $194. Viking Global is harvesting gains from this position.Sealed Air Corp. (SEE): SEE is a 1.54% of the US long portfolio stake. The original position was increased by ~350% in Q1 2015 at prices between $39.42 and $48.30. This quarter saw a one-third reduction at prices between $45.78 and $55.40. The stock currently trades at $44.88. Viking Global controls ~4.3% of the business.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 7.41% WBA stake is Viking’s third-largest 13F position. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. Q1 2015 saw a ~23% decrease at prices between $73.75 and $88.23. Last quarter the pattern reversed: ~69% increase at prices between $82.93 and $92.62. The stock currently trades at $81.91. This quarter saw a minor reduction.Ameriprise Financial (AMP), Davita Healthcare (DVA), Kansas City Southern (KSU), Legg Mason Inc. (LM), Vertex Pharmaceuticals (VRTX), and Whiting Petroleum (WLL): These very small stakes (less than ~1% of the portfolio each) were reduced further this quarter.Kept Steady:None.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Advance Auto Parts (AAP), Bluebird Bio (BLUE), Boston Scientific (BSX), Chesapeake Energy (CHK), Clovis Oncology (CLVS), Agilent Technologies (A), Deere & Co. (DE), Dentsply Intl. (XRAY), Energy Transfer Equity (ETE), 58.com (WUBA), JD.com (JD), Tripadvisor Inc. (TRIP), Ace Ltd. (ACE), ProQR Therapeutics NV (PRQR), and Amgen Inc. (AMGN).The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q3 2015:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2015 Update"

"Halvorsen's 13F portfolio increased from $25.81B to $26.47B. The number of positions decreased from 58 to 56.Viking Global added Amazon.com while increasing Google, Walgreens Boots Alliance, and Lyondellbasell.The top three positions are Walgreens Boots Alliance (7.86%), Google (7.84%), and Allergan plc (7.80%).This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/14/2015. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q1 2015.This quarter, Halvorsen’s US long portfolio increased 2.55% from $25.81B to $26.47B. The number of holdings decreased from 58 to 56. Largest five individual stock positions are Walgreens Boots Alliance, Google Inc., Allergan plc, Lyondellbasell, and Illumina Inc.Halvorsen is one of the most successful among the “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:Amazon.com Inc. (AMZN): AMZN is a fairly large 3.74% of the US long portfolio stake established this quarter at prices between $370 and $446. The stock currently trades well outside that range at $494.Avago Technologies (AVGO): AVGO is a medium-sized 2.39% of the portfolio stake established this quarter at prices between $117 and $148. The stock currently trades below that range at $111.Note: In May, Avago agreed to acquire Broadcom in a cash-and-stock deal. Halvorsen had a very small stake in Broadcom. It was disposed of this quarter.Aetna Inc. (AET), Anthem Inc. (ANTM), and Cigna Inc. (CI): These small positions (less than ~1.5% of the portfolio each) were established this quarter. ANTM is back in the portfolio after a quarter’s gap. A very small stake was eliminated last quarter.Ameriprise Financial (AMP), Biogen Inc. (BIIB), McKesson Corp. (MCK), Twenty First Century Fox (FOXA), Universal Health Services (UHS), and Whiting Petroleum (WLL): These very small stakes (less than ~1% of the portfolio each) were established this quarter. A July 13, 2015 regulatory 13G filing shows Halvorsen owning 10.26M shares (5% of the business) of Whiting Petroleum.Note: The following minutely small stakes (less than 0.5% of the portfolio each) are also new this quarter: Ball Corp. (BLL), Cooper Companies (COO), Alexion Pharmaceuticals (ALXN), Deere & Company (DE), Kite Pharma (KITE), Allstate Corp (ALL), and TransDigm Group (TDG).Stake Disposals:Canadian National Railway (CNI): The 1.63% CNI stake was purchased last quarter at prices between $65 and $71 and eliminated this quarter at prices between $57.75 and $68.10. It currently trades at $56.30.Mondelez International (MDLZ): The fairly large 3.35% of the portfolio stake in MDLZ was eliminated this quarter at prices between $36.09 and $41.59. The bulk of the position was purchased in Q1 2014 at prices between $32 and $35.80. It was reduced by ~30% in Q3 2014 at prices between $34.20 and $38.56 and another 28% in the following quarter at prices between $32.10 and $39.20. Last quarter had seen a 68% increase at prices between $34.34 and $37.59. It currently trades at $43.20.Micron Technology (MU): The MU stake was first purchased in Q2 2013 at prices between $9.31 and $14.40. The position was increased by ~400% in Q3 2013 when almost 30M shares were purchased at prices between $12.59 and $18. The stake peaked that quarter at over 37M shares. Since then, the position was reduced significantly and the remaining stake was at 20M shares as of Q4 2014. Last quarter, the pattern reversed: ~55% increase at prices between $26.57 and $35.01. This quarter, the entire 3.27% portfolio stake was sold at prices between $18.73 and $29.52. The stock currently trades at $14.53.Ambev SA (ABEV), American Express (AXP), Broadcom Corporation (BRCM), Dollar Tree (DLTR), Eaton Corporation (ETN), Hartford Financial Services (HIG), HCA Holdings (HCA), Hilton Worldwide (HLT), Starwood Hotels & Resorts (HOT), and T-Mobile US (TMUS): These are very small (less than ~1% of the portfolio each) positions eliminated this quarter.Note: The following minutely small stakes (less than 0.5% of the portfolio each) as of last quarter were also dropped this quarter: Kraft Heinz Foods (HNZ) previously Kraft Foods Group, Eli Lilly & Co. (LLY), Qihoo 360 Technology (QIHU), Teva Pharmaceuticals (TEVA), Wayfair Inc. (W), XPO Logistics (XPO), and Transocean Ltd. (RIG). Although the position size relative to the portfolio was very small, it should be noted that Viking Global had a significant 4.7% ownership stake in Wayfair Inc.Stake Increases:Allergan plc (AGN) previously Actavis: AGN was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase in Q4 2014 at prices between $217 and $270. Last quarter saw an additional one-third increase at prices between $255 and $317. This quarter also saw a ~11% increase. It is now Halvorsen’s third largest position at 7.80% of the US long portfolio. The stock currently trades at $299.Note: Part of the increase last quarter was due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis. Actavis plc was later renamed Allergan plc.Crown Castle International (CCI): CCI is a 1.68% of the US long portfolio position established in Q4 2014 at prices between $75.11 and $84.75. The stake saw a ~22% increase this quarter at prices between $81.55 and $86.64. The stock currently trades at $82.66.CTrip.com Intl. (CTRP): CTRP is a 1.58% of the US long portfolio stake. The position saw a ~37% increase this quarter at prices between $58.62 and $84.63. The stock currently trades at $63.27.Note: A July 17, 2015 regulatory 13G filing shows Halvorsen owning 1.68M shares (5.2% of the business).Envision Healthcare (EVHC): EVHC is a 1.84% of the portfolio position established last quarter at prices between $33.91 and $38.69 and increased by ~80% this quarter at prices between $35.79 and $40.11. The stock currently trades at $42.16. Halvorsen controls ~6.6% of the business.Google Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F position at 7.84%. It was established in Q3 2014 at prices between $563 and $596. Last quarter saw a huge 234% increase at prices between $493 and $575 and that was followed with another 57% increase this quarter at prices between $524 and $565. The stock currently trades at $612. The activity indicates a clear bullish bias.Lyondellbasell Industries (LYB): LYB was a top-five position at 4.59% of the US long portfolio in Q2 2014. It was reduced by over one-third the following quarter at prices between $97.65 and $115 and another 43% in Q4 2014 at prices between $70.61 and $109. Last quarter saw an about-turn: ~90% increase at prices between $74.36 and $91.55. There was a further 39% increase this quarter at prices between $87.80 and $106. The long-term stake has been in the portfolio since 2010. The bulk of the original position was purchased in 2010 and 2011 at much lower prices compared to the current price of $80.25.Mallinckrodt Ltd. (MNK) and Metlife (MET): These two positions were established last quarter and substantially increased this quarter. MNK is a 2.41% position established at prices between $94 and $133 and increased by ~53% this quarter at prices between $113 and $130. The stock is now below those ranges at $88.30. MET is a 2.49% stake bought at prices between $46.50 and $54.09 and increased by ~77% this quarter at prices between $50.25 and $57.70. It trades currently at $49.56.Pioneer Natural Resources (PXD): PXD is a fairly large 3.35% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds the following quarter in the $195 to $232 price-range. Last quarter saw a ~12% decrease while this quarter saw a ~10% increase. The stock currently trades at $119.Valeant Pharmaceuticals (VRX): VRX was the third-largest position at 5.96% of the US long portfolio as of Q4 2014. The stake was reduced by ~55% last quarter at prices between $143 and $205. This quarter saw a ~14% increase. The stock currently trades at $222 and the stake is at 3.87%. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. Halvorsen has huge long-term gains on this position.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 7.86% WBA stake is Viking’s largest 13F position. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. Last quarter saw a ~23% decrease at prices between $73.75 and $88.23. This quarter the pattern reversed: ~69% increase at prices between $82.93 and $92.62. The stock currently trades at $85.61.Aon plc (AON), Avis Budget Group (CAR), Humana Inc. (HUM), Receptos Inc. (RCPT), and Vertex Pharmaceuticals (VRTX): These very small stakes (less than ~1% of the portfolio each) were increased this quarter. The position sizes are still too small to indicate a clear bias.Note: Halvorsen controls 4.2% of Avis Budget Group.Stake Decreases:Air Products & Chemicals (APD): APD is a medium-sized 3.05% of the US long portfolio position. It was first purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% the following quarter at prices between $119 and $149. Last quarter saw a further ~46% increase at prices between $139 and $158. This quarter the pattern reversed: ~25% reduction at prices between $137 and $153. The stock currently trades at $138.Note: The business has seen activist involvement: Bill Ackman (Pershing Square) has a huge stake.Alibaba Group Holding (BABA): BABA is a 1.88% stake established in Q3 2014 at prices between $87 and $94 and reduced by just over two-thirds in the following quarter at prices between $85 and $119. Last quarter saw an about-turn as the stake was increased by ~87% at prices between $81.58 and $105. This quarter saw a ~13% trimming. The stock currently trades at $68.18.American International Group (AIG): AIG was a 1.79% stake established last quarter at prices between $48.87 and $56.42. It was reduced to a minutely small 0.31% position this quarter at prices between $54.79 and $63.32. The stock currently trades at $59.74.Bank of New York Mellon (BK): BK is a 1.33% of the US long portfolio positon established in Q3 2014 in the $37.61 to $41.53 price-range and reduced by ~30% the following quarter at prices between $35.95 and $41.53. This quarter saw a further ~24% reduction at prices between $40.21 and $43.95. The stock currently trades at $41.45. The activity indicates a bearish bias.Baidu Inc. (BIDU): The ~1% BIDU position was first purchased in Q3 2013 at prices between $91 and $158. The stake was reduced by ~63% in Q3 2014 at prices between $182 and $229. Q4 2014 saw an about-turn: 68% increase at prices between $199 and $250. Last quarter saw a ~16% reduction at prices between $203 and $233 and that was followed by a ~47% reduction this quarter at prices between $189 and $221. It currently trades at $152.91. Halvorsen is harvesting huge gains from this position.Cheniere Energy (LNG): LNG is a 2.96% of the US long portfolio position. It was established in Q3 2014 at prices between $70 and $84.29. The stake was increased by ~83% in Q4 2014 at prices between $61.90 and $80.03 and another 55% last quarter at prices between $66.61 and $81.40. This quarter saw a ~27% reduction at prices between $68.49 and $79.78. The stock currently trades at $61.93. Halvorsen controls ~4.8% of the business.Note: LNG is fairly popular with super investors. Seth Klarman (Baupost Group), John Griffin (Blue Ridge Capital), Stephen Mandel (Lone Pine Capital), and Carl Icahn have large stakes.Canadian Pacific Railway (CP): CP is a 3.19% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and the following quarter saw another one-third decrease in the $180 to $209 price-range. In Q4 2014, the pattern reversed as there was a stake doubling at prices between $175 and $215. Last quarter saw another ~53% increase at prices between $175 and $194. This quarter saw a ~15% trimming. The stock currently trades at $141.Illumina Inc. (ILMN): ILMN was Viking Global’s second-largest individual stock position at 6.12% of the US long portfolio as of last quarter. It was reduced by ~42% this quarter at prices between $182 and $221. The bulk of the original stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $200. Viking Global controls ~3.4% of the business.Mastercard Inc. (MA): MA is a 2.90% of the US long portfolio position that was increased by ~27% in Q2 2014 at prices between $68.68 and $77.47. Q3 2014 saw another one-third increase at prices between $73.47 and $78.32. In Q4 2014, the stake was reduced by over two-thirds at prices between $69.78 and $89.08. Last quarter saw a 92% increase at prices between $80.74 and $92.81 and this quarter saw a marginal reduction. The original position was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. The stock currently trades at $90.75.Mohawk Industries (MHK): MHK is a 3.11% of the US long portfolio stake that was increased by just over 80% in Q2 2014 at prices between $125 and $141. It was increased by another ~25% the following quarter at prices between $125 and $148. In Q4 2014 the pattern reversed as there was a 30% reduction at prices between $125 and $158. Last quarter saw a ~11% increase while this quarter saw a marginal reduction. The position was established in Q1 2014 at prices between $133 and $150 and the stock currently trades at $200. Halvorsen controls ~5.8% of the business.Sealed Air Corp. (SEE): SEE is a 2.49% of the US long portfolio stake. The original position was increased by ~350% last quarter at prices between $39.42 and $48.30. This quarter saw a ~11% trimming. The stock currently trades at $52.17. Viking Global controls ~6.1% of the business.Capital One Financial (COF), Citigroup Inc. (C), Davita Healthcare (DVA), Legg Mason Inc. (LM), Kansas City Southern (KSU), NXP Semiconductors NV (NXPI), and Thermo Fisher Scientific (TMO): These small positions (less than ~1.5% of the portfolio each) were reduced further this quarter. Halvorsen harvested huge long-term gains from Thermo Fisher Scientific.Note 1: In March, NXP agreed to acquire Freescale Semiconductor (FSL).Note 2: Halvorsen controls ~4.3% of Kansas City Southern.Kept Steady:None.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Ball Corp. (BLL), Coopers Cos. (COO), Alexion Pharma. (ALXN), Deere & Co. (DE), Esperion Therapeutics Inc. (ESPR), Kite Pharma (KITE), Qunar Cayman (QUNR), Allstate Corp (ALL), TransDigm Group (TDG), and ProQR Therapeutics NV (PRQR).Note 1: Viking Global has a ~6% ownership stake in Esperion Therapeutics.Note 2: A July 17, 2015 regulatory 13G filing shows Halvorsen owning 10.16M shares (6.5% of the business) of Qunar Cayman.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q2 2015:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2015 Update"

"Halvorsen's 13F portfolio increased from $21.78B to $25.81B. The number of positions decreased from 62 to 58.Viking Global substantially increased Google Inc. and Sealed Air Corporation this quarter.The top-three positions are Actavis plc (7.04%), Illumina Inc. (6.12%), and Google Inc. (5.31%).This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 05/15/2015. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q4 2014.This quarter, Halvorsen’s US long portfolio increased 18.51% from $21.78B to $25.81B. The number of holdings decreased from 62 to 58. Largest five individual stock positions are Actavis plc, Illumina Inc., Google Inc., Walgreens Boots Alliance, and Cheniere Energy.Halvorsen is one of the most successful among the “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book .New Stakes:American International Group (AIG), Canadian National Railway (CNI), Mallinckrodt Ltd. (MNK), and Metlife (MET): These are small (less than 2% of the US long portfolio each) positions established this quarter. AIG is a 1.79% stake established at prices between $48.87 and $56.42 and it currently trades at $59.88. The 1.63% CNI stake was purchased at prices between $65 and $71 and it currently trades well below their purchase price range at $60.46. MNK is a 1.74% position established at prices between $94 and $133 and the stock is now at $127. MET is a 1.31% stake bought at prices between $46.50 and $54.09 and it trades currently at $53.23.American Express (AXP), Envision Healthcare (EVHC), Starwood Hotels & Resorts (HOT), and T-Mobile US (TMUS): These are very small (less than ~1% of the portfolio each) positions established this quarter.Note: Viking Global significantly increased the stake in EVHC after the quarter ended: the latest regulatory filing shows them owning 11.54 shares (6.3% of business) compared to ~6.9M shares in the 13F. For investors attempting to follow Halvorsen, EVHC is a good option to consider for further research.Stake Disposals:Allergan Inc. (AGN): AGN was a 1.92% of the US long portfolio position established in Q2 2014 at prices between $116 and $174 and increased by just over 180% in Q3 2014 at prices between $152 and $214. Last quarter saw a ~14% reduction at prices between $177 and $214. Actavis plc acquired Allergan in a $219 per share cash-and-stock deal that closed in March.Salix Pharmaceuticals (SLXP): SLXP was a 0.92% of the US long portfolio position (2.7% of the business) established in Q1 2014 at prices between $89 and $115. It was increased by 86% in the following quarter at prices between $97 and $125. Last quarter, the stake was reduced by ~36% at prices between $91.47 and $156. Valeant Pharmaceuticals agreed to acquire Salix for $158 per share cash and that transaction closed on April 1.Visa Inc. (V): V was a long-term position first purchased in 2012. Around 14M shares (split-adjusted) were purchased at the time at prices between $25 and $37.50. The position size had wavered since. Last quarter saw a huge 70% reduction at prices between $50 and $54.50 and the remaining 1.10% stake was eliminated this quarter at prices between $61.59 and $69.57. The stock currently trades at $69.62. Halvorsen harvested long-term gains from this position.Note: Visa stock split 4-to-1 in March and the prices quoted are split-adjusted.Delta Air Lines (DAL): The ~2% DAL position was increased by ~350% last quarter at prices between $30.90 and $49.23. This quarter, the entire stake was sold at prices between $43.42 and $50.70. The quick about-turn indicates a clear bearish bias.Anthem Inc. (ANTM), Coca-Cola Enterprises (CCE), Ingersoll-Rand plc (IR), Potash Corporation (POT), Shire plc (SHPG), and Wal-Mart Stores (WMT): These are very small (less than ~1% of the portfolio each) positions established last quarter but disposed of this quarter.Note: The following minutely small (less than 0.5% of portfolio each) positions as of last quarter were also eliminated this quarter: Acadia Pharmaceuticals (ACAD), Cigna Corporation (CI), Lam Research (LRCX), Allegion plc (ALLE), MGM Resorts International (MGM), Alexion Pharmaceuticals (ALXN), Sandisk Corporation (SNDK), Universal Health Services (UHS), and Ameriprise Financial (AMP). Viking Global’s ownership stake in Acadia Pharmaceuticals was very significant at ~3% last quarter.Stake Increases:Actavis plc (ACT): ACT was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Q3 2014 saw the position doubled at prices between $203 and $248 and that was followed by a ~80% increase last quarter at prices between $217 and $270. This quarter saw an additional one-third increase at prices between $255 and $317. It is now Halvorsen’s largest position at 7.04% of the US long portfolio. The stock currently trades at $301. Halvorsen is sitting on huge gains on this position.Note: Part of the increase this quarter is due to the acquisition of Allergan by Actavis. Viking Global held ~2M shares of Allergan for which they received around 725K shares of Actavis.Air Products & Chemicals (APD): APD is a large 4.60% of the US long portfolio position purchased in Q3 2014 at prices between $128 and $137 and increased by ~50% last quarter at prices between $119 and $149. This quarter saw a further ~46% increase at prices between $139 and $158. The stock currently trades at $147. For investors attempting to follow Viking Global, APD is a good option to consider for further research.Note: The business has seen activist involvement with Bill Ackman having established a huge ~19% of his portfolio stake.Alibaba Group Holding (BABA): BABA is a 2.24% stake established in Q3 2014 at prices between $87 and $94 and reduced by just over two-thirds last quarter at prices between $84.95 and $119. This quarter saw an about-turn as the stake was increased by ~87% at prices between $81.58 and $105. The stock currently trades at $93.27.Cheniere Energy (LNG): LNG is a large (top-five) 4.63% of the US long portfolio position established in Q3 2014 at prices between $70 and $84.29. The stake was increased by ~83% last quarter at prices between $61.90 and $80.03 and another 55% this quarter at prices between $66.61 and $81.40. The stock currently trades at $75.18. For investors attempting to follow Viking, LNG is a good option to consider for further research. Halvorsen controls ~6.5% of the business.Note: LNG is fairly popular with super investors. Seth Klarman (Baupost) has a huge 24.8M share stake (~10% of business).Canadian Pacific Railway (CP): CP is a 4.38% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and the following quarter saw another one-third decrease in the $180 to $209 price-range. Last quarter the pattern reversed as there was a stake doubling at prices between $175 and $215. This quarter saw another ~53% increase at prices between $175 and $194. The stock currently trades at $177.Davita Healthcare (DVA): DVA is a 2% of the US long portfolio position that was increased by just over 80% in Q2 2014 at prices between $67 and $73. The original stake was established in Q1 2014 at prices between $62.74 and $70. Q3 2014 saw a ~14% increase in the $70.44 to $75 price-range and that was followed by a ~12% increase last quarter at prices between $72.03 and $78.07. This quarter saw a further ~43% increase at prices between $72.78 and $82.84. The stock currently trades at $84.09.Google Inc. (GOOG) (GOOGL): GOOG is a top-three 5.31% of the US long portfolio position established in Q3 2014 at prices between $563 and $596 and reduced by ~20% last quarter at prices between $495 and $577. This quarter saw a huge 234% increase at prices between $493 and $575. The stock currently trades at $540. The activity indicates a clear bullish bias.Illumina Inc. (ILMN): ILMN is Viking Global’s second-largest individual stock position at 6.12% of the US long portfolio. The stake was increased by ~8% in Q3 2014 at prices between $159 and $183. This quarter saw a minor increase. The bulk of the current stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $205. Viking Global controls ~5.9% of the business.Kansas City Southern (KSU): KSU is a 2.70% of the US long portfolio position established in Q1 2014 at prices between $91 and $124. It was increased by ~65% the following quarter at prices between $95 and $108 and another ~40% in Q3 2014 at prices between $107 and $122. Last quarter saw a reversal: 25% reduction at prices between $110 and $126. This quarter the pattern reversed again: 113% increase at prices between $102 and $122. The stock currently trades at $93.91. Viking Global controls ~6.2% of the business.Lyondellbasell Industries (LYB): LYB was a top-five position at 4.59% of the US long portfolio in Q2 2014. It was reduced by over one-third the following quarter at prices between $97.65 and $115 and another 43% last quarter at prices between $70.61 and $109. This quarter saw a ~90% increase at prices between $74.36 and $91.55. The long-term stake has been in the portfolio since 2010. The bulk of the original position was purchased in 2010 and 2011 at much lower prices compared to the current price of $103.Mastercard Inc. (MA): MA is a 2.77% of the US long portfolio position that was increased by ~27% in Q2 2014 at prices between $68.68 and $77.47. Q3 2014 saw another one-third increase at prices between $73.47 and $78.32. Last quarter, the stake was reduced by over two-thirds at prices between $69.78 and $89.08. This quarter saw a 92% increase at prices between $80.74 and $92.81. The original position was purchased in Q4 2011 at prices between $31 and $38 and the stake has wavered since. The stock currently trades at $92.69.Mondelez International (MDLZ): The bulk of the 3.35% MDLZ position was purchased in Q1 2014 at prices between $32 and $35.80. It was reduced by ~30% in Q3 2014 at prices between $34.20 and $38.56. There was an about-turn last quarter as the stake was reduced by 28% at prices between $32.10 and $39.20. This quarter saw a 68% increase at prices between $34.34 and $37.59. It currently trades at $40.17.Micron Technology (MU): The 3.27% MU stake was first purchased in Q2 2013 at prices between $9.31 and $14.40. The position was increased by ~400% in Q3 2013 when almost 30M shares were purchased at prices between $12.59 and $18. The stake peaked that quarter at over 37M shares. Since then, the position was reduced significantly and the remaining stake was at 20M shares as of last quarter. This quarter, the pattern reversed: ~55% increase at prices between $26.57 and $35.01. The stock currently trades at $27.33.Mohawk Industries (MHK): MHK is a 3.16% of the US long portfolio stake that was increased by just over 80% in Q2 2014 at prices between $125 and $141. It was increased by another ~25% the following quarter at prices between $125 and $148. Last quarter the pattern reversed as there was a 30% reduction at prices between $125 and $158. This quarter saw a ~11% increase at prices between $153 and $186. The position was established in Q1 2014 at prices between $133 and $150 and the stock currently trades at $187. Halvorsen controls ~6% of the business.Sealed Air Corp. (SEE): SEE is a 2.56% of the US long portfolio stake. The original position was increased by ~350% this quarter at prices between $39.42 and $48.30. The stock currently trades at $49.32. Viking Global controls ~6.9% of the business.Capital One Financial (COF): COF is a very small 0.54% of the US long portfolio position. It was increased by ~10% this quarter at prices between $73.21 and $82.49. The stock currently trades at $85.02.Crown Castle International (CCI): CCI is a 1.46% of the US long portfolio position established last quarter at prices between $75.11 and $84.75. The stake was marginally increased this quarter. The stock currently trades at $82.06.Broadcom Corporation (BRCM) and Eaton Corporation (ETN): These are very small (less than ~1% of the portfolio each) positions established last quarter and increased this quarter. The stakes are too small to indicate a clear bias.CTrip.com Intl. (CTRP), Humana Inc. (HUM), Receptos Inc. (RCPT), and Vertex Pharmaceuticals (VRTX): These minutely small (less than 0.5% of portfolio each) stakes as of last quarter were increased significantly this quarter. The positions are still too small (less than ~1% of the portfolio each) to indicate a clear bias.Stake Decreases:Bank of New York Mellon (BK): BK is a 1.73% of the US long portfolio positon established in Q3 2014 in the $37.61 to $41.53 price-range and reduced by ~30% last quarter at prices between $35.95 and $41.53. This quarter saw a further ~44% reduction at prices between $35.66 and $41.14. The stock currently trades at $43.47. The activity indicates a bearish bias.Baidu Inc. (BIDU): The ~2% BIDU position was first purchased in Q3 2013 at prices between $91 and $158. The stake was reduced by ~63% in Q3 2014 at prices between $182 and $229. Last quarter saw an about-turn: 68% increase at prices between $199 and $250. This quarter saw a ~16% reduction at prices between $203 and $233. It currently trades at $204.Citigroup Inc. (C): C is a 1.81% of the US long portfolio position established in Q3 2014 at prices between $46.90 and $53.66 and reduced by ~25% last quarter at prices between $49.68 and $56.37. This quarter saw a further ~19% reduction at prices between $46.95 and $54.26. The stock currently trades at $54.97.Pioneer Natural Resources (PXD): PXD is a fairly large 3.68% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds the following quarter in the $195 to $232 price-range. This quarter saw a ~12% reduction at prices between $135 and $167. The stock currently trades at $155.Thermo Fisher Scientific (TMO): The 1.84% TMO stake was first established in Q2 2013 when around 8.7M shares were purchased at prices between $77 and $88. It was increased to 10.6M shares the following quarter at prices between $85 and $94. The position was reduced since Q4 2013 and the current stake is at 3.5M shares. Q2 2014 saw a ~15% reduction at prices between $113 and $122 and last quarter saw another 28% reduction at prices between $110 and $129. This quarter also saw a ~39% reduction at prices between $123 and $138. The stock currently trades at $132. Viking Global is harvesting large long-term gains from this position.Valeant Pharmaceuticals (VRX): VRX was the third-largest position at 5.96% of the US long portfolio as of last quarter. The stake was reduced by ~55% this quarter at prices between $143 and $205. The stock currently trades at $238 and the stake is at 3.12%. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. The original position was increased by 27% in Q2 2014 at prices between $117 and $138. In Q3 2014, the stake was sold down by ~16% at prices between $107 and $131 and last quarter saw another ~9% reduction at prices between $113 and $146. Halvorsen is harvesting huge long-term gains from this position.Ambev SA (ABEV) and Avis Budget Group (CAR): These are small (less than 1% of the US long portfolio each) positions established last quarter but reduced significantly this quarter. ABEV is a 0.75% of the US long portfolio stake established at prices between $5.68 and $6.85 and reduced by ~17% this quarter at prices between $5.57 and $6.81. The stock currently trades at $6.06. The 0.65% CAR stake was established at prices between $46.62 and $67.46 and reduced by ~44% this quarter at prices between $56.52 and $67.21. The stock is currently at $54.27.Note: Viking Global significantly increased the stake in CAR after the quarter ended: the latest regulatory filing shows them owning 4.42M shares (4.2% of business).NXP Semiconductors NV (NXPI): NXPI is a 1.71% of the US long portfolio stake established last quarter at prices between $53.90 and $77.85 and reduced by ~19% this quarter at prices between $72.38 and $108. The stock is currently at $107.Note 1: In March, NXP agreed to acquire Freescale Semiconductor (FSL). NXP has returned just over 40% so far this year. Meanwhile FSL is up almost 70%.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 4.79% WBA stake is Viking’s fourth-largest 13F position. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. This quarter saw a ~23% decrease at prices between $73.75 and $88.23. The stock currently trades at $85.97.Dollar Tree (DLTR), HCA Holdings (HCA), and Hilton Worldwide (HLT): These very small positions (less than ~1% of the portfolio each) were increased last quarter but reduced significantly this quarter.Hartford Financial Services (HIG) and Legg Mason Inc. (LM): These are minutely small (less than ~0.5% of the portfolio each) positions established last quarter and reduced this quarter. The position sizes are too small to indicate a clear bias.Kept Steady:None.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Esperion Therapeutics Inc. (ESPR), Kraft Foods Group (KRFT), Eli Lilly & Co. (LLY), Qihoo 360 Technology (QIHU), Qunar Cayman (QUNR), Teva Pharmaceuticals (TEVA), Wayfair Inc. (W), XPO Logistics (XPO), Aon plc (AON), Transocean Ltd. (RIG), and ProQR Therapeutics NV (PRQR). Although the position sizes relative to the portfolio is very small, it should be noted that Viking Global has significant 4.7% ownership stake in Wayfair Inc.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q1 2015:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2014 Update"

"Halvorsen's 13F portfolio decreased ~13% this quarter from $24.90B to $21.78B. The number of positions increased from 59 to 62.Viking Global increased Actavis plc to a fairly large stake while dropping Lowe’s Companies.The top-three positions are Illumina Inc. (7.03%), Walgreen Boots Alliance (6.62%), and Valeant Pharmaceuticals (5.96%) and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 02/17/2015. Please visit our series to get an idea of his investment philosophy and our for the fund’s moves during Q3 2014.This quarter, Halvorsen’s US long portfolio decreased 12.54% from $24.90B to $21.78B. The number of holdings increased from 59 to 62. Largest five individual stock positions are Illumina Inc., Walgreen Boots Alliance, Valeant Pharmaceuticals, Actavis plc, and Pioneer Natural Rsources.New Stakes:Ambev SA (ABEV), Avis Budget Group (CAR), Crown Castle International (CCI), and NXP Semiconductors NV (NXPI): These are small (less than 2% of the US long portfolio each) positions established this quarter. ABEV is a 1.22% of the US long portfolio stake established this quarter at prices between $5.68 and $6.85. The stock currently trades at $6.36. The 1.53% CAR stake was established at prices between $46.62 and $67.46 and the stock is currently at $62.45. Halvorsen controls 4.7% of the business. CCI is a 1.60% of the US long portfolio position established this quarter at prices between $75.11 and $84.75 and the stock currently trades outside that range at $88.71. NXPI is a 1.90% of the US long portfolio stake established this quarter at prices between $53.90 and $77.85 and the stock is currently well above that range at $84.66.Anthem Inc. (ANTM), Broadcom Corporation (BRCM), Coca-Cola Enterprises (CCE), Eaton Corporation (ETN), Hartford Financial Services (HIG), Ingersoll-Rand plc (IR), Legg Mason Inc. (LM), Potash Corporation (POT), Sealed Air Corp. (SEE), Shire plc (SHPG), and Wal-Mart Stores (WMT): These are very small (less than ~1% of the portfolio each) positions established this quarter. Viking Global significantly increased the stake in SEE after the quarter ended: the latest regulatory filing shows them owning 12.1M shares (5.7% of business).Stake Disposals:AbbVie Inc. (ABBV): ABBV was a medium-sized 2.50% of the US long portfolio stake established last quarter at prices between $52.05 and $59.62. The position was disposed of this quarter at prices between $52.90 and $70. The stock currently trades at $61.30.Facebook Inc. (FB): The original FB stake was established in Q3 2013 at prices between $24 and $51. The position was increased by a stunning 315% next quarter at prices between $47 and $58. Q1 2014 saw an about-turn as the stake was reduced by over half at prices between $53 and $72. The selling continued in Q2 2014 with another ~55% reduction at around the same price range. Last quarter, the pattern reversed: ~27% increase at prices between $62.76 and $79. The entire 1.65% position as of last quarter was eliminated this quarter at prices between $72.63 and $81.45. The stock currently trades at $79.89.Lowe’s Companies (LOW): The LOW position was fairly large at 4.13% of the US long portfolio as of last quarter. The quarter had seen a 15% reduction in the $47.20 to $54.11 price-range. The stake was first purchased in Q3 2013 at prices between $41 and $48. The position was sold this quarter at prices between $51.21 and $68.80. The stock currently trades at $73.56. The stage disposal of a large position indicates a clear bearish bias.Netflix Inc. (NFLX): NFLX was a 1.92% of the US long portfolio established in Q2 2014 at prices between $314 and $450. It was reduced by ~20% last quarter in the $423 to $485 price-range and eliminated this quarter at prices between $316 and $467. The stock currently trades at $478.Newfield Exploration (NFX): The original NFX stake was purchased in Q2 2014 at prices between $27.65 and $44.20 and increased by ~70% last quarter at prices between $37.07 and $44.92. This quarter saw an about-turn as the entire stake was disposed of at prices between $23.56 and $37.07. The stock currently trades at $32.09.Regeneron Pharmaceuticals (REGN): REGN was a 1.56% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $328 and $435. The stake was established in Q1 2014 at prices between $267 and $348. It was increased by a whopping 180% the following quarter at prices between $277 and $313. Last quarter saw an about turn as the position was reduced by almost two-thirds at prices between $277 and $365. The stock currently trades at $424.Twenty First Century Fox (FOXA): FOXA stake was first purchased in Q3 2013 at prices between $30 and $33.50. The position was at 5.09% of the portfolio as of Q1 2014. In Q2 2014, the stake was reduced by almost two-thirds at prices between $32 and $36.21 and that was followed by a ~24% reduction last quarter at prices between $31.30 and $36.30. This quarter, the remaining 1.39% position was sold at prices between $31.77 and $39.01. The stock currently trades at $35.30. The activity indicates a bearish bias.Alexion Pharmaceuticals (ALXN) and Precision Castparts (PCP): These small positions (less than ~2% of the portfolio each) were significantly increased last quarter but eliminated this quarter. ALXN was a very long-term holding first purchased in 2011. PCP was a very small position that was increased by just over 450% last quarter at prices between $229 and $259. The disposal was at prices between $218 and $243 and the stock is currently at $220.Aon plc (AON), Bank of America (BAC), Golar LNG (GLNG), Liberty Global plc (LBTYA) (LBTYK), Ralph Lauren (RL), and SBA Communications (SBAC): These were very small (less than ~1% of the US long portfolio each) positions that were disposed of this quarter.Stake Increases:Actavis plc (ACT): ACT was first purchased in Q2 2013 and more than doubled the next quarter at prices between $97 and $147. The original stake was reduced by ~70% in Q1 2014 at prices between $177 and $221. Last quarter saw a stake doubling at prices between $203 and $248 and that was followed by a ~80% increase this quarter at prices between $217 and $270. The position is now fairly large at 5.42% of the US long portfolio. The stock currently trades at $296. Halvorsen is sitting on huge gains on this position.Note: In November 2014, Actavis agreed to buy Allergan plc (AGN) and since then the stock has returned ~15%.Air Products & Chemicals (APD): APD is a 3.55% of the US long portfolio position purchased last quarter at prices between $128 and $137 and increased by ~50% this quarter at prices between $119 and $149. The stock currently trades at $158.Note: The business has seen activist involvement with Bill Ackman having established a huge ~19% of his portfolio stake.Baidu Inc. (BIDU): The BIDU position was first purchased in Q3 2013 at prices between $91 and $158. The stake was reduced by ~63% last quarter at prices between $182 and $229. This quarter saw an about-turn: 68% increase at prices between $199 and $250. It currently trades at $210.Cheniere Energy (LNG): LNG is a 1.75% of the US long portfolio position established last quarter at prices between $70 and $84.29. The stake was increased by ~83% this quarter at prices between $61.90 and $80.03. The stock currently trades at $74. For investors attempting to follow Viking, LNG is a good option to consider for further research. Halvorsen controls ~6.5% of the business.Note: LNG is fairly popular with super investors. Seth Klarman (Baupost) also has a huge ~19% of the portfolio stake (24.8M shares: ~10% of business).Canadian Pacific Railway (CP): CP is a 3.58% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. Q2 2014 saw a 25% reduction at prices between $144 and $185 and last quarter saw another one-third decrease in the $180 to $209 price-range. This quarter the pattern reversed as there was a stake doubling at prices between $175 and $215. The stock currently trades at around $190.Davita Healthcare (DVA): DVA is a 1.55% of the US long portfolio position that was increased by just over 80% in Q2 2014 at prices between $67 and $73. The original stake was established in Q1 2014 at prices between $62.74 and $70. Last quarter saw a ~14% increase in the $70.44 to $75 price-range and that was followed by a ~12% increase this quarter at prices between $72.03 and $78.07. The stock currently trades at $73.76.Mondelez International (MDLZ): The bulk of the 2.37% MDLZ position was purchased in Q1 2014 at prices between $32 and $35.80. It was reduced by ~30% last quarter at prices between $34.20 and $38.56. There was an about-turn this quarter as the stake was reduced by 28% at prices between $32.10 and $39.20. It currently trades at $36.97.Capital One Financial (COF), Delta Air Lines (DAL), Dollar Tree (DLTR), HCA Holdings (HCA), and Hilton Worldwide (HLT): These small positions (less than ~2% of the portfolio each) were increased significantly this quarter. The activity indicates a bullish bias toward these businesses.Stake Decreases:Alibaba Group Holding (BABA): BABA is a 1.77% stake established last quarter at prices between $87 and $94 and reduced by just over two-thirds this quarter at prices between $84.95 and $119. The stock currently trades at $86.64.Bank of New York Mellon (BK): BK is a 2.21% of the US long portfolio positon established last quarter in the $37.61 to $41.53 price-range and reduced by ~30% this quarter at prices between $35.95 and $41.53. The stock currently trades at $39.44.Citigroup Inc. (C): C is a medium-sized 2.79% of the US long portfolio position established last quarter at prices between $46.90 and $53.66 and reduced by ~25% this quarter at prices between $49.68 and $56.37. The stock currently trades at $51.78.Google Inc. (GOOG) (GOOGL): GOOG is a 1.81% of the US long portfolio position established last quarter at prices between $563 and $596 and reduced by ~20% this quarter at prices between $495 and $577. The stock currently trades at $539.Illumina Inc. (ILMN): ILMN is Viking Global’s largest individual stock position at 7.03% of the US long portfolio. The stake was increased by ~8% last quarter at prices between $159 and $183. This quarter saw minor selling. The bulk of the current stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $203. Viking Global controls 5.8% of the business.Kansas City Southern (KSU): KSU is a 1.79% of the US long portfolio position established in Q1 2014 at prices between $91 and $124. It was increased by ~65% the following quarter at prices between $95 and $108 and another ~40% last quarter at prices between $107 and $122. This quarter saw a reversal: 25% reduction at prices between $110 and $126. The stock currently trades at $117. Viking Global controls ~5% of the business.Lyondellbasell Industries (LYB): LYB was a top-five position at 4.59% of the US long portfolio in Q2 2014. It was reduced by over one-third last quarter at prices between $97.65 and $115 and another 43% this quarter at prices between $70.61 and $109. The long-term stake has been in the portfolio since 2010. The bulk of the original position was purchased in 2010 and 2011 at much lower prices compared to the current price of $90.47. Halvorsen is harvesting large long-term gains from this position.Mastercard Inc. (MA): MA is a 1.70% of the US long portfolio position that was increased by ~27% in Q2 2014 at prices between $68.68 and $77.47. Last quarter saw another one-third increase at prices between $73.47 and $78.32. This quarter, the stake was reduced by over two-thirds at prices between $69.78 and $89.08. The original position was purchased in Q4 2011 at prices between $31 and $38 and the position has wavered since. The stock currently trades at $90.79.Micron Technology (MU): The 3.24% MU stake was first purchased in Q2 2013 at prices between $9.31 and $14.40. The position was increased by ~400% in Q3 2013 when almost 30M shares were purchased at prices between $12.59 and $18. The stake peaked that quarter at over 37M shares. Since then, the position was reduced significantly and the remaining stake is at 20M shares. This quarter saw minor additional selling. The stock currently trades at $32.03. Halvorsen is continuing to harvest huge long-term gains from this position.Mohawk Industries (MHK): MHK is a 2.82% of the US long portfolio stake that was increased by just over 80% in Q2 2014 at prices between $125 and $141. It was increased by another ~25% last quarter at prices between $125 and $148. This quarter the pattern reversed as there was a 30% reduction at prices between $125 and $158. The position was established in Q1 2014 at prices between $133 and $150 and the stock currently trades at $184. Halvorsen controls 5.5% of the business.Pioneer Natural Resources (PXD): PXD is a fairly large 4.50% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% in Q2 2014 at prices between $181 and $233 and another two-thirds last quarter in the $195 to $232 price-range. The stock currently trades near the low-end of his purchase price ranges at $159. This quarter saw minor selling. For investors attempting to follow Halvorsen, PXD is a good option to consider for further research.Salix Pharmaceuticals (SLXP): SLXP is a 0.92% of the US long portfolio position established in Q1 2014 at prices between $89 and $115. It was increased by 86% in the following quarter at prices between $97 and $125. This quarter, the stake was reduced by ~36% at prices between $91.47 and $156. The stock currently trades at $158. Halvorsen controls 2.7% of the business.Thermo Fisher Scientific (TMO): The 3.33% TMO stake was first established in Q2 2013 when around 8.7M shares were purchased at prices between $77 and $88. It was increased to 10.6M shares the following quarter at prices between $85 and $94. The position was reduced since Q4 2013 and the current stake is at 5.8M shares. Q2 2014 saw a ~15% reduction at prices between $113 and $122 and this quarter saw another 28% reduction at prices between $110 and $129. The stock currently trades at $131. Viking Global is harvesting large long-term gains from this position.Valeant Pharmaceuticals (VRX): VRX is the third-largest position at 5.96% of the US long portfolio. It was increased by 27% in Q2 2014 at prices between $117 and $138. Last quarter, the stake was sold down by ~16% at prices between $107 and $131 and this quarter saw another ~9% reduction at prices between $113 and $146. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. The stock currently trades at $173. Halvorsen is harvesting huge long-term gains from this position.Walgreen Boots Alliance (WBA) previously Walgreen Company: The 6.62% WBA stake is Viking’s second-largest 13F position. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Q2 2014 saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08 and since then the position has wavered - minor increase last quarter followed by marginal decrease this quarter. The stock currently trades at $77.13.Allergan Inc. (AGN): AGN is a 1.92% of the US long portfolio position established in Q2 2014 at prices between $116 and $174 and increased by just over 180% last quarter at prices between $152 and $214. This quarter saw a ~14% reduction at prices between $177 and $214. The stock currently trades at $234.Sandisk Corporation (SNDK): SNDK was a very small 0.85% of the US long portfolio stake established last quarter at prices between $90.79 and $108. It was almost eliminated this quarter at prices between $82.80 and $106. The stock currently trades at $82.63.Visa Inc. (V): V is a long-term position first purchased in 2012. Around 3.5M shares were purchased at the time at prices between $100 and $150. The position size has wavered and last quarter it was at 3M shares. This quarter saw a huge 70% reduction at prices between $200 and $268 and the remaining stake is at 1.10% of the portfolio. The stock currently trades at $273.Kept Steady:None.The 13F portfolio also has the following minutely small (less than 0.5% of the portfolio each) stakes: Acadia Pharmaceuticals (ACAD), Cigna Corporation (CI), Ctrip.com Intl. (CTRP), Humana Inc. (HUM), Lam Research (LRCX), Allegion plc (ALLE), MGM Resorts International (MGM), Qunar Cayman (QUNR), Receptos Inc. (RCPT), Transocean Ltd. (RIG), Alexion Pharmaceuticals (ALXN), Sandisk Corporation (SNDK), Universal Health Services (UHS), Vertex Pharmaceuticals (VRTX), Wayfair Inc. (W), and Ameriprise Financial (AMP). Although the position sizes relative to the portfolio are very small, it should be noted that Viking Global has significant ownership in the following businesses: 4.7% in Wayfair Inc. and 3% in Acadia Pharmaceuticals.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q4 2014:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2014 Update"

