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What value investors bought and sold in Q3 2013

In Q3 2013, 27 value investors filed 13Fs. The most popular buy was Microsoft, added to by 7 managers (1 buying for the first time), followed by Visa and Schlumberger. Apple was the most popular new position, started by 3 managers. The most sold was Berkshire Hathaway, cut by 7 managers, with Alphabet and ConocoPhillips close behind. Berkshire Hathaway was the most widely held, owned by 13.

  • 27 managers filed

Most widely held

Companies held by the most managers in their Q3 2013 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q2 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
Berkshire HathawayBRK.B13+1 vs Q2$7.8bn+2.6% vs Q26.7%24.3%Semper Augustus 24.3%, Ruane, Cunniff & Goldfarb (Sequoia) 14.0%, Markel Group 12.3% and 10 more
VisaV11$2.8bn+17% vs Q22.3%7.2%Polen Capital Management 7.2%, Akre Capital Management 4.1%, Wedgewood Partners 4.0% and 8 more
Johnson & JohnsonJNJ11$968m−20% vs Q23.3%16.0%Fairfax Financial Holdings 16.0%, Tweedy, Browne 9.0%, Fundsmith 6.0% and 8 more
MicrosoftMSFT10−1 vs Q2$6.9bn+5.8% vs Q23.8%20.1%ValueAct 20.1%, Brave Warrior Advisors 5.9%, Dodge & Cox 3.3% and 7 more
MastercardMA10$3.4bn+17% vs Q22.8%11.4%Akre Capital Management 11.4%, Gardner Russo & Quinn 7.2%, Harris Associates (Oakmark) 2.8% and 7 more
AppleAAPL10+3 vs Q2$2.8bn+450% vs Q22.5%9.6%Wedgewood Partners 9.6%, Carl Icahn 7.5%, Polen Capital Management 3.7% and 7 more
Wells Fargo & CompanyWFC9$27bn+0.0% vs Q25.0%20.8%Berkshire Hathaway 20.8%, Davis Selected Advisers 6.3%, Gardner Russo & Quinn 6.1% and 6 more
American ExpressAXP9+1 vs Q2$15bn+1.5% vs Q23.0%12.4%Berkshire Hathaway 12.4%, Davis Selected Advisers 7.3%, Wedgewood Partners 2.5% and 6 more
International Business MachinesIBM9$13bn−4.1% vs Q21.7%13.7%Berkshire Hathaway 13.7%, Ruane, Cunniff & Goldfarb (Sequoia) 1.6%, Markel Group 0.1% and 6 more
Wal-Mart StoresWMT9−1 vs Q2$5.4bn−0.6% vs Q21.4%4.0%Berkshire Hathaway 4.0%, Markel Group 2.8%, Tweedy, Browne 2.3% and 6 more
OracleORCL9$4.0bn+27% vs Q22.9%10.5%Brave Warrior Advisors 10.5%, Polen Capital Management 4.7%, Harris Associates (Oakmark) 4.2% and 6 more
Exxon MobilEXMOC9−1 vs Q2$4.0bn+17% vs Q22.4%14.4%Semper Augustus 14.4%, Berkshire Hathaway 3.8%, Markel Group 2.5% and 6 more
General ElectricGE9$2.2bn+0.1% vs Q20.7%2.4%Dodge & Cox 2.4%, Semper Augustus 2.1%, Markel Group 2.0% and 6 more
Philip Morris InternationalPM9$2.0bn+2.3% vs Q22.3%8.8%Gardner Russo & Quinn 8.8%, Fundsmith 5.7%, Tweedy, Browne 4.0% and 6 more
PepsicoPEP9+1 vs Q2$1.3bn+18% vs Q23.0%17.9%Trian Fund Management 17.9%, Fundsmith 6.1%, Semper Augustus 2.4% and 6 more
3M CompanyMMM9$1.2bn+11% vs Q21.6%6.6%Fundsmith 6.6%, Tweedy, Browne 3.1%, First Eagle Investment Management 2.1% and 6 more
Coca-ColaKO8$16bn−5.6% vs Q22.4%16.5%Berkshire Hathaway 16.5%, Davis Selected Advisers 1.3%, Semper Augustus 1.1% and 5 more
BNYBK8$7.4bn+6.0% vs Q22.7%6.8%Davis Selected Advisers 6.8%, Southeastern Asset Management 6.1%, Tweedy, Browne 3.3% and 5 more
