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What value investors bought and sold in Q4 2013

In Q4 2013, 28 value investors filed 13Fs. The most popular buy was Apple, added to by 6 managers, followed by Berkshire Hathaway and Oracle. Bank of America was the most popular new position, started by 2 managers. The most sold was Mastercard, cut by 8 managers, with American Express and Goldman Sachs Group close behind. Berkshire Hathaway was the most widely held, owned by 13.

  • 28 managers filed

Most widely held

Companies held by the most managers in their Q4 2013 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q3 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
Berkshire HathawayBRK.B13$7.9bn+0.9% vs Q36.6%24.3%Semper Augustus 24.3%, Ruane, Cunniff & Goldfarb (Sequoia) 13.7%, Markel Group 11.9% and 10 more
Wells Fargo & CompanyWFC11+2 vs Q3$29bn+9.8% vs Q35535.4%60844.7%Daily Journal Corp 60844.7%, Berkshire Hathaway 20.1%, Gardner Russo & Quinn 6.5% and 8 more
VisaV11$3.3bn+19% vs Q32.4%7.8%Polen Capital Management 7.8%, Wedgewood Partners 4.2%, Akre Capital Management 4.1% and 8 more
Johnson & JohnsonJNJ11$760m−21% vs Q31.9%9.2%Tweedy, Browne 9.2%, Fundsmith 5.9%, Semper Augustus 3.0% and 8 more
MicrosoftMSFT10$7.8bn+12% vs Q33.9%20.7%ValueAct 20.7%, Brave Warrior Advisors 6.1%, Dodge & Cox 3.3% and 7 more
MastercardMA10$4.1bn+22% vs Q33.0%12.3%Akre Capital Management 12.3%, Gardner Russo & Quinn 8.2%, Harris Associates (Oakmark) 3.1% and 7 more
AppleAAPL10$3.7bn+35% vs Q32.7%10.2%Wedgewood Partners 10.2%, Carl Icahn 8.7%, Polen Capital Management 4.0% and 7 more
American ExpressAXP9$18bn+18% vs Q33.1%13.1%Berkshire Hathaway 13.1%, Davis Selected Advisers 7.9%, Wedgewood Partners 2.8% and 6 more
International Business MachinesIBM9$13bn+1.3% vs Q31.6%12.2%Berkshire Hathaway 12.2%, Ruane, Cunniff & Goldfarb (Sequoia) 1.6%, Markel Group 0.1% and 6 more
Wal-Mart StoresWMT9$6.0bn+10% vs Q31.3%3.7%Berkshire Hathaway 3.7%, Markel Group 2.8%, Tweedy, Browne 2.3% and 6 more
Exxon MobilEXMOC9$4.8bn+21% vs Q32.7%16.4%Semper Augustus 16.4%, Berkshire Hathaway 4.0%, Markel Group 2.8% and 6 more
SchlumbergerSLB9+1 vs Q3$4.1bn+1.8% vs Q31.0%3.7%Dodge & Cox 3.7%, Wedgewood Partners 3.6%, Davis Selected Advisers 0.7% and 6 more
US BancorpUSB9+1 vs Q3$4.0bn+11% vs Q3529.7%4762.0%Daily Journal Corp 4762.0%, Berkshire Hathaway 3.1%, First Eagle Investment Management 1.3% and 6 more
Bank of AmericaBAC9+1 vs Q3$3.7bn+17% vs Q33.0%21.2%Dalal Street (Mohnish Pabrai) 21.2%, Harris Associates (Oakmark) 2.9%, Dodge & Cox 2.0% and 6 more
General ElectricGE9$2.8bn+26% vs Q30.8%2.5%Dodge & Cox 2.5%, Semper Augustus 2.4%, Markel Group 2.3% and 6 more
Philip Morris InternationalPM9$2.0bn+2.7% vs Q32.3%8.6%Gardner Russo & Quinn 8.6%, Fundsmith 6.0%, Tweedy, Browne 3.9% and 6 more
PepsicoPEP9$1.2bn−4.2% vs Q33.0%17.3%Trian Fund Management 17.3%, Fundsmith 6.3%, Semper Augustus 2.3% and 6 more
Walt DisneyDIS9+1 vs Q3$1.0bn+12% vs Q33.9%17.6%TCI Fund Management 17.6%, Lindsell Train 12.6%, Markel Group 3.6% and 6 more
