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What value investors bought and sold in Q1 2014

In Q1 2014, 28 value investors filed 13Fs. The most popular buy was Berkshire Hathaway, added to by 9 managers (1 buying for the first time), followed by Apple and National Oilwell Varco. The most sold was Walt Disney, cut by 7 managers (1 sold out), with American Express and Visa close behind. Berkshire Hathaway was the most widely held, owned by 14.

  • 28 managers filed

Most widely held

Companies held by the most managers in their Q1 2014 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q4 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
Berkshire HathawayBRK.B14+1 vs Q4$8.3bn+5.3% vs Q46.6%25.9%Semper Augustus 25.9%, Ruane, Cunniff & Goldfarb (Sequoia) 13.8%, Gardner Russo & Quinn 12.2% and 11 more
Wells Fargo & CompanyWFC11$32bn+9.1% vs Q45574.7%61272.3%Daily Journal Corp 61272.3%, Berkshire Hathaway 21.8%, Gardner Russo & Quinn 7.1% and 8 more
VisaV11$2.8bn−15% vs Q42.2%7.3%Polen Capital Management 7.3%, Fundsmith 4.2%, Akre Capital Management 3.9% and 8 more
MicrosoftMSFT10$8.7bn+13% vs Q44.2%22.1%ValueAct 22.1%, Brave Warrior Advisors 6.6%, First Eagle Investment Management 3.7% and 7 more
AppleAAPL10$5.8bn+55% vs Q43.0%12.3%Carl Icahn 12.3%, Wedgewood Partners 9.5%, Polen Capital Management 3.7% and 7 more
Exxon MobilEXMOC10+1 vs Q4$4.5bn−4.9% vs Q42.3%16.0%Semper Augustus 16.0%, Berkshire Hathaway 3.8%, Markel Group 2.6% and 7 more
MastercardMA10$3.6bn−12% vs Q42.5%9.5%Akre Capital Management 9.5%, Gardner Russo & Quinn 7.1%, Harris Associates (Oakmark) 2.7% and 7 more
Johnson & JohnsonJNJ10−1 vs Q4$807m+6.2% vs Q42.2%9.7%Tweedy, Browne 9.7%, Fundsmith 5.9%, Semper Augustus 3.3% and 7 more
SchlumbergerSLB9$4.4bn+7.6% vs Q41.1%3.9%Dodge & Cox 3.9%, Wedgewood Partners 3.8%, Markel Group 0.8% and 6 more
US BancorpUSB9$4.2bn+4.7% vs Q4516.6%4643.6%Daily Journal Corp 4643.6%, Berkshire Hathaway 3.2%, First Eagle Investment Management 1.3% and 6 more
Bank of AmericaBAC9$4.1bn+10% vs Q42.7%18.1%Dalal Street (Mohnish Pabrai) 18.1%, Harris Associates (Oakmark) 3.3%, Dodge & Cox 2.2% and 6 more
General ElectricGE9$2.6bn−8.4% vs Q40.8%2.3%Dodge & Cox 2.3%, Semper Augustus 2.2%, Markel Group 2.1% and 6 more
Philip Morris InternationalPM9$1.8bn−8.6% vs Q42.2%8.1%Gardner Russo & Quinn 8.1%, Fundsmith 6.0%, Tweedy, Browne 3.6% and 6 more
PepsicoPEP9$1.2bn−2.3% vs Q43.0%17.0%Trian Fund Management 17.0%, Fundsmith 7.0%, Semper Augustus 2.4% and 6 more
American ExpressAXP8−1 vs Q4$17bn−5.4% vs Q43.0%12.9%Berkshire Hathaway 12.9%, Davis Selected Advisers 6.9%, First Eagle Investment Management 1.8% and 5 more
Coca-ColaKO8$16bn−8.5% vs Q42.0%14.6%Berkshire Hathaway 14.6%, Semper Augustus 1.1%, Ruane, Cunniff & Goldfarb (Sequoia) 0.2% and 5 more
International Business MachinesIBM8−1 vs Q4$13bn+2.9% vs Q41.8%12.4%Berkshire Hathaway 12.4%, Ruane, Cunniff & Goldfarb (Sequoia) 1.5%, Dodge & Cox 0.0% and 5 more