AlphabetGOOG8−1 vs Q2$4.6bn−5.2% vs Q22.8%7.8%Polen Capital Management 7.8%, Davis Selected Advisers 6.1%, Tweedy, Browne 3.5% and 5 more
Procter & GamblePG8−1 vs Q2$4.3bn−13% vs Q21.6%6.5%Fundsmith 6.5%, Berkshire Hathaway 4.3%, Pershing Square 1.6% and 5 more
SchlumbergerSLB8+1 vs Q2$4.0bn+23% vs Q21.1%4.0%Dodge & Cox 4.0%, Wedgewood Partners 3.9%, Davis Selected Advisers 0.7% and 5 more
US BancorpUSB8$3.6bn−0.7% vs Q20.7%3.1%Berkshire Hathaway 3.1%, First Eagle Investment Management 1.2%, Harris Associates (Oakmark) 0.5% and 5 more
Bank of AmericaBAC8$3.2bn+13% vs Q23.5%22.5%Dalal Street (Mohnish Pabrai) 22.5%, Harris Associates (Oakmark) 2.5%, Dodge & Cox 2.0% and 5 more
Walt DisneyDIS8$918m−29% vs Q24.1%16.7%TCI Fund Management 16.7%, Lindsell Train 11.4%, Markel Group 3.3% and 5 more
ComcastCMCSA7−1 vs Q2$5.0bn+12% vs Q22.4%5.3%Brave Warrior Advisors 5.3%, First Eagle Investment Management 3.8%, Dodge & Cox 3.2% and 4 more
Goldman Sachs GroupGS7$2.5bn+0.3% vs Q21.3%4.9%Dalal Street (Mohnish Pabrai) 4.9%, Dodge & Cox 2.0%, Ruane, Cunniff & Goldfarb (Sequoia) 1.3% and 4 more
ConocoPhillipsCOP7$1.8bn−18% vs Q21.1%5.0%Tweedy, Browne 5.0%, First Eagle Investment Management 1.9%, Berkshire Hathaway 1.0% and 4 more
National Oilwell VarcoNOV6$2.8bn+38% vs Q21.5%3.1%Harris Associates (Oakmark) 3.1%, Wedgewood Partners 3.1%, First Eagle Investment Management 0.9% and 3 more
Charles SchwabSCHW6$2.7bn−2.5% vs Q22.5%8.7%Brave Warrior Advisors 8.7%, Wedgewood Partners 2.5%, Dodge & Cox 2.2% and 3 more
Mondelez InternationalMDLZ6$2.6bn+7.8% vs Q28.5%23.6%Trian Fund Management 23.6%, Lindsell Train 21.6%, Southeastern Asset Management 5.7% and 3 more
Merck & Co.MRK6$2.5bn−0.6% vs Q21.2%3.9%Semper Augustus 3.9%, Dodge & Cox 2.7%, First Eagle Investment Management 0.2% and 3 more
IntelINTC6$2.5bn−6.3% vs Q21.7%3.9%Semper Augustus 3.9%, Harris Associates (Oakmark) 3.2%, First Eagle Investment Management 2.3% and 3 more
JPMorgan ChaseJPM6$2.4bn+1.6% vs Q20.9%2.7%Harris Associates (Oakmark) 2.7%, Davis Selected Advisers 0.9%, Appaloosa 0.9% and 3 more
Costco WholesaleCOST6$2.1bn+3.6% vs Q21.1%3.8%Davis Selected Advisers 3.8%, Semper Augustus 1.4%, Berkshire Hathaway 0.5% and 3 more
American International GroupAIG6−1 vs Q2$1.7bn−11% vs Q21.1%2.8%Harris Associates (Oakmark) 2.8%, Appaloosa 2.1%, Oaktree Capital Management 0.9% and 3 more
Phillips 66PSX6+1 vs Q2$1.6bn−1.8% vs Q20.4%1.7%Berkshire Hathaway 1.7%, Tweedy, Browne 0.6%, First Eagle Investment Management 0.1% and 3 more
ChevronCVX6$1.4bn−1.6% vs Q20.3%1.6%Dodge & Cox 1.6%, Markel Group 0.3%, Gardner Russo & Quinn 0.1% and 3 more
DiageoDEO6$985m+7.4% vs Q21.4%5.3%Markel Group 5.3%, Tweedy, Browne 1.0%, Harris Associates (Oakmark) 1.0% and 3 more
Royal Dutch Shell PLC SponRDS.A6$730m−0.7% vs Q20.2%0.8%Dodge & Cox 0.8%, Semper Augustus 0.5%, Tweedy, Browne 0.1% and 3 more
CitigroupC6$631m+0.9% vs Q24.3%16.5%Dalal Street (Mohnish Pabrai) 16.5%, Appaloosa 7.5%, Baupost Group 2.0% and 3 more

