August 2023 Guru Portfolios: Buffett, Munger, Pabrai, Spier, Li Lu, Bloomstran

well another three months has passed and that means that we have a brand new batch of 13 if filings from some of our favorite super investors these filings allow us to see what U. S domicile stocks these investors have been buying and selling and the latest quarter in this case the quarter end in June 30th 2023 and it's not intended to be like a shopping list of Investments that we should go out and buy or sell or anything like that but it can be a phenomenal way to Source really interesting investment ideas that you can dig further into so in this video let's go through some of the latest investment activity from some of my favorite super investors and the usual culprits in these quarterly videos that I do here on the channel those include of course Warren Buffett Charlie Munger bonus propriet guy Speer and Lee Lou and as I often like to do in these videos towards the end we will look at a new investor who is not one of the usual people I cover in these quarterly updates but who is a little less known in someone I still follow quite closely now the 13f data will of course just give us U. S based stocks doesn't give us an Investor's full portfolio by any means particularly if they do a lot of international investing or if they have some of their portfolio on cash or if they short stocks all of that stuff won't be picked up by the 13-year filings but I will be jumping over across to Ticker as I often do in these updates which will show us any International filings that are available for non-us-based stocks that these investors are buying now techa won't pick up everything but if for example a local regulatory filing is triggered like with Warren Buffett's recent Japanese Investments where he's bought more than five percent of a Japanese company those triggered a local filing in Japan and those types of investments will show up on ticker so that should give us a little bit more detail around the edges as well so with that introduction out of the way let's get into some of the latest activity from these super investors and of course if you haven't subscribed to the investing or Tom Channel already please be sure to do so but let's get straight into it

