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What value investors bought and sold in Q2 2014

In Q2 2014, 28 value investors filed 13Fs. The most popular buy was Alphabet, added to by 8 managers (1 buying for the first time), followed by Visa and National Oilwell Varco. Ebay was the most popular new position, started by 2 managers. The most sold was Berkshire Hathaway, cut by 8 managers, with ConocoPhillips and Exxon Mobil 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 Q2 2014 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.B14$8.2bn−0.8% vs Q16.3%25.2%Semper Augustus 25.2%, Ruane, Cunniff & Goldfarb (Sequoia) 13.8%, Gardner Russo & Quinn 11.7% and 11 more
Wells Fargo & CompanyWFC11$34bn+5.1% vs Q15860.3%64412.2%Daily Journal Corp 64412.2%, Berkshire Hathaway 22.6%, Davis Selected Advisers 7.4% and 8 more
MastercardMA11+1 vs Q1$3.7bn+3.9% vs Q12.2%9.1%Akre Capital Management 9.1%, Gardner Russo & Quinn 6.7%, Harris Associates (Oakmark) 2.8% and 8 more
VisaV11$3.0bn+8.1% vs Q12.3%6.8%Polen Capital Management 6.8%, Fundsmith 5.7%, Akre Capital Management 3.5% and 8 more
MicrosoftMSFT10$9.1bn+3.9% vs Q14.4%22.9%ValueAct 22.9%, Brave Warrior Advisors 8.1%, First Eagle Investment Management 3.6% and 7 more
AppleAAPL10$6.9bn+20% vs Q13.2%12.7%Carl Icahn 12.7%, Wedgewood Partners 9.8%, Polen Capital Management 4.3% and 7 more
Johnson & JohnsonJNJ10$868m+7.6% vs Q12.2%9.4%Tweedy, Browne 9.4%, Fundsmith 6.3%, Semper Augustus 3.6% and 7 more
ComcastCMCSA9+1 vs Q1$5.4bn+12% vs Q12.3%9.2%TCI Fund Management 9.2%, First Eagle Investment Management 3.3%, Dodge & Cox 2.8% and 6 more
SchlumbergerSLB9$4.7bn+6.4% vs Q11.2%4.4%Wedgewood Partners 4.4%, Dodge & Cox 4.0%, Markel Group 1.0% and 6 more
Exxon MobilEXMOC9−1 vs Q1$4.4bn−3.3% vs Q12.4%15.2%Semper Augustus 15.2%, Berkshire Hathaway 3.9%, Markel Group 2.5% and 6 more
US BancorpUSB9$4.2bn+1.1% vs Q1519.4%4669.2%Daily Journal Corp 4669.2%, Berkshire Hathaway 3.2%, First Eagle Investment Management 1.2% and 6 more
Bank of AmericaBAC9$4.1bn−0.7% vs Q12.4%15.6%Dalal Street (Mohnish Pabrai) 15.6%, Harris Associates (Oakmark) 3.2%, Dodge & Cox 2.0% and 6 more
General ElectricGE9$2.1bn−18% vs Q10.7%2.3%Semper Augustus 2.3%, Markel Group 2.1%, Dodge & Cox 1.7% and 6 more
Philip Morris InternationalPM9$1.9bn+3.1% vs Q12.2%8.0%Gardner Russo & Quinn 8.0%, Fundsmith 6.9%, Tweedy, Browne 3.4% and 6 more
American ExpressAXP8$18bn+4.1% vs Q13.1%13.4%Berkshire Hathaway 13.4%, Davis Selected Advisers 7.2%, First Eagle Investment Management 1.8% and 5 more
Coca-ColaKO8$17bn+9.6% vs Q12.2%15.8%Berkshire Hathaway 15.8%, Semper Augustus 1.2%, Ruane, Cunniff & Goldfarb (Sequoia) 0.3% and 5 more
International Business MachinesIBM8$13bn−3.4% vs Q11.7%11.8%Berkshire Hathaway 11.8%, Ruane, Cunniff & Goldfarb (Sequoia) 1.4%, Dodge & Cox 0.0% and 5 more
BNYBK8$9.6bn+10.0% vs Q14.3%10.5%Trian Fund Management 10.5%, Davis Selected Advisers 7.4%, Southeastern Asset Management 6.9% and 5 more