Most bought in Q3 2013

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

Most bought companies
Who
MicrosoftMSFT71$783mDodge & Cox, ValueAct, Brave Warrior Advisors and 4 more
VisaV6–$349mFirst Eagle Investment Management, Harris Associates (Oakmark), Wedgewood Partners and 3 more
SchlumbergerSLB61$92.4mWedgewood Partners, Dodge & Cox, Markel Group and 3 more
National Oilwell VarcoNOV5–$533mHarris Associates (Oakmark), First Eagle Investment Management, Wedgewood Partners and 2 more
MastercardMA5–$113mPolen Capital Management, Gardner Russo & Quinn, Davis Selected Advisers and 2 more
AppleAAPL43$2.2bnCarl Icahn, Wedgewood Partners, Davis Selected Advisers and 1 more
Twenty First Centy Fox43$897mTCI Fund Management, Dodge & Cox, Davis Selected Advisers and 1 more
OracleORCL4–$705mHarris Associates (Oakmark), First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
NewsNWSAFirst time in their 13Fs: often a new listing or spin-off44$677mSoutheastern Asset Management, Dodge & Cox, First Eagle Investment Management and 1 more
Berkshire HathawayBRK.B41$300mWedgewood Partners, Gardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
PepsicoPEP41$226mFirst Eagle Investment Management, Fundsmith, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
American ExpressAXP41$120mWedgewood Partners, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Wal-Mart StoresWMT4–$28.0mDodge & Cox, Harris Associates (Oakmark), First Eagle Investment Management and 1 more
General ElectricGE4–$539kMarkel Group, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Exxon MobilEXMOC3–$762mBerkshire Hathaway, Markel Group, Semper Augustus
Apache9990302D3–$683mDodge & Cox, Harris Associates (Oakmark), First Eagle Investment Management
UnitedHealth GroupUNH3–$376mDodge & Cox, Davis Selected Advisers, Markel Group
QualcommQCOM31$234mHarris Associates (Oakmark), Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia)
Forest Labs32$176mDodge & Cox, First Eagle Investment Management, Harris Associates (Oakmark)
McdonaldsMCD3–$174mFundsmith, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
EbayEBAY3–$136mPolen Capital Management, Dodge & Cox, Lindsell Train
MosaicMOS33$135mFirst Eagle Investment Management, ValueAct, Markel Group
Automatic Data ProcessingADP31$132mPolen Capital Management, First Eagle Investment Management, Markel Group
JPMorgan ChaseJPM3–$115mHarris Associates (Oakmark), Dodge & Cox, Appaloosa
Wells Fargo & CompanyWFC3–$93.9mHarris Associates (Oakmark), Gardner Russo & Quinn, Dodge & Cox
US BancorpUSB3–$38.0mBerkshire Hathaway, First Eagle Investment Management, Harris Associates (Oakmark)
Lowe’sLOW31$33.1mFirst Eagle Investment Management, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia)
Walt DisneyDIS3–$25.8mTCI Fund Management, Lindsell Train, Ruane, Cunniff & Goldfarb (Sequoia)
Colgate-PalmoliveCL3–$18.4mDavis Selected Advisers, First Eagle Investment Management, Fundsmith
Grupo TelevisaTV3–$11.6mFirst Eagle Investment Management, Dodge & Cox, Oaktree Capital Management