BNYBK8$8.8bn+2.0% vs Q43.6%7.0%Southeastern Asset Management 7.0%, Davis Selected Advisers 6.9%, Trian Fund Management 5.4% and 5 more
Wal-Mart StoresWMT8−1 vs Q4$6.6bn+10% vs Q41.5%4.2%Berkshire Hathaway 4.2%, Markel Group 2.6%, Tweedy, Browne 1.9% and 5 more
OracleORCL8$5.3bn+7.8% vs Q43.9%12.9%Brave Warrior Advisors 12.9%, Polen Capital Management 6.7%, Harris Associates (Oakmark) 5.0% and 5 more
ComcastCMCSA8$4.8bn−10% vs Q41.4%3.0%First Eagle Investment Management 3.0%, Dodge & Cox 2.8%, Gardner Russo & Quinn 2.3% and 5 more
Goldman Sachs GroupGS8$4.6bn−7.7% vs Q41.2%3.8%Dalal Street (Mohnish Pabrai) 3.8%, Berkshire Hathaway 2.0%, Dodge & Cox 1.9% and 5 more
Walt DisneyDIS8−1 vs Q4$602m−41% vs Q42.1%11.6%Lindsell Train 11.6%, Markel Group 3.6%, Appaloosa 1.2% and 5 more
AlphabetGOOG7−1 vs Q4$5.1bn−13% vs Q43.8%8.9%Polen Capital Management 8.9%, Davis Selected Advisers 6.5%, Appaloosa 5.4% and 4 more
Procter & GamblePG7−1 vs Q4$4.4bn−2.0% vs Q41.5%5.9%Fundsmith 5.9%, Berkshire Hathaway 4.0%, Markel Group 0.2% and 4 more
National Oilwell VarcoNOV7+1 vs Q4$4.1bn+43% vs Q41.5%3.0%Harris Associates (Oakmark) 3.0%, Wedgewood Partners 2.9%, First Eagle Investment Management 1.5% and 4 more
Merck & Co.MRK7$2.4bn−5.4% vs Q40.8%3.2%Semper Augustus 3.2%, Dodge & Cox 2.3%, First Eagle Investment Management 0.3% and 4 more
ConocoPhillipsCOP7$1.6bn−3.9% vs Q41.0%4.8%Tweedy, Browne 4.8%, First Eagle Investment Management 1.5%, Berkshire Hathaway 0.7% and 4 more
3M CompanyMMM7−1 vs Q4$1.3bn−3.3% vs Q41.8%5.9%Fundsmith 5.9%, Tweedy, Browne 3.3%, First Eagle Investment Management 2.2% and 4 more
DiageoDEO7$1.3bn+24% vs Q41.1%4.6%Markel Group 4.6%, Harris Associates (Oakmark) 1.5%, Tweedy, Browne 1.0% and 4 more
HalliburtonHAL7+1 vs Q4$1.1bn+43% vs Q43.0%9.7%Brave Warrior Advisors 9.7%, Tweedy, Browne 7.4%, Appaloosa 3.3% and 4 more
CitigroupC7+1 vs Q4$1.1bn+61% vs Q43.2%14.6%Dalal Street (Mohnish Pabrai) 14.6%, Appaloosa 5.3%, Baupost Group 1.6% and 4 more
Du Pont EI de Nemours & Co7$493m+21% vs Q41.1%6.8%Trian Fund Management 6.8%, Appaloosa 0.8%, Gardner Russo & Quinn 0.0% and 4 more
JPMorgan ChaseJPM6$3.2bn+14% vs Q41.0%3.0%Harris Associates (Oakmark) 3.0%, Dodge & Cox 1.1%, Davis Selected Advisers 1.1% and 3 more
Mondelez InternationalMDLZ6−1 vs Q4$2.8bn−2.0% vs Q48.6%23.6%Trian Fund Management 23.6%, Lindsell Train 21.3%, Southeastern Asset Management 6.4% and 3 more
IntelINTC6$2.7bn+2.4% vs Q41.8%4.3%Semper Augustus 4.3%, Harris Associates (Oakmark) 3.1%, First Eagle Investment Management 2.6% and 3 more
Costco WholesaleCOST6$1.9bn−12% vs Q41.0%3.5%Davis Selected Advisers 3.5%, Semper Augustus 1.3%, Berkshire Hathaway 0.5% and 3 more
American International GroupAIG6$1.8bn−2.9% vs Q40.8%2.9%Harris Associates (Oakmark) 2.9%, Oaktree Capital Management 0.9%, Appaloosa 0.7% and 3 more
ChevronCVX6$1.5bn+2.8% vs Q40.4%1.3%Dodge & Cox 1.3%, First Eagle Investment Management 0.4%, Markel Group 0.4% and 3 more
Phillips 66PSX6$786m−63% vs Q40.2%0.7%Tweedy, Browne 0.7%, Berkshire Hathaway 0.7%, Ruane, Cunniff & Goldfarb (Sequoia) 0.0% and 3 more