Wal-Mart StoresWMT8$7.3bn+11% vs Q11.5%4.1%Berkshire Hathaway 4.1%, Markel Group 2.4%, Dodge & Cox 2.0% and 5 more
AlphabetGOOG8+1 vs Q1$7.0bn+37% vs Q14.1%8.9%Polen Capital Management 8.9%, Appaloosa 8.7%, Davis Selected Advisers 6.8% and 5 more
OracleORCL8$5.3bn−1.2% vs Q13.7%12.9%Brave Warrior Advisors 12.9%, Polen Capital Management 6.4%, Harris Associates (Oakmark) 4.8% and 5 more
Goldman Sachs GroupGS8$4.8bn+4.7% vs Q11.2%3.7%Dalal Street (Mohnish Pabrai) 3.7%, Berkshire Hathaway 2.0%, Dodge & Cox 1.9% and 5 more
PepsicoPEP8−1 vs Q1$1.4bn+12% vs Q13.5%17.0%Trian Fund Management 17.0%, Fundsmith 7.8%, Semper Augustus 2.6% and 5 more
Walt DisneyDIS8$618m+2.7% vs Q12.3%12.5%Lindsell Train 12.5%, Markel Group 3.7%, Appaloosa 1.6% and 5 more
National Oilwell VarcoNOV7$4.7bn+13% vs Q11.6%3.1%Wedgewood Partners 3.1%, Harris Associates (Oakmark) 3.1%, First Eagle Investment Management 2.1% and 4 more
Procter & GamblePG7$4.3bn−2.5% vs Q11.4%5.1%Fundsmith 5.1%, Berkshire Hathaway 3.9%, Markel Group 0.3% and 4 more
Merck & Co.MRK7$2.2bn−8.9% vs Q10.8%3.3%Semper Augustus 3.3%, Dodge & Cox 2.0%, First Eagle Investment Management 0.3% and 4 more
CitigroupC7$1.5bn+42% vs Q13.2%13.9%Dalal Street (Mohnish Pabrai) 13.9%, Appaloosa 5.7%, Harris Associates (Oakmark) 1.6% and 4 more
DiageoDEO7$1.3bn+1.1% vs Q11.1%4.4%Markel Group 4.4%, Harris Associates (Oakmark) 1.5%, Tweedy, Browne 0.9% and 4 more
3M CompanyMMM7$1.2bn−12% vs Q11.7%5.5%Fundsmith 5.5%, Tweedy, Browne 3.2%, First Eagle Investment Management 2.1% and 4 more
ConocoPhillipsCOP7$1.0bn−34% vs Q11.0%5.4%Tweedy, Browne 5.4%, First Eagle Investment Management 1.6%, Berkshire Hathaway 0.1% and 4 more
McdonaldsMCD7+1 vs Q1$1.0bn+75% vs Q11.8%10.1%Fundsmith 10.1%, First Eagle Investment Management 0.9%, Harris Associates (Oakmark) 0.7% and 4 more
Du Pont EI de Nemours & Co7$449m−8.9% vs Q10.9%5.9%Trian Fund Management 5.9%, Appaloosa 0.5%, Gardner Russo & Quinn 0.0% and 4 more
DnowDNOW7$426m0.2%0.4%First Eagle Investment Management 0.4%, Wedgewood Partners 0.3%, Dodge & Cox 0.1% and 4 more
Moody'sMCO6+1 vs Q1$3.7bn+21% vs Q19.2%43.0%TCI Fund Management 43.0%, Akre Capital Management 8.9%, Berkshire Hathaway 2.0% and 3 more
IntelINTC6$3.4bn+22% vs Q11.8%3.5%Harris Associates (Oakmark) 3.5%, Semper Augustus 3.5%, First Eagle Investment Management 3.0% and 3 more
Mondelez InternationalMDLZ6$3.0bn+6.5% vs Q18.8%23.7%Lindsell Train 23.7%, Trian Fund Management 23.1%, Southeastern Asset Management 6.3% and 3 more
American International GroupAIG6$2.0bn+11% vs Q10.9%3.0%Harris Associates (Oakmark) 3.0%, Appaloosa 0.9%, Oaktree Capital Management 0.9% and 3 more
Costco WholesaleCOST6$1.7bn−6.1% vs Q11.0%3.4%Davis Selected Advisers 3.4%, Semper Augustus 1.4%, Berkshire Hathaway 0.5% and 3 more
HalliburtonHAL6−1 vs Q1$1.0bn−6.0% vs Q12.3%8.1%Tweedy, Browne 8.1%, Appaloosa 5.0%, Harris Associates (Oakmark) 0.5% and 3 more

