The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling.
Takeaways From 13F Season
Investors who follow particular fund managers can easily look up what each was buying and selling in the quarter, but other investors may be more interested in overall themes from 13F filings. The first quarter of 2020 was the worst first quarter in the history of the S&P 500, so investors were particularly interested in how top investors played the dip.
- Fund managers were dumping FANG stocks in the first quarter with a handful of exceptions. Tepper bought Netflix and Cooperman bought Facebook
- Alphabet was one stock several fund managers were selling in the quarter. Tepper, Cooperman and Soros all reduced their holdings.
- Einhorn and Ackman both bought Berkshire, while Buffett himself was buying PNC Financial and little else.
- Bank stocks were popular among fund managers in the first quarter after the Federal Reserve cut interest rates to 0%. Einhorn bought Goldman Sachs, Cooperman bought JPMorgan and sold Citigroup and Wells Fargo, Buffett sold Goldman Sachs, and Soros sold Bank of America, Citigroup, JPMorgan and Wells Fargo.
- Several fund managers traded ETFs to play particular themes. Rosenstein and Smith sold the SPY ETF, while Soros bought municipal bond and investment-grade corporate bond ETFs.
Here’s a rundown of how the smart money was playing some of the most popular stocks last quarter.
See Also: 'I Was Wrong': Warren Buffett's Berkshire Hathaway Sold $6B Of Airline Stock In April
David Einhorn’s Greenlight Capital
Notable Q1 Buys/Increases:
- Change Healthcare Inc (NASDAQ:CHNG)
- Crown Holdings, Inc. (NYSE:CCK)
- Centene Corp (NYSE:CNC)
- Altria Group Inc (NYSE:MO)
- American Express Company (NYSE:AXP)
- Goldman Sachs Group Inc (NYSE:GS)
- Berkshire Hathaway Inc. (NYSE: BRK-B)
- Walt Disney Co (NYSE:DIS)
Notable Q1 Sells/Reductions:
David Tepper’s Appaloosa Management
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
Leon Cooperman’s Omega Advisors
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
Barry Rosenstein’s Jana Partners
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
Jeff Smith’s Starboard Value
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
- SPDR S&P 500 ETF Trust
- iShares Russell Midcap Index Fund (NYSE:IWR)
- MGM Resorts International (NYSE:MGM)
Warren Buffett’s Berkshire Hathaway
Notable Q1 Buys/Increases:
- PNC Financial Services Group Inc (NYSE:PNC)
Notable Q1 Sells/Reductions:
George Soros’ Soros Fund Management
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
Carl Icahn’s Icahn Capital
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
(none)
Bill Ackman’s Pershing Square Capital
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
- Chipotle Mexican Grill, Inc. (NYSE:CMG)
See Also: How Bill Ackman Successfully Navigated Coronavirus Market Volatility
John Paulson’s Paulson & Co.
Notable Q1 Buys/Increases:
Notable Q1 Sells/Reductions:
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