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What value investors bought and sold in Q2 2013

In Q2 2013, 27 value investors filed 13Fs. The most popular buy was Visa, added to by 2 managers (1 buying for the first time), followed by Mgic Investment and Choice Hotels International. The most sold was Becton Dickinson & Co, cut by 1 manager (1 sold out), with Automatic Data Processing and Delphi Automotive close behind. Berkshire Hathaway was the most widely held, owned by 12.

  • 27 managers filed

Most widely held

Companies held by the most managers in their Q2 2013 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q1 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
Berkshire HathawayBRK.B12$7.6bn6.9%23.9%Semper Augustus 23.9%, Ruane, Cunniff & Goldfarb (Sequoia) 15.0%, Markel Group 12.8% and 9 more
MicrosoftMSFT11+10 vs Q1$6.5bn+7134% vs Q13.8%20.5%ValueAct 20.5%, Fundsmith 8.6%, Dodge & Cox 3.2% and 8 more
VisaV11+10 vs Q1$2.4bn+11209% vs Q12.1%7.6%Polen Capital Management 7.6%, Wedgewood Partners 4.2%, Akre Capital Management 4.2% and 8 more
Johnson & JohnsonJNJ11+10 vs Q1$1.2bn+1483% vs Q13.8%20.4%Fairfax Financial Holdings 20.4%, Tweedy, Browne 9.3%, Fundsmith 6.3% and 8 more
Wal-Mart StoresWMT10$5.4bn1.3%4.0%Berkshire Hathaway 4.0%, Markel Group 3.0%, Tweedy, Browne 2.4% and 7 more
Exxon MobilEXMOC10$3.4bn2.2%15.1%Semper Augustus 15.1%, Berkshire Hathaway 3.1%, Markel Group 2.7% and 7 more
MastercardMA10$2.9bn2.4%10.3%Akre Capital Management 10.3%, Gardner Russo & Quinn 6.6%, Harris Associates (Oakmark) 2.8% and 7 more
Wells Fargo & CompanyWFC9$27bn5.3%20.8%Berkshire Hathaway 20.8%, Gardner Russo & Quinn 6.5%, Davis Selected Advisers 6.3% and 6 more
International Business MachinesIBM9$13bn1.8%14.2%Berkshire Hathaway 14.2%, Ruane, Cunniff & Goldfarb (Sequoia) 1.9%, Davis Selected Advisers 0.3% and 6 more
Procter & GamblePG9+8 vs Q1$4.9bn+5467% vs Q12.0%7.0%Fundsmith 7.0%, Pershing Square 6.3%, Berkshire Hathaway 4.4% and 6 more
AlphabetGOOG9$4.9bn3.2%8.7%Polen Capital Management 8.7%, Davis Selected Advisers 6.0%, Wedgewood Partners 5.4% and 6 more
OracleORCL9$3.2bn2.5%8.7%Brave Warrior Advisors 8.7%, Polen Capital Management 4.7%, Harris Associates (Oakmark) 3.2% and 6 more
General ElectricGE9$2.2bn0.8%2.5%Dodge & Cox 2.5%, Semper Augustus 2.1%, Markel Group 2.0% and 6 more
Philip Morris InternationalPM9+8 vs Q1$1.9bn+2754% vs Q12.3%9.3%Gardner Russo & Quinn 9.3%, Fundsmith 5.2%, Tweedy, Browne 4.1% and 6 more
3M CompanyMMM9+8 vs Q1$1.1bn+1131% vs Q11.5%6.4%Fundsmith 6.4%, Tweedy, Browne 2.9%, First Eagle Investment Management 2.0% and 6 more
Coca-ColaKO8$17bn2.6%17.5%Berkshire Hathaway 17.5%, Davis Selected Advisers 1.4%, Semper Augustus 1.2% and 5 more
American ExpressAXP8$15bn3.0%12.3%Berkshire Hathaway 12.3%, Davis Selected Advisers 7.2%, First Eagle Investment Management 2.3% and 5 more
BNYBK8$7.0bn2.6%6.2%Davis Selected Advisers 6.2%, Southeastern Asset Management 5.9%, Tweedy, Browne 3.5% and 5 more