Most bought in Q2 2014

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

Most bought companies
Who
AlphabetGOOG81$4.3bnDodge & Cox, Davis Selected Advisers, Harris Associates (Oakmark) and 5 more
DnowDNOWFirst time in their 13Fs: often a new listing or spin-off77$426mFirst Eagle Investment Management, Dodge & Cox, Berkshire Hathaway and 4 more
VisaV7–$331mHarris Associates (Oakmark), Wedgewood Partners, Berkshire Hathaway and 4 more
National Oilwell VarcoNOV6–$419mFirst Eagle Investment Management, Harris Associates (Oakmark), Dodge & Cox and 3 more
EbayEBAY52$598mBaupost Group, Carl Icahn, Dodge & Cox and 2 more
Bank of AmericaBAC5–$409mHarris Associates (Oakmark), Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
MastercardMA51$202mHarris Associates (Oakmark), Akre Capital Management, TCI Fund Management and 2 more
Time Warner Cable41$919mTCI Fund Management, First Eagle Investment Management, Dodge & Cox and 1 more
Wal-Mart StoresWMT4–$814mDodge & Cox, Berkshire Hathaway, Harris Associates (Oakmark) and 1 more
BNYBK4–$582mTrian Fund Management, Dodge & Cox, Harris Associates (Oakmark) and 1 more
JPMorgan ChaseJPM4–$575mDavis Selected Advisers, Dodge & Cox, Harris Associates (Oakmark) and 1 more
McdonaldsMCD41$421mFirst Eagle Investment Management, Fundsmith, Harris Associates (Oakmark) and 1 more
CarmaxKMX4–$242mDavis Selected Advisers, Harris Associates (Oakmark), Akre Capital Management and 1 more
MicrosoftMSFT4–$229mValueAct, First Eagle Investment Management, Brave Warrior Advisors and 1 more
Bausch Health CompaniesBHC4–$138mBrave Warrior Advisors, Davis Selected Advisers, First Eagle Investment Management and 1 more
OracleORCL4–$85.0mHarris Associates (Oakmark), Brave Warrior Advisors, First Eagle Investment Management and 1 more
Wells Fargo & CompanyWFC4–$27.3mHarris Associates (Oakmark), Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Walt DisneyDIS4–$13.7mLindsell Train, Markel Group, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
General MotorsGM3–$565mHarris Associates (Oakmark), Appaloosa, Berkshire Hathaway
CitigroupC3–$532mHarris Associates (Oakmark), Baupost Group, Davis Selected Advisers
Google3–$471mRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Gardner Russo & Quinn
Liberty GlobalLBTYA3–$344mDavis Selected Advisers, Berkshire Hathaway, Dodge & Cox
Moody'sMCO31$331mDavis Selected Advisers, TCI Fund Management, Markel Group
Booking HoldingsBKNG31$308mAppaloosa, Polen Capital Management, Wedgewood Partners
UnitedHealth GroupUNH3–$290mDodge & Cox, Harris Associates (Oakmark), Markel Group
Home DepotHD31$254mFirst Eagle Investment Management, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
PepsicoPEP3–$71.4mTrian Fund Management, Fundsmith, Markel Group
QualcommQCOM3–$66.4mHarris Associates (Oakmark), Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia)
IntelINTC3–$62.9mFirst Eagle Investment Management, Harris Associates (Oakmark), Davis Selected Advisers
Anheuser-Busch InBevBUD3–$50.3mFirst Eagle Investment Management, Gardner Russo & Quinn, Markel Group