okay let's start off here with the big dog uh Warren Buffett and Berkshire Hathaway now as usual a couple of things to keep in mind with Berkshire uh this is not just Warren Buffett's portfolio there are two other portfolio managers at Berkshire Todd Combs and Ted wishler they manage a smaller chunk of berkshireway's portfolio so if anything's in kind of the top 10 or 15 Investments at Berkshire we can be pretty confident those are Warren Buffett stock picks but anything further down the list gets a little murkier and those are increasingly likely to be a tot Combs or Ted Whistler type investment Berkshire also has a very top heavy portfolio as we'll talk about in a sec so once we get outside sort of the top 10 stocks we're looking at less than one percent portfolio position okay so what have Warren Buffett and Berkshire Hathaway been up to in the quarter ending uh June 30th 2023 well in terms of the top 10 positions we only have two changes and that's a little bit of shuffling around with the two big oil companies that uh Berkshire invested in so the largest position remains Apple we saw no change in that at all and it's now 51 of berkshire's us stock portfolio which is just crazy um that position is worth almost 180 billion dollars so crazy large investment there for Berkshire But continuing through the top ten we have no change in Bank of America American Express or Coca-Cola like I mentioned a bit of shuffling around with some of the oil companies so we saw Chevron trimmed about seven percent and we saw Occidental Petroleum added to about five percent uh continuing through the top ten no change and craft Heinz Moody's HP or DaVita now I mentioned towards the start here that some of the big positions in the Berkshire portfolio are in the top 10 for example are almost certainly a Warren Buffett position I do believe DaVita is an exception to that has been a very long time Ted Whistler investment he was invested in DaVita even before he joined Berkshire Hathaway so I believe that stock is actually a Ted Whistler position and has continued to move up the portfolio as it's appreciated in value now Berkshire owns over 50 U. S stocks so I won't read through every single one here but in terms of some of the other positions where there has been some activity some buying awesome selling next one we have is Capital One Financial now at this point we're talking about point four percent of the portfolio and we're increasingly likely getting into Ted and Todd type Investments here but nonetheless Capital One Financial was added to 25 next up we have Activision Blizzard that was cut 70 I have actually covered Activision in quite some detail in a recent video on the channel I believe a lot of that selling was Warren Buffett and probably the remaining Shares are actually uh Turtle Todd I think there was um you know Buffett and one of the smaller money managers involved in Activision so if you want to see more detail on that specific investment I'll leave it linked up in one of the corners here but uh 70 trim to Activision we sort of expected to see that coming into this round of 13 F's uh General Motors was trimmed 45 in the portfolio that has gone from about a 0. 45 position to about a point two or so percent position one of the more interesting things I would say that has popped up in this quarterly 13f for Berkshire is a bit of activity around some home builder stocks so uh the first one we see here is Dr Horton which is a brand new position represents about 0. 2 percent of the Berkshire portfolio continuing down the list here we saw a 39 trim of CE stock uh celanessi Corp uh we saw a 60 reduction in Global Life Inc and a stock again that I've covered here on the channel a few times a brand new one and the other home builder that Berkshire have added is NVR so a point zero two percent position and NVR has popped up they are very well known for being uh one of the kings of cannibals I guess a company that's just eaten up their own shoe is through very aggressive sheer BuyBacks and it's done quite well as a result so interesting to see that pop up for I believe the first time in the Berkshire portfolio this quarter continuing down the list the final stock that Berkshire added this quarter was Lena Corp uh 0. 01 position in the portfolio and another home builder so we're starting to see a theme of that kind of coming through here for Berkshire and there were two stocks that were completely sold out of by Berkshire which was McKesson Corp previously a quarter percent position now completely sold out of and finally Marsh and McLennan companies which was previously a very small 0. 02 position in the portfolio are also completely sold down by Berkshire jumping over to Turca now and look in internationally for Berkshire uh and the core Berkshire Hathaway company kind of international filings there's really no recent activity at all the only stock that shows up there is iag insurance Australia group obviously over in Australia but it's very small position and no activity but if we dig a little deeper into Berkshire Hathaways subsidiaries they do occasionally for whatever reason put some of their stock Investments kind of within um different businesses that live under the Berkshire Hathaway Banner so for example we have Berkshire Hathaway energy with an investment in byd the electric vehicle company out of China Berkshire have been continuing to sell down their byd investment it's been a very successful holding for them over the past decade or so and as of the 18th of June we saw them trim their position by about a further nine percent but that overall holding Still Remains worth about 3. 1 billion dollars there is a second subsidiary of Berkshire that shows up here on tecca with some International Holdings that is National Indemnity Corp and that's kind of one of berkshire's big Insurance operations and that's wear for whatever reason they have been purchasing their Japanese trading companies that have been quite a public investment here for Warren Buffett and Berkshire Hathaway as of the 11th of June we saw some increases across all five of the Japanese trading companies uh ranging from additions of anywhere from 18 to about 23 percent again I have videos here on the channel on some of Buffett's Japanese Investments so I will leave that again linked up in one of the corners if you're wanting to learn a little bit more about those Holdings okay jumping

now to Warren Buffett's right hand man and that is 99 year old Charlie Munger and uh Charlie of course has quite the reputation at this point for being the master of doing nothing uh buying what he believes to be good businesses at reasonable prices and uh just kind of sitting on his backside and leading them hopefully compound away um we saw a continuation of that yet again here from Charlie this quarter and this I should say a isn't like Charlie munger's personal portfolio or anything so we won't see the likes of Costco which um you know manga has been on the board of for a long time and he's been you know very publicly you know a big shareholder in Costco uh we're instead looking at the Daily Journal Corporation portfolio which in itself is a public company and its stock Holdings are managed by Charlie Munger so in terms of the U. S Holdings we have uh only four of them and no change in any so Wells Fargo is 41. 5 percent of the US portfolio Bank of America is 40 percent Alibaba is 15. 3 percent and U. S Bancorp is about 2. 8 percent of the US portfolio no buyers or sells in any of those businesses looking over on ticker at the international Holdings we don't see anything additional uh pop-up here for Daily Journal on Charlie Munger uh it's been pretty widely rumored that Daily Journal may have an investment in 10 cents uh we know for sure that they at least used to have an investment in byd but you know Daily Journal are too small to Warrant any regulatory filings with those companies so unfortunately we don't have much review into what Munger is doing outside of the US next up we have minus