Coca-ColaKO8$17bn+8.0% vs Q32.3%15.8%Berkshire Hathaway 15.8%, Semper Augustus 1.2%, Davis Selected Advisers 0.9% and 5 more
BNYBK8$8.6bn+16% vs Q32.9%7.1%Davis Selected Advisers 7.1%, Southeastern Asset Management 6.7%, Tweedy, Browne 3.4% and 5 more
AlphabetGOOG8$5.9bn+28% vs Q33.4%9.3%Polen Capital Management 9.3%, Davis Selected Advisers 7.2%, Tweedy, Browne 3.7% and 5 more
ComcastCMCSA8+1 vs Q3$5.4bn+7.9% vs Q32.0%3.8%Brave Warrior Advisors 3.8%, First Eagle Investment Management 3.4%, Dodge & Cox 3.3% and 5 more
Goldman Sachs GroupGS8+1 vs Q3$5.0bn+98% vs Q31.3%3.5%Dalal Street (Mohnish Pabrai) 3.5%, Berkshire Hathaway 2.1%, Dodge & Cox 2.0% and 5 more
OracleORCL8−1 vs Q3$4.9bn+23% vs Q33.5%11.1%Brave Warrior Advisors 11.1%, Polen Capital Management 6.5%, Harris Associates (Oakmark) 4.7% and 5 more
Procter & GamblePG8$4.5bn+5.1% vs Q31.5%6.6%Fundsmith 6.6%, Berkshire Hathaway 4.1%, Pershing Square 0.7% and 5 more
3M CompanyMMM8−1 vs Q3$1.4bn+17% vs Q31.8%7.3%Fundsmith 7.3%, Tweedy, Browne 3.5%, First Eagle Investment Management 2.3% and 5 more
Mondelez InternationalMDLZ7+1 vs Q3$2.9bn+12% vs Q37.4%24.7%Trian Fund Management 24.7%, Lindsell Train 21.1%, Southeastern Asset Management 6.1% and 4 more
Merck & Co.MRK7+1 vs Q3$2.5bn+0.5% vs Q30.9%3.9%Semper Augustus 3.9%, Dodge & Cox 2.5%, Harris Associates (Oakmark) 0.2% and 4 more
ConocoPhillipsCOP7$1.6bn−8.5% vs Q31.1%4.9%Tweedy, Browne 4.9%, First Eagle Investment Management 1.8%, Berkshire Hathaway 0.8% and 4 more
DiageoDEO7+1 vs Q3$1.0bn+3.2% vs Q31.2%5.1%Markel Group 5.1%, Tweedy, Browne 1.0%, Harris Associates (Oakmark) 0.9% and 4 more
Automatic Data ProcessingADP7+1 vs Q3$584m+8.0% vs Q30.8%3.1%Polen Capital Management 3.1%, Markel Group 1.4%, First Eagle Investment Management 0.7% and 4 more
Du Pont EI de Nemours & Co7+1 vs Q3$406m+17% vs Q30.9%6.3%Trian Fund Management 6.3%, Appaloosa 0.3%, Gardner Russo & Quinn 0.0% and 4 more
National Oilwell VarcoNOV6$2.9bn+4.4% vs Q31.4%3.0%Harris Associates (Oakmark) 3.0%, Wedgewood Partners 2.9%, First Eagle Investment Management 0.9% and 3 more
JPMorgan ChaseJPM6$2.8bn+13% vs Q30.9%2.9%Harris Associates (Oakmark) 2.9%, Davis Selected Advisers 1.0%, Appaloosa 0.9% and 3 more
IntelINTC6$2.7bn+8.3% vs Q31.8%4.2%Semper Augustus 4.2%, Harris Associates (Oakmark) 3.1%, First Eagle Investment Management 2.5% and 3 more
Phillips 66PSX6$2.1bn+32% vs Q30.5%2.0%Berkshire Hathaway 2.0%, Tweedy, Browne 0.7%, Ruane, Cunniff & Goldfarb (Sequoia) 0.0% and 3 more
Costco WholesaleCOST6$2.1bn+2.3% vs Q31.0%3.7%Davis Selected Advisers 3.7%, Semper Augustus 1.4%, Ruane, Cunniff & Goldfarb (Sequoia) 0.5% and 3 more
American International GroupAIG6$1.8bn+9.1% vs Q31.0%2.9%Harris Associates (Oakmark) 2.9%, Appaloosa 1.6%, Oaktree Capital Management 0.9% and 3 more
ChevronCVX6$1.5bn+1.8% vs Q30.3%1.5%Dodge & Cox 1.5%, Markel Group 0.4%, Gardner Russo & Quinn 0.1% and 3 more
Royal Dutch Shell PLC SponRDS.A6$802m+9.8% vs Q30.3%0.8%Dodge & Cox 0.8%, Semper Augustus 0.5%, Tweedy, Browne 0.1% and 3 more