Most sold in Q3 2013

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

Most sold companies
Who
Berkshire HathawayBRK.B7–$887mFirst Eagle Investment Management, Davis Selected Advisers, Southeastern Asset Management and 4 more
AlphabetGOOG61$240mWedgewood Partners, Polen Capital Management, Appaloosa and 3 more
ConocoPhillipsCOP51$644mBerkshire Hathaway, Davis Selected Advisers, Tweedy, Browne and 2 more
Walt DisneyDIS5–$426mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group and 2 more
MicrosoftMSFT52$176mFundsmith, Appaloosa, Davis Selected Advisers and 2 more
BNYBK5–$119mSoutheastern Asset Management, Dodge & Cox, Davis Selected Advisers and 2 more
ComcastCMCSA51$95.7mAppaloosa, Dodge & Cox, Harris Associates (Oakmark) and 2 more
DiageoDEO5–$26.5mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group and 2 more
Exxon MobilEXMOC51$24.7mDavis Selected Advisers, Harris Associates (Oakmark), Gardner Russo & Quinn and 2 more
Charles SchwabSCHW5–$22.0mWedgewood Partners, Dodge & Cox, Brave Warrior Advisors and 2 more
Wal-Mart StoresWMT51$21.7mFairfax Financial Holdings, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
Dell43$3.1bnCarl Icahn, Southeastern Asset Management, Fairfax Financial Holdings and 1 more
BP AmocoBP41$543mBaupost Group, Harris Associates (Oakmark), Gardner Russo & Quinn and 1 more
Procter & GamblePG41$541mPershing Square, Davis Selected Advisers, Gardner Russo & Quinn and 1 more
BoeingBA4–$467mHarris Associates (Oakmark), First Eagle Investment Management, Davis Selected Advisers and 1 more
Directv4–$304mAkre Capital Management, First Eagle Investment Management, Southeastern Asset Management and 1 more
Johnson & JohnsonJNJ4–$261mFairfax Financial Holdings, Davis Selected Advisers, Tweedy, Browne and 1 more
LoewsL4–$142mDavis Selected Advisers, Southeastern Asset Management, Dodge & Cox and 1 more
IntelINTC4–$134mDavis Selected Advisers, First Eagle Investment Management, Semper Augustus and 1 more
Wells Fargo & CompanyWFC4–$114mDavis Selected Advisers, Fairfax Financial Holdings, Tweedy, Browne and 1 more
Automatic Data ProcessingADP43$106mFundsmith, Davis Selected Advisers, Dodge & Cox and 1 more
Goldman Sachs GroupGS4–$104mDavis Selected Advisers, Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
OracleORCL4–$87.6mDavis Selected Advisers, Polen Capital Management, Markel Group and 1 more
AppleAAPL4–$79.0mAppaloosa, Harris Associates (Oakmark), Polen Capital Management and 1 more
Bank of AmericaBAC4–$62.3mAppaloosa, Akre Capital Management, Davis Selected Advisers and 1 more
American ExpressAXP4–$51.0mDavis Selected Advisers, Markel Group, Dodge & Cox and 1 more
Bausch Health CompaniesBHC4–$40.3mFirst Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia), Brave Warrior Advisors and 1 more
Washington Post -41$6.8mGardner Russo & Quinn, Southeastern Asset Management, Davis Selected Advisers and 1 more
Home DepotHD41$6.1mDodge & Cox, Davis Selected Advisers, Harris Associates (Oakmark) and 1 more
3M CompanyMMM4–$4.3mDavis Selected Advisers, Tweedy, Browne, Dodge & Cox and 1 more

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.