primary of propriet investment funds and this is the 13f which I think surprised the most people this quarter we had some pretty radical changes uh improvised U. S portfolio so uh he sold all of the previous Investments that he had based in the US those are Micron a stock that he has been in since the fourth quarter of 2018 he dumped it completely it was previously 79 of the U. S portfolio and he's now completely out of it we also have Brookfield corporation which is completely sold out of it was previously a 20 of the US portfolio position and for a few quarters he's had this very tiny sort of historic position in Heritage Growth Properties so he has finally sold the sort of small handful of shares that he had in Heritage as well and in terms of what probably has gone on to actually do with the money uh that he got from selling those three stocks he has absolutely backed up a truck on two big coal companies which I really did not see coming but Bry has been quite public and trying to transition towards higher quality long-term compound uh growing pie type businesses so these Investments to me seem like a little bit of a throwback to some of the 50 Cent dollar you know really cheap uh potentially more volatile and earnings type companies so the two stocks that he bought were Alpha metallurgical resources that is now 81 percent of the U. S portfolio keep in mind proprieta does a lot outside of the US so it's definitely not 80 of his Fund in reality but at least in the US 81 of portfolio not quite a 60 million dollar position and then we also have Console Energy another Coal Company about a 13. 8 million dollar position and makes up the balance of the US portfolio so about 18. 8 percent so some monster changes in the portfolio there for propriet and the US definitely let me know down in the comments uh what you think of some of those recent changes from monish in looking internationally for most probably he does have a few additional Holdings uh show up where he's had to make international filings so we have racist Logistics editwash Financial Services Suntec Realty and Rain Industries in terms of stocks that have recent changes we have racist Logistics there's number of shares in that company have actually doubled they've gone up 100 uh if you haven't been following along with racist Logistics they recently did quite a large Capital raise we're existing shareholders could buy quite significantly discounted I knew she is and racist to help them raise some money for uh you know additional sort of business activities so not too surprised to see that pop up here for Monash that update was on the 24th of July so pretty recent one his share count uh doubled the market value certainly will not have doubled um because racists have diluted um but nonetheless 164 million dollar position so I believe probably the biggest hold in admonishes fund a lot of which is capital gains it's been a very successful investment for them so far the only other one where we have some changes is with edelwash financial services so as of the end of June he had bumped that position up about 8. 8 percent in terms of the number of shares he owns moving right along to a good

friend of Monash that is Guy Speer with aquamarine capital A guy much like Charlie Munger is uh building quite the reputation for being the master of doing nothing and just so sitting back and let the lady in the businesses do their thing and yet again we saw that from guys be at this quarter so no change in any of his U. S positions no buyers no sells uh the top five positions remain Berkshire Hathaway American Express Ferrari MasterCard and Bank of America uh beyond that we have an additional share class in Berkshire so he's got both the B shares and the asias he continues to hold Micron Moody's Heritage Growth Properties Alibaba Daily Journal and Google and looking internationally we do have two further stocks show up which is Indian energy exchange and itec a b which we saw about a half a percent reduction in itkb so not quite sure what's going on there very small change I think it's reasonably well known at this point that guy does have some other International Holdings as well the likes of byd I think is one of if not the largest holding in his fund but um aquamarine not quite big enough a shareholder nbyyd to Warrant any sort of regulatory filing so we don't get too much of a view into what guy is doing there uh if I had to be it I'd say he's probably just sitting back like he does with a lot of his other stocks but uh we don't know that for sure next up we have