"Halvorsen's 13F portfolio increased ~9% this quarter from $22.91B to $24.90B. The number of positions decreased from 62 to 59.Viking Global added stakes in Alibaba Group Holdings and Citigroup Inc. while dropping Walgreen Company.The top-three positions are Illumina Inc. (5.69%), Pioneer Natural Resources (5.37%), and Valeant Pharmaceuticals (5.25%) which together is at around 16% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 11/14/2014. Please visit our series to get an idea of his investment philosophy and for the fund’s moves during Q2 2014.This quarter, Halvorsen’s US long portfolio increased 8.72% from $22.91B to $24.90B. The number of holdings decreased from 62 to 59. Largest five individual stock positions are Illumina Inc., Pioneer Natural Resources, Valeant Pharmaceuticals, Valero Energy, and Lowe’s Companies.New Stakes:AbbVie Inc. (ABBV): ABBV is a medium-sized 2.50% of the US long portfolio stake established this quarter at prices between $52.05 and $59.62. The stock currently trades outside that range at $67.78. The significant stake establishment indicates a bullish bias.Air Products & Chemicals (APD): APD is a 1.86% of the US long portfolio position purchased this quarter at prices between $128 and $137 and the stock currently trades at $145. Note: The business has seen activist involvement with Bill Ackman having established a huge ~20% of his portfolio stake.Alibaba Group Holding (BABA): BABA is a large 4.06% stake established this quarter at prices between $87 and $94. The stock currently trades at $114. Note: The stock saw significant super-investor interest since its IPO with Dan Loeb leading with a huge ~8% position.Cheniere Energy (LNG): LNG is a 1.75% of the US long portfolio position established this quarter at prices between $70 and $84.29. The stock currently trades at $73.16.Citigroup Inc. (C): C is a medium-sized 3.10% of the US long portfolio position established this quarter at prices between $46.90 and $53.66 and the stock currently trades just outside that range at $54.40. The significant stake establishment indicates a clear bullish bias.Google Inc. (GOOG) (GOOGL): GOOG is a 2.18% of the US long portfolio position established this quarter at prices between $563 and $596. The stock currently trades below that range at $540. For investors attempting to follow Halvorsen, GOOG is a good option to consider for further research.Aon plc (AON), Bank of America (BAC), Dollar Tree (DLTR), Golar LNG (GLNG), Liberty Global plc (LBTYA) (LBTYK), and Sandisk Corporation (SNDK): These are very small (less than ~1% of the US long portfolio each) positions established this quarter. As the position sizes are very small, the stake establishments do not indicate a clear bias.Stake Disposals:Cameron International (CAM): CAM was a 1.45% of the US long portfolio position that was reduced by ~37% last quarter at prices between $60.66 and $67.75. This quarter, the stake was eliminated at prices between $66.38 and $74.33. The original position was purchased in Q4 2013 at prices between $53.25 and $65.11 and was increased substantially in Q1 2014 at prices between $56.73 and $64.06. The stock currently trades at $59.20. The about-turn indicates a bearish bias.Constellation Brands (STZ): The small 1.27% STZ stake was reduced by ~53% last quarter at prices between $78 and $89 and eliminated this quarter at prices between $83 and $91. The position was first established in Q3 2013 with the bulk purchased in Q4 2013 at prices between $57 and $71. The stock currently trades at $94.23.Michael KORS (KORS): KORS was a fairly large 3.79% of the US long portfolio position in Q2 2013 when close to 10M shares were purchased at around $55 per share. The stake was sold every quarter since and by Q1 2014 the position showed a total reduction of ~50% from the peak. Last quarter, the remaining position was reduced by 60% at prices between $86.59 and $97 and this quarter saw the disposal at prices between $71.17 and $91.38. The stock currently trades at $75.53. Halvorsen harvested large gains from this position.Time Warner Inc. (TWX): The 2.41% TWX position was sold off this quarter at prices between $70.25 and $87.23. It was first purchased in 2010 but was quickly sold. The current stake was established in 2012 when ~20M shares were purchased at around $38 per share. The position had wavered since. Q1 2014 saw a ~60% increase at prices between $61.52 and $70 and the stake stood at 21.6M shares (5.93%). Last quarter, the position was reduced by ~64% at prices between $62.76 and $71. The stock currently trades at $81.43.Walgreen Company (WAG): The large 6.52% WAG stake was Viking’s largest 13F position as of last quarter. It was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $53.80 and $69.09. Last quarter saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08 and this quarter the entire position was sold at prices between $59.21 and $74.13. The stock currently trades at $67.73. The quick about-turn on a very large position indicates a clear bearish bias.Capital One Financial (COF): COF was a fairly large 3.67% position as of last quarter. It is a very long term position that has been in the portfolio since 2009. The last significant buying happened in Q2 2013 when around 3.8M shares were acquired at prices between $54 and $64. This quarter, the entire stake was eliminated at prices between $78.04 and $84.95. The stock currently trades at $82.10. The elimination of a fairly large long-term position indicates a clear bearish bias.Apple Inc. (AAPL), Autodesk (ADSK), Cognizant Technology (CTSH), Workday Inc. (WDAY) & Universal Health Services (UHS): These are very small positions (less than ~1% of the US long portfolio each) that were dropped this quarter.Stake Increases:Davita Healthcare (DVA): DVA is a 1.17% of the US long portfolio position that was increased by just over 80% last quarter at prices between $67 and $73. The original stake was established in Q1 2014 at prices between $62.74 and $70. This quarter saw a ~14% increase in the $70.44 to $75 price-range. The stock currently trades at $74.49. The activity indicates a bullish bias.Facebook Inc. (FB): The original FB stake was established in Q3 2013 at prices between $24 and $51. The position was increased by a stunning 315% next quarter at prices between $47 and $58. Q1 2014 saw an about-turn as the stake was reduced by over half at prices between $53 and $72. The selling continued last quarter with another ~55% reduction at around the same price range. This quarter, the pattern reversed: ~27% increase at prices between $62.76 and $79. The stock currently trades at $73.99 and the remaining stake is at 1.65% of the portfolio.Kansas City Southern (KSU): KSU is a 2.07% of the US long portfolio position established in Q1 2014 at prices between $91 and $124. It was increased by ~65% last quarter at prices between $95 and $108 and another ~40% this quarter at prices between $107 and $122. The stock currently trades at $125. The aggressive build-up indicates a bullish bias.Mastercard Inc. (MA): MA is a 3.88% of the US long portfolio position that was increased by ~27% last quarter at prices between $68.68 and $77.47. This quarter saw another one-third increase at prices between $73.47 and $78.32. The original position was purchased in Q4 2011 at prices between $31 and $38 and the position has wavered since. The stock currently trades at $84.99.Micron Technology (MU): The 2.83% MU stake was first purchased in Q2 2013 at prices between $9.31 and $14.40. The position was increased by ~400% in Q3 2013 when almost 30M shares were purchased at prices between $12.59 and $18. The stake peaked that quarter at over 37M shares. Since then, the position was sold every quarter and the remaining stake was at 17.7M shares (2.55%) as of last quarter. This quarter saw an about turn with a ~16% increase at prices between $29.68 and $34.64. The stock currently trades at $34.73.Mohawk Industries (MHK): MHK is a 3.07% of the US long portfolio stake that was increased by just over 80% last quarter at prices between $125 and $141. It was increased by another ~25% this quarter at prices between $125 and $148. The position was established in Q1 2014 at prices between $133 and $150 and the stock currently trades at $154.Pioneer Natural Resources (PXD): PXD is a 5.37% of the US long portfolio stake established in Q1 2014 at prices between $165 and $205. It was increased by almost 150% last quarter at prices between $181 and $233 and another two-thirds this quarter in the $195 to $232 price-range. The stock currently trades near the low-end of his purchase price ranges at $171. The aggressive stake build-up indicates a clear bullish bias. For investors attempting to follow Halvorsen, PXD is a good option to consider for further research.Valero Energy (VLO): VLO was a very small 0.92% stake as of last quarter. The position was first purchased in Q1 2013 and substantially increased in Q2 2013 at prices between $34 and $47. The stake had wavered since. Last quarter saw an almost two-third reduction at prices between $51 and $59. This quarter, the position was increased by almost 400% at prices between $46.27 and $54.25. The stock currently trades at $50.81 and the current stake is at 4.93%. The aggressive buying indicates a bullish bias.Illumina Inc. (ILMN): ILMN is Viking Global’s largest individual stock position at 5.69% of the US long portfolio. The stake was increased by ~8% this quarter at prices between $159 and $183. The bulk of the current stake was purchased in Q1 2014 at prices between $109 and $180. The stock currently trades at $191.Actavis plc (ACT), Alexion Pharmaceuticals (ALXN), Allergan Inc. (AGN), Precision Castparts (PCP), & Visa Inc. (V): These are medium-sized positions (between 1% and 3% of the US long portfolio each) increased substantially this quarter. The activity indicates a bullish bias toward these businesses.Hilton Worldwide (HLT), Newfield Exploration (NFX), and SBA Communications (SBAC): These are very small (less than ~1% of the US long portfolio each) stakes increased this quarter. The position sizes are still too small to indicate a clear bias.Stake Decreases:Canadian Pacific Railway (CP): CP is a 1.63% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. It had since been kept relatively steady. Last quarter saw a 25% reduction at prices between $144 and $185 and this quarter saw another one-third decrease in the $180 to $209 price-range. The stock currently trades at around $208. Viking Global is harvesting significant short-term gains from this position.H&R Block (HRB): The very small 0.39% HRB stake is a long-term positon that has been in the portfolio since 2010. The original stake was more than doubled in 2011. The position was reduced by ~64% last quarter at prices between $27.40 and $33.50 and another ~50% this quarter at prices between $31 and $33.84. The stock currently trades at $33.37. The buying happened at much lower prices and so Halvorsen is harvesting large long-term gains.Lowe’s Companies (LOW): The LOW position was at 4.80% of the US long portfolio as of last quarter. This quarter saw a 15% reduction in the $47.20 to $54.11 price-range. The stake was first purchased in Q3 2013 at prices between $41 and $48. The stock currently trades at $63.64 and the remaining stake is still fairly large at 4.13%.Lyondellbasell Industries (LYB): LYB was a top-five position at 4.59% of the US long portfolio last quarter. It was reduced by over one-third this quarter at prices between $97.65 and $115. The long-term stake has been in the portfolio since 2010. The bulk of the current position was purchased in 2010 and 2011 at much lower prices compared to the current price of $90.56.Monsanto Company (MON): The fairly large 3.15% MON stake was reduced to a minutely small 0.28% position this quarter at prices between $112 and $127. The original position was a very small stake first purchased in Q1 2013 and increased substantially in Q2 2013 at around $100 (4.2M shares). It was increased by ~87% last quarter at prices between $110 and $127. The stock currently trades at $121. The quick about-turn indicates a bearish bias.Netflix Inc. (NFLX): NFLX is a 1.92% of the US long portfolio established last quarter at prices between $314 and $450. It was reduced by ~20% this quarter in the $423 to $485 price-range. The stock currently trades at $356.Regeneron Pharmaceuticals (REGN): REGN is a 1.56% of the US long portfolio position established in Q1 2014 quarter at prices between $267 and $348. It was increased by a whopping 180% last quarter at prices between $277 and $313. This quarter saw an about turn as the position was reduced by almost two-thirds at prices between $277 and $365. The stock currently trades at $410.Salix Pharmaceuticals (SLXP): SLXP is a 1.71% of the US long portfolio position established in Q1 2014 at prices between $89 and $115. It was increased by 86% last quarter at prices between $97 and $125. This quarter saw minor selling. The stock currently trades at $103.Thermo Fisher Scientific (TMO): The fairly large 3.90% TMO stake was first established in Q2 2013 when around 8.7M shares were purchased at prices between $77 and $88. It was increased to 10.6M shares the following quarter at prices between $85 and $94. The position was reduced since Q4 2013 and the current stake is at 8M shares. Last quarter saw a ~15% reduction at prices between $113 and $122 and this quarter saw minor additional selling. The stock currently trades at $127.Twenty First Century Fox (FOXA): The 1.39% FOXA stake was established in Q3 2013 at prices between $30 and $33.50. The position was at 5.09% of the portfolio as of Q1 2014. Last quarter, the stake was reduced by almost two-thirds at prices between $32 and $36.21 and that was followed with a ~24% reduction this quarter at prices between $31.30 and $36.30. The stock currently trades at $35.75.Valeant Pharmaceuticals (VRX): VRX is the third-largest position at 5.25% of the US long portfolio. It was increased by 27% last quarter at prices between $117 and $138. This quarter, the stake was sold down by ~16% at prices between $107 and $131. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. The stock currently trades at $143. Halvorsen is starting to harvest huge long-term gains from this position.Baidu Inc. (BIDU) & Mondelez International (MDLZ): BIDU and MDLZ are at 1.51% and 1.55% of the US long portfolio respectively. The stakes were both reduced this quarter. The BIDU position was first purchased in Q3 2013 at prices between $91 and $158 while the ~63% reduction this quarter happened at prices between $182 and $229. The bulk of the MDLZ position was purchased in Q1 2014 at prices between $32 and $35.80 and the ~30% reduction this quarter happened at prices between $34.20 and $38.56. BIDU currently trades at $244 and MDLZ at $38.99.Ralph Lauren (RL): RL stake was established last quarter and reduced by ~24% this quarter. The remaining stake is very small at 0.53% of the portfolio.Kept Steady:None.The 13F portfolio also shows the following minutely small (less than 0.5% of the portfolio each) stakes: Acadia Pharmaceuticals (ACAD), Adobe Systems (ADBE), Capital One Financial (COF), Colfax Inc. (CFX), Concho Resources (CXO), Crown Castle (CCI), DR Horton Inc. (DHI), Delta Airlines (DAL), HCA Holdings (HCA), Humana Inc. (HUM), Intercept Pharmaceuticals (ICPT), Marsh & McLennan (MMC), Medtronic (MDT), Molina Healthcare (MOH), Petroleo Brasileiro SA (PBR), State Street Corp. (STT), WellPoint Inc. (WLP), and Kite Pharma. (KITE).The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q3 2014:"

"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2014 Update"

"Halvorsen's 13F portfolio decreased 4% this quarter from $23.84B to $22.91B. The number of positions increased from 60 to 62.Viking Global significantly increased Pioneer Natural Resources & Regeneron Pharamceuticals stakes this quarter while reducing Time Warner and Twenty-First Century Fox.The top-three positions are Walgreen Company (6.52%), Valeant Pharmaceuticals (6.51%), and Illumina Inc. (6.23%) which together is at almost 20% of the portfolio.This article is the first in a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory filed on 08/14/2014.Ole Andreas Halvorsen, a tiger cub, launched Viking Global in 1999 as a long/short global fund. He is considered as one of the most successful protégés of Julian Robertson's Tiger Management. AUM has grown to around $40B as the fund has vastly outperformed the MSCI World Index since inception. Recent reports show the 13F portfolio having around 60 individual stock positions. Their bottom-up investing philosophy seeks to study businesses as deeply as possible. Talking to management, understanding the dynamics of the industry the business is operating in, unveiling information from competitors, suppliers, etc. are all part of the process. Prime importance is also given to the strength of the management team. In this regard, the final investment decision hinges on whether Viking’s view of the underlying business dynamics is similar to what company management believes.This quarter, Halvorsen’s US long portfolio decreased 4% from $23.84B to $22.91B. The number of holdings increased from 60 to 62. Largest five individual stock positions are Walgreen Company, Valeant Pharmaceuticals, Illumina Inc., Lowe’s Companies, and Lyondellbasell Industries.New Stakes:Netflix Inc. (NFLX): NFLX is a 2.53% of the US long portfolio established this quarter at prices between $314 and $450. The stock currently trades outside that range at $479. The substantial stake establishment represents a bullish bias.Allergan Inc. (AGN), Apple Inc. (AAPL), Cognizant Technology (CTSH), Hilton Worldwide (HLT), Newfield Exploration (NFX), and Ralph Lauren (RL): These are very small (less than ~1% of the US long portfolio each) positions established this quarter. The stake establishments indicate a mild bullish bias toward these businesses.Stake Disposals:American International Group (AIG): AIG was a 1.33% of the US long portfolio position established last quarter at prices between $46.88 and $52.22. This quarter the stake was eliminated at prices between $49.40 and $55.70. The stock currently trades at $55.33. The quick about-turn indicates a bearish bias.Bank of America (BAC): BAC was a fairly large 3.42% of the US long portfolio position established in Q3 2013 at prices between $13 and $14.84. Almost 45M shares were purchased at that time. The stake was sold down every quarter since. The bulk of the selling happened last quarter at prices between $15.57 and $17.92. This quarter, the remaining position was eliminated at prices between $14.51 and $17.34. The stock currently trades at $16.13. The activity indicates a clear bearish bias.Triumph Group Inc. (TGI) & Verizon Communications (VZ): These are very small (less than ~1% of the US long portfolio each) positions that were eliminated this quarter. TGI stake was eliminated at prices between $62 and $72. The original position was purchased in Q2 2013 & substantially increased in Q3 2013 at around $79 per share. The stock currently trades at $69.25. The VZ stake was sold out at prices between $45.94 and $50.05. The position was established last quarter at prices between $46 and $49.30 and the stock currently trades at $48.64.Stake Increases:Davita Healthcare (DVA): DVA is a 1.10% of the US long portfolio position that was increased by just over 80% this quarter at prices between $67 and $73. The stake was established last quarter at prices between $62.74 and $70. The stock currently trades just outside those ranges at $73.65. The activity indicates a bullish bias.Kansas City Southern (KSU): KSU is a 1.42% of the US long portfolio position established last quarter at prices between $91 and $124. It was increased by ~65% this quarter at prices between $95 and $108. The stock currently trades at $114.Lowe’s Companies (LOW): LOW is a top-five position at 4.80% of the US long portfolio. It was increased by just over 26% this quarter at prices between $44.63 and $49.52. The position was first purchased in Q3 2013 at prices between $41 and $48. The stock currently trades outside those ranges at $52.53. The build-up indicates a clear bullish bias.Mastercard Inc. (MA): MA is a 3.15% of the US long portfolio position that was increased by ~27% this quarter at prices between $68.68 and $77.47. The original position was purchased in Q4 2011 at prices between $31 and $38 and the position has wavered since. The stock currently trades at $76.48.Monsanto Company (MON): MON is a 3.15% of the US long portfolio stake that was increased by ~87% this quarter at prices between $110 and $127. The stock currently trades near the middle of that range at $117. Halvorsen had established a small position in MON in 2011 but it was sold soon after. The current position was a very small stake first purchased in Q1 2013 and increased substantially in Q2 2013 at around $100 (4.2M shares). By last quarter, the position had been sold down to just over 3M shares. The huge increase this quarter indicates a bullish bias. For investors attempting to follow Halvorsen, MON is a good option to consider.Mohawk Industries (MHK): MHK is a 2.74% of the US long portfolio stake that was increased by just over 80% this quarter at prices between $125 and $141. The position was established last quarter at prices between $133 and $150 and the stock currently trades at $146.Pioneer Natural Resources (PXD): PXD is a 4.09% of the US long portfolio stake established last quarter at prices between $165 and $205. It was increased by almost 150% this quarter at prices between $181 and $233. The stock currently trades at $204. The aggressive stake build-up indicates a clear bullish bias. For investors attempting to follow Halvorsen, PXD is a good option to consider for further research.Regeneron Pharmaceuticals (REGN): REGN is a 3.65% of the US long portfolio position established last quarter at prices between $267 and $348. It was increased by a whopping 180% this quarter at prices between $277 and $313. The stock currently trades at $341. The buying pattern indicates a clear bullish bias.Salix Pharmaceuticals (SLXP): SLXP is a 1.56% of the US long portfolio position established last quarter at prices between $89 and $115. It was increased by 86% this quarter at prices between $97 and $125. The stock currently trades well outside those ranges at $159.Valeant Pharmaceuticals (VRX): VRX is the second-largest position at 6.51% of the US long portfolio. It was increased by 27% this quarter at prices between $117 and $138. It is a long-term position that was established in 2010 when around 9.3M shares were purchased at around $20. The stock currently trades at $117. The position has wavered since although last quarter the share count was back at 9.3M shares. Halvorsen is sitting on huge long-term gains on this position and continues to be very bullish.Actavis plc (ACT), Alexion Pharmaceuticals (ALXN), Baidu Inc. (BIDU), & Mondelez International (MDLZ): These are significant positions (more than 0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Stake Decreases:Cameron International (CAM): CAM is a 1.45% of the US long portfolio position that was reduced by ~37% this quarter at prices between $60.66 and $67.75. The original stake was purchased in Q4 2013 at prices between $53.25 and $65.11 and was increased substantially last quarter at prices between $56.73 and $64.06. The stock currently trades at $72.58. The about-turn indicates a bearish bias.Canadian Pacific Railway (CP): CP is a 2.38% of the US long portfolio position that was established in Q4 2013 at prices between $123 and $157. It had since been kept relatively steady. This quarter saw a 25% reduction at prices between $144 and $185. The stock currently trades at around $200. Viking is harvesting significant short-term gains from this position.Concho Resources (CXO): The 1.31% CXO position was almost eliminated this quarter at prices between $121 and $145. It was first purchased in Q4 2013 at prices between $96 and $121 and substantially increased last quarter at prices between $95 and $124. The stock currently trades at $132.Constellation Brands (STZ): The small 1.27% STZ stake was reduced by ~53% this quarter at prices between $78 and $89. The position was first established in Q3 2013 with the bulk purchased in Q4 2013 at prices between $57 and $71. The stock currently trades at $87.23.Facebook Inc. (FB): The original FB stake was established in Q3 2013 at prices between $24 and $51. The position was increased by a stunning 315% next quarter at prices between $47 and $58. Q1 2014 saw an about-turn as the stake was reduced by over half at prices between $53 and $72. The selling continued this quarter with another ~55% reduction at around the same price range. The stock currently trades at $74.57 and the remaining stake is at 1.20% of the portfolio.H&R Block (HRB): The small 0.87% HRB stake is a long-term positon that has been in the portfolio since 2010. The original stake was more than doubled in 2011. The position was reduced by ~64% this quarter at prices between $27.40 and $33.50 and the stock currently trades at $33.78. The buying happened at much lower prices and so Halvorsen is harvesting large long-term gains.Michael KORS (KORS): KORS was a fairly large 3.79% of the US long portfolio position in Q2 2013 when close to 10M shares were purchased at around $55 per share. The stake was sold every quarter since and last quarter the position showed a total reduction of ~50% from the peak. This quarter, the remaining position was reduced by 60% at prices between $86.59 and $97. The stock currently trades at $82.64. Halvorsen is harvesting large short-term gains from this position.Lyondellbasell Industries (LYB): LYB is a top-five position at 4.59% of the US long portfolio. The long-term stake has been in the portfolio since 2010. The bulk of the current position was purchased in 2010 and 2011 at much lower prices compared to the current price of around $112. This quarter saw a ~16% stake reduction at prices between $87 and $101.Micron Technology (MU): The 2.55% MU stake was first purchased in Q2 2013 at prices between $9.31 and $14.40. The position was increased by ~400% in Q3 2013 when almost 30M shares were purchased at prices between $12.59 and $18. The position peaked that quarter at over 37M shares. Since then, the stake was sold every quarter and the current position is at 17.7M shares (2.55%). This quarter saw a ~15% reduction at prices between $21 and $34. The stock currently trades at $33.29.Thermo Fisher Scientific (TMO): The fairly large 4.26% TMO stake was first established in Q2 2013 when around 8.7M shares were purchased at prices between $77 and $88. It was increased to 10.6M shares the following quarter at prices between $85 and $94. The position was reduced since Q4 2013 and the current stake is at 8.2M shares. This quarter saw a ~15% reduction at prices between $113 and $122 and the stock currently trades at $121.Time Warner Inc. (TWX): The 2.41% TWX position was first purchased in 2010 but was quickly sold. The current stake was established in 2012 when ~20M shares were purchased at around $38 per share. The position has wavered since. Last quarter saw a ~60% increase at prices between $61.52 and $70 and the stake stood at 21.6M shares (5.93%). This quarter, the position was reduced by ~64% at prices between $62.76 and $71. The stock currently trades at $77.23.Twenty First Century Fox (FOXA): The ~2% FOXA stake was established in Q3 2013 at prices between $30 and $33.50. The position was at 5.09% of the portfolio as of last quarter. This quarter, the stake was reduced by almost two-thirds at prices between $32 and $36.21. The stock currently trades at $35.69.Valero Energy (VLO): The small 0.92% VLO stake was first purchased in Q1 2013 and substantially increased in Q2 2013 at prices between $34 and $47. The position has wavered since. This quarter saw an almost two-third reduction at prices between $51 and $59 and the stock currently trades at $53.81.Walgreen Company (WAG): The large 6.52% WAG stake is Viking’s largest 13F position. It was first purchased in Q4 2013 and substantially increased last quarter at prices between $53.80 and $69.09. This quarter saw a turnaround as ~17% of the position was sold at prices between $63.40 and $76.08. The stock currently trades at $61.05.Adobe Pharmaceuticals (ADBE), Autodesk (ADSK), Crown Castle (CCI), Intercept Pharmaceuticals (ICPT), Universal Health Services (UHS), & Workday Inc. (WDAY): These are very small positions (less than ~1% of the US long portfolio each) that were further reduced this quarter.Capital One Financial (COF), Illumina Inc. (ILMN), & Visa Inc. (V): These are significant positions (more than 0.5% of the US long portfolio) that were reduced marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:None.The 13F portfolio also shows the following minute (less than 0.5% of the portfolio each) stakes: American Airlines Group (AAL), Ctrip.com (CTRP), Intercept Pharmaceuticals (ICPT), Blackberry Ltd. (BBRY), Melco Crown Entertainment (MPEL), Myriad Genetics (MYGN), Precision Castparts (PCP), Principal Financial Group (PFG), Rite Aid Corp. (RAD), SBA Communications (SBAC), State Street Corp. (STT), Centene Corporation (CNC), Cimarex Energy (XEC), Wellpoint Inc. (WLP), Zimmer Holdings (ZMH), Zynga Inc. (ZNGA), Allegion plc (ALLE), and Acadia Pharmaceuticals (ACAD).The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q2 2014:"

