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Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios

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Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios

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:

  • General Motors Company (NYSE: GM)
  • DXC Technology Co (NYSE: DXC)
  • Scientific Games Corp (NASDAQ: SGMS)
  • Echostar Corporation (NASDAQ: SATS)

David Tepper’s Appaloosa Management

Notable Q1 Buys/Increases:

  • Twitter Inc (NYSE: TWTR)
  • Netflix Inc (NASDAQ: NFLX)
  • QUALCOMM, Inc. (NASDAQ: QCOM)
  • Tesla Inc (NASDAQ: TSLA)
  • Microsoft Corporation (NASDAQ: MSFT)

Notable Q1 Sells/Reductions:

  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)
  • Facebook, Inc. (NASDAQ: FB)
  • Amazon.com, Inc. (NASDAQ: AMZN)
  • PG&E Corporation (NYSE: PCG)
  • Alibaba Group Holding Ltd - ADR (NYSE: BABA)

Leon Cooperman’s Omega Advisors

Notable Q1 Buys/Increases:

  • JPMorgan Chase & Co. (NYSE: JPM)
  • AMC Entertainment Holdings Inc (NYSE: AMC)
  • Facebook

Notable Q1 Sells/Reductions:

  • Fiserv Inc (NASDAQ: FISV)
  • United Airlines Holdings Inc (NASDAQ: UAL)
  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)
  • Carnival Corp (NYSE: CCL)
  • Citigroup Inc (NYSE: C)
  • Wells Fargo & Co (NYSE: WFC)

Barry Rosenstein’s Jana Partners

Notable Q1 Buys/Increases:

  • Jack in the Box Inc. (NASDAQ: JACK)
  • Bloomin' Brands Inc (NASDAQ: BLMN)

Notable Q1 Sells/Reductions:

  • Conagra Brands Inc (NYSE: CAG)
  • Callaway Golf Co (NYSE: ELY)
  • SPDR S&P 500 ETF Trust (NYSE: SPY)

Jeff Smith’s Starboard Value

Notable Q1 Buys/Increases:

  • Box Inc (NYSE: BOX)
  • eBay Inc (NASDAQ: EBAY)

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:

  • Goldman Sachs Group Inc (NYSE: GS)
  • JPMorgan Chase & Co. (NYSE: JPM)
  • Phillips 66 (NYSE: PSX)
  • Amazon.com
  • General Motors Company (NYSE: GM)

George Soros’ Soros Fund Management

Notable Q1 Buys/Increases:

  • Peloton Interactive Inc (NASDAQ: PTON)
  • Utilities SPDR (NYSE: XLU)
  • ISHARES TR/NATL MUN BD ETF FD (NYSE: MUB)
  • iShares IBoxx $ Invest Grade Corp Bd Fd (NYSE: LQD)
  • Activision Blizzard, Inc. (NASDAQ: ATVI)
  • E*TRADE Financial Corp (NASDAQ: ETFC)

Notable Q1 Sells/Reductions:

  • MONDELEZ INTERNATIONAL INC (NASDAQ: MDLZ)
  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)
  • Keurig Dr Pepper Inc (NYSE: KDP)
  • JPMorgan Chase & Co. (NYSE: JPM)
  • Citigroup Inc (NYSE: C)
  • Bank of America Corp (NYSE: BAC)
  • Wells Fargo & Co (NYSE: WFC)
  • Boeing Co (NYSE: BA)

Carl Icahn’s Icahn Capital

Notable Q1 Buys/Increases:

  • Occidental Petroleum Corporation (NYSE: OXY)
  • Delek US Holdings Inc (NYSE: DK)
  • Hertz Global Holdings Inc (NYSE: HTZ)
  • Newell Brands Inc (NASDAQ: NWL)
  • Cheniere Energy, Inc. (NYSE: LNG)
  • Welbilt Inc (NYSE: WBT)

Notable Q1 Sells/Reductions:
(none)

Bill Ackman’s Pershing Square Capital

Notable Q1 Buys/Increases:

  • Agilent Technologies Inc (NYSE: A)
  • Howard Hughes Corp (NYSE: HHC)
  • Lowe's Companies, Inc. (NYSE: LOW)
  • Starbucks Corporation (NASDAQ: SBUX)
  • Berkshire Hathaway Inc. (NYSE: BRK-B)
  • Hilton Hotels Corporation (NYSE: HLT)
  • Blackstone Group Inc (NYSE: BX)
  • Park Hotels & Resorts Inc (NYSE: PK)

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:

  • Tiffany & Co. (NYSE: TIF)
  • Kirkland Lake Gold Ltd (NYSE: KL)
  • NovaGold Resources Inc. (NYSE: NG)

Notable Q1 Sells/Reductions:

  • SPDR Gold Trust (NYSE: GLD)
  • Discovery Inc (NASDAQ: DISCK)
  • Agnico Eagle Mines Ltd (NYSE: AEM)
  • Caesars Entertainment Corporation (NASDAQ: CZR)
 

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Posted-In: 13F 13F filings Appaloosa Management Barry RosensteinNews Hedge Funds Top Stories General Best of Benzinga

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