lilu of Himalaya Capital Management uh one of now two for a long time he was the only one but uh now one of two money managers to ever invest money on behalf of Charlie Munger so he's built quite the reputation in that manner and he's also built quite the reputation for just having phenomenally good returns over time so um Lee Lou does invest quite a bit internationally predominantly in China as I understand it um it certainly used to be the case I believe that's still the case but he does still have a few U. S Holdings that we can get into and we do have some activity this quarter so largest positions remain Bank of America about 29 of the U. S portfolio we have Google at 20. 5 percent Berkshire at 17 and an additional class of Google stock at 17 so if you add those two classes of Google stock together that's actually the largest US position uh we then have apple at 8. 2 percent and all of those stocks had no change at all so um no buyers no sells down the bottom end of the portfolio we do have east west Bancorp this was a new stock for lilu last quarter and he's continued buying it so he's added 20 to that position and finally the big sort of breaking news here for Lilo is he like most probably actually has completely sold out of Micron um he has been in that since Q4 2019 it was previously 20 of the US portfolio and he's completely out he sold 100 of his Micron shares so pretty fascinating to see leeloo exit Micron looking at Momo is 13f I was potentially wondering whether he just sold out of Micron to put money into the two new coal stocks and to free up capital for that I seen Lee Lou also sell it though maybe confirms that potentially something's changed with the thesis the investment case around that business I know that's uh it's fairly publicly known at this point that motion for Brian Lee Lou actually collaborated on the Micron investment idea so to see them both get out suggest to me that something has probably changed anything in around the company as opposed to it just been an opportunity cost thing for Monas for example where he thought the money was you know better put to use in the coal companies versus Micron uh you know with them both selling out it has become increasingly clear that probably something in their view has changed looking internationally for lilu like I said he does do a lot of investing in China we unfortunately only see one additional stock though show up here in ticker which is uh postal Savings Bank of China interestingly that is a 791 million dollar position which is larger than anything he owns in the US so that kind of puts that into context hopefully and the other number I should put out there is that uh supposedly Himalaya Capital Lulu's fund has about 14. 1 billion dollars in assets under management we only see 1. 8 billion dollars in the US so the vast majority of the portfolio is invested overseas and in terms of postal Savings Bank of China here for lilu we haven't got any update on that position since the end of December 2022 so no recent activity from what I can gather now the

last investor I want to cover here is one that is not in the usual quarterly updates here on the channel but he is an investor that I follow quite closely and I always enjoy reading his annual letters out of his fund and I often talk about them here on YouTube when it's uh comes to Berkshire Hathaway and that is a Chris bloomstrand of semper Augustus now I think Chris bloomstrand has a very good case for being the guy that likely understands more about Birch Hathaway than any other investor I know besides perhaps Warren Buffett and Charlie mugger he follows the company extremely closely uh tracks berkshire's intrinsic value in his view with a few different methods of calculating it and his annual letters he's appeared on numerous podcasts as kind of a Berkshire expert and investing expert more generally and he's going to have a lot of respect for when I follow very closely so in terms of what Chris bloomstrand has been up to this quarter uh quite a bit of activity now outside of the big Berkshire position for Chris bloomstrand right up top of the portfolio uh he has reasonably Diversified as far as the investors that I follow sort of go so quite a bit of activity and quite a few smaller positions so I sort of one and a half to three percent type Holdings but some interesting stuff to talk through nonetheless so uh the biggest possession by far and away is Berkshire Hathaway he has both classes of stock in there Class A and Class B uh Class B is about 19 of the portfolio and Class A is about 16 of the portfolio so uh write the Au more than a third of the portfolio just in Berkshire but there is some interesting stuff as you continue to work down the list so the third biggest position is mercury General Corp which he added to 90 this quarter so big add there for Chris Bloom strand on that position continuing through the top 10 he trimmed Olen Corp by two percent he added to Dollar General 76 Newmont mining four percent um same with Ken cross gold Corp added to that one 14 Paramount Global he added to 15 so there's a bit of overlap even between Chris bloomstrand's portfolio and Berkshire Hathaway's portfolio outside of you know the big Berkshire position that he owns directly so a Paramount Global is a good example of that and rounding out the top 10 we have an eight percent add to HF Sinclair Corporation and an 11 ad to Alaska Air Group now like I say Chris is quite Diversified and does seem to do quite a bit of rebalancing of the portfolio each quarter so I won't go through all of the activity here but I will mention that there was one stock that he completely sold out of which was hexel Corp previously about a 1. 2 position and uh completely exited uh in the most recent quarter for Chris bloomstrand and just finally in terms of International Investment activity outside of the us we have nothing at all showing up for Chris's Fund Central Augustus um he may well own some International stock box where he just hasn't triggered those regulatory filings but unfortunately not too much visibility into that at all so there you have it

those are some of the updates and my highlights from this latest batch of quarterly 13f filings from some of my favorite super investors if you did enjoy it and haven't subscribed to the channel already please be sure to do so and let me know down in the comments below some of your highlights from this uh quarters batch of 13f filings and let me know if there's any 13f filings for investors that I missed that you found really interesting and you'd like me to take a look at but that's all I've got for this one and I'll see you on the next video cheers