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/14/2023. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2023.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~4% from $6.12B to $6.34B. The number of holdings increased from 31 to 34. 17 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~30% while the top five are at ~47% of the 13F assets: Intercontinental Exchange, Alphabet, Formula One Group, UnitedHealth, and Charles Schwab.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~53-year track record (July 15, 1970 inception, 13.05% annualized return compared to 11.07% for the S&P 500 index). The performance for 2022 was terrible: Negative 30.52% compared to Negative 18.11% for the S&P 500 index. For H1 2023, they again underperformed the S&P 500 Index: 12.91% vs 16.89%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now less than 5%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Lumine Group (LMGIF), Rolls-Royce Holdings plc (RYCEY), SAP SE (SAP), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Increases:UnitedHealth (UNH): UNH is a large (top five) 8.56% of the portfolio stake. It was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling in Q2 2022 at prices between ~$452 and ~$546. That was followed with a ~15% reduction during Q4 2022 at prices between ~$499 and ~$555. The stock currently trades at ~$481. There was a ~2% trimming last quarter and a similar increase this quarter.Charles Schwab (SCHW): SCHW is now at ~8% of the portfolio. It was first purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling next quarter at prices between $32.50 and $43. The stock is now at $57.73. The last several quarters saw minor trimming while this quarter there was a ~9% stake increase.Elevance Health (ELV): The 7.35% ELV stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$439. Q2 2022 saw a ~42% reduction at prices between ~$444 and ~$530. That was followed with a ~16% selling during Q4 2022 at prices between ~$454 and ~$547. There was a ~30% stake increase this quarter at prices between ~$436 and ~$496.Credit Acceptance Corp. (CACC): CACC is a 6.32% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction next quarter at prices between ~$582 and ~$696. The stock is now at ~$487. The last five quarters saw minor trimming while this quarter there was a marginal increase.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Capital One Financial (COF): COF is a 5.87% of the portfolio position established during Q3 2022 at prices between ~$91 and ~$116 and the stock currently trades at ~$102. There was a ~25% stake increase this quarter at prices between ~$86 and ~$114.Jacobs Solutions (J) previously Jacobs Engineering: J is a 5.54% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$132. The last seven quarters saw minor trimming while this quarter saw a ~12% increase.Liberty Broadband (LBRDK): LBRDK is a 5.18% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. This quarter saw another one-third increase at prices between ~$71 and ~$85. The stock currently trades at $92.62.Stake Decreases:Intercontinental Exchange (ICE): ICE is currently the largest 13F position at 10.60% of the portfolio. It was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase in Q2 2022 at prices between ~$90 and ~$133. The stock currently trades at ~$115. The last four quarters have seen a ~9% trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG is now at 9.91% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. The last five quarters saw a one-third reduction at prices between ~$83 and ~$128. The stock currently trades at ~$139.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters through Q3 2019 saw a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. There was a ~17% reduction last quarter at prices between ~$53 and ~$68. FWONA is currently at $60.22. The stake is now a large (top three) position at 9.41% of the portfolio. There was a minor ~2% trimming this quarter.Note: their ownership stake in Formula One Group is ~4%.CarMax Inc. (KMX): KMX is currently at ~8% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$82. The last several quarters have also seen minor trimming.Taiwan Semi (TSM): The 6.88% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. Q3 2022 saw a ~30% selling at prices between ~$69 and ~$92. The stock currently trades at ~$88. The last few quarters saw minor trimming.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Meta Platforms (META): The 4.18% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters saw another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. Q3 2022 also saw a ~11% stake increase. The last two quarters saw a ~70% selling at prices between ~$125 and ~$289. The stock currently trades at ~$305.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~4% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. The nine quarters through Q1 2022 had seen the large stake sold down at prices between ~$169 and ~$359. Next quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$370. The last four quarters also saw minor trimming.Netflix Inc. (NFLX): NFLX position was purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase in Q1 2022 at prices between ~$331 and ~$597. Next quarter also saw another ~45% stake increase at prices between ~$166 and ~$392. Q3 2022 saw an about turn: ~40% selling at prices between ~$174 and ~$249. That was followed with another ~50% reduction next quarter at prices between ~$214 and ~$320. The stake was almost sold out this quarter at prices between ~$318 and ~$445. The stock currently trades at ~$396.Micron Technology (MU): MU position was built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at $70.71. Q3 2022 saw a one-third reduction at prices between ~$49 and ~$65. The position was almost sold out this quarter at prices between ~$57 and ~$74.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q1 2023 and Q2 2023.Note: is an affiliated but separate business that invests in early stage. They also have a long-term structure whereby they hold public businesses as well once their portfolio companies do a successful IPO – DASH, U, etc. are examples. Related article from 6/2022 -Regulatory filings from 2/18/2023 to 6/21/2023: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2023 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $6.40B to $6.12B this quarter. The number of positions decreased from 32 to 31.They decreased Formula One Group and Meta Platforms during the quarter.The top three positions are Intercontinental Exchange, Formula One Group, and Alphabet, and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/15/2023. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2022.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~4% from $6.40B to $6.12B. The number of holdings decreased from 32 to 31. 16 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~30% while the top five are at ~46% of the 13F assets: Intercontinental Exchange, Formula One Group, and Alphabet, UnitedHealth, and Charles Schwab.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~53-year track record (July 15, 1970 inception, 12.98% annualized return compared to 10.95% for the S&P 500 index). The performance for 2022 was terrible: Negative 30.52% compared to Negative 18.11% for the S&P 500 index. For Q1 2023, they again underperformed the S&P 500 Index: 5.93% vs 7.50%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now close to zero. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Rolls-Royce Holdings plc (RYCEY), SAP SE (SAP), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Decreases:Intercontinental Exchange (ICE): The large (top three) ~10% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase in Q2 2022 at prices between ~$90 and ~$133. The stock currently trades at ~$111. The last three quarters have seen a ~7% trimming.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters through Q3 2019 saw a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. There was a ~17% reduction this quarter at prices between ~$53 and ~$68. FWONA is currently at $69.32. The stake is now a large position at ~10% of the portfolio.Note: their ownership stake in Formula One Group is ~4%.Alphabet Inc. (GOOG) (GOOGL): GOOG is now at 9.48% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. The last three quarters saw a ~27% reduction at prices between ~$83 and ~$144. The stock currently trades at ~$121. There was a minor ~3% trimming this quarter.UnitedHealth (UNH): UNH is a large (top five) 8.52% of the portfolio stake. It was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling in Q2 2022 at prices between ~$452 and ~$546. That was followed with a ~15% reduction last quarter at prices between ~$499 and ~$555. The stock currently trades at ~$477. There was a ~2% trimming this quarter.Charles Schwab (SCHW): SCHW is now at ~7% of the portfolio. It was first purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling next quarter at prices between $32.50 and $43. The stock is now at ~$54. The last several quarters saw minor trimming.Taiwan Semi (TSM): The 6.69% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. Q3 2022 saw a ~30% selling at prices between ~$69 and ~$92. The stock currently trades at ~$102. The last few quarters saw minor trimming.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.CarMax Inc. (KMX): KMX is currently at ~6% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at $78.30. The last several quarters have also seen minor trimming.Micron Technology (MU) and Elevance Health (ELV): MU is a 4.60% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at $65.80. Q3 2022 saw a one-third reduction at prices between ~$49 and ~$65. That was followed with a ~5% trimming in the last two quarters. The ~6% ELV stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$445. Q2 2022 saw a ~42% reduction at prices between ~$444 and ~$530. That was followed with a ~16% selling last quarter at prices between ~$454 and ~$547. There was a minor ~2% trimming this quarter.Credit Acceptance Corp. (CACC): CACC is a 5.57% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction next quarter at prices between ~$582 and ~$696. The stock is now at ~$493. The last five quarters also saw minor trimming.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Jacobs Solutions (J) previously Jacobs Engineering: J is a ~5% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$115. The last seven quarters also saw minor trimming.Meta Platforms (META): The 4.42% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters saw another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. Q3 2022 also saw a ~11% stake increase. This quarter saw a ~57% selling at prices between ~$125 and ~$212. The stock currently trades at ~$282.Capital One Financial (COF): COF is a 4.23% of the portfolio position established during Q3 2022 at prices between ~$91 and ~$116 and the stock currently trades at ~$108. There was a minor ~5% trimming in the last two quarters.Liberty Broadband (LBRDK): LBRDK is a 4.15% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at ~$73. The last two years saw minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~3.9% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. The nine quarters through Q1 2022 had seen the large stake sold down at prices between ~$169 and ~$359. Next quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$339. The last three quarters also saw minor trimming.Netflix Inc. (NFLX): NFLX is a 3.48% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase in Q1 2022 at prices between ~$331 and ~$597. Next quarter also saw another ~45% stake increase at prices between ~$166 and ~$392. Q3 2022 saw an about turn: ~40% selling at prices between ~$174 and ~$249. That was followed with another ~50% reduction last quarter at prices between ~$214 and ~$320. The stock currently trades at ~$425. There was a minor ~2% trimming this quarter.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q4 2022 and Q1 2023.Q4 2022 Portfolio Review video, Letter, Factsheet: Performance: Negative 30.52% vs negative 18.11% for the S&P 500 index for 2022. 12.92% vs 10.85% since 1970 inception. Increased: . Trimmed: . NEW: . Commentary: Top-ten holdings discussed based on 1/25/2023 share prices: 1) SCHW – trading at 16x EPS for 2023 – scale and client-centric approach should continue gathering assets – good to great ROE. 2) FWONK – trades at 30x EPS for 2023 – impossible to replicate global sports league – mid-teens or better earnings growth prospect. 3) UNH – trades at 19x EPS for 2023 – should grow earnings at teens rate - insensitive to broader market – policy can impact this business but full disintermediation is very unlikely. 4) UMG – mid-20s multiple of 2023 EPS – has ability to grow earnings in the teens rate for several years - benefits from USD strength – has double digit growth – 6.4% of Sequoia capital invested first through Vivendi in 2018 and then after spinoff – because of digital streaming decimation of industry in the 1990s, only recently recovered to peaks reached over 2 decades ago – streaming now over half of revenues – return of live concerts is a tailwind. 5) ICE – 19x EPS for 2023 - developing a mortgage technology business – double digit EPS growth for years likely. 6) Eurofins Scientific – 19x EPS for 2023 - high-margin COVID related testing activity subsided and that has hurt results – still they are world leaders in food, environmental, and pharma testing - double digit growth likely for many years. 7) GOOG – 18x EPS for 2023 – regulation is the biggest risk. 8) Constellation Software – 29x EPS for 2023 - exceptional acquirer – mid-teens compounding likely. 9) ELV – 15x 2023 EPS - previously Anthem – best 2022 performer – similar to UNH – 2017 management change has been a tailwind – trades at a significant discount to UNH although we prefer UNH business - . 10) CACC – 8x 2023 EPS – has bought back one-third oof shares outstanding in the last 5 years - lender of last resort for subprime credit - earnings depends on the size and performance of its book of outstanding loans – 2022 was good for collections but bad for new underwriting – loan volumes should normalize as tightness in the auto market abates – regulatory risk - .Note: is an affiliated but separate business that invests in early stage. They also have a long-term structure whereby they hold public businesses as well once their portfolio companies do a successful IPO – DASH, U, etc. are examples. Related article from 6/2022 -Regulatory filings from 11/29/2022 to 2/18/2023: 13G/A – 2/14 – CACC – 799K shares – 6.18% of business."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2022 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $6.73B to $6.40B this quarter. The number of positions increased from 31 to 32.They dropped Wayfair and decreased UnitedHealth, Elevance Health, and Netflix.The top three positions are Charles Schwab, Intercontinental Exchange, and UnitedHealth, and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/13/2023. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2022.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~5% from $6.73B to $6.40B. The number of holdings increased from 31 to 32. 16 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~30% while the top five are at ~47% of the 13F assets: Charles Schwab, Intercontinental Exchange, UnitedHealth, Formula One, and Alphabet.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~53-year track record (July 15, 1970 inception, 12.92% annualized return compared to 10.85% for the S&P 500 index). The performance for 2022 was terrible: Negative 30.52% compared to Negative 18.11% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now close to zero. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Rolls-Royce Holdings plc (RYCEY), SAP SE (SAP), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Wayfair Inc. (W): W was a 2.27% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. Q3 2021 saw a ~80% stake increase at prices between ~$239 and ~$317. That was followed with a one-third increase next quarter at prices between ~$190 and ~$280. Q2 2022 saw another ~45% stake increase at prices between ~$44 and ~$117. The disposal this quarter was at prices between ~$28 and ~$42. The stock currently trades at $49.81.Stake Decreases:Charles Schwab (SCHW): SCHW is now the largest 13F position at 10.98% of the portfolio. It was first purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling next quarter at prices between $32.50 and $43. The stock is now at ~$80. Last few quarters have seen minor trimming.Intercontinental Exchange (ICE): The large (top three) ~10% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase in Q2 2022 at prices between ~$90 and ~$133. The stock currently trades at ~$104. Last two quarters have seen a ~5% trimming.UnitedHealth (UNH): UNH is a large (top three) 9.36% of the portfolio stake. It was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling in Q2 2022 at prices between ~$452 and ~$546. That was followed with a ~15% reduction this quarter at prices between ~$499 and ~$555. The stock currently trades at ~$489.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last three years have seen only minor adjustments. FWONA is currently at ~$63. The stake is now a large position at ~9% of the portfolio.Note: their ownership stake in Formula One Group is ~4.7%.Alphabet Inc. (GOOG) (GOOGL): GOOG is now at 7.92% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. Last three quarters saw a ~27% reduction at prices between ~$83 and ~$144. The stock currently trades at ~$92.Micron Technology (MU) and Elevance Health (ELV): MU is a 3.72% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at ~$57. Last quarter saw a one-third reduction at prices between ~$49 and ~$65. That was followed with a ~3% trimming this quarter. The 6.62% ELV stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$484. Q2 2022 saw a ~42% reduction at prices between ~$444 and ~$530. That was followed with a ~16% selling this quarter at prices between ~$454 and ~$547.CarMax Inc. (KMX): KMX is currently at ~6% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at $69.49. Last several quarters have also seen minor trimming.Credit Acceptance Corp. (CACC): CACC is a 5.92% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction next quarter at prices between ~$582 and ~$696. The stock is now at ~$456. Last four quarters also saw minor trimming.Note: They have a ~6.2% ownership stake in Credit Acceptance Corp.Meta Platforms (META): The 5.57% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. Last quarter also saw a ~11% stake increase. The stock currently trades at ~$171. There was a ~3% trimming this quarter.Taiwan Semi (TSM): The 5.24% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. Last quarter saw a ~30% selling at prices between ~$69 and ~$92. The stock currently trades at ~$87. There was a minor ~3% trimming this quarter.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Jacobs Solutions (J) previously Jacobs Engineering: J is a ~5% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$120. Last six quarters also saw minor trimming.Capital One Financial (COF): COF is a ~4% of the portfolio position established last quarter at prices between ~$91 and ~$116 and the stock currently trades at ~$109. There was a minor ~3% trimming this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 3.84% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. The nine quarters through Q1 2022 had seen the large stake sold down at prices between ~$169 and ~$359. Next quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$303. Last two quarters also saw minor trimming.Liberty Broadband (LBRDK): LBRDK is a 3.77% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at ~$90. Last seven quarters saw minor trimming.Netflix Inc. (NFLX): NFLX is a 2.90% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase in Q1 2022 at prices between ~$331 and ~$597. Next quarter also saw another ~45% stake increase at prices between ~$166 and ~$392. Last quarter saw an about turn: ~40% selling at prices between ~$174 and ~$249. That was followed with another ~50% reduction this quarter at prices between ~$214 and ~$320. The stock currently trades at ~$335.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q3 2022 and Q4 2022.Q3 2022 Portfolio Review video, Letter, Factsheet: Performance: Negative 36.14% vs negative 23.87% for the S&P 500 index YTD through Q3 2022. 12.80% vs 10.75% since 1970 inception. Increased: Eurofins, Meta, and Universal Music Group . Trimmed: Alphabet, Elevance, Micron, Netflix, and TSMC. NEW: COF. Commentary: Nothing much.Note: is an affiliated but separate business that invests in early stage. They also have a long-term structure whereby they hold public businesses as well once their portfolio companies do a successful IPO – DASH, U, etc. are examples. Related article from 6/2022 -Regulatory filings from 9/3/2022 to 11/29/2022: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2022 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $7.67B to $6.73B this quarter. The number of positions remained steady at 31.They added Capital One Financial and increased Meta Platforms while decreasing Taiwan Semi, Netflix, and Micron during the quarter.The top three positions are UnitedHealth, Charles Schwab, and Formula One and they add up to ~28% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2022. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2022.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~12% from $7.67B to $6.73B. The number of holdings remained steady at 31. 17 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~28% while the top five are at ~45% of the 13F assets: UnitedHealth, Charles Schwab, Formula One, Intercontinental Exchange, and Alphabet.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~52-year track record (July 15, 1970 inception, 13.09% annualized return compared to 10.91% for the S&P 500 index). The performance this year (through Q3 2022) is terrible: Negative 36.14% compared to Negative 23.87% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now close to zero. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Rolls-Royce Holdings plc (RYCEY), SAP SE (SAP), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Capital One Financial (COF): COF is a 3.87% of the portfolio position established this quarter at prices between ~$91 and ~$116 and the stock currently trades below that range at $87.87.Stake Increases:Meta Platforms (META): The ~6% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. This quarter also saw a ~11% stake increase. The stock currently trades below their purchase price ranges at ~$115.Stake Decreases:UnitedHealth (UNH): UNH is now the largest position at 9.90% of the portfolio. It was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling last quarter at prices between ~$452 and ~$546. The stock currently trades at ~$524. This quarter saw a minor ~2% trimming.Charles Schwab (SCHW): SCHW is a large (top three) 9.31% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling next quarter at prices between $32.50 and $43. The stock is now at $78.26. Last nine quarters have seen only minor adjustments.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last eleven quarters have seen only minor adjustments. FWONA is currently at $52.14. The stake is now a large (top three) position at 8.86% of the portfolio.Note: their ownership stake in Formula One Group is ~5%.Intercontinental Exchange (ICE): The large (top five) 8.62% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase last quarter at prices between ~$90 and ~$133. The stock currently trades at ~$100. This quarter saw a minor ~2% trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG is now at 8.47% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. Last quarter also saw a ~18% reduction at prices between ~$106 and ~$144. The stock currently trades at $89.15. This quarter saw another ~9% trimming.Micron Technology (MU) and Elevance Health (ELV) previously Anthem: MU is a 3.66% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at $51.72. This quarter saw a one-third reduction at prices between ~$49 and ~$65. The 6.67% ELV stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$503. Last quarter saw a ~42% reduction at prices between ~$444 and ~$530. There was a minor ~3% trimming this quarter.CarMax Inc. (KMX): KMX is currently at 6.34% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$58. Last several quarters have also seen minor trimming.Credit Acceptance Corp. (CACC): CACC is a 5.35% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction next quarter at prices between ~$582 and ~$696. The stock is now at ~$440. Last three quarters saw minor trimming.Note: They have a ~5.7% ownership stake in Credit Acceptance Corp.Taiwan Semi (TSM): The 4.74% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. This quarter saw a ~30% selling at prices between ~$69 and ~$92. The stock currently trades at $76.10.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Jacobs Solutions (J) previously Jacobs Engineering: J is a 4.48% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$119. Last five quarters also saw minor trimming.Netflix Inc. (NFLX): NFLX is a 4.29% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase in Q1 2022 at prices between ~$331 and ~$597. Last quarter also saw another ~45% stake increase at prices between ~$166 and ~$392. This quarter saw an about turn: ~40% selling at prices between ~$174 and ~$249. The stock currently trades at ~$288.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Liberty Broadband (LBRDK): LBRDK is a 3.59% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at $69.56. Last six quarters saw minor trimming.Wayfair Inc. (W): W is a 2.27% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. Q3 2021 saw a ~80% stake increase at prices between ~$239 and ~$317. That was followed with a one-third increase next quarter at prices between ~$190 and ~$280. Last quarter saw another ~45% stake increase at prices between ~$44 and ~$117. The stock currently trades at $34.23. There was a minor ~5% trimming this quarter.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 3.27% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. The nine quarters through Q1 2022 had seen the large stake sold down at prices between ~$169 and ~$359. Last quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$300. There was minor trimming this quarter.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q2 2022 and Q3 2022.Q2 2022 Portfolio Review video, Letter, Factsheet: Performance: Negative 29.30% vs negative 19.96% for the S&P 500 index in H1 2022. 13.09% vs 10.91% since 1970 inception. Increased: Charles Schwab, Wayfair & Netflix minor increases. Trimmed: Alphabet. NEW: SAP. Commentary: Decreased Elevance Health & UnitedHealth while increasing Intercontinental Exchange.Note: is an affiliated but separate business that invests in early stage. They also have a long-term structure whereby they hold public businesses as well once their portfolio companies do a successful IPO – DASH, U, etc. are examples. Related article from 6/2022 -Regulatory filings from 6/11/2022 to 9/3/2022: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2022 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $10.15B to $7.67B this quarter. The number of positions decreased from 34 to 31.They increased Intercontinental Exchange, Netflix, and Wayfair while decreasing Alphabet, UnitedHealth, Elevance Health during the quarter.The top three positions are Alphabet, UnitedHealth, and Formula One and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/15/2022. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2022.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~24% from $10.15B to $7.67B. The number of holdings decreased from 34 to 31. 17 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~27% while the top five are at ~43% of the 13F assets: Alphabet, UnitedHealth, Formula One, Intercontinental Exchange, and CarMax.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~52-year track record (July 15, 1970 inception, 13.09% annualized return compared to 10.91% for the S&P 500 index). The performance this year (through Q2 2022) is terrible: Negative 29.30% compared to Negative 19.96% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now close to zero. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Rolls-Royce Holdings plc (RYCEY), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Walt Disney (DIS): DIS was a fairly large 3.71% of the portfolio position established in Q2 2020 at prices between $94 and $127. The position was sold down to a minutely small stake last quarter at prices between ~$129 and ~$158. The remainder stake was sold this quarter. The stock currently trades at ~$109.Stake Increases:Intercontinental Exchange (ICE): The large (top five) ~8% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107. There was a ~90% stake increase this quarter at prices between ~$90 and ~$133. The stock currently trades near the bottom of their purchase price ranges at ~$97.Charles Schwab (SCHW): SCHW is a 7.29% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. The stock is now at $73.71. Last seven quarters saw minor trimming while this quarter there was a ~7% stake increase.Netflix Inc. (NFLX): NFLX is a 4.68% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase last quarter at prices between ~$331 and ~$597. This quarter also saw another ~45% stake increase at prices between ~$166 and ~$392. The stock currently trades at ~$244.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Wayfair Inc. (W): W is a 2.80% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. Q3 2021 saw a ~80% stake increase at prices between ~$239 and ~$317. That was followed with a one-third increase next quarter at prices between ~$190 and ~$280. This quarter saw another ~45% stake increase at prices between ~$44 and ~$117. The stock currently trades at ~$46.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~9% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the low-teens price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between ~$52 and ~$64. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$53 and ~$107. Last six quarters saw minor trimming and that was followed with a ~18% reduction this quarter at prices between ~$106 and ~$144. The stock currently trades at ~$104.UnitedHealth (UNH): The large (top three) ~9% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. There was a ~25% selling this quarter at prices between ~$452 and ~$546. The stock currently trades at ~$524.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last ten quarters have seen only minor adjustments. FWONA is currently at $57.33. The stake is now a large (top three) position at 8.59% of the portfolio.Note: their ownership stake in Formula One Group is ~5%.CarMax Inc. (KMX): KMX is currently at 7.91% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$86. Last few quarters have seen minor trimming.Taiwan Semi (TSM): The large ~7% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. The stock currently trades at $78.23. There was minor trimming in the last three quarters.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Micron Technology (MU) and Elevance Health (ELV) previously Anthem: MU is a 5.39% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at $52.10. There was minor trimming in the last three quarters. The 6.38% ELV stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$480. This quarter saw a ~42% reduction at prices between ~$444 and ~$530.Meta Platforms (META) previously Facebook: The ~6% META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades below their purchase price ranges at ~$148. Last several quarters have seen only minor adjustments.Credit Acceptance Corp. (CACC): CACC is a 5.17% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction next quarter at prices between ~$582 and ~$696. The stock is now at ~$494. Last two quarters saw minor trimming.Note: They have a ~5.8% ownership stake in Credit Acceptance Corp.Liberty Broadband (LBRDK): LBRDK is a ~5% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at $90.56. Last five quarters saw minor trimming.Jacobs Solutions (J) previously Jacobs Engineering: J is a 4.68% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$121. Last four quarters also saw minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~4% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. Last nine quarters have seen the large stake sold down at prices between ~$169 and ~$359. This quarter saw another one-third selling at prices between ~$268 and ~$353. The stock is now at ~$279.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q1 2022 and Q2 2022.Q1 2022 Portfolio Review video, Letter, Factsheet: Performance: Negative 12.57% vs negative 4.60% for the S&P 500 index YTD through Q1 2022. 13.62% vs 11.34% since 1970 inception through 2021. Increased: Netflix big increase. Also, incremental increases in Meta, Universal Music Group, and Wayfair. Trimmed: . Exit: Prosus and Walt Disney . Commentary: .Note: is an affiliated but separate business that invests in early stage. They also have a long-term structure whereby they hold public businesses as well once their portfolio companies do a successful IPO – DASH, U, etc. are examples. Related article from 6/2022 -Regulatory filings from 3/1/2022 to 6/11/2022: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2022 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $11.71B to $10.15B this quarter. The number of positions remained steady at 34.They increased Netflix while almost selling out Walt Disney.The top three positions are Alphabet, UnitedHealth, and Anthem and they add up to ~28% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/13/2022. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2021.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $11.71B to $10.15B. The number of holdings remained steady at 34. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~28% while the top five are at ~43% of the 13F assets: Alphabet, UnitedHealth, Anthem, Formula One, and Taiwan Semi.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~51-year track record (July 15, 1970 inception, 13.62% annualized return compared to 11.34% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now ~4.3%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Rolls-Royce Holdings plc (RYCEY), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Increases:Meta Platforms (META) previously Facebook: The META position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades at ~$164 and it is now at 6.21% of the portfolio. There was a ~10% stake increase in Q3 2021 and a ~7% increase this quarter.Netflix Inc. (NFLX): NFLX is a 5.27% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. That was followed with a ~85% stake increase this quarter at prices between ~$331 and ~$597. The stock currently trades well below their purchase price ranges at ~$168.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Wayfair Inc. (W): W is a 3.75% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. Q3 2021 saw a ~80% stake increase at prices between ~$239 and ~$317. That was followed with a one-third increase last quarter at prices between ~$190 and ~$280. The stock currently trades at $47.14. This quarter also saw a ~9% stake increase.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at 10.74% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$1057 and ~$2138. The stock currently trades at ~$2134. Last five quarters have also seen minor trimming.UnitedHealth (UNH): The large (top three) ~9% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$462. Last six quarters have seen only minor adjustments.Micron Technology (MU) and Anthem Inc. (ANTM): MU is a 5.91% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$74 and ~$96 and the stock currently trades well below that range at $58.70. There was minor trimming in the last two quarters. The large (top three) 8.50% ANTM stake was established in H1 2021 at prices between ~$288 and ~$402 and it is now at ~$460. There was minor trimming in the last two quarters.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last nine quarters have seen only minor adjustments. FWONA is now at $53.33, and the stake is at 7.33% of the portfolio.Note: their ownership stake in Formula One Group is ~5%.Taiwan Semi (TSM): The top-five ~7% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at $87.19. Q1 2021 saw a ~12% selling while in Q3 2021 there was a ~20% stake increase. There was minor trimming in the last two quarters.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Charles Schwab (SCHW): SCHW is a 6.84% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last seven quarters also saw minor trimming. The stock is now at $61.11.CarMax Inc. (KMX): KMX is currently at 6.55% of the 13F portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at $89.79. Last few quarters have seen only minor adjustments.Credit Acceptance Corp. (CACC): CACC is a 4.67% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Q3 2021 saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction last quarter at prices between ~$582 and ~$696. The stock is now at ~$506. This quarter also saw a minor ~4% trimming.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 4.75% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. Last nine quarters have seen the large stake sold down at prices between ~$169 and ~$359. The stock is now at ~$278.Liberty Broadband (LBRDK): LBRDK is a 4.67% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at ~$114. Last four quarters saw minor trimming.Intercontinental Exchange (ICE): The 4.52% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107. The stock currently trades near the bottom of that range at ~$94. Last few quarters have seen only minor adjustments.Jacobs Engineering Group (J): J is a 3.94% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$124. Last three quarters also saw minor trimming.Walt Disney (DIS): DIS was a fairly large 3.71% of the portfolio position established in Q2 2020 at prices between $94 and $127. The position was sold down to a minutely small stake this quarter at prices between ~$129 and ~$158. The stock currently trades at $94.22.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q4 2021 and Q1 2022.Q4 2021 Portfolio Review video, Letter, Factsheet & Nov 4 Investor Day etc.: Performance: 25.48% for 2021 vs 28.71% for the S&P 500 index. 13.99% vs 11.50% since 1970 inception through 2021. Increased: Meta, Prosus, and Wayfair. Trimmed: Berkshire, CACC, Eurofins, and Jacobs. Sold: Arista Networks (high valuation), Fidelity National Information Systems (changed business outlook), Hiscox (changed business outlook). New: . Commentary: Anthem & UnitedHealth – on the theme that private sector does it more efficiently than government – also Medicare Advantage dynamic mentioned. Prosus – Tencent fair value estimate has come down substantially due to regulatory headwinds – but the discount is very wide at ~40%. TSMC & Micron – As a monopoly & oligopoly respectively, will enjoy dual benefits of a accelerating growth and improving economics.Regulatory filings from 11/29/2021 to 3/1/2022: 13G/A – 2/14 – FWONK – 9.99M shares – 4.91% of business, CACC – 894K shares – 6.15% of business, ."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2021 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $11.13B to $11.71B this quarter. The number of positions increased from 33 to 34.They increased Wayfair while reducing Credit Acceptance and Berkshire Hathaway.The top three positions are Alphabet, UnitedHealth, and CarMax and they add up to ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/14/2022. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2021.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $11.13B to $11.71B. The number of holdings increased from 33 to 34. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~26% while the top five are at ~40% of the 13F assets: Alphabet, UnitedHealth, CarMax, Meta Platforms, and Taiwan Semi.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~51-year track record (July 15, 1970 inception, 13.99% annualized return compared to 11.50% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Eurofins Scientific SE (ERFSF), Prosus NV (PROSY), Rolls-Royce Holdings plc (RYCEY), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Increases:Wayfair Inc. (W): W is a 5.12% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. Last quarter saw a ~80% stake increase at prices between ~$239 and ~$317. That was followed with a one-third increase this quarter at prices between ~$190 and ~$280. The stock currently trades at ~$125.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at 9.84% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$1057 and ~$2138. The stock currently trades at ~$2736. Last four quarters have also seen minor trimming.UnitedHealth (UNH): The large (top three) ~8% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$506. Last five quarters have seen only minor adjustments.CarMax Inc. (KMX): KMX is currently the third-largest stake in the 13F portfolio at 7.75%. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$105. Last few quarters have seen only minor adjustments.Meta Platforms (FB) previously Facebook: The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades at ~$217 and it is now at 7.60% of the portfolio. There was a ~10% stake increase last quarter while this quarter there was minor trimming.Taiwan Semi (TSM): The top-five 7.17% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at ~$107. Q1 2021 saw a ~12% selling while last quarter saw a ~20% stake increase. There was marginal trimming this quarter.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. It is essentially a monopoly, and the main concern is geopolitical risks.Micron Technology (MU) and Anthem Inc. (ANTM): MU is a 6.19% of the portfolio position built over the last two quarters at prices between ~$74 and ~$96 and the stock currently trades at ~$79. The ~7% ANTM stake was established last year at prices between ~$288 and ~$402 and it is now at ~$478. There was a minor ~3% trimming this quarter in both stakes.Charles Schwab (SCHW): SCHW is a ~6% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at ~$90. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last six quarters also saw minor trimming.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$60 and the stake is at 5.92% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last two years have seen only minor adjustments.Note: their ownership stake in Formula One Group is ~5%.Credit Acceptance Corp. (CACC): CACC is a 5.25% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Last quarter saw a ~18% selling at prices between ~$438 and ~$670. That was followed with a one-third reduction this quarter at prices between ~$582 and ~$696. The stock is now at ~$517.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Liberty Broadband (LBRDK): LBRDK is a 4.92% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at ~$141. Last three quarters saw minor trimming.Intercontinental Exchange (ICE): The ~4% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107 and the stock currently trades at ~$137. Last few quarters have seen only minor adjustments.Netflix Inc. (NFLX): NFLX is a ~4% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554 and the stock currently trades well below that range at ~$381. There was a ~15% stake increase in Q2 2021 at prices between ~$485 and ~$555. Last two quarters saw minor trimming.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Walt Disney (DIS): DIS is a fairly large 3.71% of the portfolio position established in Q2 2020 at prices between $94 and $127 and the stock currently trades at ~$140. Last few quarters have seen only minor adjustments.Jacobs Engineering Group (J): J is a 3.49% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction in Q2 2021 at prices between ~$129 and ~$143. The stock currently trades at ~$141. Last two quarters also saw minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 3.61% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. Last two years have seen another ~80% reduction at prices between ~$169 and ~$300. The stock is now at ~$342.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q3 2021 and Q4 2021.Q3 2021 Portfolio Review video, Letter, Factsheet & Nov 4 Investor Day: Performance: 17.25% thru YTD Q3 2021 vs 15.92% for the S&P 500 index. 13.91% vs 11.33% since 1970 inception through Q3 2021. 18.8% vs 18.3% since new investment committee began on 6/30/2016. Cash: ~2%. Increased: UMG, CarMax, Facebook, Prosus, TSMC, and Wayfair. Trimmed: Credit Acceptance. Sold: Arista Networks, Fidelity National Information Systems, Hiscox, and Vivendi . New: . Commentary: Credit Acceptance – CACC - added in low 300 & after MA litigation trimmed at 600+ - CEO retirement replacement by CFO. Wayfair – W – pandemic tailwind – managed turmoil extremely well – Amazon is a strong competitor – Q2 sales cooled but is up 65% YoY. Some impact is transitory – their advantage compared to others have increased. Eurofins Scientific – 25M PCR tests - ~$1B revenue – stock doubled in less than 2 years – valuation is now demanding – difficult & cyclic industry – so, redeploying. FIS – never grew to full size. Banking doing well but merchant solutions side is facing headwinds – impact of pandemic. CarMax, Facebook, and Wayfair were better positioned and so used cash from sale to add to those. China Risk – Prosus is unique and the only exposure – holding company but economics is from investment in Tencent. There is a discount to Tencent through Prosus. Lost $1T in 6 months due to CCP concerns. Minors in China restricted to use games only a few hours a week – we are monitoring closely for permanent changes there that could impact. Vivendi/UMG – transformed media conglomerate position to a pure-play record label stake. Best run and first to embrace digital media. Benefits from Spotify, Amazon Music, YouTube, Apple Music, etc. Also benefiting from user-generated content from Roblox, TikTok, and Facebook. Platform agnostic. Expects double-digit earnings growth for many years. Surpassed expectations so far. CarMax – record sales but expectations were more and so gave back gains – 30% up YTD still – omnichannel is where we focus on – we believe they are making great progress – 16% increase in unit volumes compared to two years ago. SG&A elevated – 80% vs 70% historically – noise in quarterly results – pandemic, etc. Mangement expects it to decline over time. Multi-year effort to omnichannel takes investment and we don’t mind the extra spending…Regulatory filings from 9/28/2021 to 11/29/2021: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2021 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $11.28B to $11.13B this quarter. The number of positions decreased from 35 to 33.They increased Facebook, Taiwan Semi, Wayfair, and CarMax while reducing Credit Acceptance and dropping Arista Networks and Fidelity National Information Services.The top three positions are Alphabet, Facebook, and CarMax and they add up to ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/15/2021. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2021.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased marginally from $11.28B to $11.13B. The number of holdings decreased from 35 to 33. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~26% while the top five are at ~40% of the 13F assets: Alphabet, Facebook, CarMax, Taiwan Semi, and Credit Acceptance Corp.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.91% annualized return compared to 11.33% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Hiscox Limited (HCXLF), Prosus NV (PROSY), and Universal Music Group (UMGNF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Fidelity National Information Services (FIS): FIS was a 2.38% of the portfolio position established in Q3 2020 at prices between ~$134 and ~$156 and it is now below that range at ~$108. The stake was sold this quarter at prices between ~$121 and ~$151.Arista Networks (ANET): The ~2% ANET stake was primarily built in Q4 2019 at prices between ~$46 and ~$62. Q1 2021 saw a ~25% selling at prices between ~$67 and ~$81. That was followed with a ~55% reduction last quarter at prices between ~$75.50 and ~$92.50. The disposal this quarter was at prices between ~$86 and ~$96. The stock currently trades at ~$135.Note: The prices are adjusted for the 4-for-1 stock-split in November.New Stakes:None.Stake Increases:Meta Platforms (FB) previously Facebook: The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Q1 2021 saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades at ~$334 and it is now a top-three stake at 8.30% of the portfolio. There was a ~10% stake increase this quarter.CarMax Inc. (KMX): KMX is currently the third-largest stake in the 13F portfolio at 8.23%. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$138. There was a minor ~6% stake increase this quarter.Taiwan Semi (TSM): The top-five ~7% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at ~$116. Q1 2021 saw a ~12% selling while this quarter saw a ~20% stake increase.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. Main concern is geopolitical risks.Wayfair Inc. (W): W is a 5.47% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. The four quarters through Q1 2021 saw a ~75% reduction at prices between ~$47 and ~$346. This quarter saw a ~80% stake increase at prices between ~$239 and ~$317. The stock currently trades at ~$202.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at $59.42 and the stake is at 4.52% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last seven quarters have seen only minor adjustments.Note: their ownership stake in Formula One Group is ~5%.Walt Disney (DIS): DIS is a fairly large 5.47% of the portfolio position established in Q2 2020 at prices between $94 and $127 and the stock currently trades at ~$149. This quarter saw a minor ~5% stake increase.Intercontinental Exchange (ICE): The 3.64% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107 and the stock currently trades at ~$133. There was a minor ~4% stake increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at 9.64% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$1057 and ~$2138. The stock currently trades at ~$2856. Last three quarters have also seen minor trimming.Credit Acceptance Corp. (CACC): CACC is a large (top five) 6.94% stake established in Q1 2017 at prices between $185 and $221. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. This quarter saw a ~18% selling at prices between ~$438 and ~$670. The stock is now at ~$658.Note: They have a ~10.5% ownership stake in Credit Acceptance Corp.UnitedHealth (UNH): The large 6.68% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$487. Last four quarters have seen only minor adjustments.Micron Technology (MU) and Anthem Inc. (ANTM): MU is a 5.13% of the portfolio position built over the last two quarters at prices between ~$74 and ~$96 and the stock currently trades at ~$83. The 6.10% ANTM stake was established this year at prices between ~$288 and ~$402 and it is now at ~$445. Both positions saw minor trimming this quarter.Charles Schwab (SCHW): SCHW is a 5.67% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at ~$83. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last five quarters also saw minor trimming.Liberty Broadband (LBRDK): LBRDK is a 5.66% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase in Q1 2021 at prices between ~$143 and ~$157. The stock currently trades at ~$156. Last two quarters saw minor trimming.Netflix Inc. (NFLX): NFLX is a 4.35% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554 and the stock currently trades at ~$587. There was a ~15% stake increase last quarter at prices between ~$485 and ~$555. This quarter saw marginal trimming.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Jacobs Engineering Group (J): J is a 3.58% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction last quarter at prices between ~$129 and ~$143. The stock currently trades at ~$136. This quarter saw minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~4% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between ~$191 and ~$217. Last two years have seen another ~70% reduction at prices between ~$169 and ~$292. The stock is now at ~$294.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q2 2021 and Q3 2021.Quarterly Factsheet, Q2 2021 Letter, commentary video, and Annual/Semi-Annual Reports: Performance: 16.05% thru YTD Q2 2021 vs 15.25% for the S&P 500 index. 13.96% vs 11.38% since 1970 inception. Cash: ~2%. Increased: Anthem, Micron, Netflix, and UnitedHealth . Trimmed: Arista Networks, Eurofins Scientific, and Jacobs. Sold: a2 Milk (changed facts was the reason) and MasterCard (unattractive valuation relative to alternatives given the huge pace of innovation). New: Anthem and Micron. Commentary: More exposure to tech – a reflection of the world. CarMax is an example. Google, Facebook – Google’s advertising revenue grew 33% in Q1 (easy comp due to covid) compared to 11% last year – 40% bigger than 2019 and Youtube twice the size of 2019. Facebook 21% last year vs 40+% this year. GROWTH AT SCALE NOT EXPECTED. Regulatory risk & engagement sustainability are the concerns. FB is at mid-20s multiple while GOOG is at high 20s multiple. Semi disruption (chip shortage) – TSMC & MU, KMX & CACC – long-term impact is what we focus on and it doesn’t look like it. TSMC may not be impacted by chip shortage – primarily older technology which is limited impact – long term agreements. MU DRAM demand is high and there is no shortage – other chips that go with it have a problem – reduced net result – it is cyclical. Bet is very much thru-cycle earnings power – may not have long-term impact. KMX net impact is not clear – decreased availability of new cars but harder to source – omnichannel execution is the real story. CACC sub-prime loans to car buyers. More of a problem – dealer has less incentive to sell to subprime as those are less profitable. This dynamic is affecting CACC. The volume pressure will persist as long as user-car inventory is low. MasterCard & a2 Milk sold – a2 disrupted as it is reliant on Chinese business in Australia – it was more about original thesis – thought pioneering to become a huge business – but aggressive growth was not coming. MA was by far the best investment – 15-year hold. Fully valued is the reason. Threats are looming on the horizon – fintech innovation. Healthcare excitement why? – Price is part of it. Anthem & UnitedHealth. Managed care is a big boy’s game. Huge scale & expertise is required. Innovation on benefit design, geographies, etc. Increasingly using scale to manage care in a proactive fashion – highly entrenched. RISK – policy risk – not entirely sound business plan as cost cannot go at this rate but they may be part of the solution rather than part of the problem. Medicare Advantage – fixed cost will eventually takeover. UNH is the best execution wise – assembled provider assets if value-base tend continue. Anthem – undermanaged until last year – largest blue cross/blue shield – market built over decades with provider contracts best in the business. Gayle new CEO now executing.Regulatory filings from 6/20/2021 thru 9/28/2021: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2021 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $10.63B to $11.28B this quarter. The number of positions decreased from 37 to 35.They increased Micron Technology, Anthem, and Netflix while reducing Jabobs Engineering and Arista Networks during the quarter. They also dropped MasterCard and Visa.The top three positions are Alphabet, CarMax, and Facebook, and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/16/2021. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2021.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~6% from $10.63B to $11.28B. The number of holdings decreased from 37 to 35. 20 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~25% while the top five are at ~38% of the 13F assets: Alphabet, CarMax, Facebook, UnitedHealth, and Credit Acceptance Corp.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.96% annualized return compared to 11.38% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), Eurofin Scientific (ERFSF), and Prosus NV (PROSY). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:MasterCard Inc. (MA): MA was a 1.69% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: the two quarters through Q2 2020 had seen a one-third selling at prices between ~$203 and ~$345. There was another ~50% reduction last quarter at prices between ~$316 and ~$384. The disposal this quarter was at prices between ~$356 and ~$396. The stock currently trades at ~$351.Note: MasterCard was identified as the most successful investment in Sequoia’s history in their Q2 2021 video commentary. The exit was primarily due to valuation although disruptive threats from fintech innovators was identified as a concern.Visa Inc. (V): Visa was a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. There was a ~55% selling over the last five quarters at prices between ~$136 and ~$226. The elimination this quarter was at prices between ~$212 and ~$237. The stock is now at ~$226.New Stakes:None.Stake Increases:UnitedHealth (UNH): The top-five 6.85% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$399. Last three quarters have seen only minor adjustments.Micron Technology (MU) and Anthem Inc. (ANTM): MU is a 6.14% of the portfolio position built over the last two quarters at prices between ~$74 and ~$96 and the stock currently trades below the low end of that range at ~$70. The 6.24% ANTM stake was established this year at prices between ~$288 and ~$402 and it is now at ~$386.Netflix Inc. (NFLX): NFLX is a 3.75% of the portfolio position purchased in Q4 2020 at prices between ~$471 and ~$554 and the stock currently trades at ~$584. There was a ~15% stake increase this quarter at prices between ~$485 and ~$555.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at 9.20% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the six quarters through Q4 2020 at prices between ~$1057 and ~$2138. The stock currently trades at ~$2724. Last two quarters have also seen minor trimming.CarMax Inc. (KMX): KMX is currently the second-largest stake in the 13F portfolio at 7.70%. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The eleven quarters through Q4 2020 had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$143. Last two quarters have seen only minor adjustments.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. Last quarter saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades at ~$341 and it is now a top-three stake at 7.64% of the portfolio. There was marginal trimming this quarter.Credit Acceptance Corp. (CACC): CACC is a large (top five) 6.45% stake established in Q1 2017 at prices between $185 and $221. The stock is now at ~$590. There was a ~25% stake increase in Q4 2020 at prices between $288 and $356. Last two quarters have seen only minor adjustments.Note: They have a ~9% ownership stake in Credit Acceptance Corp.Taiwan Semi (TSM): The 6.23% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at ~$112. Last quarter saw a ~12% selling and that was followed with marginal trimming this quarter.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. Main concern is geopolitical risks.Liberty Broadband (LBRDK): LBRDK is a 5.69% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase last quarter at prices between ~$143 and ~$157. The stock currently trades at ~$172. This quarter saw marginal trimming.Charles Schwab (SCHW): SCHW is a 5.68% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at $76.18. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last four quarters also saw minor trimming.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$51 and the stake is at 4.52% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last six quarters have seen only minor adjustments.Note: their ownership stake in Formula One Group is ~5%.Walt Disney (DIS): DIS is a fairly large 3.65% of the portfolio position established in Q2 2020 at prices between $94 and $127 and the stock currently trades at ~$175. There was minor trimming in the last four quarters.Wayfair Inc. (W): W is a 3.65% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. Last four quarters saw a ~75% reduction at prices between ~$47 and ~$346. The stock currently trades at ~$278. There was marginal trimming this quarter.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Jacobs Engineering Group (J): J is a 3.61% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. That was followed with a similar reduction this quarter at prices between ~$129 and ~$143. The stock currently trades at ~$136.Intercontinental Exchange (ICE) and Fidelity National Information Services (FIS): The 3.58% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107 and the stock currently trades at ~$117. FIS is a 2.38% of the portfolio position established in Q3 2020 at prices between ~$134 and ~$156 and it is now below that range at ~$122. Both positions saw minor trimming in the last three quarters.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~4.3% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. Last seven quarters have seen another two-thirds reduction at prices between ~$162 and ~$292. The stock is now at ~$277.Arista Networks (ANET): The ~2% ANET stake was primarily built in Q4 2019 at prices between $185 and $249. Last quarter saw a ~25% selling at prices between ~$268 and ~$323. That was followed with a ~55% reduction this quarter at prices between ~$302 and ~$370. The stock currently trades at ~$347.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q1 2021 and Q2 2021.Quarterly Factsheet and Q1 2021 Letter: Performance: 8.61% for Q1 2021 vs 6.17% for the S&P 500 index. 13.89% vs 11.26% since 1970 inception. Cash: ~2%. Increased: Credit Acceptance, Facebook, and Liberty Broadband . Trimmed: a2 Milk, Arista Networks, Berkshire Hathaway, Eurofins Scientific, Hiscox, MasterCard, Taiwan Semi, Topicus.com (a spin-off of Constellation Software), and Wayfair. Sold: None. New: Anthem and Micron. Commentary: N/A.Regulatory filings from 3/15/2021 thru 6/20/2021: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2021 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $9.38B to $10.63B this quarter. The number of positions decreased from 38 to 37.They added Micron Technology and Anthem Inc. while reducing MasterCard, Visa, Berkshire Hathaway, Wayfair, and Arista Networks during the quarter.The top three positions are CarMax, Alphabet, and Facebook, and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/17/2021. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2020.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~13% from $9.38B to $10.63B. The number of holdings decreased from 38 to 37. 22 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~24% while the top five are at ~37% of the 13F assets: CarMax, Alphabet, Facebook, Taiwan Semi, and UnitedHealth.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.89% annualized return compared to 11.26% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now below ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2 Milk, Eurofin Scientific (ERFSF), and Prosus NV (PROSY). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:Micron Technology (MU) and Anthem Inc. (ANTM): These are medium-sized new stakes established this quarter. MU is a 4.42% of the portfolio position purchased at prices between ~$75 and ~$95 and the stock currently trades near the low end of that range at $76.95. The ~4% ANTM stake was established at prices between ~$288 and ~$371 and it is now at ~$369.Stake Increases:CarMax Inc. (KMX): KMX is currently the largest stake in the 13F portfolio at 8.50%. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last eleven quarters had seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$113. There was a minor ~4% stake increase this quarter.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. This quarter saw a ~13% stake increase at prices between ~$246 and ~$299. The stock currently trades at ~$330 and it is now a top-three stake at ~7% of the portfolio.UnitedHealth (UNH): The top-five 6.57% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Q3 2020 saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$389. Last two quarters have seen only minor adjustments.Credit Acceptance Corp. (CACC): CACC is a large 5.49% stake established in Q1 2017 at prices between $185 and $221. The stock is now at ~$413. There was a ~25% stake increase last quarter at prices between $288 and $356. This quarter saw a marginal further increase.Note: They have a ~9% ownership stake in Credit Acceptance Corp.Liberty Broadband (LBRDK): LBRDK is a 5.27% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. There was a ~23% stake increase this quarter at prices between ~$143 and ~$157. The stock currently trades at ~$161.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F stake at 8.26% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the last six quarters at prices between ~$1057 and ~$2138. The stock currently trades at ~$2511.Taiwan Semi (TSM): The top-five 6.58% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at ~$116. This quarter saw a ~12% trimming.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. Main concern is geopolitical risks.Charles Schwab (SCHW): SCHW is a 5.60% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at ~$70. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last three quarters also saw minor trimming.Jacobs Engineering Group (J): J is a 4.73% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. The stock currently trades at ~$130. Last four quarters have seen minor trimming.Walt Disney (DIS): DIS is a fairly large 4.73% of the portfolio position established in Q2 2020 at prices between $94 and $127 and the stock currently trades at ~$172. There was minor trimming in the last three quarters.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~4.4% of the portfolio. It is a very long-term position that was the largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. Last six quarters have seen another ~60% reduction at prices between ~$162 and ~$264. The stock is now at ~$274.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at $44.32 and the stake is at 4.94% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last five quarters have seen only minor adjustments.Note: their ownership stake in Formula One Group is ~5%.Arista Networks (ANET): The ~4% ANET stake was primarily built in Q4 2019 at prices between $185 and $249. This quarter saw a ~25% selling at prices between ~$268 and ~$323. The stock currently trades at ~$363.Wayfair Inc. (W): W is a 3.90% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. Last four quarters saw a ~75% reduction at prices between ~$47 and ~$346. The stock currently trades at ~$303.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Intercontinental Exchange (ICE) and Fidelity National Information Services (FIS): The 3.60% ICE stake was purchased in Q3 2020 at prices between ~$92 and ~$107 and the stock currently trades at ~$113. FIS is a 2.53% of the portfolio position established in Q3 2020 at prices between ~$134 and ~$156 and it is now at ~$144. Both positions saw marginal trimming in the last two quarters.Netflix Inc. (NFLX): NFLX is a 3.40% of the portfolio position purchased last quarter at prices between ~$471 and ~$554 and the stock currently trades at ~$501. There was marginal trimming this quarter.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.MasterCard Inc. (MA): MA is a 1.69% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: the two quarters through Q2 2020 had seen a one-third selling at prices between ~$203 and ~$345. There was another ~50% reduction this quarter at prices between ~$316 and ~$384. The stock currently trades at ~$367.Visa Inc. (V): Visa is a now a small 0.72% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. There was a ~55% selling over the last five quarters at prices between ~$136 and ~$226. The stock is now at ~$230.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q4 2020 and Q1 2021.Quarterly Factsheet and Q4 2020 Letter: Performance: 23.33% for 2020 vs 18.40% for the S&P 500 index. 13.77% vs 11.19% since 1970 inception. Cash: ~2%. Increased: Credit Acceptance, Formula One, Taiwan Semi, and UnitedHealth . Trimmed: Alphabet, Berkshire, Constellation, and MasterCard. Sold: Amazon, Booking Holdings, and Melrose. New: Fidelity National Information Services, Intercontinental Exchange, Disney, Netflix, and Taiwan Semi. Commentary: ICE & FIS are enabling businesses to transform from analog to digital and so grows faster than the industries they serve. Also products are sticky. Disney & Netflix – bets on the global trend toward subscription-based streaming video consumption – believes the leaders of the video entertainment industry’s streaming era will be far larger and more profitable than those of the cable era – we took positions despite the recent stock performance because they believed they were still discounted. TSM – similar thesis as for streaming war leaders – fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat – gigantic profit margins as they produce the most important manufactured component in the modern economy. Main concern is geopolitical risks. FWONK – thinks it made major strides toward improving the entertainment appeal of a sports league that we consider one of the most unique and under-monetized media assets in the world.Regulatory filings thru 3/14/2021: 13G/As – 2/16 – W – 1.79M shares – 2.46% of business, Formula One – FWONK -10.6M shares – 5.19% of business, CACC - 1.6M shares – 9.08% of business,"