Most bought in Q1 2014

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

Most bought companies
Who
Berkshire HathawayBRK.B91$307mWedgewood Partners, Gardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia) and 6 more
AppleAAPL6–$2.2bnCarl Icahn, Harris Associates (Oakmark), Wedgewood Partners and 3 more
National Oilwell VarcoNOV61$1.3bnDodge & Cox, First Eagle Investment Management, Wedgewood Partners and 3 more
MicrosoftMSFT5–$277mValueAct, First Eagle Investment Management, Harris Associates (Oakmark) and 2 more
Philip Morris InternationalPM5–$44.5mFundsmith, Gardner Russo & Quinn, First Eagle Investment Management and 2 more
Wal-Mart StoresWMT4–$811mBerkshire Hathaway, Dodge & Cox, Harris Associates (Oakmark) and 1 more
Verizon CommunicationsVZ41$646mBerkshire Hathaway, First Eagle Investment Management, Dodge & Cox and 1 more
BNYBK41$626mTrian Fund Management, Dodge & Cox, Harris Associates (Oakmark) and 1 more
Wells Fargo & CompanyWFC4–$197mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 1 more
OracleORCL4–$92.2mFirst Eagle Investment Management, Brave Warrior Advisors, Harris Associates (Oakmark) and 1 more
IntelINTC4–$81.1mFirst Eagle Investment Management, Harris Associates (Oakmark), Davis Selected Advisers and 1 more
US BancorpUSB4–$51.0mBerkshire Hathaway, Davis Selected Advisers, First Eagle Investment Management and 1 more
VisaV4–$43.9mFundsmith, Akre Capital Management, Markel Group and 1 more
Procter & GamblePG4–$13.6mFundsmith, Markel Group, Gardner Russo & Quinn and 1 more
Johnson & JohnsonJNJ4–$12.2mFundsmith, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Colgate-PalmoliveCL41$2.8mFirst Eagle Investment Management, Gardner Russo & Quinn, Davis Selected Advisers and 1 more
EbayEBAY31$1.6bnCarl Icahn, Dodge & Cox, Lindsell Train
Liberty GlobalLBTYA3–$1.1bnBerkshire Hathaway, Davis Selected Advisers, Dodge & Cox
MastercardMA3–$1.0bnGardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia), First Eagle Investment Management
CitigroupC31$465mHarris Associates (Oakmark), Appaloosa, Davis Selected Advisers
DiageoDEO3–$348mHarris Associates (Oakmark), Gardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia)
HalliburtonHAL31$249mAppaloosa, Harris Associates (Oakmark), Davis Selected Advisers
Booking HoldingsBKNG31$237mAppaloosa, Wedgewood Partners, Davis Selected Advisers
General MotorsGM3–$216mHarris Associates (Oakmark), Appaloosa, Dalal Street (Mohnish Pabrai)
ChevronCVX3–$162mFirst Eagle Investment Management, Markel Group, Ruane, Cunniff & Goldfarb (Sequoia)
NetAppNTAP3–$122mDodge & Cox, Oaktree Capital Management, First Eagle Investment Management
Du Pont EI de Nemours & Co3–$74.6mAppaloosa, Trian Fund Management, Harris Associates (Oakmark)
QualcommQCOM3–$71.2mHarris Associates (Oakmark), Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia)
UnileverUL3–$65.3mHarris Associates (Oakmark), Markel Group, Dodge & Cox
Liberty Interactive3–$50.5mHarris Associates (Oakmark), Davis Selected Advisers, Akre Capital Management

