mercredi 16 août 2017

Ce que les meilleurs achètent (august 16th, 2017)

Let's take a look at ce que les meilleurs ont acheté dans les derniers mois.

Once in a while, I do what I can to promote our canadian cultural diversity by writing a bilingual sentence like that.

Warren Buffet:

Most important transactions:

Buffett sold about 16% of his position in IBM. As we seen last quarter, Buffett seems to admit that he made a mistake of investing in IBM (now 5,1% of his fund);
He added 52% to his position in Bank of New-York (now 1,6% of his fund);
He added 20% to his position in GM (now 1,3% of his fund).

Top 3 Berkshire positions:

Kraft Heinz: 17,2%
Wells Fargo: 16%
Apple: 11,6%

Chuck Akre:

Most important transactions:

Akre bought a lot during the last quarter. Many positions were increased. Two positions were increased most than the others: 

Dollar Tree: added 16% to his position (now 5,6% of the total portfolio);
O'Reilly: Added 45% to his position (now 4,3% of the total portfolio).

Top 3 Akre positions:

American Tower Corp: 14,8%
Moody's:  11,4%
Mastercard: 10,7%

David Einhorn:

Einhorn is a poker player and I can't forget this when I take a look at his picks. He's a gambler but he sometimes plays well. But he's not the typical buy and hold investor.

Mylan: added 23% to his position (now 6,9% of the total portfolio);
AABA: New position (now 3,9% of the total portfolio);
Perrigo: added 49% to his position (now 3,2% of the total portfolio);
Dillard Inc.: added 33% to his position (now 2,4% of the total portfolio);
Chemours: reduced his position by 28% (now 2,3% of the total portfolio);
Micron: added 66% to his position (now 1,3% of the total portfolio);
Hewlett Packard: New position (now 1,2% of the total portfolio).

Top 3 Einhorn positions:

GM: 31,8% (What the fuck?)
AerCap Holdings: 9,6%
Apple: 9,4%

Sequoia Fund

The last transactions haven't been filed yet but there's an interesting new pick which is FWONK (Liberty Media) which is a conglomerate including Atlanta Braves, Formula 1, Live Nation, Sirius XM and many others. In a way, it's a kind of Disney for adults. Giverny Capital has also bought shares of FWONK lately.

Giverny Capital 

Most important transactions:

Heico Corp: + 6% (now 2,8% of the portfolio)
O'Reilly: +5% (now 3,2% of the portfolio)
Bank of the Ozarks: +4% (now 8,9% of the portfolio)
FWONK: New position (now 3,5% of the portfolio)
Ametek: -13% (now 6,6% of the portfolio)
Disney: -15% (now 6% of the portfolio)
M&T Bank: -16% (now 4% of the portfolio)
LKQ: -18% (now 5,8% of the porfolio)

Top 3 Giverny Capital positions (US stocks only):

Berkshire Hathaway: 18,9%
Carmax: 9,2%Bank of the Ozarks: 8,9%

And let's conclude with that Ackman joke and his titanic, Pershing Square. There may be a documentary on Netflix about him and his shorting of Herbalife, I believe there should be an Ackman strikes back episode (Valeant) and a Return of the Ackman episode (Shipotle Mexican Grill) to follow his path to the dark side.

Most important transactions:

Mondelez International: Reduced his position by 27% (now 10,4% of the total portfolio)
Howard Hugues Corp: Added 32% to his position (now 9,6% of the total portfolio)
Automatic Data Processing: New position (now 3% of the total portfolio)

Top 3 Ackman positions:

Restaurant Brand International: 40,7%
Shitpotle Mexican Grill: 20%
Mondelez International: 10,4%

9 commentaires:

  1. Most of the fund managers I follow are off the beaten track but there is one name you mentioned here that I pay attention too and that would be Chuck Akre. He is a buy and hold guy who believes in the compounding nature of good long term investments. One name he holds has particular interest for me…Danaher Corp…DHR.

    With the unsettling influence of disruptive technology long term investors should be asking themselves not only if the company they’re investing in will increase their intrinsic value over time but will the company still exist in 10 years.

    DHR operates in four major market segments…

    Life sciences

    They are not the market leader in any of these fields but the markets they’re involved in stand a good chance of still being around 10 years from now. Chuck Akre sure seems to think so.

    1. I never really thought that Danaher was such a great pick. Low ROE, OK but not spectacular growth, high PE...

    2. I understand what you saying, but there is more to investing than just blindly following the numbers. DHR is ripe for ‘resource conversion’…as a matter of fact they spun off Fortive…FTV on the NYSE just last year, a year before that they acquired Pall Corp, a water treatment company. They are a supplier to the dental field as well. I believe they are in the process of lining all their ducks up in a row.

      This is a company with a lot of moving parts and a share holder friendly management (rising dividend). Of course there is always execution risk but this stock is cheap right now and with the coming correction in the markets could very well get cheaper. Anyway it’s a holding of Chuck Akre that caught my eye…just an investment idea…

  2. Nice to see that François Rochon and Sequoia finally realized the value of investing with John Malone.

    1. I'll do some research about John Malone. It may result in a future post.

    2. This is what got me started with John Malone :

      A bit dated as some of stock have been spun-off, but still a good reprensentation of his philosophy.

  3. Congrats to the Ross Stores shareholders. Very impressive performance. Shares up about 10% after reporting 2nd quarter earnings.

  4. Akre sold his position in ROSS in 2014 and here is what a Morningtar analyst said about it: Not every move works out. The managers sometimes let stocks go that they should’ve kept. In mid-2014, they sold Ross Stores ROST because of concern that Ross' strategy of increasing margins through inventory reduction had seen its best days. That thesis hadn’t fully materialized, and the stock has subsequently done well.
    FORTIVE: I share Gavin interest regarding that stock and the Rale brothers. I regret that I didn't purshased last year caused they have an aggressive growing plan but I was concerned about some of the cyclical nature of some of their business.
    FWONK: I think this stock is mainly the Formula 1 assets. I think that Liberty will do a better job than TonTon Bernie and revenue have already increased. I have some skepticism in the longer run with the slow death of the ICE and the popularity of Formula E. Many constructors have shown some interest in E and even announced that their domestic car won't be equipped with ICE.