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2020 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $8.40B to $9.38B this quarter. The number of positions increased from 35 to 38.They added Netflix and increased Credit Acceptance Corp while reducing Wayfair during the quarter.The top three positions are Alphabet, Taiwan Semi, and UnitedHealth, and they add up to ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/16/2021. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2020.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~12% from $8.40B to $9.38B. The number of holdings increased from 35 to 38. 20 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~23% while the top five are at ~36% of the 13F assets: Alphabet, Taiwan Semi, UnitedHealth, CarMax, and Facebook.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.77% annualized return compared to 11.19% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now just ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, Eurofin Scientific (ERFSF), Prosus NV (PROSY), and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:Netflix Inc. (NFLX): NFLX is a ~4% of the portfolio position purchased this quarter at prices between ~$471 and ~$554 and the stock currently trades at ~$521.Note: the Netflix investment thesis is based around the idea that as the global trend toward subscription-based streaming video consumption accelerates, the leaders will be more profitable than the leaders of the cable era.Stake Increases:Credit Acceptance Corp. (CACC): CACC is a large 5.91% stake established in Q1 2017 at prices between $185 and $221. The stock is now at ~$360. There was a ~25% stake increase this quarter at prices between $288 and $356.Note: They have a ~9% ownership stake in Credit Acceptance Corp.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~8% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a ~60% reduction over the last five quarters at prices between ~$1057 and ~$1828. The stock currently trades at ~$2045.Taiwan Semi (TSM): The top-three 7.78% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase in Q2 2020 at around the same price range. The stock currently trades at ~$109. Last two quarters saw minor trimming.Note: their investment thesis is based on the following: fabs are capital intensive (~$10B per facility) and the leader naturally has a strong moat thereby yielding big profit margins. Debatably, they produce the most important manufactured component in the modern economy. Main concern is geopolitical risks.UnitedHealth (UNH): The top-three 6.87% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. Last quarter saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$371. There was marginal trimming this quarter.CarMax Inc. (KMX): KMX is a top five 6.60% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last eleven quarters have seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$128.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$282 and the stake is at 6.47% of the portfolio. Last few quarters have seen only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at ~6.3% of the portfolio. It is a very long-term position that was already their largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. Last five quarters have seen another ~50% reduction at prices between ~$162 and ~$235. The stock is now at ~$250.Arista Networks (ANET): The large ~6% ANET stake was primarily built in Q4 2019 at prices between $185 and $249. The stock currently trades at ~$285. There was minor trimming over the last three quarters.Walt Disney (DIS): DIS is a fairly large 5.35% of the portfolio position established in Q2 2020 at prices between $94 and $127 and the stock currently trades at ~$185. There was a minor trimming in the last two quarters.Charles Schwab (SCHW): SCHW is a 5.28% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at $64.12. There was a ~17% selling in Q2 2020 at prices between $32.50 and $43. Last two quarters saw minor trimming.Liberty Broadband (LBRDK): LBRDK is a 5.15% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. The stock currently trades at ~$157. Last three quarters have seen minor trimming.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at $43.27 and the stake is at 4.94% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last four quarters have seen only minor adjustments.Note: their ownership stake in Formula One Group is ~5%.Jacobs Engineering Group (J): J is a 4.63% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. The stock currently trades at ~$123. Last three quarters have seen minor trimming.Wayfair Inc. (W): W is a 4.32% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. Last three quarters saw a two-thirds reduction at prices between ~$47 and ~$342. The stock currently trades at ~$327.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Intercontinental Exchange (ICE) and Fidelity National Information Services (FIS): The 4.27% ICE stake was purchased last quarter at prices between ~$92 and ~$107 and the stock currently trades at ~$113. FIS is a 2.93% of the portfolio position established last quarter at prices between ~$134 and ~$156 and it is now at ~$143. Both positions saw marginal trimming this quarter.MasterCard Inc. (MA): MA is a 3.65% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: the two quarters through Q2 2020 had seen a one-third selling at prices between ~$203 and ~$345. The stock currently trades at ~$360. There was minor trimming in the last two quarters.Visa Inc. (V): Visa is a now a small 1.21% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. There was a ~38% selling over the last four quarters at prices between ~$136 and ~$219. The stock is now at ~$208.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Ruane, Cunniff, & Goldfarb's 13F filings for Q3 and Q4 2020.Quarterly Factsheet and Q3 2020 Letter: Performance: 7.54% YTD through Q3 2020 vs 5.57% for the index. 13.54% vs 10.99% since 1970 inception. Cash: ~2%. Increased: Credit Acceptance, Formula One, Melrose Industries, and UnitedHealth . Trimmed: Alphabet, Vivendi, Wayfair. Sold: Amazon. New: Fidelity National Information Services and Intercontinental Exchange.Regulatory filings thru 12/12/200: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2020 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $7.46B to $8.40B this quarter. The number of positions decreased from 37 to 35.They added Intercontinental Exchange and Fidelity National Information Services while decreasing Amazon.com, Alphabet, and Wayfair.The top three positions are Alphabet, Wayfair, and CarMax and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/16/2020. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2020.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~13% from $7.46B to $8.40B. The number of holdings decreased from 37 to 35. 20 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~27% while the top five are at ~41% of the 13F assets: Alphabet, Wayfair, CarMax, Facebook, and UnitedHealth.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.54% annualized return compared to 10.99% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now just ~2%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, Eurofin Scientific (ERFSF), Prosus NV (PROSY), and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:Intercontinental Exchange (ICE) and Fidelity National Information Services (FIS): These are the two new positions this quarter. The 4.15% ICE stake was purchased at prices between ~$92 and ~$107 and the stock currently trades at ~$109. FIS is a 3.42% of the portfolio position established at prices between ~$134 and ~$156 and it is now at ~$148.Stake Increases:UnitedHealth (UNH): The top five 6.85% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% next quarter at prices between ~$195 and ~$305. This quarter saw a ~30% stake increase at prices between ~$291 and ~$324. The stock currently trades at ~$337.Credit Acceptance Corp. (CACC): CACC is a large 5.21% stake established in Q1 2017 at prices between $185 and $221. The stock is now at ~$334. There was a ~7% stake increase this quarter.Note: They have a ~6.5% ownership stake in Credit Acceptance Corp.Formula One Group (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at $42.80 and the stake is at 4.70% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last three quarters have seen only minor adjustments.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~12% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. That was followed with a similar reduction over the last four quarters at prices between ~$1057 and ~$1728. The stock currently trades at ~$1782.Wayfair Inc. (W): W is a top three ~8% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase in Q1 2020 at prices between ~$24 and ~$110. Last two quarters have seen a ~55% selling at prices between ~$47 and ~$342. The stock currently trades at ~$244.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.CarMax Inc. (KMX): KMX is a top three 7.20% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last ten quarters have seen a ~45% selling at prices between ~$44 and ~$109. The stock is now at ~$94.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$274 and the stake is at ~7% of the portfolio. Last few quarters have seen only minor adjustments.Taiwan Semi (TSM): The 6.51% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase last quarter at around the same price range. The stock currently trades at ~$104. This quarter saw minor trimming.Liberty Broadband (LBRDK): LBRDK is a 5.36% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Q1 2020 saw a ~18% reduction at prices between ~$91 and ~$139. The stock currently trades at ~$162. Last two quarters have seen minor trimming.Arista Networks (ANET): The large 4.80% ANET stake was primarily built in Q4 2019 at prices between $185 and $249. The stock currently trades at ~$277. There was minor trimming over the last two quarters.Jacobs Engineering Group (J): J is a 4.55% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling in Q1 2020 at prices between ~$63 and ~$104. The stock currently trades at ~$109. Last two quarters have seen minor trimming.Charles Schwab (SCHW): SCHW is a 4.14% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Q1 2020 saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at $49.43. There was a ~17% selling last quarter at prices between $32.50 and $43. This quarter saw a ~2% trimming.Walt Disney (DIS): DIS is a fairly large 4.12% of the portfolio position established last quarter at prices between $94 and $127 and the stock currently trades at ~$176. There was a minor ~2% trimming this quarter.MasterCard Inc. (MA): MA is a ~4% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: Last two quarters had seen a one-third selling at prices between ~$203 and ~$345. The stock currently trades at ~$327. There was marginal trimming this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 6.60% of the portfolio. It is a very long-term position that was already their largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. Last four quarters have seen another ~50% reduction at prices between ~$162 and ~$230. The stock is now at ~$226.Visa Inc. (V): Visa is a now a small 1.26% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. There was a ~36% selling over the last three quarters at prices between ~$136 and ~$217. The stock is now at ~$206.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the position almost doubled at prices between $957 and $1196. At the time, it was a top three stake at ~8% of the portfolio. It had seen selling since 2018. Recent activity follows: The two quarters thru Q1 2020 saw a ~45% reduction at prices between ~$1705 and ~$2170. The remaining position was almost sold out this quarter at prices between ~$2880 and ~$3531. The stock is currently at ~$3116.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q3 2020:Quarterly Factsheet, and Q2 2020 Letter: Performance: 27.21% for Q2 2020 vs 20.54% for the index. 13.42% vs 10.86% since 1970 inception. Cash: ~5%. Increased: Walt Disney, UnitedHealth, Taiwan Semi, Vivendi, Arista, Hiscox, Rolls-Royce, Schwab, Credit Acceptance, Liberty Media, and Eurofins Scientific. Trimmed: Amazon, Booking, Berkshire, Wayfair, Alphabet, MasterCard, Jacobs, CarMax, Liberty Broadband, Constellation Software, and Prosus. Sold: None. New: None.Regulatory filings thru 9/12/2020: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2020 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $6.24B to $7.46B this quarter. The number of positions decreased from 38 to 37.They added Walt Disney and increased Taiwan Semi while decreasing Wayfair and dropping Booking Holdings.The top three positions are Alphabet, CarMax, and Wayfair and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 08/14/2020. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2020.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~20% from $6.24B to $7.46B. The number of holdings decreased from 38 to 37. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~30% while the top five are at ~44% of the 13F assets: Alphabet, CarMax, Wayfair, Facebook, and Credit Acceptance.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 13.42% annualized return compared to 10.86% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now just ~5%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, Eurofin Scientific (ERFSF), Prosus NV (PROSY), and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Booking Holdings (BKNG): The 4.32% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. Last quarter also saw a ~20% stake increase at prices between ~$1152 and ~$2085. The entire stake was sold this quarter at prices between $1231 and $1841. The stock currently trades at ~$1784.New Stakes:Walt Disney (DIS): DIS is a fairly large 4.21% of the portfolio position established this quarter at prices between $94 and $127 and the stock currently trades at ~$132.Stake Increases:Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$267 and the stake is at ~7% of the portfolio. Last few quarters have seen only minor adjustments.Credit Acceptance Corp. (CACC): CACC is a large (top five) 6.77% stake established in Q1 2017 at prices between $185 and $221. The stock currently trades at ~$338. There have only been very minor adjustments in the last few quarters.Note: They have a ~6% ownership stake in Credit Acceptance Corp.UnitedHealth (UNH): The 5.67% UNH position was established in Q4 2019 at prices between $215 and $296 and increased by ~300% last quarter at prices between ~$195 and ~$305. It is now at ~$302. This quarter saw a marginal increase.Taiwan Semi (TSM): The 5.19% of the portfolio TSM stake was purchased in Q4 2019 at prices between $46.50 and $59. There was a ~130% stake increase this quarter at around the same price range. The stock currently trades at $78.81Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at $36.54 and the stake is at 4.48% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling next quarter at prices between $40 and $46. Last two quarters have seen only minor adjustments.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~15% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. The stock currently trades at ~$1516. There was a ~25% selling over the last three quarters at prices between $1054 and $1525.CarMax Inc. (KMX): KMX is a top three ~8% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last nine quarters have seen a ~45% selling at prices between ~$58 and ~$101. The stock is now at ~$102.Note: They have a ~4% ownership stake in the business.Wayfair Inc. (W): W is a top three 7.86% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Next quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase last quarter at prices between ~$24 and ~$110. There was a ~43% reduction this quarter at prices between ~$47 and ~$219. The stock currently trades at ~$252.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed next quarter at prices between $138 and $164.Arista Networks (ANET): The large 5.57% ANET stake was primarily built in Q4 2019 at prices between $185 and $249. The stock currently trades at ~$204. There was marginal trimming this quarter.Liberty Broadband (LBRDK): LBRDK is a 5.31% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. Last quarter saw a ~18% reduction at prices between ~$91 and ~$139. The stock currently trades at ~$137. This quarter saw marginal trimming.Jacobs Engineering Group (J): J is a 4.77% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling last quarter at prices between ~$63 and ~$104. The stock currently trades at $92.80. This quarter saw minor trimming.Charles Schwab (SCHW): SCHW is a 4.45% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last quarter saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at $35.24. There was a ~17% selling this quarter at prices between $32.50 and $43.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. 2018 saw a ~60% selling at prices between $1170 and $2050. H1 2019 had also seen a one-third selling at prices between $1500 and $1963. Last two quarters had seen another ~45% reduction at prices between ~$1705 and ~$2170. The stock is currently at ~$3116 and the stake is at 4.26% of the portfolio. There was marginal trimming this quarter.MasterCard Inc. (MA): MA is a 3.95% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: Q3 2018 saw a ~22% selling at prices between $196 and $224. That was followed with a ~30% selling in Q3 2019 at prices between $257 and $292. The stock currently trades at ~$330. Last two quarters have seen a one-third selling at prices between ~$203 and ~$345.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire stake is now at 6.33% of the portfolio. It is a very long-term position that was already their largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$218. Last three quarters have seen a ~18% reduction at prices between ~$162 and ~$230.Visa Inc. (V): Visa is a now a small 1.45% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. The stock is now at ~$201. There was a one-third selling over the last two quarters at prices between $136 and $213.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2020:Quarterly Factsheet, and Q1 2020 Letter: Performance: -22.17% for Q1 2020 vs -19.60% for the index. 12.94% vs 10.50% since 1970 inception. Cash: ~2.5%. Increased: Arista, Booking, CarMax, Credit Acceptance, Schwab, UnitedHealth, Wayfair. Trimmed: Alphabet, Amazon, Berkshire, Constellation, Jacobs, and Liberty Broadband. Sold: None. New: None.Note: Around May 15, 2020 is the usual Investor Day. It was moved to July 15, 2020. Be sure to look in the transcript when writing the Q2 2020 update…Regulatory filings thru 5/30/2020: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2020 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $8.09B to $6.24B this quarter. The number of positions decreased from 40 to 38.They increased Charles Schwab & UnitedHealth while decreasing Jacobs Engineering & Berkshire Hathaway.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and 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 Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 05/15/2020. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2019.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~23% from $8.09B to $6.24B. The number of holdings decreased from 40 to 38. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~35% while the top five are at ~47% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Arista Networks, and Charles Schwab.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~50-year track record (July 15, 1970 inception, 12.94% annualized return compared to 10.50% for the S&P 500 index). After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now just ~3%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, Eurofin Scientific (ERFSF), Prosus NV (PROSY), and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:None.Stake Increases:CarMax Inc. (KMX): KMX is a top-three ~8% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last two years have seen a ~23% selling at prices between ~$45 and ~$100. The stock is now at $95.93.Note: They have a ~5.8% ownership stake in the business.Arista Networks (ANET): The large (top five) 6.50% ANET stake was primarily built last quarter at prices between $185 and $249. The stock currently trades at ~$235. There was a ~15% stake increase during the quarter.Charles Schwab (SCHW): SCHW is a top five 6.37% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. This quarter saw a ~40% stake increase at prices between $28.50 and $49. The stock is now at ~$43.UnitedHealth (UNH): The 5.66% UNH position was established last quarter at prices between $215 and $296 and increased by ~300% this quarter at prices between ~$195 and ~$305. It is now at ~$312.Credit Acceptance Corp. (CACC): CACC is a fairly large 4.78% stake established in Q1 2017 at prices between $185 and $221. The stock has doubled in the three-year holding period and currently trades at ~$483. There have only been very minor adjustments in the last few quarters.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Wayfair Inc. (W): W is a fairly large 4.43% of the 13F portfolio stake purchased in Q3 2019 at prices between $106 and $152. Last quarter saw a ~40% stake increase at prices between $80 and $118. That was followed with another ~30% increase this quarter at prices between ~$24 and ~$110. The stock currently trades at ~$171.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed last quarter at prices between $138 and $164.Booking Holdings (BKNG): The 4.32% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at ~$1813. This quarter saw a ~20% stake increase at prices between ~$1152 and ~$2085.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~17% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. The stock currently trades at ~$1440. Last two quarters have seen minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~9% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$201. Last two quarters have seen a roughly one-third reduction at prices between ~$162 and ~$230.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$231 and the stake is at 5.93% of the portfolio. Last few quarters have seen only minor adjustments.Liberty Broadband (LBRDK): LBRDK is a 5.70% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. This quarter saw a ~18% reduction at prices between ~$91 and ~$139. The stock currently trades at ~$135.Jacobs Engineering Group (J): J is a 5.39% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the next six quarters saw minor trimming. There was a ~25% selling this quarter at prices between ~$63 and ~$104. The stock currently trades at ~$89.MasterCard Inc. (MA): MA is a 4.78% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: Q3 2018 saw a ~22% selling at prices between $196 and $224. That was followed with a ~30% selling in Q3 2019 at prices between $257 and $292. The stock currently trades at ~$312. There was a ~10% trimming this quarter.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$36 and the stake is at 4.27% of the portfolio. The six quarters thru Q3 2019 had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling last quarter at prices between $40 and $46. This quarter also saw a ~7% trimming.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. 2018 saw a ~60% selling at prices between $1170 and $2050. H1 2019 had also seen a one-third selling at prices between $1500 and $1963. Last two quarters have seen another ~45% reduction at prices between ~$1705 and ~$2170. The stock is currently at ~$2483 and the stake is at 3.65% of the portfolio. They are realizing gains.Visa Inc. (V): Visa is a now a small 1.87% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Q3 2019 saw another ~40% selling at prices between $169 and $186. The stock is now at ~$200. There was a ~13% trimming this quarter.Kept Steady:Taiwan Semi (TSM): The 2.33% of the portfolio TSM stake was purchased last quarter at prices between $46.50 and $59 and the stock currently trades at $55.20.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2020:Quarterly Factsheet, AR, and Q4 2019 Letter: Performance: 29.12% for 2019 vs 31.49% for the index. Has hugged the index last three years – 62% vs 65% for S&P. Cash: 3% now compared to 20% since inception and 14% over the last two decades. Expects that to help with beating index by a wider margin even if the individual picks do not outperform by that wide a margin. Turnover 16% compared to 24% since inception – more tax efficient. Increased: Rolls-Royce – if Airbus A350 turns into a profit machine without the problems that plagued Boeing 787, after 18-24 months, they should generate huge cash-flows for the following two decades. Trimmed on valuation: Alphabet, Amazon, Berkshire, Booking, Carmax, Constellation, Formula One, Jacobs, Liberty Broadband, and MasterCard. Sold: due to changes in their fundamental assessments – Electronic Arts & Vopak. Also Mohawk – sold out this quarter, same thesis regarding flooring industry dynamics. New: for 2019 – Arista Networks (ANET) in Q4 2019, Eurofin Scientific (ERFSF) – testing, inspection, certification in food safety, environmental monitoring & pharma – fragmented market consolidation should yield growth – owner Gilles Martin has one-third control – 40% gain already, Wayfair (simultaneous Expansion to the European business, National Logistics, and Furniture category expansion resulted in obscuring unit expansion), and two others that remain undisclosed.Note: Around May 15, 2020 is the Investor Day. Be sure to look in the transcript when writing the Q1 2020 update…Regulatory filings thru 2/26/2020: 13G/As – 2/14 – W - 3.99M shares – 6.07% of business, KMX – 7.94M shares – 4.86% of business, FWONK – 10.15M shares – 4.99% of business, BMCH – 0, CACC – 1.15M shares – 6.12% of business, BLDR – 73K shares – 0.06% of business."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2019 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $7.62B to $8.09B this quarter. The number of positions increased from 37 to 40.They added Arista Networks while dropping Mohawk Industries.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and they add up to ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 02/14/2020. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2019.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $7.62B to $8.09B. The number of holdings increased from 37 to 40. 18 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~37% while the top five are at ~50% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Credit Acceptance Corp, and Jacobs Engineering.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~49-year track record (July 15, 1970 inception, 13.59% annualized return compared to 11.05% for the S&P 500 index). For 2019, the fund was up 29.12% compared to 31.5% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has largely hugged the index (~62% return compared to ~65% for the S&P). The portfolio has also seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. Also, the cash allocation which had averaged ~20% since inception is now just ~3%. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Naspers (NPSNY), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, Eurofin Scientific (ERFSF), Prosus NV (PROSY), and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Mohawk Industries (MHK): MHK was a very long-term 2.29% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. Last few quarters had seen minor trimming and this quarter saw the position disposed at prices between $119 and $152. The stock is now at ~$112.New Stakes:Taiwan Semi (TSM) and UnitedHealth (UNH): These are small new positions established this quarter. The 2.14% of the portfolio TSM stake was purchased at prices between $46.50 and $59 and the stock currently trades at $51.83. The 1.31% UNH position was established at prices between $215 and $296 and it is now at $273.Stake Increases:Credit Acceptance Corp. (CACC): CACC is a large 6.30% stake established in Q1 2017 at prices between $185 and $221. The stock has roughly doubled in the three-year holding period and currently trades at ~$412. There have only been very minor adjustments in the last few quarters.Note: They have a ~6% ownership stake in Credit Acceptance Corp.Wayfair Inc. (W): W is a fairly large 4.47% of the 13F portfolio stake purchased last quarter at prices between $106 and $152. This quarter saw a ~40% stake increase at prices between $80 and $118. The stock currently trades well below the low end of those ranges at $49.82.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed last quarter at prices between $138 and $164.Arista Networks (ANET): The fairly large 4.38% ANET stake was primarily built this quarter at prices between $185 and $249. The stock currently trades near the low end of that range at $186.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~17% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follows: Q2 2019 saw a one-third reduction at prices between $1036 and $1288. The stock currently trades at $1216. This quarter saw minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~12% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follows: Q1 2018 saw a one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$193. This quarter saw a ~10% trimming.CarMax Inc. (KMX): KMX is a top-three ~9% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. Last seven quarters have seen a one-third selling at prices between $58 and $100. The stock is now at $75.21.Note: They have a ~5% ownership stake in the business.Jacobs Engineering Group (J): J is a large (top five) 6.24% long-term stake first purchased in 2012. Recent activity follows: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the last six quarters saw minor trimming. The stock currently trades at ~$89.Liberty Broadband (LBRDK): LBRDK is a 6.10% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. The stock currently trades at ~$114. There was minor trimming over the last six quarters.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$30 and the stake is at ~6% of the portfolio. Last six quarters had seen a ~18% selling at prices between $28.50 and $43 and that was followed with similar selling this quarter at prices between $40 and $46.Note: they have a ~5% ownership stake in Liberty Media Formula One.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$170 and the stake is at 5.77% of the portfolio. Last few quarters have seen only minor adjustments.MasterCard Inc. (MA): MA is a ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follows: Q3 2018 saw a ~22% selling at prices between $196 and $224. That was followed with a ~30% selling last quarter at prices between $257 and $292. The stock currently trades at ~$262. This quarter saw a ~3% trimming.Charles Schwab (SCHW): SCHW is a ~5% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen only minor adjustments. The stock is now at $30.27.Booking Holdings (BKNG): The 4.24% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1528. Last seven quarters have seen only minor adjustments.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. 2018 saw a ~60% selling at prices between $1170 and $2050. The stock is currently at ~$1800 and the stake is at 3.57% of the portfolio. H1 2019 had also seen a one-third selling at prices between $1500 and $1963. This quarter also saw a ~27% selling at prices between $1705 and $1870. They are realizing gains.Visa Inc. (V): Visa is a now a small ~2% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Last quarter saw another ~40% selling at prices between $169 and $186. The stock is now at $171. There was a ~2% trimming this quarter.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q4 2019:Performance YTD as of 12/20/2019 from : 29.28%.Q3 2019 : Performance: 21.85% YTD vs 20.55% for the index. 0.71% vs 1.70% for the quarter. Trimmed Constellation Software and MasterCard while increasing Rolls Royce and adding Wayfair. The Top 10 Holdings are in the letter (not pasting below from now on…)"