Most bought in Q4 2013

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

Most bought companies
Who
AppleAAPL6–$503mCarl Icahn, Wedgewood Partners, Harris Associates (Oakmark) and 3 more
Berkshire HathawayBRK.B6–$112mRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Gardner Russo & Quinn and 3 more
Graham HoldingsGHCFirst time in their 13Fs: often a new listing or spin-off55$1.6bnBerkshire Hathaway, Southeastern Asset Management, Gardner Russo & Quinn and 2 more
OracleORCL5–$390mFirst Eagle Investment Management, Harris Associates (Oakmark), Polen Capital Management and 2 more
Wal-Mart StoresWMT5–$229mDodge & Cox, Berkshire Hathaway, Harris Associates (Oakmark) and 2 more
Exxon MobilEXMOC4–$118mBerkshire Hathaway, Harris Associates (Oakmark), Markel Group and 1 more
VisaV4–$102mHarris Associates (Oakmark), Wedgewood Partners, Markel Group and 1 more
National Oilwell VarcoNOV4–$71.1mHarris Associates (Oakmark), First Eagle Investment Management, Wedgewood Partners and 1 more
Wells Fargo & CompanyWFC41$57.0mGardner Russo & Quinn, Berkshire Hathaway, Oaktree Capital Management and 1 more
HalliburtonHAL41$51.9mAppaloosa, Brave Warrior Advisors, Harris Associates (Oakmark) and 1 more
Philip Morris InternationalPM4–$48.3mGardner Russo & Quinn, Fundsmith, Harris Associates (Oakmark) and 1 more
MicrosoftMSFT4–$41.3mFirst Eagle Investment Management, Brave Warrior Advisors, Markel Group and 1 more
SchlumbergerSLB41$41.2mAppaloosa, Wedgewood Partners, Markel Group and 1 more
PepsicoPEP4–$13.4mFundsmith, Trian Fund Management, Harris Associates (Oakmark) and 1 more
IntelINTC4–$7.1mMarkel Group, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
UnitedHealth GroupUNH3–$441mDodge & Cox, Davis Selected Advisers, Markel Group
Liberty GlobalLBTYA31$286mBerkshire Hathaway, Davis Selected Advisers, First Eagle Investment Management
General ElectricGE3–$284mBerkshire Hathaway, Markel Group, Semper Augustus
HPHPQ31$259mDodge & Cox, First Eagle Investment Management, Fairfax Financial Holdings
Bank of AmericaBAC32$209mHarris Associates (Oakmark), Oaktree Capital Management, Brave Warrior Advisors
EMC Corp Mass31$141mDodge & Cox, Wedgewood Partners, Oaktree Capital Management
General MotorsGM3–$124mHarris Associates (Oakmark), Appaloosa, Dalal Street (Mohnish Pabrai)
AlphabetGOOG3–$120mAppaloosa, Harris Associates (Oakmark), Markel Group
Dresser-Rand GroupDRC31$51.3mValueAct, Harris Associates (Oakmark), First Eagle Investment Management
ComcastCMCSA31$40.3mAppaloosa, Harris Associates (Oakmark), Gardner Russo & Quinn
Walt DisneyDIS31$31.9mAppaloosa, Lindsell Train, Ruane, Cunniff & Goldfarb (Sequoia)
Mondelez InternationalMDLZ31$29.4mTrian Fund Management, Lindsell Train, Harris Associates (Oakmark)
Omnicom GroupOMC31$25.4mAppaloosa, Harris Associates (Oakmark), First Eagle Investment Management
Grupo TelevisaTV3–$23.1mOaktree Capital Management, First Eagle Investment Management, Dodge & Cox
WellPoint3–$13.4mDavis Selected Advisers, Markel Group, First Eagle Investment Management