ComcastCMCSA8$4.5bn2.1%5.1%Brave Warrior Advisors 5.1%, Dodge & Cox 3.1%, First Eagle Investment Management 2.9% and 5 more
US BancorpUSB8$3.6bn1.2%4.2%Fairfax Financial Holdings 4.2%, Berkshire Hathaway 3.1%, First Eagle Investment Management 1.2% and 5 more
Bank of AmericaBAC8$2.8bn3.6%22.9%Dalal Street (Mohnish Pabrai) 22.9%, Harris Associates (Oakmark) 2.1%, Dodge & Cox 1.9% and 5 more
Walt DisneyDIS8$1.3bn4.3%17.4%TCI Fund Management 17.4%, Lindsell Train 11.3%, Markel Group 3.5% and 5 more
PepsicoPEP8+7 vs Q1$1.1bn+1577% vs Q13.5%19.8%Trian Fund Management 19.8%, Fundsmith 5.6%, Semper Augustus 2.4% and 5 more
Automatic Data ProcessingADP8$494m1.2%6.8%Fundsmith 6.8%, Markel Group 1.3%, First Eagle Investment Management 0.7% and 5 more
SchlumbergerSLB7$3.2bn1.1%3.6%Wedgewood Partners 3.6%, Dodge & Cox 3.4%, Davis Selected Advisers 0.7% and 4 more
Goldman Sachs GroupGS7$2.5bn1.4%5.1%Dalal Street (Mohnish Pabrai) 5.1%, Dodge & Cox 2.0%, Ruane, Cunniff & Goldfarb (Sequoia) 1.4% and 4 more
ConocoPhillipsCOP7$2.2bn1.1%4.5%Tweedy, Browne 4.5%, First Eagle Investment Management 1.7%, Berkshire Hathaway 1.6% and 4 more
American International GroupAIG7+6 vs Q1$1.9bn+9177% vs Q12.4%11.6%Baupost Group 11.6%, Harris Associates (Oakmark) 2.5%, Appaloosa 1.8% and 4 more
AppleAAPL7$500m1.1%3.4%Polen Capital Management 3.4%, Appaloosa 2.2%, Akre Capital Management 1.6% and 4 more
Du Pont EI de Nemours & Co7$375m0.9%6.0%Trian Fund Management 6.0%, First Eagle Investment Management 0.2%, Gardner Russo & Quinn 0.0% and 4 more
Leucadia Nat'l7$105m1.2%4.5%Semper Augustus 4.5%, Akre Capital Management 2.4%, Markel Group 0.7% and 4 more
Charles SchwabSCHW6$2.8bn3.0%9.2%Brave Warrior Advisors 9.2%, Wedgewood Partners 4.4%, Dodge & Cox 2.3% and 3 more
IntelINTC6$2.6bn1.9%4.1%Semper Augustus 4.1%, Harris Associates (Oakmark) 3.4%, First Eagle Investment Management 2.6% and 3 more
Merck & Co.MRK6$2.5bn1.2%3.8%Semper Augustus 3.8%, Dodge & Cox 2.8%, First Eagle Investment Management 0.3% and 3 more
JPMorgan ChaseJPM6$2.4bn0.9%2.8%Harris Associates (Oakmark) 2.8%, Davis Selected Advisers 1.0%, Dodge & Cox 0.7% and 3 more
Mondelez InternationalMDLZ6$2.4bn8.1%23.0%Trian Fund Management 23.0%, Lindsell Train 20.2%, Southeastern Asset Management 5.4% and 3 more
National Oilwell VarcoNOV6$2.0bn1.2%3.0%Wedgewood Partners 3.0%, Harris Associates (Oakmark) 2.5%, Berkshire Hathaway 0.7% and 3 more
Costco WholesaleCOST6$2.0bn1.0%3.6%Davis Selected Advisers 3.6%, Semper Augustus 1.3%, Ruane, Cunniff & Goldfarb (Sequoia) 0.5% and 3 more
ChevronCVX6$1.5bn0.3%1.7%Dodge & Cox 1.7%, Markel Group 0.2%, Gardner Russo & Quinn 0.1% and 3 more
Washington Post -6$1.1bn0.5%1.3%Southeastern Asset Management 1.3%, Berkshire Hathaway 0.9%, Gardner Russo & Quinn 0.5% and 3 more

Most bought in Q2 2013

Companies the most managers added to or bought new, with the approximate amount bought at quarter-end prices.