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2019 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $7.43B to $7.62B this quarter. The number of positions increased from 37 to 40.They added Wayfair while reducing MasterCard and Visa during the quarter.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and they add up to ~41% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2019. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2019.This quarter Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $7.43B to $7.62B. The number of holdings increased from 37 to 40. 16 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~41% while the top five are at ~55% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Jacobs Engineering, and Liberty Media Formula One.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~49-year track record (July 15, 1970 inception, 13.53% annualized return compared to 10.91% for the S&P 500 index). YTD thru 12/20/2019, the fund is up 29.28%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Naspers (NPSNY), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, and Melrose Industries plc (MLSPF). They trimmed Constellation Software while increasing Rolls-Royce during the quarter. Currently ~30% of the businesses held are domiciled outside the US. Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Altaba Inc. (AABA): The ~3% AABA stake as of Q1 2019 was established in Q1 2018 at prices between $69 and $80 and increased by around one-third next quarter at prices between $67.50 and $82. Last quarter saw the position almost sold out at prices between $59 and $79. The remainder stake was disposed this quarter.New Stakes:Wayfair Inc. (W): W is a fairly large 4.24% of the 13F portfolio stake purchased this quarter at prices between $106 and $152 and the stock currently trades well below that range at $84.01.Note: Wayfair has seen a previous roundtrip. It was a very small 0.76% of the portfolio position purchased in Q1 2019 at prices between $85 and $172 and disposed last quarter at prices between $138 and $164.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~17% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: The four quarters thru Q1 2019 had seen minor trimming and last quarter saw a one-third reduction at prices between $1036 and $1288. The stock currently trades at $1350. There was a marginal increase this quarter.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Q1 2019 saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at ~$206 and the stake is at 5.41% of the portfolio. There was minor trimming last quarter while this quarter there was a ~10% stake increase.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~15% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2018 saw a one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$226. Last five quarters have seen a combined ~5% trimming.CarMax Inc. (KMX): KMX is a top-three ~11% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The stock is now well above their purchase price ranges at $92.71. Last six quarters have seen a combined ~18% trimming.Note: They have a ~6% ownership stake in the business.Jacobs Engineering Group (J): J is a ~7% long-term stake first purchased in 2012. Recent activity follow: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the last five quarters saw minor trimming. The stock currently trades at ~$90.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$46 and the stake is at 6.79% of the portfolio. Last six quarters have seen a ~18% selling at prices between $28.50 and $43.Note: they have a ~6% ownership stake in Liberty Media Formula One.Credit Acceptance Corp. (CACC): CACC is a large 6.53% stake established in Q1 2017 at prices between $185 and $221. The stock has doubled in the two-year holding period and currently trades at ~$444. There have only been very minor adjustments in the last few quarters.Note: They have a ~5.5% ownership stake in Credit Acceptance Corp.Liberty Broadband (LBRDK): LBRDK is a 5.67% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. The stock currently trades at ~$123. There was minor trimming over the last five quarters.MasterCard Inc. (MA): MA is a ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: Q3 2018 saw a ~22% selling at prices between $196 and $224. That was followed with a ~30% selling this quarter at prices between $257 and $292. The stock currently trades at ~$299.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. Last year saw a ~60% selling at prices between $1170 and $2050. The stock is currently at $1787 and the stake is at 4.90% of the portfolio. Last two quarters had also seen a one-third selling at prices between $1500 and $1963. They are realizing gains. There was marginal trimming this quarter.Charles Schwab (SCHW): SCHW is a 4.78% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen only minor adjustments. The stock is now at $48.12.Booking Holdings (BKNG): The 4.51% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $2023. Last six quarters have seen only minor adjustments.Mohawk Industries (MHK): MHK is a very long-term 2.29% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position has wavered. Last few quarters have seen only minor activity. The stock is now at ~$137.Visa Inc. (V): Visa is a now a small ~2% of the portfolio stake. It is a very long-term position first purchased soon after the IPO in 2008. The position was sold down consistently since Q1 2018. That quarter saw a ~30% selling at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Last three quarters had seen minor trimming and that was followed with another ~40% selling this quarter at prices between $169 and $186.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q3 2019:Top 10 Holdings from Q2 2019 Letter:Regulatory filings thru 9/9/2019: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2019 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $9.80B to $7.43B this quarter. The number of positions decreased from 51 to 37.They reduced Alphabet and Fiat Chrysler during the quarter.The top three positions are Alphabet, CarMax, and Berkshire Hathaway and they add up to ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 08/14/2019. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2019.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~24% from $9.80B to $7,43B as many large positions were reduced or dropped. The number of holdings decreased from 51 to 37. 19 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~40% while the top five are at ~55% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Amazon.com, and Credit Acceptance Corp.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~49-year track record (July 15, 1970 inception, 13.58% annualized return compared to 10.93% for the S&P 500 index). In Q2 2019, the fund was up 20.99% compared to up 18.54% for the S&P 500 index. For 2018, the fund outperformed the S&P 500 Index – down 2.62% vs down 4.38% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Naspers (NPSNY), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Hiscox Limited (HCXLF), a2Milk, and Melrose Industries plc (MLSPF). Currently one-third of the businesses held are domiciled outside the US. Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Alibaba Group Holdings (BABA): The vast majority of the 2.22% BABA stake was purchased in Q4 2018 at prices between $131 and $164. The position was disposed this quarter at prices between $149 and $195. The stock currently trades at ~$178.Wayfair Inc. (W): W was a very small 0.76% of the portfolio position purchased last quarter at prices between $85 and $172 and disposed this quarter at prices between $138 and $164. The stock currently trades at $124.BMC Stock Holdings (BMCH), GTT Communications (GTT), Sinclair Broadcast (SBGI), and Yandex NV (YNDX): These very small positions (less than ~1% of the portfolio each) were eliminated this quarter. They had a ~6% ownership stake in BMC Stock Holdings.New Stakes:None.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~15% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the two quarters thru Q1 2018 at prices between $951 and $1176. The stock is now at ~$1204. Last four quarters had seen minor trimming and this quarter saw another one-third reduction at prices between $1036 and $1288.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~14% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2018 saw another one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$207. Last four quarters have seen a combined ~5% trimming.CarMax Inc. (KMX): KMX is a top-three ~12% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $86.59. Last five quarters have seen a combined ~17% trimming.Note: They have a ~6% ownership stake in the business.Credit Acceptance Corp. (CACC): CACC is a large (top five) ~7% stake established in Q1 2017 at prices between $185 and $221. The stock has doubled in the two-year holding period and currently trades at ~$463. There have only been very minor adjustments in the last few quarters.Note: They have a 5.60% ownership stake in Credit Acceptance Corp.Jacobs Engineering Group (JEC): JEC is a 6.68% long-term stake first purchased in 2012. Recent activity follow: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while the last four quarters saw minor trimming. The stock currently trades at ~$92.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$43 and the stake is at 6.36% of the portfolio. Last five quarters have seen a ~17% selling at prices between $29 and $39.Note: they have a ~6% ownership stake in Liberty Media Formula One.Liberty Broadband (LBRDK): LBRDK is a ~6% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. The stock currently trades at $108. There was minor trimming over the last four quarters.Amazon.com Inc. (AMZN): AMZN stake was established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. Last year saw a ~60% selling at prices between $1170 and $2050. The stock is currently at $1831. Last two quarters have also seen a one-third selling at prices between $1500 and $1963. They are realizing gains.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. Last quarter saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at $189 and the stake is at 5.49% of the portfolio. There was minor trimming this quarter.Charles Schwab (SCHW): SCHW is a medium sized 4.74% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen only minor adjustments. The stock is now at $41.10.Booking Holdings (BKNG): The 4.45% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1992. Last five quarters have seen only minor adjustments.Visa Inc. (V): The 3.38% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at ~$182. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling in Q1 2018 at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Last three quarters have seen minor trimming.Mohawk Industries (MHK): MHK is a very long-term 2.81% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position has wavered. Recent activity follow. Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at ~$121. Last few quarters have seen only minor activity.Fiat Chrysler Auto (FCAU): The 4.25% FCAU position as of last quarter was first purchased in H1 2017 at prices between $9.50 and $11.65. It had since been increased. This quarter saw an about turn: position almost disposed at prices between $12.50 and $16.75. The stock is now at $14.06.JD.com (JD): The 2.53% JD position as of last quarter was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2018 saw a ~44% increase at prices between $24.50 and $39.50. Last two quarters had seen only minor adjustments while this quarter saw the position almost sold out at prices between $25.75 and $31.50. The stock is now at $31.48.Altaba Inc. (AABA): The ~3% AABA stake as of last quarter was established in Q1 2018 at prices between $69 and $80 and increased by around one-third next quarter at prices between $67.50 and $82. This quarter saw the position almost sold out at prices between $59 and $79. It is now at ~$70.Builders FirstSource (BLDR): The very small ~1% portfolio stake in BLDR as of last quarter was almost sold out this quarter. They had a 7.55% ownership stake in BLDR.Stake Increases:MasterCard Inc. (MA): MA is a fairly large 7.19% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction in Q1 2018 at prices between $152 and $183. Q3 2018 saw another ~22% selling at prices between $196 and $224. The stock is now at ~$283. This quarter saw a marginal increase.Kept Steady:None.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2019:: – Performance – 14.68% for Q1 2019 compared to 13.65% for the S&P 500 Index. . Activity –. EXITS/REDUCTIONS – sold Electronic Arts (quick 10% profit – grew uncomfortable with the performance of their non-sports game franchises) & Koninklichke Vopak (market beating small profit) . NEW INVESTMENTS – ."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2019 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $9.08B to $9.80B this quarter. The number of positions decreased from 57 to 51.They reduced Facebook and sold Electronic Arts.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and they add up to ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 05/15/2019. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2018.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~8% from $9.08B to $9.80B. The number of holdings decreased from 57 to 51. 27 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~37% while the top five are at ~48% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Amazon.com, and Credit Acceptance Corp.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~49-year track record (July 15, 1970 inception, 13.29% annualized return compared to 10.66% for the S&P 500 index). In Q1 2019, the fund was up 14.68% compared to up 13.65% for the S&P 500 index. For 2018, the fund outperformed the S&P 500 Index – down 2.62% vs down 4.38% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Naspers (NPSNY), Hiscox Limited (HCXLF), a2Milk, and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:Wayfair Inc. (W): W is a very small 0.76% of the portfolio position purchased this quarter at prices between $85 and $172 and the stock currently trades at $157.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~19% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the two quarters thru Q1 2018 at prices between $951 and $1176. The stock is now at ~$1079. Last four quarters have seen minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~10% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2017 saw a ~30% selling at prices between $159 and $177. The following quarter also saw a ~20% reduction at prices between $161 and $172. Q1 2018 saw another one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$207. Last three quarters have seen a combined ~5% trimming.CarMax Inc. (KMX): KMX is a top-three ~8% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $81.22. Last four quarters have seen marginal trimming.Note: They have a ~7% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN is a top five ~6% portfolio stake established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. Last year saw a ~60% selling at prices between $1170 and $2050. The stock is currently at $1864. This quarter also saw a ~3% trimming. They are realizing gains.MasterCard Inc. (MA): MA is a fairly large 4.84% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction in Q1 2018 at prices between $152 and $183. Q3 2018 saw another ~22% selling at prices between $196 and $224. The stock is now at $264. Ruane is harvesting gains. There was a ~9% selling last quarter and that was followed with marginal trimming this quarter.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$37 and the stake is at 4.55% of the portfolio. Last four quarters have seen a ~17% selling at prices between $28.25 and $38.75.Note: they have a ~6% ownership stake in Liberty Media Formula One.Liberty Broadband (LBRDK): LBRDK is a ~4% of the portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. The stock currently trades at $101. For investors attempting to follow Ruane, LBRDK is a good option to consider for further research. There was minor trimming over the last three quarters.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. The next two quarters had seen another ~27% increase at prices between $155 and $218. This quarter saw an about turn: ~23% reduction at prices between $124 and $173. The stock currently trades at $178 and the stake is at 3.64% of the portfolio.JD.com (JD): The 2.53% JD position was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2017 saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase in the following quarter at prices between $36.75 and $43. Q2 2018 saw a ~10% selling at prices between $35 and $44 while next quarter there was a ~44% increase at prices between $24.50 and $39.50. The stock is now at ~$28. Last two quarters have seen only minor adjustments.Visa Inc. (V): The 2.37% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at ~$170. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling in Q1 2018 at prices between $114 and $126 and that was followed with a ~22% selling in Q3 2018 at prices between $131 and $151. Last two quarters have each seen a ~4% trimming.TJX Companies (TJX): TJX is now a minutely small 0.02% of the portfolio position. It was a very long-term stake and the holding period was over 15 years. The stock had seen a ~15x return over that timeframe. Recent activity follow: There was a ~17% selling in Q3 2017 at prices between $33.50 and $37 and that was followed with a ~22% reduction in Q1 2018 at prices between $37 and $42. There was another ~50% reduction in Q3 2018 at prices between $47 and $56. The position was sold down by ~85% last quarter to a minutely small 0.22% stake at prices between $41.50 and $56. The remainder stake was almost sold out during the quarter. The stock is currently at ~$52. Ruane harvested huge long-term gains.Note: The prices quoted above are adjusted for the 2-for-1 stock split last November.Electronic Arts (EA): EA was ~3% of the portfolio position established last quarter at prices between $75 and $109 and sold this quarter at prices between $78.50 and $107. The stock currently trades at $94.58. The quick sale resulted in a ~10% profit – the exit was prompted by the under-performance of their non-sports game franchises.Stake Increases:Credit Acceptance Corp. (CACC): CACC is a large (top five) ~5% stake established in Q1 2017 at prices between $185 and $221. The stock has doubled in the two-year holding period and currently trades at ~$485. There have only been very minor adjustments in the last few quarters.Note: They have a 5.60% ownership stake in Credit Acceptance Corp.Jacobs Engineering Group (JEC): JEC is a 4.94% long-term stake first purchased in 2012. Recent activity follow: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while last two quarters had seen minor trimming. The stock currently trades at ~$78. There was a ~3% stake increase this quarter.Fiat Chrysler Auto (FCAU): The 4.25% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase in Q3 2017 at prices between $10.50 and $18. The stock is now at $13.53. Last quarter saw a ~14% stake increase at prices between $14 and $18 and that was a followed with a marginal increase this quarter.Charles Schwab (SCHW): SCHW is a medium sized 3.86% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen only minor adjustments. The stock is now at $42.85.Booking Holdings (BKNG): The 3.18% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1804. Last four quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): The vast majority of the 2.22% BABA stake was purchased last quarter at prices between $131 and $164 and the stock currently trades at $163. There was a ~4% stake increase this quarter.Mohawk Industries (MHK): MHK is a very long-term 1.83% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $149. Last few quarters had seen minor trimming while this quarter saw a ~5% stake increase.Builders FirstSource (BLDR): The very small ~1% portfolio stake in BLDR saw a marginal increase this quarter.Note: They have a 7.55% ownership stake in BLDR.Kept Steady:Altaba Inc. (AABA): The ~3% AABA stake was established in Q1 2018 at prices between $69 and $80 and increased by around one-third next quarter at prices between $67.50 and $82. It is now at ~$67.BMC Stock Holdings (BMCH), GTT Communications (GTT), Sinclair Broadcast (SBGI), and Yandex NV (YNDX): These very small positions (less than ~1% of the portfolio each) were kept steady this quarter. They have a ~6% ownership stake in BMC Stock Holdings.Note: Although the relative size as a percentage of the portfolio is very small, it is significant that they have a ~9% ownership stake in Netshoes (NETS). The remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2019:Regulatory Filings thru 3/10/2019: 13G – 2/14 – BLDR – 8.66M shares – 7.55%, 13G/A – 2/14 – FWONK – 12.97M shares – 6.39%, CACC – 1.08M shares – 5.60%, BMCH – 4M shares – 5.94%, NETS – 2.8M shares – 9.06%, KMX – 11.63M shares – 6.77%.– Performance – down 12.62% for Q4 2018 compared to down 13.52% for S&P, down 2.62% for 2018 compared to down 4.38% for S&P, 13.29% since 1970 inception compared to 10.66% for S&P. Activity – SCHW – still very successful in getting clients from banks and traditional brokerages because of brand and cost-edge – cyclical and so exaggerated price action on market direction is a given. Naspers/Tencent – some glitches now but the dominating business should grow well. EXITS/REDUCTIONS - WFC – exit with a slight gain – comment about less good management. TJX & ORLY disposals – they have become larger & mature and the threat of online competition – PE is double what they originally paid decades ago, MHK – trimmed but still like it based on valuation – vinyl flooring from foreign is the main threat.. NEW INVESTMENTS – a2Milk, Electronic Arts, and Melrose – with EA and A2, betting on talented horses which can run for years, with Melrose – betting on the jockey – the PE firm owns a collection of diverse businesses and expects to sell them at a good profit. Overall, the low teen valuations which assume anemic growth at KMX, Melrose, Jacobs, MHK, CACC, and SCHW are part of their attractiveness. OTOH, disconnect between market pricing and their assessment is part of the attractiveness at high-growth companies that trade at high-teens multiple (same as market) - Alphabet, Booking, Constellation, EA, and Naspers/Tencent."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2018 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $10.87B to $9.08B this quarter. The number of positions decreased from 61 to 57.They added Electronic Arts while reducing TJX Companies and Wells Fargo.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and 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 Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 02/14/2019. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2018.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~17% from $10.87B to $9.08B. The number of holdings decreased from 61 to 57. 27 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~35% while the top five are at ~45% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Amazon.com, and Credit Acceptance Corp.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable ~49-year track record (July 15, 1970 inception, 13.29% annualized return compared to 10.66% for the S&P 500 index). In Q4 2018, the fund was down 12.62% compared to down 13.52% for the S&P 500 index. For 2018, the fund outperformed S&P 500 – down 2.62% vs down 4.38% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Naspers (NPSNY), Hiscox Limited (HCXLF), Koninklijke Vopak NV (VOPKY), a2Milk, and Melrose Industries plc (MLSPF). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:Electronic Arts (EA): EA is ~3% of the portfolio position established this quarter at prices between $75 and $109 and the stock currently trades at $98.59.Stake Decreases:TJX Companies (TJX): TJX is now a minutely small 0.22% of the portfolio position. It was a very long-term stake and the holding period was over 15 years. The stock had seen a ~15x return over that timeframe. Recent activity follow: There was a ~17% selling in Q3 2017 at prices between $33.50 and $37 and that was followed with a ~22% reduction in Q1 2018 at prices between $37 and $42. There was another ~50% reduction last quarter at prices between $47 and $56. The position was almost eliminated this quarter at prices between $41.50 and $56. The stock is currently at $51.94. Ruane harvested huge long-term gains.Note: The prices quoted above are adjusted for the 2-for-1 stock split last November.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase in Q3 2017 at prices between $49.50 and $56. Q1 2018 saw a ~36% reduction at prices between $51 and $66 and the position was almost sold out this quarter at prices between $43.50 and $54.50. The stock currently trades at $49.65.Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~19% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the two quarters thru Q1 2018 at prices between $951 and $1176. The stock is now at ~$1193. Last three quarters have seen minor trimming.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~12% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2017 saw a ~30% selling at prices between $159 and $177. The following quarter also saw a ~20% reduction at prices between $161 and $172. Q1 2018 saw another one-third selling at prices between $191 and $217. The pattern reversed next quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$203. Last two quarters have seen minor selling.CarMax Inc. (KMX): KMX is a top-three ~8% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $60.99. Last three quarters have seen marginal trimming. For investors attempting to follow, KMX is a good option to consider for further research.Note: They have a 6.77% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN is a top five 5.48% portfolio stake established in Q4 2016 at prices between $719 and $845. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. Last year saw a ~60% selling at prices between $1170 and $2050. They are realizing gains. The stock is currently at $1673.Credit Acceptance Corp. (CACC): CACC is a 4.55% stake established in Q1 2017 at prices between $185 and $221. The stock has doubled in the two-year holding period and currently trades at ~$447. There have only been very minor adjustments in the last few quarters.Note: They have a 5.60% ownership stake in Credit Acceptance Corp.MasterCard Inc. (MA): MA is a fairly large 4.20% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction in Q1 2018 at prices between $152 and $183. Last quarter saw another ~22% selling at prices between $196 and $224. The stock is now at $227. Ruane is harvesting gains. There was a ~9% trimming this quarter.Jacobs Engineering Group (JEC): JEC is a ~4% long-term stake first purchased in 2012. Recent activity follow: Q2 2018 saw a ~20% increase at prices between $56.50 and $67 while last two quarters have seen minor trimming. The stock currently trades at $73.06.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. Last two quarters had seen another ~27% increase at prices between $155 and $218. The stock currently trades at $172. The position is now a fairly large stake at ~4% of the portfolio. This quarter saw minor trimming.Charles Schwab (SCHW): SCHW is a medium sized 3.73% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen marginal trimming. The stock is now at $43.99.Liberty Broadband (LBRDK): LBRDK is a 3.58% portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% next quarter at prices between $69 and $85. The stock currently trades at $89.97. For investors attempting to follow Ruane, LBRDK is a good option to consider for further research. There was marginal trimming over the last two quarters.Booking Holdings (BKNG): The 3.20% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1736. Last three quarters have seen minor trimming.Visa Inc. (V): The 2.26% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at ~$152. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling in Q1 2018 at prices between $114 and $126 and that was followed with a ~22% selling last quarter at prices between $131 and $151. This quarter saw a minor ~4% trimming.Mohawk Industries (MHK): MHK is a very long-term 1.74% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $133. Last few quarters have seen minor trimming.Sinclair Broadcast (SBGI): The very small 0.38% SBGI stake saw minor selling this quarter.Stake Increases:Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$34.35 and the stake is at 4.50% of the portfolio. Last two quarters had seen a ~13% selling while this quarter there was a marginal increase.Note: they have a ~6% ownership stake in Liberty Media Formula One.Fiat Chrysler Auto (FCAU): The 4.46% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase in Q3 2017 at prices between $10.50 and $18. The stock is now at $14.49. This quarter saw a ~14% stake increase at prices between $14 and $18.Altaba Inc. (AABA): The 2.56% AABA stake was established in Q1 2018 at prices between $69 and $80 and increased by around one-third next quarter at prices between $67.50 and $82. It is now at $73.59.JD.com (JD): The ~2% JD position was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2017 saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase in the following quarter at prices between $36.75 and $43. Q2 2018 saw a ~10% selling at prices between $35 and $44 while last quarter there was a ~44% increase at prices between $24.50 and $39.50. The stock is now at $28.11. This quarter saw a marginal increase.Alibaba Group Holdings (BABA): The vast majority of the 1.74% BABA stake was purchased this quarter at prices between $131 and $164 and the stock currently trades above that range at $181.Builders FirstSource (BLDR), GTT Communications (GTT), and Yandex NV (YNDX): These very small positions (less than ~1% of the portfolio each) were increased this quarter.Note: They have a 7.55% ownership stake in BLDR.Kept Steady:BMC Stock Holdings (BMCH): The very small 0.68% BMCH position was kept steady this quarter. Their ownership stake in BMC Stock Holdings is ~6%.Note: Although the relative size as a percentage of the portfolio is very small, it is significant that they have a ~9% ownership stake in Netshoes (NETS). The remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q4 2018:– Performance – 11.45% YTD vs 10.56% for S&P 500 index. TRIMMED – Amazon, Constellation Software, MasterCard, Rolls-Royce, and TJX. Increased – Slight increase in FB stake. David Pope retiring at end of year."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2018 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $11.16B to $10.87B this quarter. The number of positions decreased from 62 to 61.They increased Facebook, JD.com, and Builders Firstsource while decreasing Amazon, MasterCard, and Liberty Media Formula One.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and 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 Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2018. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2018.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~3% from $11.16B to $10.87B. The number of holdings decreased from 62 to 61. 23 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~38% while the top five are at ~49% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Amazon.com, and MasterCard.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 48-year track record (July 15, 1970 inception, ~13.5% annualized return compared to ~11% for the S&P 500 index). In Q3 2018, the fund was up 4.01% compared to 7.71% for the S&P 500 index. Last year, it slightly underperformed S&P 500 - ~20% vs ~22% for the S&P 500 index. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), Naspers (NPSNY), Hiscox Limited (HCXLF), and Koninklijke Vopak NV (VOPKY). Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:None.New Stakes:None.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~18% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the two quarters thru Q1 2018 at prices between $951 and $1176. The stock is now at ~$1049. Last two quarters have seen minor trimming. For investors attempting to follow, GOOG is a good option to consider for further research.Note: Their Q4 2017 letter covered Alphabet. At the time, they believed Alphabet & Amazon.com as some of the best businesses the world has ever seen. However, earnings are masked by growth spending.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~11% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2017 saw a ~30% selling at prices between $159 and $177. The following quarter also saw a ~20% reduction at prices between $161 and $172. Q1 2018 saw another one-third selling at prices between $191 and $217. The pattern reversed last quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$211. This quarter saw a ~4% trimming.CarMax Inc. (KMX): KMX is a ~8% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while next quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $63.67. Last two quarters have seen marginal trimming.Note: They have a ~7% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN is a top five 6.38% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $1581. There was a ~9% trimming in Q2 2017 at prices between $885 and $1011. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. There was a ~14% selling next quarter at prices between $1189 and $1598 and that was followed with a ~50% reduction over the last two quarters at prices between $1372 and $2040. They are realizing gains.MasterCard Inc. (MA): MA is a large (top five) 4.54% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction in Q1 2018 at prices between $152 and $183. This quarter saw another ~22% selling at prices between $196 and $224. The stock is now at $192. Ruane is harvesting gains.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The stock is now at ~$30 and the stake is at 4.43% of the portfolio. There was a ~16% trimming this quarter.Note: they have a ~6.4% ownership stake in Liberty Media Formula One.Jacobs Engineering Group (JEC): JEC is a 4.42% long-term stake first purchased in 2012. Last major activity was in Q3 2015 when there was a ~50% stake increase at prices between $37 and $44. The stock is now at $65.27. Last quarter saw a ~20% increase at prices between $56.50 and $67 while this quarter there was a ~3% trimming.Credit Acceptance Corp. (CACC): CACC is a 4.38% stake established in Q1 2017 at prices between $185 and $221 and increased by ~12% the following quarter at prices between $186 and $263. It currently goes for $408. There have only been very minor adjustments in the last few quarters.Note: They have a ~5.5% ownership stake in Credit Acceptance Corp.Charles Schwab (SCHW): SCHW is a medium sized 3.69% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last few quarters have seen marginal trimming. The stock is now at $45.09.Liberty Broadband (LBRDK): LBRDK is a 3.56% portfolio position purchased in Q1 2018 at prices between $86 and $97 and increased by ~20% last quarter at prices between $69 and $85. The stock currently trades at $79.85. For investors attempting to follow Ruane, LBRDK & AABA are good options to consider for further research. There was marginal trimming this quarter.TJX Companies (TJX): TJX is a ~3% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. Recent activity follow: There was a ~17% selling in Q3 2017 at prices between $33.50 and $37 and that was followed with a ~22% reduction in Q1 2018 at prices between $37 and $42. There was another ~50% reduction this quarter at prices between $47 and $56. Ruane is continuing to harvest huge long-term gains.Note: The prices quoted above are adjusted for the 2-for-1 stock split earlier this month.Booking Holdings (BKNG): The 3.11% of the portfolio BKNG stake was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1802. Last two quarters have seen minor trimming.Visa Inc. (V): The 2.24% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at ~$136. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling in Q1 2018 at prices between $114 and $126 and that was followed with a ~22% selling this quarter at prices between $131 and $151.Mohawk Industries (MHK): MHK is a very long-term 2.20% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $129. Last few quarters have seen minor trimming.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase in Q3 2017 at prices between $49.50 and $56. Q1 2018 saw a ~36% reduction at prices between $51 and $66. The stock currently trades at $52.88 and it is at ~2% of the portfolio. There was marginal selling over the last two quarters.Stake Increases:Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase in Q1 2018 at prices between $152 and $193. Last two quarters have seen another ~27% increase at prices between $155 and $218. The stock currently trades well below those ranges at $136. The position is now a fairly large stake at 4.28% of the portfolio. For investors attempting to follow, FB is a good option to consider for further research.Fiat Chrysler Auto (FCAU): The 3.95% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase in Q3 2017 at prices between $10.50 and $18. The stock is now at $17.05. There was a marginal increase this quarter.Altaba Inc. (AABA): The 2.51% AABA stake was established in Q1 2018 at prices between $69 and $80 and increased by around one-third last quarter at prices between $67.50 and $82. It is now below those ranges at $64.37.JD.com (JD): The 2.08% JD position was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2017 saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase in the following quarter at prices between $36.75 and $43. The stock is now at $20.46. Last quarter saw a ~10% selling at prices between $35 and $44 while this quarter there was a ~44% increase at prices between $24.50 and $39.50.Builders FirstSource (BLDR): The very small ~1% BLDR stake saw a ~36% increase this quarter at prices between $14 and $19. The stock is now at $12.90.Note: They have a ~9.5% ownership stake in BLDR.Kept Steady:BMC Stock Holdings (BMCH), GTT Communications (GTT), and Sinclair Broadcast (SBGI): These very small (less than ~0.7% of the portfolio each) stakes were kept steady this quarter.Note: They have a ~6% ownership stake in BMC Stock Holdings.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q3 2018:– Performance – 5.80% for Q2 2018 & 7.16% YTD compared to 3.43% & 2.65% for the S&P 500 Index. TRIMMED – Amazon and Berkshire. EXITS – Omnicom. Increased – Facebook, Jacobs Engineering, Liberty Broadband, and Naspers.Regulatory Filings thru 9/4/2018: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2018 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased from $10.91B to $11.16B. The number of positions increased from 59 to 62.They increased Altaba & Berkshire Hathaway while decreasing Amazon, Omnicom, and Primerica.The top three positions are Alphabet, Berkshire Hathaway, and CarMax and 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 Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 08/14/2018. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2018.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~2% from $10.91B to $11.16B. The number of holdings increased from 59 to 62. 25 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~35% while the top five are at ~47% of the 13F assets: Alphabet, Berkshire Hathaway, CarMax, Amazon.com, and Liberty Media Formula One.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 48-year track record (July 15, 1970 inception, ~13.5% annualized return compared to ~11% for the S&P 500 index). In Q2 2018, the fund was up 5.8% compared to 3.43% for the S&P 500 index. Last year, it slightly underperformed S&P 500 - ~20% vs ~22% for the S&P 500 index. Their cash-allocation is currently at ~7%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), and Naspers (NPSNY). The latter two are new as of Q1 2018.Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Capital One Financial (COF): COF was a very small 1.38% position purchased in Q4 2016 at prices between $71 and $91. Q1 2017 saw a one-third increase at prices between $82 and $96. The position was eliminated this quarter at prices between $88 and $98. The stock currently trades at $99.85.58.com Inc. (WUBA) and Wayfair Inc. (W): These very small (less than ~0.7% of the portfolio each) stakes were disposed during the quarter.New Stakes:GTT Communications (GTT): GTT is a very small 0.69% of the portfolio stake established this quarter at prices between $44 and $57 and the stock currently trades well below that range at $39.50.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at ~17% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Recent activity follow: Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the last two quarters at prices between $951 and $1176. The stock is now at ~$1187. This quarter saw a ~6% trimming.Note: Their Q4 2017 letter covered Alphabet. At the time, they believed Alphabet & Amazon.com as some of the best businesses the world has ever seen. However, earnings are masked by growth spending.CarMax Inc. (KMX): KMX is a 7.80% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Q4 2017 saw a ~30% selling at prices between $64 and $77 while last quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $78.86. This quarter saw marginal trimming.Note: They have a ~7% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN is a top five 7.35% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $1995. There was a ~9% trimming in Q2 2017 at prices between $885 and $1011. Q4 2017 saw the stake almost doubled at prices between $957 and $1196. There was a ~14% selling last quarter at prices between $1189 and $1598 and that was followed with a ~29% reduction this quarter at prices between $1372 and $1750. They are realizing gains.TJX Companies (TJX): TJX is a fairly large ~5% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued in 2016: ~45% reduction at prices between $67.50 and $83. The stock is now at $111. There was a ~17% selling in Q3 2017 at prices between $67 and $74 and that was followed with a ~22% reduction last quarter at prices between $74 and $84. Ruane is continuing to harvest huge long-term gains. This quarter saw marginal trimming.MasterCard Inc. (MA): MA is a large ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Recent activity follow: There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction last quarter at prices between $152 and $183. The stock is now at $211. Ruane is harvesting gains. There was marginal trimming this quarter.Fiat Chrysler Auto (FCAU): The 4.15% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase in Q3 2017 at prices between $10.50 and $18. The stock is now at $16.96. Last three quarters have seen marginal trimming.Charles Schwab (SCHW): SCHW is a medium sized 3.78% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. There have only been minor adjustments since. The stock is now at $50.52.Booking Holdings (BKNG): The 3.16% of the portfolio stake in BKNG was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1892. There was marginal trimming this quarter.Mohawk Industries (MHK): MHK is a very long-term 2.65% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $191. Last four quarters have seen only very minor activity.JD.com (JD): The 2.10% JD position was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2017 saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase in the following quarter at prices between $36.75 and $43. The stock is now at $26.30. This quarter saw a ~10% selling at prices between $35 and $44.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase in Q3 2017 at prices between $49.50 and $56. Last quarter saw a ~36% reduction at prices between $51 and $66. The stock currently trades at $58.95 and it is at ~2% of the portfolio. There was marginal selling this quarter.Omnicom Group (OMC): OMC is now a minutely small 0.01% stake. The original position was from 2011 at prices between $36 and $50. It saw a ~80% increase in Q2 2017 at prices between $80 and $86 while last quarter saw a ~50% reduction at prices between $70 and $83. The position was almost eliminated this quarter at prices between $70 and $76 and the stock is now at $68.70.Primerica Inc. (PRI): The very small 0.83% PRI stake was almost eliminated this quarter.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at ~10% of the portfolio. It is a very long-term stake that was already their largest stake in their first 13F filing in 1999. Recent activity follow: Q1 2017 saw a ~30% selling at prices between $159 and $177. The following quarter also saw a ~20% reduction at prices between $161 and $172. Last quarter saw another one-third selling at prices between $191 and $217. The pattern reversed this quarter: ~10% increase at prices between $185 and $201. The stock is now at ~$212.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The position is now at 5.10% of the portfolio. The stock is now at $35.08. Last two quarters have seen very minor increases.Note: they have a ~7.5% ownership stake in Liberty Media Formula One.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase last quarter at prices between $152 and $193. The position is now a medium-sized stake at 4.27% of the portfolio. The stock currently trades at $167. This quarter also saw a ~12% further increase.Jacobs Engineering Group (JEC): JEC is a 3.69% long-term stake first purchased in 2012. Last major activity was in Q3 2015 when there was a ~50% stake increase at prices between $37 and $44. The stock is now at $72.68. This quarter saw a ~20% increase at prices between $56.50 and $67.Credit Acceptance Corp. (CACC): CACC is a 3.48% stake established in Q1 2017 at prices between $185 and $221 and increased by ~12% the following quarter at prices between $186 and $263. It currently goes for $445. There was a marginal increase this quarter.Note: They have a ~5.5% ownership stake in Credit Acceptance Corp.Liberty Broadband (LBRDK) and Altaba Inc. (AABA): These two positions were established last quarter and increased this quarter. LBRDK is a 3.16% portfolio position purchased at prices between $86 and $97 and increased by ~20% this quarter at prices between $69 and $85. The stock currently trades at $80.76. The 2.63% AABA stake was established at prices between $69 and $80 and increased by around one-third this quarter at prices between $67.50 and $82. It is now below those ranges at $65.65. For investors attempting to follow Ruane, LBRDK & AABA are good options to consider for further research.Visa Inc. (V): The 2.46% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at ~$143. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling last quarter at prices between $114 and $126. This quarter saw a marginal increase.Builders FirstSource (BLDR) and Sinclair Broadcast (SBGI): These two very small (less than ~1% of the portfolio each) stakes saw increases this quarter.Note: They have a ~7% ownership stake in BLDR.Kept Steady:BMC Stock Holdings (BMCH): BMCH is a very small 0.75% portfolio position that was kept steady this quarter.Note: They have a ~6% ownership stake in BMC Stock Holdings.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q2 2018:– it has a nice graphic on holding periods of the top-ten holdings among other interesting stuff. The big change in the last few years is the shift to internet stocks spear-headed with Google.: Performance: Q1 2018 1.28% vs negative 0.76% for S&P 500 Index. 22 positions, TRIMMED: Berkshire Hathaway, Constellation Software, Jacobs Engineering, MasterCard, TJX, and Wells Fargo, EXITS: Chipotle, Dentsply Sirona, O’Reilly Auto, and Waters, NEW: Vivendi, Naspers, Liberty Broadband, and Facebook, Increased: Alphabet & Carmax.Regulatory Filings thru 5/28/2018: None.5/28/2018: a reader pointed out that the link for “13F Form” was pointing to an empty stub. It appears the 13F report was moved to be “Ruane, Cunniff, & Goldfarb L.P.” – it was under “Ruane, Cunniff, & Goldfarb Inc.” previously. I have corrected the link in the article (the link in this doc is also now corrected)."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2018 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~11% from $12.20B to $10.91B. The number of positions decreased from 66 to 59.They increased CarMax and Facebook while reducing Dentsply Sirona and O’Reilly Automotive during the quarter.The top three positions are Alphabet, Berkshire Hathaway, and Amazon.com and they add up to ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 05/15/2018. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2017.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased ~11% from $12.20B to $10.91B. The number of holdings decreased from 66 to 59. 30 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~37% while the top five are at ~48% of the 13F assets: Alphabet, Berkshire Hathaway, Amazon.com, CarMax, and MasterCard.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 47-year track record (July 15, 1970 inception, ~13.5% annualized return compared to ~11% for the S&P 500 index). In Q1 2018, the fund was up 1.28% compared to negative 0.76% for the S&P 500 index. Last year, it slightly underperformed S&P 500 - ~20% vs ~22% for the S&P 500 index. Their cash-allocation is currently at ~7.5%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following significant stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF), Rolls-Royce Holdings plc (RYCEY), Vivendi (VIVHY), and Naspers (NPSNY). The latter two are new this quarter.Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:IAC Interactive (IAC) and Interactive Brokers (IBKR): These small (less than ~1% of the portfolio each) stakes were reduced last quarter and disposed this quarter.New Stakes:Liberty Broadband (LBRDK) and Altaba Inc. (AABA): These two are new positions this quarter. LBRDK is a ~3% portfolio position purchased at prices between $86 and $97 and the stock currently trades well below that range at $71.29. The 2% AABA stake was established at prices between $69 and $80 and it is now at $77.43. For investors attempting to follow Ruane, LBRDK is a good option to consider for further research.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at 11.48% of the portfolio. The last significant buying happened in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $194. Q4 2016 saw a ~10% trimming at prices between $143 and $167 and that was followed with a ~30% selling in the following quarter at prices between $159 and $177. Q2 2017 also saw a ~20% reduction at prices between $161 and $172. This quarter saw another one-third selling at prices between $191 and $217. Ruane is harvesting long-term gains.Amazon.com Inc. (AMZN): AMZN is a top three ~9% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $1610. There was a ~9% trimming in Q2 2017 at prices between $885 and $1011. Last quarter saw the stake almost doubled at prices between $957 and $1196. There was a ~14% selling this quarter at prices between $1189 and $1598.MasterCard Inc. (MA): MA is a large (top five) ~4.5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $191 per share. There was a ~15% selling in Q3 2017 at prices between $121 and $143 and that was followed with a ~27% reduction this quarter at prices between $152 and $183. Ruane is harvesting gains.Fiat Chrysler Auto (FCAU): The 4.49% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase in Q3 2017 at prices between $10.50 and $18. The stock is now at $21.82. Last two quarters have seen marginal trimming.TJX Companies (TJX): TJX is a fairly large 4.36% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued in 2016: ~45% reduction at prices between $67.50 and $83. The stock is now at $88.11. There was a ~17% selling in Q3 2017 at prices between $67 and $74 and that was followed with a ~22% reduction this quarter at prices between $74 and $84. Ruane is continuing to harvest huge long-term gains.Jacobs Engineering Group (JEC): JEC is a ~3% long-term stake first purchased in 2012. Last major activity was in Q3 2015 when there was a ~50% stake increase at prices between $37 and $44. The stock is now at $63.33. There was a ~9% stake increase in Q3 2017 while last two quarters have seen minor trimming.Visa Inc. (V): The 2.20% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase in the following quarter. The stock is now at $131. It is a very long-term stake first purchased soon after the IPO in 2008. There was a ~30% selling this quarter at prices between $114 and $126.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase in Q3 2017 at prices between $49.50 and $56. This quarter saw a ~36% reduction at prices between $51 and $66. The stock currently trades at $54.90 and it is at ~2% of the portfolio.Omnicom Group (OMC): The 1.31% OMC position saw a ~80% increase in Q2 2017 at prices between $80 and $86. The original position was from 2011 at prices between $36 and $50. The stock is now at $71.96. There was a~50% reduction this quarter at prices between $70 and $83.O’Reilly Automotive (ORLY): ORLY is a now a minutely small position. The original stake was first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. H1 2016 saw a ~50% reduction at prices between $232 and $278. Q2 & Q3 2017 saw another ~28% reduction at prices between $173 and $270. Last quarter saw a ~9% trimming and the disposal this quarter was at prices between $238 and $276. The stock is now at ~$268. They harvested huge long-term gains. The stock had a tremendous run (~10 times return) over the holding period.Waters Corp. (WAT): WAT was a long-term stake first purchased in 2011 in the high-70s price-range. The positon was reduced by just over one-third in Q3 2017 at prices between $173 and $190 and almost sold out this quarter at prices between $192 and $219. The stock is now at ~$191.Dentsply Sirona Inc. (XRAY): The large (top five) 4.78% XRAY position was almost eliminated this quarter at prices between $50 and $68. It was established in Q1 2016 as a result of the acquisition of Sirona Dental by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Q3 2016 saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase the following quarter at prices between $55.50 and $61. The stock is now at $46.57.Note: The original position in Sirona Dental was from 2011 and the exit realized huge long-term gains.58.com Inc. (WUBA), Builders FirstSource (BLDR), Goldman Sachs (GS), Primerica Inc. (PRI), and Wayfair Inc. (W): These small (less than ~1% of the portfolio each) stakes saw reductions during the quarter.Note: They have a ~5% ownership stake in BLDR and a ~2% ownership stake in Primerica.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is the largest 13F stake at 16.44% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. H1 2016 saw a ~30% reduction at prices between $668 and $767. Q2 2017 saw another reversal: ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase in the following quarter at prices between $899 and $980. There was another ~20% increase over the last two quarters at prices between $951 and $1176. The stock is now at $1076.Note: Their Q4 2017 letter covered Alphabet. At the time, they believed Alphabet & Amazon.com as some of the best businesses the world has ever seen. However, earnings are masked by growth spending.CarMax Inc. (KMX): KMX is a 6.64% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. Last quarter saw a ~30% selling at prices between $64 and $77 while this quarter there was a ~80% increase at prices between $59 and $72. The stock is now at $67.28.Note: They have a ~7% ownership stake in the business.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The position is now at 4.32% of the portfolio. There was a minor ~3% stake increase this quarter. The stock is now at $29.79.Note: they have a ~7.5% ownership stake in Liberty Media Formula One.Charles Schwab (SCHW): SCHW is a medium sized 3.88% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. There have only been minor adjustments since. The stock has almost doubled and is now at $57.30.Credit Acceptance Corp. (CACC) and Booking Holdings (BKNG): These two positions were purchased in H1 2017. CACC is a 3.23% stake established in Q1 2017 at prices between $185 and $221 and increased by ~12% the following quarter at prices between $186 and $263. It currently goes for $362. The 3.29% of the portfolio BKNG position was purchased in Q1 2017 at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $2111. There were marginal increases to both stakes this quarter.Note: They have a ~5.5% ownership stake in Credit Acceptance Corp.Facebook Inc. (FB): The FB position saw a whopping ~600% stake increase this quarter at prices between $152 and $193. The position is now a medium-sized stake at ~3% of the portfolio. The stock currently trades at $185.Mohawk Industries (MHK): MHK is a very long-term ~3% of the portfolio position first purchased in 2001. The stake became a significantly large position in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The stake was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $213. Last three quarters have seen only very minor activity.JD.com (JD): The 2.44% JD position was first purchased in Q1 2016. The stake has wavered. Recent activity follow: Q3 2017 saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase last quarter at prices between $36.75 and $43. The stock is now at $36.87. There was a marginal increase this quarter.BMC Stock Holdings (BMCH): BMCH is a very small 0.72% portfolio position that saw a minor ~2% increase this quarter.Note: They have a ~6% ownership stake in BMC Stock Holdings.Kept Steady:Capital One Financial (COF): COF is a very small 1.38% position purchased in Q4 2016 at prices between $71 and $91. Q1 2017 saw a one-third increase at prices between $82 and $96. The stock currently trades at $94.81.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s 13F stock holdings in Q1 2018:Regulatory Filings thru 2/24/2018: 13G & 13G/As – 2/14/2018 – BMCH – 3.9M shares – 5.84% of business, CACC – 1.07M shares – 5.54% of business, FWONK – 14.7M shares – 7.3% of business, PRI – 1M shares – 2.28% of business, KMX – 6.63M shares – 3.67% of business, TRUP – 0, MMYT – 0.: Performance: 2017 20.07% vs 21.83% for S&P. Q4 2017 5.57% vs. 6.64% for S&P. Since inception (July 1970) – 13.65% vs 11% annualized. Since new mgmt. after Q1 2016, up 29% vs 31% for S&P. Doesn’t expect correlation with S&P for long. Current PE is high but may be justified because of low-interest-rates. But, even if PE stays high, expected return from now on would only be 7% per year (2% dividend and 5% likely earnings growth). The 22 businesses trades at 21x 2018 estimated earnings – modest premium to index – but they expect per-share earning power to grow 21% in 2018 and 16% in 2019 vs. 11% and 10% for S&P index – also, by their estimates, earnings should be more resilient to cycles than S&P. Recent purchases: Apple & Priceline trades at ~20 multiples but grows organically at much faster rates. The sold ones have around the same multiple but much slower organic growth. Credit Acceptance & Hiscox OTOH has low organic growth but trades at half the multiple of positions they replaced. Portfolio shift to information & services businesses from asset-intensive manufacturing & retail over the last 18 months. 2017 Winners: Credit Acceptance & Hiscox (up ~60%), Mastercard & Waters (up ~50%), Rolls-Royce & Mohawk (up ~40%), and Alphabet, Constellation Software & Formula One (up ~35%). Amazon also up 60% since first investment & up 20% from subsequent purchases. 2017 Losers: TJX, Carmax, O’Reilly, and Omnicom. EXITS: Fastenal, Danaher, Encor, Croda, Tiffany, and Costco. TRIMMED: Berkshire, Mastercard, O’Reilly, Waters, and TJX – mainly based on opportunities we saw to redeploy capital with better growth & similar valuation or similar growth but attractive valuation. The first two were trimmed as the position sizing was large & the trimming better reflects assessment of future potential. Purchases that reduced overall PE: Hiscox, Jacobs, Omnicom, Wells Fargo, Credit Acceptance, Royal Vopak. Purchases that boosted growth rate: Priceline and Alphabet. Believes Alphabet is one of the best businesses the world has ever seen. Amazon is similar as earnings are masked by growth spending. Capital Gains: One of the lowest turnovers in the industry but for two years in a row has had huge realized gains. Discussion on tax deferral – conclusion basically seems that deferral is good but if one can find better return investments after 1-year hold period (long-term gains is lower rate), then it will produce better returns – patience is not always a virtue."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2017 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~7% from $11.42B to $12.20B. The number of positions decreased from 69 to 66.They increased Amazon.com and JD.com during the quarter.The top three positions are Alphabet, Berkshire Hathaway, and Amazon.com and they add up to ~34% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 02/14/2018. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2017.This quarter, Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~7% from $11.42B to $12.20B. The number of holdings decreased from 69 to 66. 30 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at ~34% while the top five are at ~44% of the US long assets: Alphabet, Berkshire Hathaway, Amazon.com, MasterCard, and Dentsply Sirona.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 47-year track record (July 15, 1970 inception, 13.65% annualized return compared to ~11% for the S&P 500 index). For 2017, the fund was up 20.07% compared to 21.83% for the S&P 500 index. Their cash-allocation is currently at ~10%. After new management took over in Q1 2016, the portfolio has seen a significant shift to information & services businesses from asset-intensive manufacturing & retail. The following top-ten stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF) and Rolls-Royce Holdings plc (RYCEY).Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Baidu Inc. (BIDU): BIDU was a very small 0.66% of the US long portfolio position as of last quarter. The original position was established in Q2 2016 at prices between $160 and $196. There was a 43% selling in Q2 2017 at prices between $172 and $192 and that was followed with a ~80% reduction last quarter at prices between $179 and $248. The disposal this quarter was at prices between $230 and $273. The stock currently trades at $251.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the second-largest position at 12.28% of the portfolio. The last significant buying happened in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $203. Q4 2016 saw a ~10% trimming at prices between $143 and $167 and that was followed with a ~30% selling in the following quarter at prices between $159 and $177. Q2 2017 also saw a ~20% reduction at prices between $161 and $172. There was a ~5% trimming last quarter and that was followed with a ~3% trimming this quarter.MasterCard Inc. (MA): MA is a large (top five) ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $176 per share. There was a ~15% selling last quarter at prices between $121 and $143 and that was followed with a marginal reduction this quarter.Dentsply Sirona Inc. (XRAY): XRAY is a large (top five) 4.78% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Q3 2016 saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase the following quarter at prices between $55.50 and $61. The stock is now at $57.67. For investors attempting to follow Ruane, XRAY is a good option to consider for further research. There was marginal trimming this quarter.Note: The original position in Sirona Dental was from 2011 and they have large unrealized gains.TJX Companies (TJX): TJX is a fairly large 4.75% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued in 2016: ~45% reduction at prices between $67.50 and $83. The stock is now at $77.96. There was a ~17% selling last quarter at prices between $67 and $74. Ruane is continuing to harvest huge long-term gains. This quarter saw a marginal reduction.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25. There was a 24% stake increase in Q2 2017 at prices between $30.50 and $37. The position is now at 4.15% of the portfolio. There was marginal trimming in the last two quarters. The stock is now at $34.34.Note: they have a ~7.5% ownership stake in Liberty Media Formula One.Fiat Chrysler Auto (FCAU): The 3.66% FCAU position was purchased in Q1 2017 at prices between $9.50 and $11.60 and doubled the following quarter at prices between $9.70 and $11.65. There was another ~25% increase last quarter at prices between $10.50 and $18. The stock is now at $21.83. This quarter saw marginal trimming.Charles Schwab (SCHW): SCHW is a medium sized 3.50% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. There have only been minor adjustments since. The stock is now at $52.74.CarMax Inc. (KMX): KMX is a 3.49% of the portfolio position. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. This quarter saw a ~30% selling at prices between $64 and $77. The stock is now at $62.76.Note: Their Q4 2016 investor letter revealed KMX cost-basis as $51.10. They have a 3.67% ownership stake in the business.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase last quarter at prices between $49.50 and $56. The stock currently trades at $59.17 and it is at 3.30% of the portfolio. There was marginal trimming this quarter.Mohawk Industries (MHK): MHK is a very long-term ~3% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $251. There was a ~5% increase last quarter while this quarter saw marginal trimming.Jacobs Engineering Group (JEC): JEC is a ~3% long-term stake first purchased in 2012. Last major activity was in Q3 2015 when there was a ~50% stake increase at prices between $37 and $44. The stock is now at $62.35. There was a ~9% stake increase last quarter while this quarter saw marginal trimming.Credit Acceptance Corp. (CACC) and Priceline Group (PCLN): These two positions were purchased in Q1 2017 and increased significantly the following quarter. CACC is a 2.84% stake established at prices between $185 and $221 and increased by ~12% the following quarter at prices between $186 and $263. It currently goes for $318. The 2.48% of the portfolio PCLN position was purchased at prices between $1477 and $1789 and increased by ~40% the following quarter at prices between $1738 and $1911. The stock currently trades at $1907. Both positions saw marginal trimming in the last two quarters.Note: They have a 5.54% ownership stake in Credit Acceptance Corp.Visa Inc. (V): The 2.70% Visa stake saw a 53% increase in Q2 2017 at prices between $89 and $97 and that was followed with a ~13% increase last quarter. The stock is now at $123. It is a very long-term stake first purchased soon after the IPO in 2008. This quarter saw marginal trimming.O’Reilly Automotive (ORLY): ORLY is a 2.39% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction in the following quarter at prices between $253 and $278. It is now at $254. Q2 2017 saw a ~9% reduction at prices between $216 and $270 and that was followed with a ~17% selling last quarter at prices between $173 and $220. This quarter also saw a ~9% selling at prices between $203 and $251. They are harvesting huge long-term gains. The stock has had a tremendous run (~10 times return) over the holding period.Omnicom Group (OMC): The 2.28% OMC position saw a ~80% increase in Q2 2017 at prices between $80 and $86. The original position was from 2011 at prices between $36 and $50. The stock is now at $77.31. Last two quarters have seen marginal trimming.Waters Corp. (WAT): WAT is a long-term 1.80% portfolio stake first purchased in 2011 in the high-70s price-range. The positon was reduced by just over one-third last quarter at prices between $173 and $190 and the stock is now at $208.58.com Inc. (WUBA), Builders FirstSource (BLDR), Emcor Group (EME), Goldman Sachs (GS), IAC Interactive (IAC), Interactive Brokers (IBKR), and Primerica Inc. (PRI): These small (less than ~1% of the portfolio each) stakes saw reductions during the quarter.Note: They have a ~5% ownership stake in BLDR and a 2.28% ownership stake in Primerica.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is now the largest 13F stake at 14.32% of the portfolio. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling the following quarter at prices between $668 and $767. The stock is now at $1127. Q2 2017 saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase last quarter at prices between $899 and $980. There was another ~13% increase this quarter.Amazon.com Inc. (AMZN): AMZN is a top three 7.51% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $1500. There was a ~9% trimming in Q2 2017 at prices between $885 and $1011. This quarter saw the stake almost doubled at prices between $957 and $1196.Note: Their Q4 2017 letter covered both Alphabet & Amazon.com. They believe Alphabet & Amazon.com are some of the best businesses the world has ever seen. However, earnings are masked by growth spending.JD.com (JD): The 2.25% JD position was first purchased in Q1 2016. The position has wavered. Recent activity follow: last quarter saw a one-third increase at prices between $38 and $48 and that was followed with a two-thirds increase this quarter at prices between $36.75 and $43. The stock is now at $48.35.BMC Stock Holdings (BMCH) and Wayfair Inc. (W): These two very small (less than ~1% of the portfolio each) positions saw substantial increases this quarter.Note: They have a 5.84% ownership stake in BMC Stock Holdings.Kept Steady:Capital One Financial (COF): COF is a very small 1.31% position purchased in Q4 2016 at prices between $71 and $91. Q1 2017 saw a one-third increase at prices between $82 and $96. The stock currently trades at $99.04.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q4 2017:: Performance: YTD 13.73% vs 14.24% for the S&P, Q3 2017 3.71% vs 4.48% for the S&P. 10% cash allocation. Alphabet: Added to this top-three position – rapid growth & profitability trading slightly higher than the market PE. Jacob’s Engineering – slightly increased position to ~3% of portfolio following price weakness. Wells Fargo – Increased to 3.2% - business is performing well while share price has lagged behind market. TRIMS: Chipotle, MasterCard, TJX, Waters and Constellation Software bonds – mostly a response to huge short-term price increase – for example, MA increased 40% YTD and so trimmed from 9% to 7.5% of portfolio. EXITS: Croda and Danaher – Fine companies but price fully reflect value thus prompting the exit.Regulatory Filings thru 11/14/2017: None."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2017 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased ~6% from $10.81B to $11.42B. The number of positions decreased from 70 to 69.They increased Alphabet, Fiat Chrysler, and Wells Fargo while dropping Danaher and reducing Baidu and Chipotle Mexican Grill during the quarter.The top three positions are Berkshire Hathaway, Alphabet, and CarMax and they add up to almost one-third of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 11/13/2017. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2017.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio value increased 5.60% from $10.81B to $11.42B. The number of holdings decreased from 70 to 69. 30 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at 31.48% while the top five are at 41.44% of the US long assets: Berkshire Hathaway, Alphabet, CarMax, MasterCard, and Liberty Media Formula One.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 47-year track record (July 15, 1970 inception). Their cash-allocation is currently at ~9%. The following top-ten stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF) and Rolls-Royce Holdings plc (RYCEY).Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .Stake Disposals:Danaher Corp. (DHR): DHR was a small 1.29% portfolio stake disposed this quarter. Their Q3 2017 investor letter indicated that the DHR exit was based on valuation – they believed their exit price fully reflected the value of the business. The stock traded between $79 and $89 during the quarter. It currently trades above that range at $93.33.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the largest position at 12.57% of the portfolio. The last significant buying happened in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $184. Q4 2016 saw a ~10% trimming at prices between $143 and $167 and that was followed with a ~30% selling in the following quarter at prices between $159 and $177. Last quarter also saw a ~20% reduction at prices between $161 and $172. There was a ~5% trimming this quarter.CarMax Inc. (KMX): KMX is a top three stake at 6.39% of the portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. The stock is now at $72.35. There was a ~5% trimming this quarter.Note: Their Q4 2016 investor letter revealed KMX cost-basis as $51.10.MasterCard Inc. (MA): MA is a large (top five) ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $147 per share. Last three quarters had seen minor reductions. There was a ~15% selling this quarter at prices between $121 and $143.Note: their Q3 2017 investor letter indicated that the trimming this quarter was in response to the huge short-term price increase: the stock had returned 40% YTD when they trimmed.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25 compared to the current price of $36.78. There was a 24% stake increase last quarter at prices between $30.50 and $37. The position is now a top five stake at 4.95% of the portfolio. There was marginal trimming this quarter.TJX Companies (TJX): TJX is a fairly large 4.94% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued last year: ~45% reduction at prices between $67.50 and $83. The stock is now at $70.76. There was a ~17% selling this quarter at prices between $67 and $74. Ruane is continuing to harvest huge long-term gains.O’Reilly Automotive (ORLY): ORLY is a 2.51% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction in the following quarter at prices between $253 and $278. It is now at $214. Last quarter saw a ~9% reduction at prices between $216 and $270 and that was followed with a ~17% selling this quarter at prices between $173 and $220. They are harvesting huge long-term gains. The stock has had a tremendous run (~10 times return) over the holding period.Credit Acceptance Corp. (CACC) and Priceline Group (PCLN): These two positions were purchased in Q1 2017 and increased significantly last quarter. CACC is a ~2.5% stake established at prices between $185 and $221 and increased by ~12% last quarter at prices between $186 and $263. It currently goes for $284. The ~2.8% of the portfolio PCLN position was purchased at prices between $1477 and $1789 and increased by ~40% last quarter at prices between $1738 and $1911. The stock currently trades at $1722. Both positions saw marginal trimming this quarter.Omnicom Group (OMC): The 2.50% OMC position saw a ~80% increase last quarter at prices between $80 and $86. The original position was from 2011 at prices between $36 and $50. The stock is now at $67.92. There was a very minor reduction this quarter. For investors attempting to follow, OMC is a good option to consider for further research.Waters Corp. (WAT): WAT is a long-term 1.80% portfolio stake first purchased in 2011 in the high-70s price-range. The positon was reduced by just over one-third this quarter at prices between $173 and $190 and the stock is now at $195.58.com Inc. (WUBA): WUBA was a minutely small position in Q2 2015. The following quarter saw a ~130% increase at prices between $41 and $65. Q3 2016 also saw a two-thirds increase at prices between $44 and $55. There was an about turn last quarter: ~50% sold at prices between $35 and $46 and that was followed with another ~40% selling this quarter at prices between $43.50 and $68. The stock is currently at $73 and the remaining stake is at ~0.90% of the portfolio.Baidu Inc. (BIDU): BIDU is a now a very small 0.66% of the US long portfolio position. The original position was established in Q2 2016 at prices between $160 and $196. There was a 43% selling last quarter at prices between $172 and $192 and that was followed with a ~80% reduction this quarter at prices between $179 and $248. The stock currently trades at $237.Chipotle Mexican Grill (CMG): CMG stake is now very small at 0.41% of the portfolio. Most of the original ~2% portfolio position was purchased in Q2 2016 at a cost-basis of ~$433 and the stock is now at $278. Last four quarters had seen minor selling. There was a ~70% reduction this quarter at prices between $297 and $417.Goldman Sachs (GS): GS is a very small ~1% portfolio position that saw minor trimming this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top three) 12.52% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling the following quarter at prices between $668 and $767. The stock is now at $1026. Last quarter saw a ~15% increase at prices between $823 and $984 and that was followed with a two-thirds increase this quarter at prices between $899 and $980.Note: Their Q3 2017 letter discussed the huge stake increase this quarter. They believe Alphabet is undervalued as it is a rapidly growing business trading at a slight premium to market-PE.Dentsply Sirona Inc. (XRAY): XRAY is a fairly large 4.66% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Q3 2016 saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase the following quarter at prices between $55.50 and $61. The stock is now at $65.80. For investors attempting to follow Ruane, XRAY is a good option to consider for further research. Last two quarters have seen marginal increases.Note: The original position in Sirona Dental was from 2011 and they have large unrealized gains.Fiat Chrysler Auto (FCAU): The ~4% FCAU position was purchased at prices between $9.50 and $11.60 and doubled last quarter at prices between $9.70 and $11.65. There was another ~25% increase this quarter at prices between $10.50 and $18. The stock is now at $17.31.Amazon.com Inc. (AMZN): AMZN is a 3.40% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $1129. There was a ~9% trimming last quarter at prices between $885 and $1011. This quarter saw a marginal increase.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51. There was another one-third increase this quarter at prices between $49.50 and $56. The stock currently trades at $53.72 and it is at 3.22% of the portfolio. For investors attempting to follow Ruane, WFC is a good option to consider for further research.Charles Schwab (SCHW): SCHW is a medium sized 3.20% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. There have only been minor adjustments since. The stock is now at $44.60.Mohawk Industries (MHK): MHK is a very long-term ~3% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing had remained relatively steady. Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction in the following quarter at prices between $201 and $232. The stock is currently at $265. There was a ~5% increase this quarter.Jacobs Engineering Group (JEC): JEC is a 2.91% long-term stake first purchased in 2012. Last major activity was in Q3 2015 when there was a ~50% stake increase at prices between $37 and $44. The stock is now at $59.82. There was a ~9% stake increase this quarter.Visa Inc. (V): The 2.67% Visa stake saw a 53% increase last quarter at prices between $89 and $97 and that was followed with a ~13% increase this quarter. The stock is now at $111. It is a very long-term stake first purchased soon after the IPO in 2008.Capital One Financial (COF): COF is a very small 1.19% position purchased in Q4 2016 at prices between $71 and $91. Q1 2017 saw a one-third increase at prices between $82 and $96. The stock currently trades at $86.95. This quarter saw a marginal increase.Interactive Brokers (IBKR): IBKR is a very small 0.68% of the portfolio stake established last quarter at prices between $33.50 and $38 and increased by ~14% this quarter. The stock currently trades at $53.90.JD.com (JD): The 1.34% JD position was first purchased in Q1 2016 and has wavered. This quarter saw a one-third increase at prices between $38 and $48 and the stock is now at $41.34.Emcor Group (EME): EME is a very small 0.88% portfolio stake that saw a marginal increase this quarter.Kept Steady:Primerica Inc. (PRI): PRI is a 1.43% of the portfolio stake first purchased in Q2 2010. Recent activity follow: Q4 2016 saw a ~25% selling at prices between $53 and $72.50 and that was followed with a ~17% selling in the following quarter at prices between $70 and $83.50. There was another ~20% reduction last quarter at prices between $71.50 and $86. The stock is now at $100.Note: Their ownership stake in PRI is at ~4.5%.Builders FirstSource (BLDR) and IAC Interactive (IAC): These two small (less than ~1% of the portfolio each) stakes were kept steady during the quarter.Note: They have a ~5% ownership stake in BLDR.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.Note: Although the position size is minutely small compared to the size of the portfolio, it is significant that they have a ~6% ownership stake in Trupanion Inc. (TRUP).The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q3 2017:Regulatory Filings thru 8/23/2017: None.: Performance: YTD Up 9.67% compared to Up 9.34% for the S&P 500 Index. Capital gains realization discussed at investor day – gist – fund is tax-efficient and the large unrealized gains is because of that – for investors with similar orientation, tax efficiency should still favor them as realizations will be more than offset with unrealized profits when they exit. Priceline: Increased slightly in Q2. CACC – This was the new position started in Q1 but was not discussed. It was built to a 2.6% stake (~30% price increase in the quarter). Subprime auto lender – earnings will be hit in a downturn – but it came out with flying colors in the 2008 recession due to good underwriting standards – the business differentiation should help it in the next downturn. Top ten holdings below:"