Most sold in Q4 2013

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

Most sold companies
Who
MastercardMA8–$71.2mHarris Associates (Oakmark), Gardner Russo & Quinn, Davis Selected Advisers and 5 more
American ExpressAXP7–$292mFirst Eagle Investment Management, Davis Selected Advisers, Tweedy, Browne and 4 more
Goldman Sachs GroupGS6–$68.0mDodge & Cox, Davis Selected Advisers, Dalal Street (Mohnish Pabrai) and 3 more
Washington Post -55$1.4bnBerkshire Hathaway, Southeastern Asset Management, Gardner Russo & Quinn and 2 more
Johnson & JohnsonJNJ5–$249mFairfax Financial Holdings, Tweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
Charles SchwabSCHW51$193mWedgewood Partners, Dodge & Cox, Brave Warrior Advisors and 2 more
BNYBK5–$169mDavis Selected Advisers, Southeastern Asset Management, Dodge & Cox and 2 more
AlphabetGOOG5–$105mDodge & Cox, Davis Selected Advisers, Tweedy, Browne and 2 more
Berkshire HathawayBRK.B5–$82.7mDavis Selected Advisers, Southeastern Asset Management, Markel Group and 2 more
DiageoDEO5–$13.9mDavis Selected Advisers, Dodge & Cox, Harris Associates (Oakmark) and 2 more
3M CompanyMMM51$8.1mDavis Selected Advisers, First Eagle Investment Management, Semper Augustus and 2 more
ComcastCMCSA4–$347mFirst Eagle Investment Management, Dodge & Cox, Brave Warrior Advisors and 1 more
ConocoPhillipsCOP4–$180mBerkshire Hathaway, First Eagle Investment Management, Tweedy, Browne and 1 more
Coca-ColaKO4–$160mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 1 more
LoewsL4–$151mDavis Selected Advisers, Southeastern Asset Management, Markel Group and 1 more
Bank of AmericaBAC41$79.2mDodge & Cox, Appaloosa, Davis Selected Advisers and 1 more
Walt DisneyDIS4–$78.1mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group and 1 more
General ElectricGE4–$69.0mDodge & Cox, Davis Selected Advisers, Harris Associates (Oakmark) and 1 more
VisaV4–$39.2mDavis Selected Advisers, Polen Capital Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
MicrosoftMSFT4–$32.4mDodge & Cox, Davis Selected Advisers, Harris Associates (Oakmark) and 1 more
Wal-Mart StoresWMT4–$11.5mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Tweedy, Browne and 1 more
FedExFDX3–$725mDodge & Cox, Southeastern Asset Management, Harris Associates (Oakmark)
Occidental PetroleumOXY3–$253mDavis Selected Advisers, First Eagle Investment Management, Dodge & Cox
MosaicMOS32$144mFirst Eagle Investment Management, ValueAct, Southeastern Asset Management
Wells Fargo & CompanyWFC3–$127mDodge & Cox, Davis Selected Advisers, Tweedy, Browne
Merck & Co.MRK3–$117mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn
Procter & GamblePG3–$105mPershing Square, Gardner Russo & Quinn, Dodge & Cox
Delphi Automotive3–$92.5mOaktree Capital Management, Harris Associates (Oakmark), Appaloosa
OracleORCL31$86.2mBaupost Group, Davis Selected Advisers, Markel Group
Bausch Health CompaniesBHC3–$85.5mBrave Warrior Advisors, Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers

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.