Most bought companies
Who
VisaV21$93.6mAkre Capital Management, Fundsmith
MastercardMAFirst time in their 13Fs: often a new listing or spin-off11$228mAkre Capital Management
Moody'sMCOFirst time in their 13Fs: often a new listing or spin-off11$212mAkre Capital Management
ColfaxENOVFirst time in their 13Fs: often a new listing or spin-off11$203mAkre Capital Management
DirectvFirst time in their 13Fs: often a new listing or spin-off11$201mAkre Capital Management
American TowerAMTFirst time in their 13Fs: often a new listing or spin-off11$140mAkre Capital Management
MarkelMKLFirst time in their 13Fs: often a new listing or spin-off11$130mAkre Capital Management
Dollar TreeDLTRFirst time in their 13Fs: often a new listing or spin-off11$123mAkre Capital Management
Becton Dickinson & CoBDXFirst time in their 13Fs: often a new listing or spin-off11$109mFundsmith
Ross StoresROSTFirst time in their 13Fs: often a new listing or spin-off11$106mAkre Capital Management
Automatic Data ProcessingADPFirst time in their 13Fs: often a new listing or spin-off11$97.0mFundsmith
O'Reilly AutomotiveORLYFirst time in their 13Fs: often a new listing or spin-off11$92.3mAkre Capital Management
Td Ameritrade HoldingAMTDFirst time in their 13Fs: often a new listing or spin-off11$76.7mAkre Capital Management
Enstar GroupESGRFirst time in their 13Fs: often a new listing or spin-off11$66.2mAkre Capital Management
LPL Financial HoldingsLPLAFirst time in their 13Fs: often a new listing or spin-off11$64.2mAkre Capital Management
Hartford Financial Services GroupHIGFirst time in their 13Fs: often a new listing or spin-off11$62.7mAkre Capital Management
Leucadia Nat'lFirst time in their 13Fs: often a new listing or spin-off11$52.4mAkre Capital Management
Live Nation EntertainmentLYVFirst time in their 13Fs: often a new listing or spin-off11$50.4mAkre Capital Management
Nustar EnergyNSFirst time in their 13Fs: often a new listing or spin-off11$47.9mAkre Capital Management
Verisk AnalyticsVRSKFirst time in their 13Fs: often a new listing or spin-off11$47.8mAkre Capital Management
Mgic InvestmentMTG1–$45.5mOaktree Capital Management
Berkshire HathawayBRK.BFirst time in their 13Fs: often a new listing or spin-off11$43.8mAkre Capital Management
AppleAAPLFirst time in their 13Fs: often a new listing or spin-off11$36.1mAkre Capital Management
MonroMNROFirst time in their 13Fs: often a new listing or spin-off11$24.0mAkre Capital Management
Choice Hotels InternationalCHH1–$15.9mFundsmith
WatersWAT1–$15.1mFundsmith
Bank of AmericaBACFirst time in their 13Fs: often a new listing or spin-off11$14.1mAkre Capital Management
Factset Research SystemsFDSFirst time in their 13Fs: often a new listing or spin-off11$13.3mAkre Capital Management
Dynegy1–$13.0mOaktree Capital Management
Sears HoldingsSHLDFirst time in their 13Fs: often a new listing or spin-off11$12.6mAkre Capital Management

Most sold in Q2 2013

Companies the most managers trimmed or sold out of, with the approximate amount sold.

Biggest single bets

The largest positions as a share of a manager’s whole 13F portfolio.

From each manager’s 13F for the quarter. Amounts bought and sold are estimates at quarter-end prices; a new listing or spin-off can show as a purchase.