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2017 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value increased 2% from $10.60B to $10.81B. The number of positions decreased from 88 to 70.They increased Omnicom & Fiat Chrysler while reducing Berkshire Hathaway during the quarter.The top three positions are Berkshire Hathaway, Alphabet, and TJX Companies and they add up to ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 08/14/2017. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2017.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio value increased 2% from $10.60B to $10.81B. The number of holdings decreased from 88 to 70. 32 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at 25.85% while the top five are at 37.14% of the US long assets: Berkshire Hathaway, Alphabet, TJX Companies, CarMax, and MasterCard.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 47-year track record. Their cash-allocation is currently at ~9%. The following top-ten stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software (CNSWF) and Rolls-Royce Holdings plc (RYCEY).Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Interactive Brokers (IBKR): IBKR is a very small 0.52% of the portfolio stake established this quarter at prices between $33.50 and $38 and the stock currently trades above that range at $41.28.Stake Disposals:Perrigo Company plc (PRGO): PRGO was a minutely small 0.39% of the portfolio position disposed this quarter.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the largest position at 12.13% of the portfolio. The last significant buying happened in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $180. Q4 2016 saw a ~10% trimming at prices between $143 and $167 and that was followed with a ~30% selling last quarter at prices between $159 and $177. This quarter also saw a ~20% reduction at prices between $161 and $172.TJX Companies (TJX): TJX is a large (top three) ~6% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued last year: ~45% reduction at prices between $67.50 and $83. The stock is now at $71.60. There was a ~5% trimming last quarter and a marginal reduction this quarter. Ruane is continuing to harvest huge long-term gains.MasterCard Inc. (MA): MA is a large (top five) 5.37% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $134 per share. Last three quarters have seen minor reductions.Amazon.com Inc. (AMZN): AMZN is a fairly large 3.60% portfolio stake established in Q4 2016 at prices between $719 and $845. The stock is now at $967. There was a ~9% trimming this quarter at prices between $885 and $1011.O’Reilly Automotive (ORLY): ORLY is a 3.24% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction in the following quarter at prices between $253 and $278. It is now at $198. Last three quarters had seen minor trimming while this quarter saw a ~9% reduction at prices between $216 and $270. They are harvesting huge long-term gains. The stock has had a tremendous run (~10 times return) over the holding period.Mohawk Industries (MHK): MHK is a very long-term 2.94% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing had remained relatively steady. Q4 2016 saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction last quarter at prices between $201 and $232. The stock is currently at $250. Ruane is harvesting long-term gains. There was marginal trimming this quarter.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51 and the stake is now at 2.52% of the portfolio. The stock currently trades at $52.22. Last three quarters have seen a combined ~10% trimming.Baidu Inc. (BIDU): BIDU is a 2.49% of the US long portfolio position established in Q2 2016 at prices between $160 and $196. The stock currently trades at $226. There was a 43% selling this quarter at prices between $172 and $192.Chipotle Mexican Grill (CMG): Most of the ~2% portfolio position in CMG was purchased in Q2 2016 at a cost-basis of ~$433 and the stock is now at $306. Last four quarters have seen minor selling.Primerica Inc. (PRI): PRI is a 1.41% of the portfolio stake first purchased in Q2 2010. It was kept relatively steady till Q1 2015. The following quarter saw a ~20% reduction at prices between $44 and $51. There was a ~31% increase in Q2 2016 at prices between $43 and $59. Q4 2016 saw a ~25% selling at prices between $53 and $72.50 and that was followed with a ~17% selling last quarter at prices between $70 and $83.50. There was another ~20% reduction this quarter at prices between $71.50 and $86. The stock is now at $76.30.Note: Their ownership stake in PRI is at ~4.5%.58.com Inc. (WUBA): WUBA was a minutely small 0.4% position in Q2 2015. The following quarter saw a ~130% increase at prices between $41 and $65. The stake had seen minor trimming since. Q3 2016 saw a two-thirds increase at prices between $44 and $55. There was an about turn this quarter: ~50% sold at prices between $35 and $46. The stock is now at $65.18.Capital One Financial (COF): COF is a very small 1.22% position purchased in Q4 2016 at prices between $71 and $91. Last quarter saw a one-third increase at prices between $82 and $96. The stock currently trades at $81.44. There was marginal trimming this quarter.Fastenal Company (FAST): The original FAST position was from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the position was fairly large at 5.5% of the portfolio as of EOY 2015. The stake saw consistent selling every quarter last year: ~60% combined reduction at prices between $37.50 and $49. The pattern continued last quarter: another ~50% selling at prices between $46 and $52. The position was almost sold out this quarter at prices between $42 and $52. The stock is currently at $41.40. They harvested huge long term gains.Goldman Sachs (GS) and IAC Interactive (IACI): These two small (less than ~1.5% of the portfolio each) stakes saw reductions during the quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top three) 7.58% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling the following quarter at prices between $668 and $767. The stock is now at $925. This quarter saw a ~15% increase at prices between $823 and $984.CarMax Inc. (KMX): KMX is a top five stake at 5.92% of the portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% in Q4 2016 at prices between $48.50 and $66. The stock is now at $63.85. There was a ~5% increase this quarter.Note: Their Q4 2016 investor letter revealed KMX cost-basis as $51.10.Dentsply Sirona Inc. (XRAY): XRAY is a top five 5.31% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Q3 2016 saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase the following quarter at prices between $55.50 and $61. The stock is now at $53.69. For investors attempting to follow Ruane, XRAY is a very good option to consider for further research. There was a marginal increase this quarter.Note 1: The original position in Sirona Dental was from 2011 and they have large unrealized gains.Note 2: Dentsply Sirona was profiled in Sequoia’s Q3 2016 investor letter: they are very bullish on the Dentsply merger (closed 2/2016) and believe management under Jeff Slovin is the right team.Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25 compared to the current price of $36.91. There was a 24% stake increase this quarter at prices between $30.50 and $37. The position is now fairly large at 5% of the portfolio.Charles Schwab (SCHW): SCHW is a medium sized 3.26% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last three quarters had seen minor trimming while this quarter saw a marginal increase. The stock is now at $39.77.Jacobs Engineering Group (JEC) and Waters Corp. (WAT): These two ~3% portfolio stakes saw minor increases this quarter. WAT and JEC are long-term stakes first purchased in 2011 and 2012 respectively.Credit Acceptance Corp. (CACC), Fiat Chrysler Auto (FCAU), and Priceline Group (PCLN): These three positions were purchased last quarter and increased significantly this quarter. CACC is a ~2.5% stake established at prices between $185 and $221 and increased by ~12% this quarter at prices between $186 and $263. It currently goes for $265. The ~2% FCAU position was purchased at prices between $9.50 and $11.60 and doubled this quarter at prices between $9.70 and $11.65. The stock is now well above those ranges at $13.47. The ~3% of the portfolio PCLN position was purchased at prices between $1477 and $1789 and increased by ~40% this quarter at prices between $1738 and $1911. The stock currently trades at $1818.Omnicom Group (OMC): The 3% OMC position saw a ~80% increase this quarter at prices between $80 and $86. The original position was from 2011 at prices between $36 and $50. The stock is now at $78.13. For investors attempting to follow, OMC is a good option to consider for further research.Visa Inc. (V): The 2.22% Visa stake saw a 53% increase this quarter at prices between $89 and $97. The stock is now at $104. It is a very long-term stake first purchased soon after the IPO in 2008.Danaher Corp. (DHR) and Emcor Group (EME): These two very small (less than ~1.3% of the portfolio each) positions saw minor increases this quarter.Kept Steady:JD.com (JD), and Builders FirstSource (BLDR): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: They have a ~5% ownership stake in BLDR.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.Note: Although the position size is minutely small compared to the size of the portfolio, it is significant that they have a ~6% ownership stake in Trupanion Inc. (TRUP).The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q2 2017:5/23/2017 - Incorporate ticker for Constellation Software (CNSWF) from next round.: Performance: Up 5.48% compared to Up 6.07% for the S&P 500 Index. Number of securities down from 39 at start of 2016 to 26 at Q12017. In 2016 and early 2017 we purchased shares of Carmax, Charles Schwab, Chipotle Mexican Grill, Wells Fargo, Amazon and Formula One Group (formerly known as Liberty Media), and we added to our long-held position in Dentsply Sirona. As a group, these outperformed while the exited positions have underperformed. Priceline Commentary: European Acquisitions 12-years ago (now under booking.com brand) was a clear homerun - $300M paid out accounts for the bulk of the current $80B valuation. Expects it to be able to grow at a rate that justifies the multiple paid. The letter also mentions a new position that they are still buying (started buying near the end of Q1) - will talk about it in Q2 letter. Top ten holdings below:Regulatory Filings thru 5/13/2017: 13G/As on 2/14/2017 - MMYT - 2.4M shares - 5.7%, FAST - 9.4M shares - 3.24%, TRUP - 1.8M shares - 6.1%, KMX - 10.1M shares - 5.4%, IDXX - 28K shares - 0.03%, PRI - 3M shares - 6.6%."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2017 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased marginally from $10.64B to $10.60B. The number of positions decreased from 92 to 88.They added Priceline Group, Credit Acceptance Corp., Fiat Chrysler Auto, and Liberty Media Formula One during the quarter.The top three positions are Berkshire Hathaway, TJX Companies, and Alphabet Inc. and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 05/12/2017. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2016.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio value decreased marginally from $10.64B to $10.60B. The number of holdings decreased from 92 to 88. 35 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three positions are at 27.20% while the top five are at 37.76% of the US long assets: Berkshire Hathaway, TJX Companies, Alphabet Inc., CarMax Inc., and Dentsply Sirona.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. Their cash-allocation is currently at ~10%. The following top-ten stakes in Sequoia’s portfolio are not in the 13F report as they are not 13F securities: Constellation Software and Rolls-Royce Holdings plc (RYCEY).Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Priceline Group (PCLN), Credit Acceptance Corp. (CACC), and Fiat Chrysler Auto (FCAU): These are the three new stakes this quarter. The 2.10% of the portfolio PCLN position was purchased at prices between $1477 and $1789 and the stock currently trades at $1818. CACC is a 1.82% stake established at prices between $185 and $221 and it currently goes for $213. The small ~1% FCAU position was purchased at prices between $9.50 and $11.60 and the stock is now at $10.87.Stake Disposals:MakeMyTrip (MMYT) and Yandex NV (YNDX): These very small (less than ~0.5% of the portfolio each) stakes were disposed of this quarter.Note: They had a ~4.5% ownership stake in MMYT as of Q4 2016.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the largest position at 14.03% of the portfolio. The last significant buying happened in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $163. Last quarter saw a ~10% trimming at prices between $143 and $167 and that was followed with a ~30% selling this quarter at prices between $159 and $177.TJX Companies (TJX): TJX is a large (top three) ~7% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued last year: ~45% reduction at prices between $67.50 and $83. The stock is now at $77.31. Ruane is continuing to harvest huge long-term gains. There was a ~5% trimming this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top three) 6.17% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling the following quarter at prices between $668 and $767. The stock is now at $932. There was a very minor ~5% increase last quarter and that was followed with a ~4% trimming this quarter.CarMax Inc. (KMX): KMX is a top five stake at 5.42% of the portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% last quarter at prices between $48.50 and $66. The stock is now at $59.39. There was minor trimming this quarter.Note: Their Q4 2016 investor letter revealed KMX cost-basis as $51.10.Dentsply Sirona Inc. (XRAY): XRAY is a top five 5.14% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Q3 2016 saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase last quarter at prices between $55.50 and $61. The stock is now at $61.65. For investors attempting to follow Ruane, XRAY is a very good option to consider for further research. There was a ~4% trimming this quarter.Note 1: The original position in Sirona Dental was from 2011 and they have large unrealized gains.Note 2: Dentsply Sirona was profiled in Sequoia’s Q3 2016 investor letter: they are very bullish on the Dentsply merger (closed 2/2016) and believe management under Jeff Slovin is the right team.MasterCard Inc. (MA): MA is a large 5.13% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $117 per share. Last quarter saw a ~6% trimming and that was followed with a marginal ~2% reduction this quarter.O’Reilly Automotive (ORLY): ORLY is a large 4.47% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction in the following quarter at prices between $253 and $278. It is now at $256. Last three quarters have seen minor trimming. They are harvesting huge long-term gains. The stock has had a tremendous run (~15 times return) over the holding period.Baidu Inc. (BIDU): BIDU is a fairly large 4.30% of the US long portfolio position established in Q2 2016 at prices between $160 and $196. The stock currently trades at $187. For investors attempting to follow, BIDU is a good option to consider for further research. There was marginal trimming this quarter.Amazon.com Inc. (AMZN): AMZN is a fairly large 3.69% portfolio stake established last quarter at prices between $719 and $845. The stock is now at $961. There was very minor selling this quarter.Charles Schwab (SCHW): SCHW is a medium sized 3.13% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last three quarters have seen minor trimming. The stock is now at $39.61.Mohawk Industries (MHK): MHK is a very long-term 2.86% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing had remained relatively steady. Last quarter saw a ~25% selling at prices between $177 and $205 and that was followed with another ~28% reduction this quarter at prices between $201 and $232. The stock is currently at $231. Ruane is harvesting long-term gains.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51 and the stake is now at 2.59% of the portfolio. The stock currently trades at $53.02. Last two quarters have seen a combined ~10% trimming.Jacobs Engineering (JEC) and Waters Corp. (WAT): These two ~2.5% portfolio stakes saw minor trimming this quarter. WAT and JEC are long-term stakes first purchased in 2011 and 2012 respectively.Chipotle Mexican Grill (CMG): Most of the ~2% portfolio position in CMG was purchased in Q2 2016 at a cost-basis of ~$433 and the stock is now at $489. Last three quarters have seen minor selling.Fastenal Company (FAST): FAST is a 2.17% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~4.5M shares. The stake saw consistent selling every quarter last year: ~60% combined reduction at prices between $37.50 and $49. The pattern continued this quarter: another ~50% selling at prices between $46 and $52. The stock is currently at $44.74. They are harvesting huge long term gains.Primerica Inc. (PRI): PRI is a ~2% of the portfolio stake first purchased in Q2 2010. It was kept relatively steady till Q1 2015. The following quarter saw a ~20% reduction at prices between $44 and $51. There was a ~31% increase in Q2 2016 at prices between $43 and $59. Last quarter saw a ~25% selling at prices between $53 and $72.50 and that was followed with a ~17% selling this quarter at prices between $70 and $83.50. The stock is now at $76.55.Note: Their ownership stake in PRI is at ~5.5%.Costco Wholesale (COST), Danaher Corp. (DHR), Goldman Sachs (GS), JP Morgan Chase (JPM) & WTS , Omnicom Group (OMC), Perrigo Company plc (PRGO), Visa Inc. (V), and Tiffany & Co. (TIF): These are small (less than ~1.5% of the portfolio each) stakes that saw reductions during the quarter.Stake Increases:Liberty Media Formula One (FWONA) (FWONK): Sequoia’s Q4 2016 letter disclosed a new stake in Liberty Media Formula One. They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25 compared to the current price of $33.15. The stake is fairly large at 3.7% of the portfolio.58.com Inc. (WUBA): WUBA was a minutely small 0.4% position in Q2 2015. The following quarter saw a ~130% increase at prices between $41 and $65. The stake had seen minor trimming since. Q3 2016 saw a two-thirds increase at prices between $44 and $55 and the position is now at 1.77% of the portfolio. The stock currently trades near the low end of their purchase price ranges at $43.20. For investors attempting to follow, WUBA is a good option to consider for further research. Last two quarters have seen minor increases.Capital One Financial (COF): COF is a very small 1.32% position purchased last quarter at prices between $71 and $91. This quarter saw another roughly one-third increase at prices between $82 and $96. The stock currently trades at $79.40.JD.com (JD), Emcor Group Inc. (EME), and Builders FirstSource (BLDR): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: They have a ~5% ownership stake in BLDR.Kept Steady:IAC Interactive (IACI): The very small 0.84% IACI stake was left untouched this quarter.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.Note: Although the position size is minutely small compared to the size of the portfolio, it is significant that they have a ~6% ownership stake in Trupanion Inc. (TRUP).The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q1 2017:Info from Q4 2016 Letter: Performance: Down 6.9% compared to Up 11.96% for the S&P 500 Index. 10-year alpha is a disappointing MINUS 1% (5.96% annualized vs 6.95%). The underperformance is attributable to two large stakes: Valeant & the large cash position. Long-term holding style: Of the 27 securities in the portfolio, 16 have been held for more than 5 years (by assets, 40% have been held for more than 10 years). Very good performance of new stakes made in 2016: KMX (CarMax - largest capital commitment for the year, average cost-basis $51.10), Chipotle, Charles Schwab (42% increase thru EOY 2016 from cost-basis), Wells Fargo (~9% increase thru EOY 2016 from cost-basis). CMG has not performed that well yet (down 13% thru EOY 2016 from the time of purchase). New2017 stake in Liberty Media (FWONK) - participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25 on January 24th. Also small Amazon investment mentioned. Plans to make use of dry powder in the coming years - in a torrid 2009-2016 bull market, held 15-20% cash which was acknowledged as a mistake. Number of securities down from 39 at start of year to 27 at EOY2016 - realized large capital gains, even though not ideal in a down year. Top ten holdings below:* There is some confusion about Constellation Software - my tracking update showed there was a disposal in Q1 2016. Apparently, it probably is not a 13F security and so should update accordingly. Similarly, Rolls-Royce is not listed as it is not a 13F security."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2016 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio value decreased from $10.65B to $10.64B. The number of positions decreased from 100 to 92.They added Amazon and substantially increased CarMax & Dentsply Sirona during the quarter.The top three positions are Berkshire Hathaway, TJX Companies, and CarMax and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 02/13/2017. Please visit our article for an idea on their investment philosophy and our for the moves during Q3 2016.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio value decreased marginally from $10.65B to $10.64B. The number of holdings decreased from 100 to 92. 34 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three holdings are at 30.14% while the top five are at 41.04% of the US long assets: Berkshire Hathaway, TJX Companies, CarMax Inc., Alphabet Inc., and Dentsply Sirona.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. 2016 performance however was underwhelming: down ~7% compared to up ~12% for the S&P 500 - Valeant (VRX) and the large cash position were mentioned as the main detractors. The cash-allocation is now at ~10% and the Valeant stake was eliminated last quarter.Note: The following top-ten stakes in the Sequoia Fund are not in the 13F portfolio as they are not 13F securities: Constellation Software and Rolls-Royce Holdings plc (RYCEY).Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Amazon.com Inc. (AMZN): AMZN is a fairly large 3.15% portfolio stake established this quarter at prices between $719 and $845. The stock is now at $837.Capital One Financial (COF): COF is a very small ~1% position purchased this quarter at prices between $71 and $91 and the stock currently trades at $89.03.Stake Disposals:Fortive Corp. (FTV): The minutely small 0.36% portfolio stake came about as a result of the spinoff of Fortive from Danaher that closed in July 2016. They had ~1.5M shares of Danaher for which they received 750K shares in the ratio 2:1. Regular-way trading started at ~$49.50 and the stock currently goes for $57.53. The disposal this quarter happened at prices between $47.50 and $56.Wal-Mart Stores (WMT): The small 0.61% Wal-Mart position was disposed of this quarter. It was a long-term stake held for over a decade. Over the holding period, Wal-Mart slightly underperformed the S&P 500 index. Sequoia’s Q3 2016 investor update had the following on the exit: “We think higher wages for its entry level workers, continued growth at Amazon and the need to invest heavily in e-commerce will put pressure on Walmart’s earnings over the next few years.”Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the largest position at 17.07% of the portfolio. The last significantly activity was in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $166. Last four quarters had seen minor reductions while this quarter saw a ~10% further trimming at prices between $143 and $167.TJX Companies (TJX): TJX is a large (top three) ~7% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. 2015 had seen significant selling: one-third reduction at prices between $64 and $73. The pattern continued last year: ~45% reduction so far at prices between $67.50 and $83. The stock is now at $76.90. Ruane is continuing to harvest huge long-term gains.MasterCard Inc. (MA): MA is a large 4.79% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $108 per share. Last quarter had seen a ~5% increase while this quarter saw a ~6% trimming.O’Reilly Automotive (ORLY): ORLY is a large 4.76% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction in the following quarter at prices between $253 and $278. It is now at $269. Last two quarters have seen minor trimming. They are harvesting huge long-term gains. The stock has had a tremendous run (~15 times return) over the holding period.Fastenal Company (FAST): FAST is a fairly large 4.15% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~9.4M shares. Q1 2016 saw a ~22% selling at prices between $36.50 and $50 and that was followed with another one-third reduction in the following quarter at prices between $43 and $49. There was another ~18% selling this quarter at prices between $38 and $49. The stock is currently at $50.13. They are harvesting huge long term gains.Note: Their ownership stake in the business is at ~3.3%.Mohawk Industries (MHK): MHK is a very long-term 3.46% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing had remained relatively steady. This quarter saw a ~25% selling at prices between $177 and $205. The stock is currently at $224.Note: They have a ~2.5% ownership stake in the business.Charles Schwab (SCHW): SCHW is a medium sized 3.13% portfolio stake purchased in Q2 2016 at a cost-basis of ~$29. Last two quarters have seen minor trimming. The stock is now at $40.72.Wells Fargo (WFC): WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased the following quarter at a cost-basis of ~$51 and the stake is now at 2.70% of the portfolio. The stock currently trades at $57.08. Last quarter saw a ~4% increase while this quarter saw a ~5% trimming.Jacobs Engineering (JEC) and Waters Corp. (WAT): These two ~2.5% portfolio stakes saw minor trimming this quarter. WAT and JEC are long-term stakes first purchased in 2011 and 2012 respectively.Primerica Inc. (PRI): PRI is a ~2% of the portfolio stake first purchased in Q2 2010. It was kept relatively steady till Q1 2015. The following quarter saw a ~20% reduction at prices between $44 and $51. There was a ~31% increase in Q2 2016 at prices between $43 and $59. This quarter saw a ~25% selling at prices between $53 and $72.50. The stock is now at $80.15.Note: Their ownership stake in PRI is at ~6.5%.Chipotle Mexican Grill (CMG): Most of the ~2% portfolio position in CMG was purchased in Q2 2016 at a cost-basis of ~$433 and the stock is now at $414. Last two quarters have seen minor selling.Danaher Corp. (DHR): DHR is a very small 1.27% of the portfolio position. The stake saw a ~32% increase over Q2 & Q3 2016 at prices between $71 and $82. The stock is now at $84.19. There was a ~5% trimming this quarter.Note: In July 2016, DHR completed the spinoff of Fortive (FTV). Danaher stockholders received one share of Fortive common stock for every two shares of Danaher held. The prices quoted above are adjusted for this transaction.Perrigo Company plc (PRGO): PRGO is a very small ~1% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady till Q2 2015 when there was a ~14% reduction at prices between $163 and $204. Q2 2016 also saw a ~10% reduction at prices between $87 and $131. Last quarter saw a ~12% increase while this quarter saw a similar reduction. The stock currently trades at $80.16.JP Morgan Chase (JPM) & WTS: The ~1% JPM stake was purchased in Q1 2016 when the share price varied between $53 and $66 and was increased by ~70% the following quarter when the stock price varied between $57 and $66. It is now at $88.15. There was a ~20% reduction this quarter as the shares traded between $66.50 and $87.Omnicom Group (OMC), Goldman Sachs (GS), Visa Inc. (V), and Tiffany & Co. (TIF): These are small (less than ~1.5% of the portfolio each) stakes that saw marginal reductions during the quarter.Emcor Group Inc. (EME), Costco Wholesale (COST), MakeMyTrip (MMYT), JD.com (JD), & Praxair (PX): These very small (less than ~1% of the portfolio each) stakes saw further reductions this quarter.Note: They have a ~4.5% ownership stake in MMYT.Stake Increases:CarMax Inc. (KMX): KMX is now a top three stake at ~6% of the portfolio. It was purchased in Q2 2016 at prices between $46 and $56 and increased by ~70% this quarter at prices between $48.50 and $66. The stock is now at $67.50.Note: Their Q4 2016 investor letter revealed KMX cost-basis as $51.10.Alphabet Inc. (GOOG) (GOOGL): GOOG is a large (top five) ~6% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling the following quarter at prices between $668 and $767. The stock is now at $819. There was a very minor ~5% increase this quarter.Dentsply Sirona Inc. (XRAY): XRAY is a top five ~5% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. Last quarter saw a ~75% increase at prices between $59 and $65 and that was followed with another ~12% increase this quarter at prices between $55.50 and $61. The stock is now at $58.84. For investors attempting to follow Ruane, XRAY is a very good option to consider for further research.Note: XRAY was profiled in Sequoia’s Q3 2016 investor letter. They are very bullish on the merger and believe management under Jeff Slovin is the right team. The original position in Sirona Dental was from 2011 and they have large unrealized gains.58.com Inc. (WUBA): WUBA was a minutely small 0.4% stake in Q2 2015. The following quarter saw a ~130% increase at prices between $41 and $65. The stake had seen minor trimming since. Last quarter saw a two-thirds increase at prices between $44 and $55 and the stake is now at 1.38% of the portfolio. The stock currently trades well below the low end of their purchase price ranges at $32.72. For investors attempting to follow, WUBA is a very good option to consider for further research. This quarter saw a very minor ~5% increase.Builders FirstSource (BLDR) and IAC Interactive (IACI): These very small stakes (less than 0.75% of the portfolio each) were increased during the quarter. The positions are still too small to indicate a clear bias.Note: They have a ~4.5% ownership of BLDR.Kept Steady:Baidu Inc. (BIDU): BIDU is a fairly large ~4% of the US long portfolio position established in Q2 2016 at prices between $160 and $196. The stock currently trades at $184. For investors attempting to follow, BIDU is a good option to consider for further research.Yandex NV (YNDX): YNDX is a very small 0.51% stake kept steady this quarter.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact.Note: Their 2016 letter disclosed a new stake in Liberty Media (FWONK). They participated in Liberty’s acquisition of Formula One and acquired the shares at a discounted price of $25 compared to the current price of $31.43.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q4 2016:Info from Q3 2016 Letter: 10.2% cash allocation reflects full market valuation. Fund reopened for investors on the Charles Schwab Financial Services platform - also open for direct investment through transfer agent. XRAY increase - SIRO was a holding since 2011 - very bullish on the merger and believes management under Jeff Slovin is the right team. WMT - exited in early October - over 11-year holding period slightly underperformed S&P500. Exit thesis: “We think higher wages for its entry level workers, continued growth at Amazon and the need to invest heavily in e-commerce will put pressure on Walmart’s earnings over thenext few years.” WFC - untouched but under review - reputational damage for sure - currently believes it is a valuable franchise & valuation is low."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q3 2016 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio increased from $10.50B to $10.65B. The number of positions decreased from 117 to 100.They substantially increased Dentsply Sirona and 58.com during the quarter.The top three positions are Berkshire Hathaway, TJX Companies, and Alphabet and they add up to ~32% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2016. Please visit our article for an idea on their investment philosophy and our for the moves during Q2 2016.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio increased marginally from $10.50B to $10.65B. The number of holdings decreased from 117 to 100. 41 of those stakes are significantly large (more than ~0.1% of the portfolio each) and they are the focus of this article. The top three holdings are at 31.68% while the top five are at 41.56% of the US long assets: Berkshire Hathaway, TJX Companies, Alphabet Inc., MasterCard, and O’Reilly Automotive.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. YTD performance however is underwhelming: down ~7% compared to up ~10% for the S&P 500. Currently, they have a ~10% cash-allocation and views the overall market as fully valued. Despite this, the fund was reopened for new investor money during the quarter.Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Fortive Corp. (FTV): The minutely small 0.36% portfolio stake came about as a result of the spinoff of Fortive from Danaher that closed in July. They had ~1.5M shares of Danaher for which they received 750K shares in the ratio 2:1. Regular-way trading started at ~$49.50 and the stock currently goes for $55.28.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a large (top three) 5.77% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. The stake had seen only very minor activity since. Q1 2016 saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling last quarter at prices between $668 and $767. The stock is now at $771. They are starting to harvest huge long-term gains. This quarter saw a ~4% trimming.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B is the largest position at 18.11% of the portfolio. The last significantly activity was in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $158. Last four quarters have seen minor reductions.CarMax Inc. (KMX) and Charles Schwab (SCHW): KMX and SCHW are medium sized 2.90% and 2.21% of the portfolio stakes purchased last quarter. The KMX position was bought at prices between $46 and $56 and it is now at $57.51. The SCHW stake was purchased at prices between $24 and $31 and the stock is now at $38.46. Both stakes saw minor trimming this quarter.JD.com (JD): The vast majority of the 0.92% portfolio stake in JD was purchased last quarter at prices between $20 and $30. The position was reduced by half this quarter at prices between $20 and $27. The stock is now at $26.85.Chipotle Mexican Grill (CMG) and JP Morgan Chase (JPM) & WTS: These two stakes were established in Q1 2016 and increased significantly last quarter. Most of the 2.28% portfolio position in CMG was purchased last quarter at prices between $389 and $471 and the stock is now at $395. The 0.95% JPM stake was purchased in Q1 2016 when the share price varied between $53 and $66 and was increased by ~70% last quarter when the stock price varied between $57 and $66. It is now at $78.92. Both positions saw minor trimming this quarter.Fastenal Company (FAST): FAST is a fairly large 4.49% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~12.1M shares. Q1 2016 saw a ~22% selling at prices between $36.50 and $50 and that was followed with another one-third reduction last quarter at prices between $43 and $49. The stock is currently at $47.01. They are harvesting huge long term gains. There was a ~5% trimming this quarter.Note: Their ownership stake in the business is at ~4%.IDEXX Laboratories (IDXX): IDXX was a medium-sized 4.67% of the portfolio stake in Q1 2016. It was almost sold out last quarter at prices between $78 and $93. The original position was from 2003 when ~1.6M shares (~6.4M shares after accounting for the two 2-for-1 stock splits since) were acquired at a cost-basis of around $11. The stock currently trades at $120. There was marginal selling this quarter. They are harvesting large long term gains.O’Reilly Automotive (ORLY): ORLY is a large (top five) 4.87% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Q1 2016 saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction last quarter at prices between $253 and $278. It is now at $275. This quarter also saw a ~2% trimming. They are harvesting huge long-term gains. The stock has had a tremendous run (~15 times return) over the holding period.TJX Companies (TJX): TJX is a large (top three) 7.80% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. Last year saw significant selling: one-third reduction at prices between $64 and $73. The pattern continued this year: ~36% reduction so far at prices between $67 and $83. The stock is now at $78.81. Ruane is continuing to harvest huge long-term gains.American Express (AXP), Costco Wholesale (COST), Omnicom Group (OMC), Praxair (PX), Visa Inc. (V), Wal-Mart Stores (WMT), and West Pharmaceutical Svcs. (WST): These are very small (less than ~1.5% of the portfolio each) stakes that were reduced during the quarter.Note: The small 0.61% Wal-Mart position was disposed of after the quarter ended. It was a long-term stake held for over a decade. Over the holding period, Wal-Mart slightly underperformed the S&P 500 index. Sequoia’s Q3 2016 investor update had the following on the exit: “We think higher wages for its entry level workers, continued growth at Amazon and the need to invest heavily in e-commerce will put pressure on Walmart’s earnings over the next few years.”Stake Increases:58.com Inc. (WUBA): WUBA was a minutely small 0.4% stake in Q2 2015. The following quarter saw a ~130% increase at prices between $41 and $65. The stake had seen minor trimming since. There was an about turn this quarter: two-thirds increase at prices between $44 and $55 and the stake is now at 2.24% of the portfolio. The stock currently trades well below the low end of those ranges at $32.77. For investors attempting to follow, WUBA is a very good option to consider for further research.Baidu Inc. (BIDU): BIDU is a fairly large 4.52% of the US long portfolio position established last quarter at prices between $160 and $196. The stock currently trades near the low end of that range at $169. For investors attempting to follow, BIDU is a good option to consider for further research. This quarter saw a marginal increase.Danaher Corp. (DHR): DHR is a very small 1.34% of the portfolio. The stake saw a ~32% increase over the last two quarters at prices between $71 and $82. The stock is now at $79.13.Note: In July, DHR completed the spinoff of Fortive (FTV). Danaher stockholders received one share of Fortive common stock for every two shares of Danaher held. The prices quoted above are adjusted for this transaction.Dentsply Sirona Inc. (XRAY): XRAY is a 4.56% of the US long portfolio position established in Q1 2016 as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. This quarter saw a ~75% increase at prices between $59 and $65 and the stock is now at $60.47. For investors attempting to follow Ruane, XRAY is a very good option to consider for further research.Note: XRAY was profiled in Sequoia’s Q3 2016 investor letter. They are very bullish on the merger and believe management under Jeff Slovin is the right team. The original position in Sirona Dental was from 2011 and they have large unrealized gains.MasterCard Inc. (MA): MA is a top-five ~5% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $104 per share. Last three quarters had seen minor reductions while this quarter saw a ~5% increase.Mohawk Industries (MHK): MHK is a very long-term 4.64% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing has remained relatively steady. Last three quarters have seen minor selling while this quarter saw a marginal increase. The stock is currently at $200.Note: They have a ~3.3% ownership stake in the business.Perrigo Company plc (PRGO): PRGO is a small 1.28% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady till Q2 2015 when there was a ~14% reduction at prices between $163 and $204. Last quarter also saw a ~10% reduction at prices between $87 and $131. There was an about turn this quarter: ~12% increase at prices between $86 and $98. The stock currently trades at $85.79.Primerica Inc. (PRI) and Wells Fargo (WFC): PRI is a 2% of the portfolio stake first purchased in Q2 2010. It was kept relatively steady till Q1 2015. The following quarter saw a ~20% reduction at prices between $44 and $51. There was a ~31% increase last quarter at prices between $43 and $59 and that was followed with a ~6% increase this quarter. The stock is now at $71. WFC was a minutely small position as of Q1 2016. Over 5M shares were purchased last quarter at prices between $45 and $51 and the stake is now at 2.27% of the portfolio. The stock currently trades at $51.86. This quarter saw a ~4% further increase. The activity indicates a clear bullish bias toward these businesses.Note: Their ownership stake in PRI is at ~9%.Jacobs Engineering (JEC) and Waters Corp. (WAT): These two ~2.5% portfolio stakes saw minor increases this quarter. WAT and JEC are long-term stakes first purchased in 2011 and 2012 respectively.Emcor Group Inc. (EME), Goldman Sachs (GS), and Tiffany & Co. (TIF): These are very small (less than ~1.5% of the portfolio each) stakes that saw increases this quarter.Kept Steady:Athenahealth Inc. (ATHN), Builders FirstSource (BLDR), IAC Interactive (IACI), Interactive Brokers Group (IBKR), MakeMyTrip (MMYT), Match Group (MTCH), Third Point Reinsurance (TPRE), and Yandex NV (YNDX): These very small stakes (less than 0.75% of the portfolio each) were left untouched during the quarter.Note: They have a 6.67% ownership stake in MMYT and 3.6% ownership of BLDR.As a percentage of the portfolio, the remaining positions are all below 0.1% of the portfolio each and so have limited portfolio performance impact.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q3 2016:7/13/2016: Disclosed exiting VRX completely in the Q2 2016 letter to investors. Also newly added CMG, SCHW, KMX, and WFC.3/29/2016: Early Retiree article noted the following: “Sequoia's legendary CEO Robert Goldfarb retired and the firm's Valeant analyst left.”"