Most sold in Q2 2014

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

Most sold companies
Who
Berkshire HathawayBRK.B8–$141mDavis Selected Advisers, Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia) and 5 more
ConocoPhillipsCOP6–$725mBerkshire Hathaway, First Eagle Investment Management, Tweedy, Browne and 3 more
Exxon MobilEXMOC61$281mHarris Associates (Oakmark), Semper Augustus, Gardner Russo & Quinn and 3 more
General ElectricGE5–$513mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 2 more
HalliburtonHAL51$243mBrave Warrior Advisors, Tweedy, Browne, First Eagle Investment Management and 2 more
DiageoDEO5–$51.6mDavis Selected Advisers, Dodge & Cox, Gardner Russo & Quinn and 2 more
ChevronCVX51$23.8mMarkel Group, Dodge & Cox, Gardner Russo & Quinn and 2 more
PepsicoPEP51$13.9mFirst Eagle Investment Management, Gardner Russo & Quinn, Dodge & Cox and 2 more
International Business MachinesIBM5–$2.9mRuane, Cunniff & Goldfarb (Sequoia), Dodge & Cox, Gardner Russo & Quinn and 2 more
Directv42$1.6bnBerkshire Hathaway, Harris Associates (Oakmark), First Eagle Investment Management and 1 more
PfizerPFE4–$668mDodge & Cox, First Eagle Investment Management, Harris Associates (Oakmark) and 1 more
SchlumbergerSLB4–$537mDodge & Cox, Davis Selected Advisers, First Eagle Investment Management and 1 more
Devon EnergyDVN4–$383mHarris Associates (Oakmark), Tweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Merck & Co.MRK4–$256mDodge & Cox, First Eagle Investment Management, Harris Associates (Oakmark) and 1 more
Phillips 66PSX4–$250mBerkshire Hathaway, Tweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
LoewsL41$222mDavis Selected Advisers, Southeastern Asset Management, Markel Group and 1 more
American ExpressAXP4–$210mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Dodge & Cox and 1 more
ComcastCMCSA4–$145mHarris Associates (Oakmark), Tweedy, Browne, Dodge & Cox and 1 more
AppleAAPL4–$65.3mWedgewood Partners, Polen Capital Management, Appaloosa and 1 more
Du Pont EI de Nemours & Co4–$32.7mAppaloosa, Gardner Russo & Quinn, Dodge & Cox and 1 more
Philip Morris InternationalPM4–$32.1mDavis Selected Advisers, Tweedy, Browne, First Eagle Investment Management and 1 more
Abbott LaboratoriesABT4–$16.9mPolen Capital Management, Southeastern Asset Management, Harris Associates (Oakmark) and 1 more
UnileverUN4–$4.8mDavis Selected Advisers, Tweedy, Browne, Dodge & Cox and 1 more
Procter & GamblePG4–$1.8mRuane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn, Harris Associates (Oakmark) and 1 more
Forest Labs31$3.4bnCarl Icahn, Dodge & Cox, Harris Associates (Oakmark)
Canadian Natural ResourcesCNQ3–$565mDavis Selected Advisers, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia)
FedExFDX3–$335mHarris Associates (Oakmark), Southeastern Asset Management, Dodge & Cox
Linear Technology Group3–$281mFirst Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark)
BNYBK3–$235mDavis Selected Advisers, Southeastern Asset Management, Tweedy, Browne
3M CompanyMMM3–$228mHarris Associates (Oakmark), Tweedy, Browne, 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.