Most sold in Q1 2014

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

Most sold companies
Who
Walt DisneyDIS71$541mTCI Fund Management, Davis Selected Advisers, Harris Associates (Oakmark) and 4 more
American ExpressAXP61$847mDavis Selected Advisers, Wedgewood Partners, Markel Group and 3 more
VisaV6–$438mFirst Eagle Investment Management, Harris Associates (Oakmark), Wedgewood Partners and 3 more
ComcastCMCSA6–$421mDodge & Cox, Brave Warrior Advisors, First Eagle Investment Management and 3 more
PepsicoPEP5–$74.0mFirst Eagle Investment Management, Gardner Russo & Quinn, Markel Group and 2 more
Exxon MobilEXMOC5–$71.7mHarris Associates (Oakmark), Gardner Russo & Quinn, Markel Group and 2 more
SchlumbergerSLB5–$66.1mDodge & Cox, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
Wal-Mart StoresWMT51$23.0mTweedy, Browne, Davis Selected Advisers, Markel Group and 2 more
3M CompanyMMM51$6.8mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group and 2 more
International Business MachinesIBM51$6.7mMarkel Group, Ruane, Cunniff & Goldfarb (Sequoia), Dodge & Cox and 2 more
AlphabetGOOG41$1.0bnDavis Selected Advisers, First Eagle Investment Management, Polen Capital Management and 1 more
BNYBK41$532mDavis Selected Advisers, Southeastern Asset Management, Markel Group and 1 more
Coca-ColaKO4–$382mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark) and 1 more
Berkshire HathawayBRK.B4–$312mDavis Selected Advisers, Markel Group, Semper Augustus and 1 more
MastercardMA4–$57.6mHarris Associates (Oakmark), Tweedy, Browne, Polen Capital Management and 1 more
OracleORCL4–$45.8mDavis Selected Advisers, Polen Capital Management, Markel Group and 1 more
DiageoDEO4–$44.7mDavis Selected Advisers, Dodge & Cox, Markel Group and 1 more
MicrosoftMSFT4–$40.1mDavis Selected Advisers, Markel Group, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
General ElectricGE4–$23.2mDodge & Cox, Gardner Russo & Quinn, Harris Associates (Oakmark) and 1 more
Goldman Sachs GroupGS4–$14.6mDavis Selected Advisers, Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
CaterpillarCAT4–$13.7mHarris Associates (Oakmark), Markel Group, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Du Pont EI de Nemours & Co4–$702kGardner Russo & Quinn, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Forest Labs3–$705mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management
Merck & Co.MRK3–$532mDodge & Cox, Harris Associates (Oakmark), Semper Augustus
Vodafone GroupVOD31$519mDodge & Cox, Southeastern Asset Management, First Eagle Investment Management
Vulcan MaterialsVMC31$339mSoutheastern Asset Management, First Eagle Investment Management, Dodge & Cox
Wells Fargo & CompanyWFC3–$295mDavis Selected Advisers, Dodge & Cox, Tweedy, Browne
SyscoSYY31$167mFirst Eagle Investment Management, Tweedy, Browne, Markel Group
UnitedHealth GroupUNH3–$167mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group
Occidental PetroleumOXY3–$147mDavis Selected Advisers, First Eagle Investment Management, Dodge & Cox

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.