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q2 2016 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio decreased from $12.87B to $10.50B. The number of positions decreased from 134 to 117.They almost eliminated several large positions including Valeant Pharmaceuticals during the quarter.The top-three positions are Berkshire Hathaway, TJX Companies, and Alphabet and they add up to almost ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 07/15/2016. Please visit our article for an idea on their investment philosophy and our for the moves during Q1 2016.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio decreased 18.43% from $12.87B to $10.50B. The number of holdings decreased from 134 to 117. 39 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three holdings are at 34.92% while the top five are at 44.93% of the US long assets: Berkshire Hathaway, TJX Companies, Alphabet Inc., Fastenal Company, and O’Reilly Automotive.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. YTD performance however is underwhelming: down ~20% primarily due to the outsized Valeant position going against them. Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Baidu Inc. (BIDU): BIDU is a fairly large 4.10% of the US long portfolio position established this quarter at prices between $160 and $196. The stock currently trades near the low end of that range at $165. For investors attempting to follow, BIDU is a very good option to consider for further research.CarMax Inc. (KMX) and Charles Schwab (SCHW): KMX and SCHW are medium sized 2.90% and 2.21% of the portfolio stakes purchased this quarter. The KMX position was bought at prices between $46 and $56 and it is now at $55.47. The SCHW stake was purchased at prices between $24 and $31 and the stock is now at $27.10.Stake Decreases:Allergan plc (AGN): AGN was a 2.14% of the US long portfolio position as of last quarter. It was almost sold out this quarter at prices between $202 and $278. The original stake was from Q3 2015 at prices between $252 and $340. The stock is currently at $244.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B was the largest position in the portfolio for many years through 2010. The even larger Valeant Pharmaceuticals stake was established that year. Currently, BRK.B is again the largest position at 20.58% of the portfolio. The last significantly activity was in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $147. Last three quarters have seen minor reductions.Dentsply Sirona Inc. (XRAY): XRAY is a 2.78% of the US long portfolio position established last quarter as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. There was a minor reduction this quarter and the share count is now at ~4.7M shares. The original SIRO position was from 2011 and they have large unrealized gains.Fastenal Company (FAST): FAST is a fairly large (top five) 5.12% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~12.1M shares. Last quarter saw a ~22% selling at prices between $36.53 and $49.87 and that was followed with another one-third reduction this quarter at prices between $43 and $49. The previous significant activity was in 2014 when the position was increased by ~20% at a cost-basis in the mid-40s. The stock is currently at $42.98. They are harvesting huge long term gains.Note: Their ownership stake in the business is at ~4.2%.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a fairly large 5.37% of the portfolio position. It was first purchased in 2008 and that original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. The stake had seen only very minor activity since. Last quarter saw a ~18% reduction at prices between $678 and $765 and that was followed with another ~10% selling this quarter at prices between $668 and $767. The stock is now at $734. They are starting to harvest huge long-term gains.IDEXX Laboratories (IDXX): IDXX was a medium-sized 4.67% of the portfolio stake last quarter. It was almost sold out this quarter at prices between $78.32 and $92.86. The original position was from 2003 when ~1.6M shares (~6.4M shares after accounting for the two 2-for-1 stock splits since) were acquired at a cost-basis of around $11. The stock currently trades at $93.76. They harvested large long term gains.MasterCard Inc. (MA): MA is a 4.18% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $91.60 per share. Q3 2015 saw a marginal increase while last three quarters have seen minor reductions.Mohawk Industries (MHK): MHK is a very long-term 4.43% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing has remained relatively steady. Q3 2015 saw a very minor increase while last three quarters have seen minor selling. The stock is currently at $200.Note: They have a ~3.3% ownership stake in the business.O’Reilly Automotive (ORLY): ORLY is a large (top five) 4.90% of the portfolio stake first purchased in 2004. Around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) were acquired at the time at around $20 per share. Last quarter saw a ~18% reduction at prices between $232 and $277 and that was followed with another one-third reduction this quarter at prices between $253 and $278. The stock has had a tremendous run (~15 times return) over the holding period. It is now at $274. They are harvesting huge long-term gains.Note: Their ownership stake in the business is ~2%.Perrigo Company plc (PRGO): PRGO is a small 1.14% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady till Q2 2015 when there was a ~14% reduction at prices between $163 and $204. This quarter also saw a ~10% reduction at prices between $87 and $131. The stock currently trades at $92.47.Note: Mylan NV (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.TJX Companies (TJX): TJX is a large (top three) 8.96% of the portfolio position. It is a very long-term stake and the holding period is over 15 years. The stock has seen a ~15x return over that timeframe. Last year saw significant selling: one-third reduction at prices between $64 and $73. The pattern continued this year: ~30% reduction so far at prices between $73 and $79. The stock is now at $79.26.Valeant Pharmaceuticals (VRX): VRX was Ruane, Cunniff, & Goldfarb’s largest stock position at 20.49% of the 13F portfolio as of Q4 2015. The original position was acquired in Q2 & Q3 2010 at a cost-basis in the low-20s. Around 34M shares were acquired over those two quarters. Although minor adjustments were made every quarter, the stake as of last quarter was very close to that original position at 30.31M shares. The entire position was almost sold out this quarter at prices between $19 and $36. The stock is currently at $23.50 compared to a peak of ~$260 reached in July 2015.Note: In March, Sequoia's CEO Robert Goldfarb retired and the firm's Valeant analyst left.58.com Inc. (WUBA), American Express (AXP), Cabelas Inc. (CAB), Costco Wholesale (COST), Emcor Group Inc. (EME), Goldman Sachs (GS), International Business Machines (IBM), Jacobs Engineering (JEC), Omnicom Group (OMC), Praxair (PX), Range Resources (RRC), Tiffany & Co. (TIF), Trimble Navigation (TRMB), Visa Inc. (V), Wal-Mart Stores (WMT), Waters Corp. (WAT), and Yandex NV (YNDX): These are very small (less than ~1.5% of the portfolio each) stakes that were reduced further during the quarter.Stake Increases:Primerica Inc. (PRI) and Wells Fargo (WFC): PRI is a 2.06 % of the portfolio stake first purchased in Q2 2010. The only significant activity since was a ~20% reduction in Q2 2015 at prices between $44 and $51. This quarter saw a ~31% increase at prices between $42.89 and $58.58 and the stock is now at $56.87. WFC was a minutely small position as of last quarter. Over 5M shares were purchased this quarter at prices between $45 and $51 and the stake is now at 2.36% of the portfolio. The stock currently trades at $48.28. The activity indicates a clear bullish bias toward these businesses.Note: Their ownership stake in PRI is at ~8%.Chipotle Mexican Grill (CMG), JP Morgan Chase (JPM) & WTS, and JD.com (JD): These stakes were established last quarter and increased significantly this quarter. Most of the 2.24% portfolio position in CMG was purchased this quarter at prices between $389 and $471 and the stock is now at $409. The 0.87% JPM stake was purchased last quarter when the share price varied between $53 and $66 and was increased by ~70% this quarter when the stock price varied between $57 and $66. It is now at $63.96. The vast majority of the 1.58% portfolio stake in JD was purchased this quarter at prices between $20 and $30 and the stock is now at $22.14. For investors attempting to follow their trades, these are good options to consider for further research.Danaher Corp. (DHR): DHR is a very small ~1.5% of the portfolio stake that saw a ~10% increase this quarter.Note: Earlier this month, DHR completed the spinoff of Fortive (FTV). Danaher stockholders received one share of Fortive common stock for every two shares of Danaher held.Kept Steady:IAC Interactive (IACI): IACI is a very small 0.65% of the portfolio position that was kept steady this quarter.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact. Below is a list of stakes that are between 0.1% and 0.5% of the portfolio each: Athenahealth Inc. (ATHN), Builders FirstSource (BLDR), Interactive Brokers Group (IBKR), MakeMyTrip (MMYT), Third Point Reinsurance (TPRE), Vipshop Holdings (VIPS), and West Pharmaceutical Svcs. (WST).Note: They have a 6.67% ownership stake in MMYT and 3.6% ownership of BLDR.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q2 2016:Note on Sirona Dental acquisition: On September 15, 2015 Dentsply (XRAY) agreed to acquire Sirona in a stock deal - 1.8142 shares of Dentsply for each share of Sirona held.13G/D/A & From 3/4 filings thru 2/24/2016: None.13G/D/A & From 3/4 filings thru 2/24/2016: VRX - 13G/A 2/16/2016 - 35.38M shares - 10.37%. SIRO - 13G/A 2/16/2016 - 2.79M shares - 4.98%. INT - World Fuel Services - 13G/A 2/16/2016 - 0. PRI - 13G/A 2/16/2016 - 2.88M shares - 5.97%. IDXX - 13G/A 2/16/2016 - 8.03M shares - 8.82%. FAST - 13G/A 2/16/2016 - 23.61M shares - 8.19%. MMYT - 13G 2/16/2016 - 2.81M shares - 6.67%."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q1 2016 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio decreased from $17.55B to $12.87B. The number of positions decreased from 144 to 134.They decreased Valeant Pharmaceuticals and Fastenal significantly during the quarter.The top-three positions are Berkshire Hathaway, TJX Companies, and Fastenal and they add up to almost ~36% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 05/16/2016. Please visit our article for an idea on their investment philosophy and our for the moves during Q4 2015.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio decreased 26.67% from $19.48B to $12.87B. The number of holdings decreased from 144 to 134. 46 of those stakes are significantly large (more than ~0.1% of the portfolio each) and they are the focus of this article. The top three holdings are at 36.32% while the top five are at 48.66% of the US long assets: Berkshire Hathaway, TJX Companies, Fastenal Company, Valeant Pharmaceuticals, and O’Reilly Automotive.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:Dentsply Sirona Inc. (XRAY): XRAY is a 2.32% of the US long portfolio position established this quarter as a result of the acquisition of Sirona Dental (SIRO) by Dentsply. They had a 2.79M share stake in SIRO (~5% of the business) for which they received ~5M shares (1:1.8142 ratio) of Dentsply Sirona. There was a marginal reduction overall as well. The original SIRO position was from 2011 and they have large unrealized gains.Chipotle Mexican Grill (CMG), JD.com (JD), and JP Morgan Chase (JPM) WTS: These are very small (less than 0.5% of the portfolio each) stakes established this quarter. They had a minutely small position in JPM common last quarter and that was replaced by these warrants.Stake Disposals:Precision Castparts (PCP): The large 6.26% PCP stake was acquired during the market lows in Q2 2009 at a cost-basis in the low-70s. The original position was kept almost steady until Q1 2015 when it was increased by ~15% at prices between $200 and $241. Last quarter saw another one-third increase at prices between $230 and $232. In August 2015, Berkshire Hathaway (BRK.A) (BRK.B) agreed to buy PCP for $235 per share cash and the transaction closed in January thus eliminating the stake and realizing huge long-term gains.Constellation Software (CNSWF), Hexcel Corp. (HXL, and Sirona Dental Systems (SIRO): These small (less than ~2% of the portfolio each) stakes as of last quarter were eliminated this quarter.Stake Decreases:Allergan plc (AGN): AGN is a 2.14% of the US long portfolio stake established in Q3 2015 at prices between $252 and $340. Last two quarters have seen minor reductions. The stock is currently at $232.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B was the largest position in the portfolio for many years through 2010. The even larger Valeant Pharmaceuticals stake was established that year. Currently, BRK.B is again the largest position at 19.46% of the portfolio. The last significantly activity was in 2012 when there was a one-third increase at prices between $76 and $92. The stock is now at $143. Last two quarters have seen marginal reductions.Fastenal Company (FAST): FAST is a fairly large (top three) 7.01% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~24M shares. This quarter saw a ~22% selling at prices between $36.53 and $49.87. The previous significant activity was in 2014 when the position was increased by ~20% at a cost-basis in the mid-40s. The stock is currently at $46.08.Note: They have a ~6.4% ownership stake in the business.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a fairly large 5.28% of the portfolio position first purchased in 2008. That original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. The stake had seen only very minor activity since. This quarter saw a ~18% reduction at prices between $678 and $765. The stock is now at $724. They are starting to harvest huge long-term gains.Idexx Laboratories (IDXX): IDXX is a medium-sized 4.67% of the portfolio stake. The original position is from 2003 when ~1.6M shares (~6.4M shares after accounting for the two 2-for-1 stock splits since) were acquired at a cost-basis of around $11. The position size has wavered over the years and the current stake is at ~8M shares. Last two quarters have seen marginal reductions. The stock currently trades at $89.74.Note: Their ownership stake in the business is ~9%.Mastercard Inc. (MA): MA is a 3.81% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of $96.38 per share. Q3 2915 saw a marginal increase while last two quarters have seen minor reductions.Note: During Investor Day 2015, management admitted not holding on to the originally huge position in Mastercard as an investment mistake.Mohawk Industries (MHK): MHK is a very long-term 3.89% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing has remained relatively steady. Q3 2015 saw a very minor increase while last two quarters have seen minor selling. The stock is currently at $196.Note: They have a ~3.5% ownership stake in the business.O’Reilly Automotive (ORLY): ORLY is a large (top five) 6.15% of the portfolio stake first purchased in 2004 when around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) at around $20 per share. The position size had remained remarkably steady over the years and the stake was at ~3.5M shares as of last quarter. This quarter saw a ~18% reduction at prices between $232 and $277. The stock has had a tremendous run (~13x return) over the holding period. It is now at $264. They are starting to harvest huge long-term gains.Note: Their ownership stake in the business is ~3%.TJX Companies (TJX): TJX is a large (top three) 9.85% of the portfolio position. It is a very long-term stake and the holding period is at just over 15 years. The stock has seen a ~15x return over that timeframe. The position size has wavered over the years. 2015 saw significant selling: one-third reduction at prices between $64 and $73. This quarter also saw a ~7% trimming. The stock is now at $75.91.Note: They have a ~2.4% ownership stake in the business.Valeant Pharmaceuticals (VRX): VRX was Ruane, Cunniff, & Goldfarb’s largest stock position at 20.49% of the 13F portfolio as of last quarter. The original position was acquired in Q2 & Q3 2010 at a cost-basis in the low-20s. Around 34M shares were acquired over those two quarters. Although minor adjustments were made every quarter, the current stake is very close to that original position at 30.31M shares. Last two quarters had seen minor increases while this quarter saw a ~14% trimming. The stock is currently at $26.94 compared to a peak of ~$260 reached in July 2015. The huge price drop has resulted in the stake dropping down to 6.19% of the portfolio.Note 1: Their ownership stake in VRX is at ~9%.Note 2: As Valeant tumbled in October 2015, two directors resigned, hinting at a lack of consensus over the unusually large VRX stake. In March this year, Sequoia's CEO Robert Goldfarb retired and the firm's Valeant analyst left.58.com Inc. (WUBA), American Express (AXP), Brown & Brown Inc. (BRO), Cabelas Inc. (CAB), Canadian Natural Resources (CNQ), Coca-Cola Co. (KO), Costco Wholesale (COST), Danaher Corp. (DHR), Emcor Group Inc. (EME), Goldman Sachs (GS), IAC Interactive (IACI), International Business Machines (IBM), Jacobs Engineering (JEC), Monsanto Company (MON), Omnicom Group (OMC), Praxair (PX), Tiffany & Co. (TIF), Trimble Navigation (TRMB), Visa Inc. (V), Wal-Mart Stores (WMT), Waters Corp. (WAT), and West Pharmaceutical Svcs. (WST): These are very small (less than ~1.5% of the portfolio each) stakes that were reduced further during the quarter.Stake Increases:Perrigo Company plc (PRGO): PRGO is a small 1.45% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady since. Q2 2015 saw a ~14% reduction at prices between $163 and $204. The stock currently trades at $96.20. Last quarter saw marginal decrease while this quarter saw a very minor increase.Note: Mylan NV (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.Vipshop Holdings (VIPS): VIPS is a minutely small 0.12% of the portfolio stake that was increased by ~11% this quarter.Kept Steady:Primerica Inc. (PRI): PRI is a very small 1 % of the portfolio stake first purchased in Q2 2010. The position was kept relatively steady since. Q2 2015 saw a ~20% reduction at prices between $44 and $51. The stock currently trades at $54.97.Note: Their ownership stake in the business is ~6%.Athenahealth Inc. (ATHN), Colfax Corp. (CFX), Interactive Brokers Group (IBKR), Makemytrip (MMYT), Range Resources (RRC), Third Point Reinsurance (TPRE), and Yandex NV (YNDX): These are very small (less than ~1.5% of the portfolio each) positions kept steady this quarter.Note: They have a ~7% ownership stake in MMYT.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q1 2016:Note for Q1 2016 Update onwards: Instead of listing the positions in the last para for stakes between 0.1% and 0.5%, consider adding those also in the spreadsheet."

"Tracking Ruane, Cunniff, & Goldfarb’s Portfolio – Q4 2015 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio decreased from $19.48B to $17.55B. The number of positions decreased from 151 to 144.They increased Precision Castparts, Valeant Pharmaceuticals, and Range Resources while decreasing most of the other stakes.The top-three positions are Valeant Pharmaceuticals, Berkshire Hathaway, and TJX Companies and they add up to almost ~42% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 02/16/2016. Please visit our article for an idea on their investment philosophy and the moves during Q3 2015.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio decreased 7.08% from $20.97B to $19.48B. The number of holdings decreased from 151 to 144. 31 of those stakes are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The top three holdings are at almost 41.61% while the top five are at 53.36% of the US long assets: Valeant Pharmaceuticals, Berkshire Hathaway, TJX Companies, Precision Castparts, and Fastenal Company.The firm is best known as the investment advisor of the Sequoia Fund (SEQUX) which has a venerable 46-year track record. Bill Ruane was a Benjamin Graham pupil. To learn about Benjamin Graham's teachings, check out the classics and .New Stakes:None.Stake Decreases:Allergan plc (AGN): AGN is a 1.93% of the US long portfolio stake established last quarter at prices between $252 and $340. This quarter saw a marginal reduction. The stock is currently at $287.Berkshire Hathaway (BRK.A) (BRK.B): BRK.B was the largest position in the portfolio for many years through 2010. The even larger Valeant Pharmaceuticals stake was established that year. Currently, BRK.B is the second-largest position at 14.07% of the portfolio. Last three quarters saw minor increases while this quarter saw a marginal reduction. The last significantly large increase happened in 2012 when the position was increased by roughly one-third at prices between $76 and $92. The stock is now at $131.Fastenal Company (FAST): FAST is a fairly large (top five) 5.49% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~24M shares. The last significant activity was in 2014 when the position was increased by ~20% at a cost-basis in the mid-40s. The stock is currently at $44.54.Note: They have a ~8.19% ownership stake in the business.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a fairly large 4.82% of the portfolio position first purchased in 2008. That original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. The stake has seen only very minor activity since. Last two quarters have seen marginal reductions. The stock is now at $696.Idexx Laboratories (IDXX): IDXX is a medium-sized 3.33% of the portfolio stake. The original position is from 2003 when ~1.6M shares (~6.4M shares after accounting for the two 2-for-1 stock splits since) were acquired at a cost-basis of around $11. The position size has wavered over the years and the current stake is at ~8M shares. This quarter saw a marginal reduction. The stock currently trades at $71.70.Note: Their ownership stake in the business is 8.82%.Mastercard Inc. (MA): MA is a 2.95% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original position was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of ~$86.27 per share. Last quarter saw a marginal increase while this quarter saw a very minor reduction.Note: During Investor Day 2015, management admitted not holding on to the originally huge position in Mastercard as an investment mistake.Mohawk Industries (MHK): MHK is a very long-term 2.94% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing has remained relatively steady. Last quarter saw a very minor increase while this quarter saw marginal selling. The stock is currently at $167.Note: They have a ~3.7% ownership stake in the business.O’Reilly Automotive (ORLY): ORLY is a large 5.11% of the portfolio stake first purchased in 2004 when around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) at around $20 per share. The position size has remained remarkably steady over the years and the current stake is at ~3.5M shares. The stock has had a tremendous run (~13x return) over the holding period. It is now at $259.Note: Their ownership stake in the business is 3.6%.Perrigo Company plc (PRGO): PRGO is a small 1.19% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady since. Q2 2015 saw a ~14% reduction at prices between $163 and $204. The stock currently trades at $125. This quarter saw a marginal decrease.Note: Mylan NV (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.TJX Companies (TJX): TJX is a large (top three) 7.05% of the portfolio position. It is a very long-term stake and the holding period is at just over 15 years. The stock has seen a ~15x return over that timeframe. The position size has wavered over the years. 2015 saw significant selling: one-third reduction at prices between $64 and $73. The stock is now at $72.68.Note: They have a ~2.6% ownership stake in the business.58.com Inc. (WUBA), American Express (AXP), Cabelas Inc. (CAB), Constellation Software (CNSWF), Costco Wholesale (COST), Danaher Corp. (DHR), Goldman Sachs (GS), International Business Machines (IBM), Jacobs Engineering (JEC), Monsanto Company (MON), Omnicom Group (OMC), Praxair (PX), Sirona Dental Systems (SIRO), Tiffany & Co. (TIF), Visa Inc. (V), Wal-Mart Stores (WMT), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) stakes that were reduced further during the quarter.Note: They have a 4.98% ownership stake in SIRO.Stake Increases:Precision Castparts (PCP): PCP. The stake was acquired during the market lows in Q2 2009 at a cost-basis in the low-70s. The original position was kept almost steady until Q1 2015 when it was increased by ~15% at prices between $200 and $241. This quarter saw another one-third increase at prices between $230 and $232.Note: In August 2015, Berkshire Hathaway (BRK.A) (BRK.B) agreed to buy PCP for $235 per share cash and the transaction closed last month.Valeant Pharmaceuticals (VRX): VRX is Ruane, Cunniff, & Goldfarb’s largest stock position at 20.49% of the 13F portfolio. The original position was acquired in Q2 & Q3 2010 at a cost-basis in the low-20s. Around 34M shares were acquired over those two quarters. Although minor adjustments were made every quarter, the current stake is very close to that original position at 35.38M shares. Last two quarters have seen minor increases. The stock is currently at $79.28.Note 1: Their ownership stake in VRX is at 10.37%.Note 2: As Valeant tumbled in October 2015, two directors resigned, hinting at a lack of consensus over the unusually large VRX stake.Range Resources (RRC): RRC is a very small 0.83% position that saw a minor increase this quarter.Kept Steady:Primerica Inc. (PRI): PRI is a very small 0.78% of the portfolio stake first purchased in Q2 2010. The position was kept relatively steady since. Q2 2015 saw a ~20% reduction at prices between $44 and $51. The stock currently trades at $41.88.Note: Their ownership stake in the business is 5.97%.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact. Below is a list of stakes that are between 0.1% and 0.5% of the portfolio each: Athenahealth Inc. (ATHN), Brown & Brown Inc. (BRO), Coca-Cola Co. (KO), Emcor Group Inc. (EME), Hexcel Corp. (HXL), IAC Interactive (IACI), Interactive Brokers Group (IBKR), Makemytrip (MMYT), Third Point Reinsurance (TPRE), Trimble Navigation (TRMB), West Pharmaceutical Svcs. (WST), and Yandex NV (YNDX).Note: They have a 6.67% ownership stake in MMYT.The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q4 2015:13G/D/A & Form 3/4 filings after 8/15/2015: 13G/A 11/12/2015 - VRX - 35.9M shares - 10.52% of business.13G/D/A & Form 3/4 filings prior to 8/15/2015: 13G/A 2/17/2015 - SIRO - 2.83M shares - 5.09% of business. 13G/A 2/17/2015 World Fuel Services INT - 4.1M shares - 5.69% of business. 13G/A 2/17/2015 PRI - 3.72M shares - 6.99% of business. 13G/A 2/17/2015 IDXX - 4.45M shares - 9.33% of business. 13G/A 2/17/2015 FAST - 24.03M shares - 8.10% of business."

"Tracking Ruane, Cunniff, & Goldfarb – Q3 2015 Update"

"Ruane, Cunniff, & Goldfarb’s 13F portfolio decreased from $20.97B to $19.48B. The number of positions increased from 150 to 151.They added Allergan plc while substantially increasing 58.com, Constellation Software, and Range Resources.The top-three positions are Valeant Pharmaceuticals, Berkshire Hathaway, and TJX Companies and they add up to almost ~50% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Ruane, Cunniff & Goldfarb’s US stock portfolio on a quarterly basis. It is based on their regulatory filed on 11/16/2015.William J. Ruane founded Ruane, Cunniff, & Goldfarb in 1969. The firm is best known as the investment advisor of the Sequoia Fund (SEQUX). They also have other investments through partnerships and private accounts. Sequoia Fund has a venerable track record: over the 45-year period from 1970 to 2015, the fund generated annualized returns of 14.65% compared to 10.93% for the S&P 500.As a Benjamin Graham pupil, Bill Ruane’s investment philosophy closely matched Graham’s value investment ideas although Ruane’s style was considered closer to Buffett’s than Graham’s - meaning, he preferred great businesses at good prices rather than good businesses at great prices. Other characteristics of his investments included large cash-allocation when markets are high, concentrated positions, and a preference for businesses that did not tap the debt market. The firm continued in the same mold after Ruane’s death in 2005. Recent years have however seen a shift: they established a huge position in Valeant Pharmaceuticals in 2010, a rollup with significant debt. That single holding accounted for the bulk of the outperformance over the last five years. However, the stock is currently experiencing a precipitous drop.Assets Under Management (AUM) is at around $30B with the Sequoia Fund accounting for around a quarter of that. Although the mutual fund is open-ended, it is still hard for retail investors to invest with them - it is currently closed to new investors and historically has spent the vast majority of the time since inception in that status. Recent 13F reports have shown around 150 positions with over 90% of the money invested in around 30 core stakes. The focus of the article is on these core positions.This quarter, Ruane, Cunniff, & Goldfarb’s US long portfolio decreased 7.08% from $20.97B to $19.48B. The number of holdings increased from 150 to 151: The fund added a brand new position in Allergan plc during the quarter. The top three holdings are at almost 50.30% while the top five holdings are close to 60% of the US long assets: Valeant Pharmaceuticals, Berkshire Hathaway, TJX Companies, O'Reilly Automotive, and Fastenal Company.To add from Q4 2015 Update onwards: To learn about Benjamin Graham's teachings on value investing, check out the classics and .New Stakes:Allergan plc (AGN): AGN is a 1.54% of the US long portfolio stake established this quarter at prices between $252 and $340 and the stock is currently at $321.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is a 3.59% of the portfolio position first purchased in 2008. That original stake was almost sold out the following year. In 2010, a much larger position was built in the mid-200s price-range. The position has seen only marginal activity since. Last quarter saw a marginal increase while this quarter saw a minor decrease. The stock is now at $748.TJX Companies (TJX): TJX is a large (top three) 6.53% of the portfolio position. It is a very long-term stake and the holding period is at just over 15 years. The stock has seen a ~15x return over that timeframe. The position size has wavered over the years. This year saw significant selling: one-third reduction at prices between $64 and $77.Note: Their ownership stake in the business is ~2.6%.American Express (AXP), Danaher Corp. (DHR), International Business Machines (IBM), Praxair (PX), Sirona Dental Systems (SIRO), Tiffany & Co. (TIF), Visa Inc. (V), Wal-Mart Stores (WMT), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) stakes that were reduced further during the quarter.Note: They have ~5% ownership stake in SIRO.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): BRK.B was the largest position in the portfolio for many years through 2010. The even larger Valeant Pharmaceuticals stake was established that year. Currently, BRK.B is the second-largest position at 12.39% of the portfolio. Last three quarters have seen minor increases. The last significantly large increase happened in 2012 when the position was increased by roughly one-third at prices between $76 and $92. The stock is now at $135.Fastenal Company (FAST): FAST is a fairly large (top five) 4.51% of the portfolio stake. The original position is from 2001 & 2002 at a cost-basis just under $10 per share. The stock saw three 2-for-1 stock-splits during the holding period and the current position is at ~24M shares. The last significant activity was last year when the position was increased by ~20% at a cost-basis in the mid-40s. The stock is currently at $40.07. For investors attempting to follow Ruane, FAST is a good option to consider for further research.Note: Their ownership stake in the business is ~8.1%.Idexx Laboratories (IDXX): IDXX is a medium-sized 3.11% of the portfolio stake. The original position is from 2003 when ~1.6M shares (~6.4M shares after accounting for the two 2-for-1 stock splits sine) were acquired at a cost-basis of around $11. The position size has wavered over the years and the current stake is at ~8.2M shares. Last two quarters saw minor reductions while this quarter saw a marginal increase. The stock currently trades at $70.24.Note: Their ownership stake in the business is ~9%.Mastercard Inc. (MA): MA is a 2.52% of the portfolio stake established soon after its IPO in 2006 at a split-adjusted cost-basis of $4.50 per share. The original stake was huge at ~2.4M shares (24M shares after accounting for the 10-for-1 stock-split in 2014). It was sold down by ~72% over the next two years. Since then, the stake was kept relatively steady as the stock marched higher to the current price of ~$98.16 per share. This quarter saw a marginal increase.Note: During Investor Day 2015, management admitted not holding on to the originally huge position in Mastercard as an investment mistake.Mohawk Industries (MHK): MHK is a very long-term 2.60% of the portfolio position first purchased in 2001. The position became a significantly large stake in Q3 2002 when close to 10M shares were purchased at a cost-basis of around $50. The position size was reduced by around two-thirds in the 2012-13 timeframe at progressively higher prices. Since then, the sizing has remained relatively steady. Last two quarters had seen marginal selling while this quarter saw a very minor increase. The stock is currently at $193.Note: Their ownership stake in the business is ~3.8%.O’Reilly Automotive (ORLY): ORLY is a large (top five) 4.60% of the portfolio stake first purchased in 2004 when around ~1.9M shares (~3.8M shares after accounting for the 2-for-1 stock split in 2005) at around $20 per share. The position size has remained remarkably steady over the years and the current stake is at ~3.6M shares. The stock has had a tremendous run (~14x return) over the holding period. It is now at $268.Note: Their ownership stake in the business is ~3.6%.Perrigo Company plc (PRGO): PRGO is a small 1.19% of the portfolio position first purchased in Q3 2010 at prices between $56 and $66. The position was kept almost steady since. Last quarter saw a ~14% reduction at prices between $163 and $204. The stock currently trades at $151. This quarter saw a marginal increase.Note: Mylan NV (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed earlier this month.Precision Castparts (PCP): PCP. The stake was acquired during the market lows in Q2 2009 at a cost-basis around the low-70s. The original position was kept almost steady until Q1 2015 when it was increased by ~15% at prices between $200 and $241. Last quarter saw a marginal decrease while this quarter saw a minor increase. The stock is now at $231.Note: In August, Berkshire Hathaway (BRK.A) (BRK.B) agreed to buy PCP for $235 per share cash.Valeant Pharmaceuticals (VRX): VRX is Ruane, Cunniff, & Goldfarb’s largest stock position at 31.06% of the 13F portfolio. The original position was acquired in Q2 & Q3 2010 at a cost-basis in the low-20s. Around 34M shares were acquired over those two quarters. Although minor adjustments were made every quarter, the current stake is very close to that original position at 33.9M shares. Last quarter saw a marginal reduction while this quarter saw a minor increase. The stock is currently at $87.Note 1: A 13G/A regulatory filing on 11/12/2015 shows Ruane, Cunniff, & Goldfarb owning 35.9M shares (10.52% of business) of VRX. This is compared 33.9M shares in the 13F.Note 2: As Valeant tumbled over the last month, two directors resigned, hinting at a lack of consensus over the unusually large VRX stake.58.com Inc. (WUBA), Cabelas Inc. (CAB), Constellation Software (CNSWF), Costco Wholesale (COST), Goldman Sachs (GS), Jacobs Engineering (JEC), Omnicom Group (OMC), and Range Resources (RRC): These are very small (less than ~1% of the portfolio each) stakes that were increased this quarter. The position sizes are still too small to indicate a clear bias.Kept Steady:Primerica Inc. (PRI): PRI is a very small 0.63% of the portfolio stake first purchased in Q2 2010. The position was kept relatively steady since. Last quarter saw a ~20% reduction at prices between $44 and $51. The stock currently trades at $51.08.Note: Their ownership stake in the business is ~6%.As a percentage of the portfolio, the remaining positions are all below 0.5% of the portfolio each and so have limited portfolio performance impact. Below is a list of stakes that are between 0.1% and 0.5% of the portfolio each: Athenahealth Inc. (ATHN), Brown & Brown Inc. (BRO), Coca-Cola Co. (KO), Emcor Group Inc. (EME), Hexcel Corp. (HXL), IAC Interactive (IACI), Interactive Brokers Group (IBKR), Makemytrip (MMYT), Monsanto Co. (MON), Third Point Reinsurance (TPRE), Time Warner Cable (TWC), Trimble Navigation (TRMB), West Pharmaceutical Svcs. (WST), and Yandex NV (YNDX).The spreadsheet below highlights changes to Ruane, Cunniff, & Goldfarb’s US stock holdings in Q3 2015:"

"Tracking John Paulsons Paulson & Company Portfolio Q2 2023 Update"

"...This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 8/14/2023. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2023.This quarter, Paulsons 13F portfolio value decreased ~15% from ~$1.20B to ~$1.02B. There are 21 13F securities in the portfolio although only 17 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Brightsphere Investment Group, Perpetua Resources, Novagold, and Madrigal Pharma. They add up to ~64% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Madrigal Pharma (MDGL) and Newmont Corp (NEM): MDGL is a large ~8% of the portfolio stake established this quarter at prices between ~$204 and ~$312 and the stock currently trades well below that range at ~$164. The ~2% NEM position was purchased at prices between ~$40.40 and ~$52 and it is now at $40.47.Stake Disposals:Ballys Corporation (BALY): The very small ~1.5% BALY stake was disposed this quarter.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is now at ~5% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. Q4 2022 saw another ~75% selling at prices between ~$61.60 and ~$114. That was followed by a one-third reduction last quarter at prices between ~$107 and ~$114. This quarter saw another ~50% selling at prices between ~$96 and ~$112. The stock is now at ~$115.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $8.37, and the stake is now the largest position in the portfolio at ~21%.BrightSphere Investment Group (BSIG): BSIG is currently the second largest 13F stake at 18.30% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $20.23.Note: Paulsons ownership stake in BSIG is ~20%.Perpetua Resources (PPTA): The ~9% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.78. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.NovaGold Resources (NG): NG is a large (top three) 8.66% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while the next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.11.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 7.89% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 saw a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 saw a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Q3 2022 saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction next quarter at prices between ~$12.25 and ~$19.75. The stake was rebuilt last quarter at prices between ~$17 and ~$24. The stock is currently at $18.05.Thryv Holdings (THRY) previously Dex Media: The 4.80% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $19.17. There was a minor ~7% trimming during Q4 2022.Note: Paulson & Company has a 5.8% ownership stake in the business.Agnico Eagle Mines (AEM): The 3.82% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase during Q4 2022 at prices between ~$40 and ~$53.50. The last quarter saw a ~80% reduction at prices between ~$45 and ~$58. AEM currently trades at $49.79.SSR Mining Inc. (SSRM): The 2.51% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling during Q4 2022 at prices between ~$13 and ~$16.35. The stock currently trades at $15.05.International Tower Hill Mines (THM): THM is a 2.51% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at 38c.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 2.44% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $11.89.Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2023:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/24/2023 to 6/20/2023: None."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2023 Update"

"John Paulsons 13F portfolio value increased from $1.11B to $1.20B this quarter.Paulson & Company increased AngloGold Ashanti while dropping KraneShares CSI China Internet ETF this quarter.The top three positions are at 47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 5/15/2023. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2022.This quarter, Paulsons 13F portfolio value increased ~8% from ~$1.11B to ~$1.20B. There are 20 13F securities in the portfolio although only 17 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Brightsphere Investment Group, Novagold, Perpetua Resources, and Horizon Therapeutics. They add up to ~65% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Kraneshares CSI China Internet (KWEB): KWEB was a 6.34% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39. There was a ~27% selling during Q3 2022 at prices between ~$25 and ~$33. The disposal this quarter was at prices between ~$28 and ~$36. The stock currently trades at $27.84.Overseas Shipholding Group (OSG): The very small 0.73% stake in OSG was disposed during the quarter.Stake Increases:AngloGold Ashanti (AU): AU is a 7.71% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Q3 2022 saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction last quarter at prices between ~$12.25 and ~$19.75. The stake was rebuilt this quarter at prices between ~$17 and ~$24. The stock is currently at $23.19.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is now at ~9% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. Last quarter saw another ~75% selling at prices between ~$61.60 and ~$114. That was followed by a one-third reduction this quarter at prices between ~$107 and ~$114. The stock is now at ~$101.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December. FTC has sued to block the deal.Agnico Eagle Mines (AEM): The 3.32% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase last quarter at prices between ~$40 and ~$53.50. This quarter saw a ~80% reduction at prices between ~$45 and ~$58. AEM currently trades at $48.73.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $7.40, and the stake is now the largest position in the portfolio at ~18%.BrightSphere Investment Group (BSIG): BSIG is currently the second largest 13F stake at 17.55% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $21.75.Note: Paulsons ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a large (top three) 11.49% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.85.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.81. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Thryv Holdings (THRY) previously Dex Media: The 3.83% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $25.67. There was a minor ~7% trimming last quarter.Note: Paulson & Company has a 5.8% ownership stake in the business.International Tower Hill Mines (THM): THM is a ~3% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.42.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.SSR Mining Inc. (SSRM): The 2.51% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling last quarter at prices between ~$13 and ~$16.35. The stock currently trades at $14.04.Seabridge Gold (SA): The 2.23% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $12.25.Ballys Corporation (BALY), Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2023:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/20/2022 to 2/24/2023: 13G/A 2/14 THRY 2M shares 5.8% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2022 Update"

"John Paulsons 13F portfolio value decreased from $1.37B to $1.11B this quarter.Paulson & Company decreased AngloGold Ashanti while increasing Agnico Eagle Mines.The top three positions are at 47% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 2/14/2023. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2022.This quarter, Paulsons 13F portfolio value decreased ~19% from ~$1.37B to ~$1.11B. There are 22 13F securities in the portfolio although only 18 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Brightsphere Investment Group, Horizon Therapeutics, Bausch Health, Novagold, and Agnico Eagle Mines. They add up to ~47% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August 2021, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:APA Corporation (APA): The ~3% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. There was a ~60% reduction last quarter at prices between ~$31 and ~$42. The disposal this quarter was at prices between ~$34 and ~$49.50. The stock is now at $38.38.Barrick Gold (GOLD): The 1.82% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. Last quarter saw a roughly two-thirds reduction at prices between ~$14 and ~$18. The elimination this quarter was at prices between ~$13.10 and ~$17.80. The stock is now at $16.12.VMWare Inc. (VMW): VMWare was a merger arbitrage stake. It is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced last May. The stake was acquired in Q2 2022 at prices between ~$94 and ~$132. The disposal this quarter was at prices between ~$106 and ~$125. VMW is now at ~$110.Duke Realty: Duke Realty was a 1.75% merger-arbitrage stake established last quarter. Prologis (PLD) acquired Duke Realty in an all-stock (0.475 shares of Prologis for each share of Duke Realty held) deal announced last June. The transaction closed last October.Stake Increases:Agnico Eagle Mines (AEM): The large (top five) 6.70% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed last January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. There was a ~270% stake increase this quarter at prices between ~$40 and ~$53.50. AEM currently trades at $46.03.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~28% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. This quarter saw another ~75% selling at prices between ~$61.60 and ~$114. The stock is now at ~$110.Note: Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 all-cash deal announced last December.Kraneshares CSI China Internet (KWEB): KWEB is a 6.34% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39 and the stock currently trades at $29.19. There was a ~27% selling last quarter at prices between ~$25 and ~$33. This quarter also saw a ~4% trimming.AngloGold Ashanti (AU): AU is a 3.67% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. Last quarter saw another one-third selling at prices between ~$12 and ~$16. That was followed with a ~80% reduction this quarter at prices between ~$12.25 and ~$19.75. The stock is currently at $16.66.Thryv Holdings (THRY) previously Dex Media: The 3.42% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $23.84. There was a minor ~7% trimming this quarter.Note: Paulson & Company has a 5.8% ownership stake in the business.SSR Mining Inc. (SSRM): The 2.82% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. There was a ~35% selling this quarter at prices between ~$13 and ~$16.35. The stock currently trades at $13.65.Overseas Shipholding Group (OSG): The very small 0.73% stake in OSG was reduced by ~50% during the quarter.Kept Steady:BrightSphere Investment Group (BSIG): BSIG is currently the largest 13F stake at ~17% of the portfolio. It was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at ~$25.Note: Paulsons ownership stake in BSIG is ~20%.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $9.31, and the stake is the third-largest position in the portfolio at ~15%.NovaGold Resources (NG): NG is a ~12% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.59.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $3.57. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.International Tower Hill Mines (THM): THM is a 2.37% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.50.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 2.34% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $10.98.Ballys Corporation (BALY), Equinox Gold (EQX), Newmark Group (NMRK), Tellurian Inc. (TELL), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2022:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/23/2022 to 11/20/2022: None."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2022 Update"

"John Paulsons 13F portfolio value decreased from $2.03B to $1.37B this quarter.Paulson & Company dropped Occidental Petroleum and decreased APA Corp and Barrick Gold during the quarter.The top three positions are at 51% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2022. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2022.This quarter, Paulsons 13F portfolio value decreased ~33% from $2.03B to ~$1.37B. There are 28 13F securities in the portfolio although only 22 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, Novagold, and KraneShares CSI China Internet ETF. They add up to ~63% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Duke Realty: Duke Realty was a 1.75% merger-arbitrage stake established during the quarter. Prologis (PLD) acquired Duke Realty in an all-stock (0.475 shares of Prologis for each share of Duke Realty held) deal announced in June. The transaction closed last month.Stake Disposals:Occidental Petroleum (OXY): OXY was a large (top five) 7.26% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. Last two quarters had seen a one-third reduction at prices between ~$31 and ~$71. The elimination this quarter was at prices between ~$57 and ~$75. The stock is now at ~$69.Pacira Biosciences (PCRX): The ~1% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2021 saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% in Q1 2022 at prices between ~$60 and ~$77. That was followed with a ~30% selling last quarter at prices between ~$52 and ~$82. The disposal this quarter was at prices between ~$51 and ~$59. The stock is now at $47.69.Endo International plc: The ENDPQ position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. Last quarter saw a ~55% selling at prices between ~$0.30 and ~$2.74. The remainder stake was disposed this quarter. It was a long-term stake that had been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis. The stake had wavered over the years.Note: In August, Endo filed for Chapter 11 bankruptcy.Coherent Inc. and IronSource: These were merger-arbitrage stakes established last quarter. Coherent Inc. was acquired by II-VI Inc. (IIVI) in a cash-and-stock deal ($222 in cash and 0.91 shares of IIVI for each share) announced last May. The transaction closed in July. Unity (U) bought IronSource in an all-stock deal (0.1089 shares of Unity for each share) announced in July. The transaction closed earlier this month.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~28% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $78.76. Last four quarters have seen only minor adjustments.Kraneshares CSI China Internet (KWEB): KWEB is a 4.39% of the portfolio position primarily built in Q1 2022 at prices between ~$21 and ~$39 and the stock currently trades at $26.39. There was a ~27% selling this quarter at prices between ~$25 and ~$33.AngloGold Ashanti (AU): AU is a ~4% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. This quarter saw another one-third selling at prices between ~$12 and ~$16. The stock is currently at $17.81.APA Corporation (APA): The ~3% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. There was a ~60% reduction this quarter at prices between ~$31 and ~$42. The stock is now at $46.59.VMWare Inc. (VMW): VMWare is a merger arbitrage stake. It is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced in May. VMW is now at ~$118.Barrick Gold (GOLD): The 1.82% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. This quarter saw a roughly two-thirds reduction at prices between ~$14 and ~$18. The stock is now at $15.87.Ballys Corporation (BALY), Overseas Shipholding Group (OSG), and Tellurian Inc. (TELL): These very small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG).Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $6.82, and the stake is the second-largest position in the portfolio at ~13%. There was a minor ~2% increase last quarter.BrightSphere Investment Group (BSIG): The large (top three) ~10% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $19.74.Note: Paulsons ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a 7.63% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.64.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $2.05. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Thryv Holdings (THRY) previously Dex Media: The 3.57% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $18.96. Paulson & Company has a 6.3% ownership stake in the business.SSR Mining Inc. (SSRM): The 3.36% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. The stock currently trades at $14.67.Agnico Eagle Mines (AEM): The 3.20% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. AEM currently trades at $49.89.International Tower Hill Mines (THM): THM is a 2.33% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.44.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Seabridge Gold (SA): The 1.80% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $11.91.Equinox Gold (EQX), Newmark Group (NMRK), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2022:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/24/2022 to 8/23/2022: None."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2022 Update"

"John Paulsons 13F portfolio value decreased from $3.25B to $2.03B this quarter.Paulson & Company dropped SPDR Gold ETF and Exxon Mobil while increasing Horizon Therapeutics.The top three positions are at 43% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 8/15/2022. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2022.This quarter, Paulsons 13F portfolio value decreased ~38% from $3.25B to $2.03B. There are 32 13F securities in the portfolio although only 26 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, Occidental Petroleum, and KraneShares CSI China Internet ETF. They add up to ~56% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:VMWare Inc. (VMW), Coherent Inc., and IronSource (IS): These are merger-arbitrage stakes established this quarter. VMWare is getting acquired by Broadcom (AVGO) in a $142.50 in cash or 0.252 shares of AVGO for each share in a deal announced in May. VMW is now at ~$118. Coherent Inc. was acquired by II-VI Inc. (IIVI) in a cash-and-stock deal ($222 in cash and 0.91 shares of IIVI for each share) announced last May. The transaction closed in July. Unity (U) is buying IronSource in an all-stock deal (0.1089 shares of Unity for each share) announced in July.Stake Disposals:SPDR Gold ETF (GLD): GLD was a large (top five) 5.56% of the portfolio position purchased last quarter at prices between ~$167 and ~$192. It was disposed this quarter at prices between ~$168 and ~$185. The stock currently trades at ~$161.Didi Global (DIDIY): DIDIY had an IPO last June. Shares started trading at ~$14 and currently goes for $2.40. Paulsons original investment was made in fund-raising rounds in the 2016-2018 timeframe. Q3 2021 saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. Last quarter saw another ~175% stake increase at prices between ~$1.75 and ~$5.35. Didi de-listed from NYSE in June and now trades OTC. As it is no longer a 13F security it is unclear whether Paulson sold the position during the quarter.Exxon Mobil (XOM): XOM was a small 2.54% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. Last three quarters had seen a one-third selling at prices between ~$53 and ~$88. The elimination this quarter was at prices between ~$82 and ~$105. The stock is now at $96.31.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. Last quarter saw the position reduced by ~75% to a very small 0.43% stake at prices between ~$11 and ~$15. The remainder stake was sold this quarter. It currently trades at $11.58.Vaneck Vectors Oil Services ETF (OIH): The small 1.44% stake in OIH was sold this quarter.Stake Decreases:Occidental Petroleum (OXY): OXY is a large (top five) 7.26% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. Last two quarters have seen a one-third reduction at prices between ~$31 and ~$71. The stock is now at ~$72.Pacira Biosciences (PCRX): The ~1% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2021 saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% last quarter at prices between ~$60 and ~$77. That was followed with a ~30% selling this quarter at prices between ~$52 and ~$82. The stock is now at $52.22.Endo International plc (ENDPQ): The ENDPQ position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. This quarter saw a ~55% selling at prices between ~$0.30 and ~$2.74. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis. The stake had wavered over the years.Note: Earlier this month, Endo filed for Chapter 11 bankruptcy.Newmark Group (NMRK): The very small 0.61% of the portfolio stake in NMRK was reduced this quarter.Stake Increases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~24% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $58.92. Last two quarters had seen minor trimming while this quarter there was a ~11% increase.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $5.12, and the stake is the second-largest position in the portfolio at 11%. There was a minor ~2% increase this quarter.Kept Steady:BrightSphere Investment Group (BSIG): The large (top three) ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction in Q4 2021 at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $17.84.Note: Paulsons ownership stake in BSIG is ~20%.Kraneshares CSI China Internet (KWEB): KWEB is a 5.35% of the portfolio position primarily built last quarter at prices between ~$21 and ~$39 and the stock currently trades at $28.83.NovaGold Resources (NG): NG is a 5.27% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $4.50.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.APA Corporation (APA): The 5.16% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. The stock is now at $39.32.AngloGold Ashanti (AU): AU is a 4.36% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $13.71.Perpetua Resources (PPTA): The ~4% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades well below that range at $2.62. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Barrick Gold (GOLD) and Seabridge Gold (SA): The ~4% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now well below those ranges at ~$15. The small 1.27% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $12.27.SSR Mining Inc. (SSRM): The 2.57% of the portfolio stake in SSRM saw a ~140% stake increase in Q4 2021 at prices between ~$14.50 and ~$20. The stock currently trades at $13.68.Thryv Holdings (THRY) previously Dex Media: The 2.36% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $25.94. Paulson & Company has a 6.3% ownership stake in the business.Agnico Eagle Mines (AEM): The 2.33% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares. AEM currently trades at $42.30.International Tower Hill Mines (THM): THM is a 1.59% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.53.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tellurian Inc. (TELL): The ~1% of the portfolio TELL stake saw a ~40% stake increase last quarter at prices between ~$2.25 and ~$6.35. The stock currently trades at $3.76.Ballys Corporation (BALY), Overseas Shipholding Group (OSG), Equinox Gold (EQX), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2022:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/26/2022 to 5/24/2022: None."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2022 Update"

"John Paulsons 13F portfolio value increased marginally from $3.24B to $3.25B this quarter.Paulson & Company added SPDR Gold ETF while reducing Pacira Biosciences and Tim SA. They also dropped Shell plc and TotalEnergies SE.The top three positions are at 43% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 5/16/2022. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2021.This quarter, Paulsons 13F portfolio value increased marginally from $3.24B to $3.25B. There are 33 13F securities in the portfolio although only 27 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, SPDR Gold ETF, and Occidental Petroleum. They add up to ~54% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:SPDR Gold ETF (GLD) and Agnico Eagle Mines (AEM): GLD is a large (top five) 5.56% of the portfolio position purchased this quarter at prices between ~$167 and ~$192 and the stock currently trades at ~$174. The ~2% AEM position came about as a result of Agnicos acquisition of Kirkland Lake Gold in an all-stock deal (0.7935 shares of AEM for each share held) that closed in January. Paulson & Company had a 1.303M share stake in Kirkland Lake Gold for which they received these shares.Stake Disposals:Cerner Corporation (CERN): CERN was a 1.36% of the portfolio merger-arbitrage stake established last quarter. Oracle is buying Cerner in a $95 per share all-cash deal announced in December. The position was dropped this quarter at prices between ~$91 and ~$94. The stock currently trades at $94.44.Shell plc (SHEL): SHEL is a 1.34% of the portfolio position established in Q2 2021 at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% last quarter at prices between ~$37 and ~$45. The disposal this quarter was at prices between ~$44.50 and ~$55.75. It now goes for $59.94.BP plc (BP), Kirkland Lake Gold, and Total Energies SE (TTE): These small (less than 1.75% of the portfolio each) stakes were eliminated during the quarter.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the largest position at ~18% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Q3 2021 saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at ~$88. Last two quarters have seen minor trimming.Occidental Petroleum (OXY): OXY is a 5.42% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling in Q3 2021 at prices between ~$22 and ~$33. This quarter saw another ~17% trimming at prices between ~$31 and ~$61. The stock is now at ~$65.Exxon Mobil (XOM): XOM is a small 2.54% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. Last three quarters have seen a one-third selling at prices between ~$53 and ~$88. The stock is now at $94.40.Pacira Biosciences (PCRX): The 1.17% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Last quarter saw a ~35% stake increase at prices between ~$48 and ~$62. The position was reduced by ~70% this quarter at prices between ~$60 and ~$77. The stock is now at $60.65.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. This quarter saw the position reduced by ~75% to a very small 0.43% stake at prices between ~$11 and ~$15. It currently trades at $14.34.Newmark Group (NMRK): The very small 0.69% of the portfolio stake in NMRK was reduced by ~40% this quarter.Stake Increases:Kraneshares CSI China Internet (KWEB): KWEB is a 2.91% of the portfolio position primarily built this quarter at prices between ~$21 and ~$39 and the stock currently trades at $24.79.Didi Global (DIDI): DIDI had an IPO last June. Shares started trading at ~$14 and currently goes for $1.48. Paulsons 1.83% of the portfolio position goes back to investments made in the 2016-2018 timeframe. Q3 2021 saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. This quarter saw another ~175% stake increase at prices between ~$1.75 and ~$5.35.Note: DIDI has plans to delist from NYSE and they have submitted the paperwork this Monday.Tellurian Inc. (TELL): The 1.14% of the portfolio TELL stake saw a ~40% stake increase this quarter at prices between ~$2.25 and ~$6.35. The stock currently trades at $4.45.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $9.28, and the stake is the second-largest position in the portfolio at 18%.BrightSphere Investment Group (BSIG): The large (top three) ~7% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction last quarter at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $19.48.Note: Paulsons ownership stake in BSIG is ~20%.NovaGold Resources (NG): NG is a 5.29% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $5.83.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 4.36% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at ~$18.APA Corporation (APA): The 3.82% APA stake was purchased in Q2 2021 at prices between ~$17 and ~$23.50. Next quarter saw a ~25% selling at prices between ~$16 and ~$23. The stock is now at $43.62Barrick Gold (GOLD) and Seabridge Gold (SA): The 3.43% GOLD position saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now at $21.31. The small 1.18% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $14.43.Perpetua Resources (PPTA): The 3.13% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at $3.38. There was a ~18% stake increase in Q3 2021 at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.SSR Mining Inc. (SSR): The ~2% of the portfolio stake in SSR saw a ~140% stake increase last quarter at prices between ~$14.50 and ~$20. The stock currently trades at $20.54.International Tower Hill Mines (THM): THM is a 1.87% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 also saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.69.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Thryv Holdings (THRY) previously Dex Media: The 1.85% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Next two quarters saw another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at ~$24. Paulson & Company has a 6.3% ownership stake in the business.Endo International plc (ENDP): The 1.23% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $0.36. The stake had wavered over the years.Note: Their ownership stake in the business is ~7.4%.Ballys Corporation (BALY), Equinox Gold (EQX), Trilogy Metals (TMQ), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2022:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/24/2021 to 2/26/2022: 13G 2/14 THRY 2.18M shares 6.3% fo business, ENDP 17.38M shares 7.4% of business, Form 3 1/3 PPTA - ~25M shares, Form 4. 13/DA 12/22 BSIG 690K shares disposed at 31.5 & 100K at 25.18 8.95M shares (19.77% of business), Form 4 12/8 10.26M shares disposed at 31.50. 13D/A 12/10 9.74M shares 21.19% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2021 Update"

"John Paulsons 13F portfolio value decreased from $3.51B to $3.24B this quarter.Paulson & Company increased Pacira Biosciences and SSR mining while reducing Brightsphere Investment Group and Thryv Holdings.The top three positions are at 49% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 2/14/2022. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2021.This quarter, Paulsons 13F portfolio value decreased ~8% from $3.51B to $3.24B. There are 36 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and AngloGold Ashanti and they add up to ~58% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July 2020, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.New Stakes:Cerner Corporation (CERN): CERN is a 1.36% of the portfolio merger-arbitrage stake established this quarter. Oracle is buying Cerner in a $95 per share all-cash deal announced in December. The stock currently trades at $93.41.Stake Disposals:Cloudera Inc. : Cloudera was a ~2% of the portfolio merger-arbitrage stake. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Pretium Resources (PVG): PVG was a very small 0.66% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $14.73. The disposal this quarter was at prices between $9.50 and $14.60. Newcrest mining is acquiring Pretium for C$18.50 per share deal announced in November.Viatris (VTRS) previously Mylan: The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction last quarter at prices between ~$13 and ~$16.15. Last quarter saw another similar reduction at prices between ~$13.25 and ~$15. The elimination this quarter was at prices between ~$12 and ~$14.70. The stock currently trades at $10.48.Kansas City Southern: The very small 0.23% stake in KSU was eliminated as Canadian Pacifics (CP) acquisition of Kansas City Southern closed in December.Stake Decreases:Horizon Therapeutics (HZNP): HZNP is currently the second-largest position at ~20% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. Last quarter saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at $98.31. This quarter also saw a ~3% trimming.BrightSphere Investment Group (BSIG): The large (top three) ~7% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. There was a ~55% reduction this quarter at ~$31.50 per share as they participated in a fixed-tender-offer by the company. The stock currently trades at $24.37.Note: Paulsons ownership stake in BSIG is ~20%.Thryv Holdings (THRY) previously Dex Media: The 2.71% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. Last two quarters have seen another ~25% selling at prices between ~$27 and ~$41.50. The stock currently trades at $29.04. Paulson & Company has a 6.3% ownership stake in the business.Didi Global (DIDI): DIDI had an IPO last June. Shares started trading at ~$14 and currently goes for ~$4. Paulsons 1.83% of the portfolio position goes back to investments made in the 2016-2018 timeframe. Last quarter saw a ~15% stake increase at prices between ~$7.20 and ~$16.40. while this quarter there was a ~6% trimming.Stake Increases:Pacira Biosciences (PCRX): The ~3% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. This quarter saw a ~35% stake increase at prices between ~$48 and ~$62. The stock is now at $71.28.SSR Mining Inc. (SSR): The 1.70% of the portfolio stake in SSR saw a ~140% stake increase this quarter at prices between ~$14.50 and ~$20. The stock currently trades at $20.58.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $24.17, and the stake has become the largest position in the portfolio at 22%.NovaGold Resources (NG): NG is a 4.70% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $7.29.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 3.86% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at ~$24.Perpetua Resources (PPTA): The fairly large 3.63% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at ~$4. There was a ~18% stake increase last quarter at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Occidental Petroleum (OXY): OXY is a 3.35% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Next quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling last quarter at prices between ~$22 and ~$33. The stock is now at $48.37.Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.66% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase in Q2 2021 at prices between ~$19.80 and ~$25.30. The stock is now at $23.15. The small ~1% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase in Q2 2021 at prices between ~$16.15 and ~$19.75. It currently trades at $17.90.APA Corporation (APA) and Shell plc (SHEL): These two positions were purchased in Q2 2021. The 2.49% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $37.87. Last quarter saw a ~25% selling at prices between ~$16 and ~$23. SHEL is a 1.34% of the portfolio position established at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% last quarter at prices between ~$37 and ~$45. It now goes for $54.62.Exxon Mobil (XOM): XOM is a small 2.12% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Q2 2021 saw a ~50% stake increase at prices between ~$55 and ~$65. There was a ~25% selling last quarter at prices between ~$53 and ~$63. The stock is now at $80.53.Endo International plc (ENDP): The ~2% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $2.27. The stake had wavered over the years.Note: Their ownership stake in the business is ~7.4%.International Tower Hill Mines (THM): THM is a 1.31% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at ~$1.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tim SA (TIMB): The 1.40% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. It currently trades at $13.04.Ballys Corporation (BALY), BP plc (BP), Kirkland Lake Gold, Newmark Group (NMRK), Total Energies SE (TTE), Trilogy Metals (TMQ), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note 1: Agnico Eagle Mines (AEM) acquired Kirkland Lake Gold in an all-stock transaction (0.7935 shares of AEM for each share held) that closed last month.Note 2: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2021:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/8/2021 to 11/24/2021: 13D 11/5 BSIG 20M shares 25.1% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2021 Update"

"John Paulsons 13F portfolio value decreased from $4.35B to $3.51B this quarter.Paulson & Company increased Perpetua Resources and Didi Global while dropping Dish Network.The top three positions are at 55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/15/2021. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2021.This quarter, Paulsons 13F portfolio value decreased ~19% from $4.35B to $3.51B. There are 38 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and Perpetua Resources and they add up to ~63% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But, he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Dish Network (DISH) and Discovery Inc. (DISCK): DISH is a 3.21% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30. The stake was disposed this quarter at prices between ~$39 and ~$46. The stock is currently at $30.55. The very small 0.60% of the portfolio stake in DISCK established last quarter was sold this quarter.New Stakes:Cloudera Inc. : Cloudera is a ~2% of the portfolio merger-arbitrage stake. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at 19.25% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. This quarter saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at ~$106.Occidental Petroleum (OXY): OXY is a 3.16% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Last quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling this quarter at prices between ~$22 and ~$33. The stock is now at $28.95.Thryv Holdings (THRY) previously Dex Media: The 2.26% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. The stock currently trades at $38.82. This quarter also saw a ~6% trimming. Paulson & Company has a ~9% ownership stake in the business.Pacira Biosciences (PCRX): The ~2% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $53.29. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2020 saw a ~13% stake increase while last quarter saw a similar reduction. There was marginal trimming this quarter.Exxon Mobil (XOM): XOM is a small 1.89% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Last quarter saw a ~50% stake increase at prices between ~$55 and ~$65. There was a ~25% selling this quarter at prices between ~$53 and ~$63. The stock is now at $59.79.APA Corporation (APA) and Royal Dutch Shell (RDS.A): These two positions purchased last quarter were reduced this quarter. The 1.83% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $25.25. This quarter saw a ~25% selling at prices between ~$16 and ~$23. RDS.A is a 1.27% of the portfolio position established last quarter at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% this quarter at prices between ~$37 and ~$45. It now goes for $41.59.Endo International plc (ENDP): The 1.60% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.27. The stake had wavered over the years. Last three quarters have seen only minor adjustments.Note: Their ownership stake in the business is ~7.5%.Kirkland Lake Gold (KL): KL is a 1.54% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $38.12. There was a ~13% trimming this quarter.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now a minutely small 0.41% of the portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction last quarter at prices between ~$13 and ~$16.15. This quarter saw another similar reduction at prices between ~$13.25 and ~$15. The stock currently trades at $12.09.BP plc (BP), Kansas City Southern (KSU), Newmark Group (NMRK), Total Energies SE (TTE), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Stake Increases:Perpetua Resources (PPTA): The fairly large 3.51% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at $4.89. There was a ~18% stake increase this quarter at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Didi Global (DIDI), : These are the new positions this quarter. DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for $7.81. Paulsons 2.82% of the portfolio position goes back to investments made in the 2016-2018 timeframe. This quarter saw a ~15% stake increase at prices between ~$7.20 and ~$16.40.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at ~$23 and the stake has become the largest position in the portfolio at 20.50%.BrightSphere Investment Group (BSIG): The large (top three) ~15% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $30.24.Note: Paulsons ownership stake in BSIG is ~25%.NovaGold Resources (NG): NG is a 4.36% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $6.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 2.72% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $21.11.Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.34% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase last quarter at prices between ~$19.80 and ~$25.30. The stock is now at $18.39. The small 0.91% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase last quarter at prices between ~$16.15 and ~$19.75. It currently trades at $18.58.International Tower Hill Mines (THM): THM is a 1.31% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.74.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tim SA (TIMB): The 1.19% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. It currently trades at $12.10.Pretium Resources (PVG): PVG is a very small 0.66% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $13.30.Ballys Corporation (BALY), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2021:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/25/2021 thru 9/8/2021: 13D - 8/27 Perpetua Resources PPTA 20.93M shares 33.3% of business.8/30/2021 Crypto Bubble call by John Paulson "I would describe cryptocurrencies as a limited supply of nothing," -"

"Tracking John Paulsons Paulson & Company Portfolio Q2 2021 Update"

"John Paulsons 13F portfolio value remained steady at $4.35B this quarter.Paulson & Company's added Didi Global & increased Occidental Petroleum while reducing Viatris and dropping Takeda.The top three positions are at 45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 8/16/2021. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2021.This quarter, Paulsons 13F portfolio value remained steady at $4.35B. There are 40 13F securities in the portfolio although only 32 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and Didi Global and they add up to ~53% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: Last month, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But, he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Alexion Pharmaceuticals (ALXN): Alexion was a merger arbitrage stake. AstraZeneca (AZN) bought Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADSs for each share held) deal announced last December. Paulsons fairly large 4.92% portfolio stake was built at prices between ~$100 and ~$160. The transaction closed last month.Takeda Pharma (TAK): The ~2% TAK stake as of last quarter came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. Last quarter saw the stake reduced by ~60% to a ~2% portfolio stake at prices between $16.70 and $19.90. The disposal this quarter was at prices between ~$16.50 and ~$18.65. Takeda currently trades at $17.14.Michaels Companies (MIK) and Talend SA (TLND): The ~1% MIK position was a merger-arbitrage stake. The business was taken private by Apollo Global Management in a $22 per share cash deal that closed in April. TLND was also a ~1% merger-arbitrage stake. They got acquired by Thoma Bravo in a $66 per share cash deal that closed in July.RealPage Inc. (RP), and SPDR Energy ETF (XLE): These two are small (less than ~1% of the portfolio each) stakes established in Q4 2020. RealPage was a merger-arbitrage stake. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash and that transaction closed in April.New Stakes:Didi Global (DIDI), APA Corporation (APA), and Royal Dutch Shell (RDS.A): These are the new positions this quarter. DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for ~$9. Paulsons 3.60% of the portfolio position goes back to investments made in the 2016-2018 timeframe. The ~2% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $19.04. RDS.A is a 1.89% of the portfolio position established this quarter at prices between ~$37.75 and ~$42.35 and it now goes for $39.53.Ballys Corporation (BALY), BP plc (BP), Kansas City Southern (KSU), Vaneck Vectors Oil Services ETF (OIH), Total Energies SE (TTE), and Discovery Inc. (DISCK): These are very small (less than ~1.25% of the portfolio each) new positions established this quarter.Stake Decreases:Dish Network (DISH): DISH is a 3.21% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $45.30. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30. There was a ~8% trimming this quarter.Pacira Biosciences (PCRX): The 1.77% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $56.81. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2020 saw a ~13% stake increase while this quarter saw a similar reduction.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 1.10% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction this quarter at prices between ~$13 and ~$16.15. The stock currently trades at $14.55.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. This quarter saw the position almost sold out at prices between ~$158 and ~$179. The stock currently trades at ~$167.Stake Increases:Occidental Petroleum (OXY): OXY is a 3.59% stake that saw a ~150% increase last quarter at prices between ~$17.50 and ~$31.25. This quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. The stock is now at $24.91.Exxon Mobil (XOM): XOM is a small 2.17% stake built over the last two quarters at prices between ~$32 and ~$62. This quarter saw a ~50% stake increase at prices between ~$55 and ~$65. The stock is now at $54.05Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.16% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase this quarter at prices between ~$19.80 and ~$25.30. The stock is now at $19.86. The small 0.83% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase this quarter at prices between ~$16.15 and ~$19.75. It currently trades at $17.97.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $28.50 and the stake has become the largest position in the portfolio at 17.40%.Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at 17.19% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. The stock is now at ~$108.BrightSphere Investment Group (BSIG): The large (top three) ~11% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $26.91.Note: Paulsons ownership stake in BSIG is ~25%.NovaGold Resources (NG): NG is a ~4% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $7.14.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Perpetua Resources (PPTA): The fairly large 3.51% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades below that range at $5.05.Note: Paulson & Company has a one-third ownership stake in the business.AngloGold Ashanti (AU): AU is a 2.55% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $15.85.Thryv Holdings (THRY) previously Dex Media: The 2.30% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Last quarter saw a ~12% trimming at $27 per share. The stock currently trades at $29.47. Paulson & Company still has a ~10% ownership stake in the business.Endo International plc (ENDP): The ~2% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $2.11. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.International Tower Hill Mines (THM): THM is a 1.49% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.84.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a 1.33% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $41.55.Tim SA (TIMB): The ~1% TIMB stake was primarily built last quarter at prices between ~$11 and ~$14. It currently trades at $11.05.Pretium Resources (PVG): PVG is a very small 0.53% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $10.06.Newmark Group (NMRK), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2021:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/2/2021 thru 5/25/2021: None."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2021 Update"

"John Paulsons 13F portfolio value increased from $3.85B to $4.35B this quarter.Paulson & Company's added Perpetua Resources and increased Alexion Pharmaceuticals while dropping Discovery Communications and ViacomCBS during the quarter.Their top three positions are at 45% of the entire 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 5/17/2021. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2020.This quarter, Paulsons 13F portfolio value increased ~13% from $3.85B to $4.35B. There are 36 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, SPDR Gold ETF, and Alexion Pharmaceuticals, and they add up to ~57% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. H1 2020 had seen a ~37% reduction at prices between $18.25 and $32.75. The disposal this quarter was at prices between ~$30 and ~$77. DISCA currently trades at $30.66.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades at $40.90. The position was reduced by ~75% in Q2 2020 at prices between $12.40 and $28.50. The remaining ~1.5% portfolio position was disposed this quarter at prices between ~$36.60 and ~$100.New Stakes:Perpetua Resources (PPTA), Michaels Companies (MIK), and Talend SA (TLND): These are the three new positions this quarter. The fairly large 3.67% PPTA stake was purchased at prices between ~$6 and ~$11 and the stock currently trades at $8.08. The ~1% MIK position was a merger-arbitrage stake. The business was taken private by Apollo Global Management in a $22 per share cash deal that closed last month. TLND is also a ~1% merger-arbitrage stake. They are getting acquired by Thoma Bravo in a $66 per share cash deal announced in March.Stake Decreases:Takeda Pharma (TAK): The 5.34% TAK stake as of last quarter came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. This quarter saw the stake reduced by ~60% to a ~2% portfolio stake at prices between $16.70 and $19.90. Takeda currently trades at $17.12.Thryv Holdings (THRY) previously Dex Media: The 1.51% THRY stake was established last quarter at prices between ~$8 and ~$14. This quarter saw a ~12% trimming at $27 per share. The stock currently trades at $25.22. Paulson & Company still has a ~10% ownership stake in the business.Stake Increases:Alexion Pharmaceuticals (ALXN) and Exxon Mobil (XOM): These two stakes established last quarter were increased substantially this quarter. Alexion is a merger arbitrage stake. AstraZeneca is buying Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADSs for each share held) deal announced last December. Paulsons fairly large ~5% portfolio stake was built at prices between ~$100 and ~$160. The stock currently trades at ~$177. XOM is a small 1.28% stake built at prices between ~$32 and ~$62 and it is now at $58.26.Occidental Petroleum (OXY) and Tim SA (TIMB): These two positions saw large increases this quarter. OXY is a 1.83% stake that saw a ~150% increase this quarter at prices between ~$17.50 and ~$31.25. The stock is now at $24.62. The ~1% TIMB stake was primarily built this quarter at prices between ~$11 and ~$14. It currently trades at $11.24.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $31.26 and the stake has become the largest position in the portfolio at ~19%.Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at ~17% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while last quarter saw a ~20% stake increase at prices between ~$67 and ~$84. The stock is now at $95.75.BrightSphere Investment Group (BSIG): The large (top three) ~9% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $22.21.Note: Paulsons ownership stake in BSIG is ~25%.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$178. The stake is still the fourth-largest at ~7% of the portfolio.NovaGold Resources (NG): NG is a 4.47% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $10.17.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 3.68% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at ~$15.Endo International plc (ENDP): The 3.12% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase last quarter at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.37. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.AngloGold Ashanti (AU): AU is a ~3% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $25.15. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling last quarter.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $43.35. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30.Pacira Biosciences (PCRX): The 2.28% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $66.40. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Last quarter saw a ~13% stake increase.Barrick Gold (GOLD) and Seabridge Gold (SA): These two stakes were more than doubled last quarter. The 1.61% GOLD stake saw a ~130% stake increase at prices between ~$22.50 and ~$29.50 and the stock is now at $24.58. The small 0.58% SA position saw a ~125% increase last quarter at prices between ~$17 and ~$21 and it is now at $18.54.International Tower Hill Mines (THM): THM is a 1.52% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Last quarter saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $1.18.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a 1.47% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $43.77.RealPage Inc. (RP), and SPDR Energy ETF (XLE): These two are small (less than ~1% of the portfolio each) stakes established last quarter. RealPage is a merger-arbitrage stake. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash and that transaction closed last month.Pretium Resources (PVG): PVG is a very small 0.57% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $11.51.Equinox Gold Corp (EQX), Newmark Group (NMRK), SR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2021:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/1/2021: Form 4 2/18 THRY - ~315K shares disposed at 27, 2.9M shares remain, 13G 2/16 3.2M shares (10.4% of business). 13G/A 2/16 NG 22.23M shares 6.7% of business, 13G 2/16 ENDP 18.3M shares 8% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2020 Update"

"John Paulsons 13F portfolio value increased from $3.21B to $3.85B this quarter.Paulson & Company's largest three positions are Horizon Therapeutics, Bausch Health, and Brightsphere Investment Group.The stake in Barrick Gold was more than doubled during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 2/16/2021. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2020.This quarter, Paulsons 13F portfolio value increased ~20% from $3.21B to $3.85B. There are 36 13F securities in the portfolio although only 26 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, Brightsphere Investment Group, SPDR Gold ETF, and Viatris, and they add up to ~54% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Qiagen NV (QGEN): QGEN was a very small 0.65% of the portfolio position. It was a merger-arbitrage stake. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. The stake was disposed this quarter at prices between ~$46 and ~$55. Qiagen currently trades at $49.10 per share.Tiffany & Co (TIF): TIF was a ~2% merger-arbitrage stake. LVMH (LVMHF) acquired Tiffany in a transaction that closed in early January. The deal-price was negotiated down last October from $135 to $131.50 per share cash.New Stakes:Thryv Holdings (THRY), Alexion Pharmaceuticals (ALXN), RealPage Inc. (RP), Exxon Mobil (XOM), and SPDR Energy ETF (XLE): These are small (less than ~1% of the portfolio each) new stakes established this quarter. Alexion and RealPage are merger-arbitrage stakes. Last December, Thoma Bravo agreed to acquire RealPage for $88.75 per share cash. AstraZeneca is buying Alexion in a cash-and-stock ($60 cash and 2.1243 AstraZeneca ADSs for each share held) deal announced last December.Note: Regulatory filings since the quarter ended show them owning ~2.9M shares of Thryv Holdings (previously Dex Media). This is compared to 3.2M shares in the 13F report. Around 315K shares were sold at $27 per share. Paulson & Company still has a ~10% ownership stake in the business.Stake Decreases:AngloGold Ashanti (AU): AU is a 3.51% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $20.14. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling this quarter. Paulson is harvesting gains.Stake Increases:Horizon Pharmaceuticals (HZNP): HZNP is currently the top position at ~15% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at ~$91. Q2 2020 saw a ~16% selling at prices between $30 and $57 while this quarter saw a ~20% stake increase at prices between ~$67 and ~$84.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$161. The stake is still the fourth-largest at ~9% of the portfolio. This quarter saw a marginal increase.Endo International plc (ENDP): The 3.42% ENDP position saw a ~50% stake increase last quarter at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase this quarter at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $6.85. The stake had wavered over the years.Note: Their ownership stake in the business is ~8%.Pacira Biosciences (PCRX): The 2.20% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $69.35. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. This quarter saw a ~13% stake increase.Barrick Gold (GOLD) and Seabridge Gold (SA): These two stakes were more than doubled this quarter. The 2.20% GOLD stake saw a ~130% stake increase at prices between ~$22.50 and ~$29.50 and the stock is now below that range at $19.50. The small 0.86% SA position saw a ~125% increase this quarter at prices between ~$17 and ~$21 and it is now at $17.04.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $32.56 and the stake has become the second-largest position in the portfolio at ~14%.BrightSphere Investment Group (BSIG): The large (top three) ~10% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $18.90.Note: Paulsons ownership stake in BSIG is ~25%.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 5.58% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $13.88.NovaGold Resources (NG): NG is a 5.58% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $8.40.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Takeda Pharma (TAK): The large 5.34% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed last January. Takeda currently trades at $17.71.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. H1 2020 had seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at $61.45 and the stake is now at 4.69% of the portfolio.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $33.64. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30.International Tower Hill Mines (THM): THM is a 2.22% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Around 2.34M shares were purchased at an average cost of ~$1.40 last quarter. The stock is now at $1.17.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kirkland Lake Gold (KL): KL is a ~2% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $33.05.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades at ~$71. The position was reduced by ~75% in Q2 2020 at prices between $12.40 and $28.50. The stake is now at 1.52% of the portfolio.Pretium Resources (PVG): PVG is a very small 0.72% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $9.94.Equinox Gold Corp (EQX), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2020:Regulatory filings thru 11/20/2020: Form 3 9/25 Thryv Holdings (formerly DexMedia Holdings) THRY 3.22M shares. Form 4, 13D/A 9/4 THM 2.34M shares acquired at $1.4 61.93M shares total (32% of the business)."