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What value investors bought and sold in Q3 2014

In Q3 2014, 28 value investors filed 13Fs. The most popular buy was Visa, added to by 9 managers (1 buying for the first time), followed by Ebay and Automatic Data Processing. Deere & Co was the most popular new position, started by 2 managers. The most sold was Comcast, cut by 6 managers (2 sold out), with Wells Fargo & Company and Berkshire Hathaway 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 Q3 2014 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.B14$8.9bn+8.3% vs Q27.0%28.6%Semper Augustus 28.6%, Ruane, Cunniff & Goldfarb (Sequoia) 14.8%, Gardner Russo & Quinn 13.1% and 11 more
VisaV12+1 vs Q2$3.2bn+5.8% vs Q22.1%6.9%Polen Capital Management 6.9%, Fundsmith 5.5%, Wedgewood Partners 3.5% and 9 more
Wells Fargo & CompanyWFC11$33bn−1.5% vs Q25667.8%62295.2%Daily Journal Corp 62295.2%, Berkshire Hathaway 22.2%, Davis Selected Advisers 7.3% and 8 more
MastercardMA11$4.0bn+6.2% vs Q22.3%9.0%Akre Capital Management 9.0%, Gardner Russo & Quinn 6.9%, Harris Associates (Oakmark) 3.0% and 8 more
MicrosoftMSFT10$10bn+10% vs Q24.5%23.1%ValueAct 23.1%, Brave Warrior Advisors 8.3%, First Eagle Investment Management 4.2% and 7 more
AppleAAPL10$7.3bn+5.9% vs Q23.4%15.8%Carl Icahn 15.8%, Wedgewood Partners 7.9%, Polen Capital Management 4.6% and 7 more
Johnson & JohnsonJNJ10$897m+3.3% vs Q22.2%10.2%Tweedy, Browne 10.2%, Fundsmith 6.5%, Semper Augustus 2.5% and 7 more
Bank of AmericaBAC9$4.7bn+15% vs Q22.8%18.6%Dalal Street (Mohnish Pabrai) 18.6%, Harris Associates (Oakmark) 3.6%, Dodge & Cox 2.3% and 6 more
US BancorpUSB9$4.1bn−3.1% vs Q2491.5%4418.4%Daily Journal Corp 4418.4%, Berkshire Hathaway 3.1%, First Eagle Investment Management 1.2% and 6 more
Exxon MobilEXMOC9$4.1bn−6.6% vs Q22.3%14.8%Semper Augustus 14.8%, Berkshire Hathaway 3.6%, Markel Group 2.3% and 6 more
General ElectricGE9$2.0bn−3.7% vs Q20.7%2.4%Semper Augustus 2.4%, Markel Group 2.1%, Dodge & Cox 1.6% and 6 more
Philip Morris InternationalPM9$1.8bn−7.2% vs Q22.2%8.1%Gardner Russo & Quinn 8.1%, Fundsmith 6.9%, Tweedy, Browne 3.6% and 6 more
Coca-ColaKO8$17bn+0.7% vs Q22.2%15.7%Berkshire Hathaway 15.7%, Semper Augustus 1.3%, Ruane, Cunniff & Goldfarb (Sequoia) 0.2% and 5 more
American ExpressAXP8$16bn−8.2% vs Q22.9%12.2%Berkshire Hathaway 12.2%, Davis Selected Advisers 6.7%, First Eagle Investment Management 1.7% and 5 more
International Business MachinesIBM8$14bn+10% vs Q23.6%13.7%Fairfax Financial Holdings 13.7%, Berkshire Hathaway 12.3%, Ruane, Cunniff & Goldfarb (Sequoia) 1.4% and 5 more
BNYBK8$9.4bn−2.2% vs Q24.5%14.7%Trian Fund Management 14.7%, Davis Selected Advisers 7.5%, Tweedy, Browne 3.7% and 5 more
Wal-Mart StoresWMT8$7.8bn+7.1% vs Q21.6%4.3%Berkshire Hathaway 4.3%, Markel Group 2.4%, Dodge & Cox 2.2% and 5 more
AlphabetGOOG8$7.2bn+3.3% vs Q24.3%9.3%Appaloosa 9.3%, Polen Capital Management 8.9%, Davis Selected Advisers 7.1% and 5 more
SchlumbergerSLB8−1 vs Q2$4.0bn−14% vs Q21.1%3.8%Wedgewood Partners 3.8%, Dodge & Cox 3.5%, Markel Group 0.9% and 5 more
PepsicoPEP8$1.9bn+38% vs Q23.9%21.9%Trian Fund Management 21.9%, Fundsmith 7.5%, Semper Augustus 1.7% and 5 more
CitigroupC8+1 vs Q2$1.8bn+16% vs Q23.5%17.8%Dalal Street (Mohnish Pabrai) 17.8%, Appaloosa 6.3%, Baupost Group 2.0% and 5 more
McdonaldsMCD8+1 vs Q2$1.5bn+51% vs Q22.1%10.9%Fundsmith 10.9%, Southeastern Asset Management 3.8%, First Eagle Investment Management 1.3% and 5 more
Walt DisneyDIS8$520m−16% vs Q22.2%12.6%Lindsell Train 12.6%, Markel Group 3.8%, Davis Selected Advisers 0.7% and 5 more
Goldman Sachs GroupGS7−1 vs Q2$5.5bn+14% vs Q21.0%2.1%Berkshire Hathaway 2.1%, Dodge & Cox 2.1%, Ruane, Cunniff & Goldfarb (Sequoia) 1.2% and 4 more
ComcastCMCSA7−2 vs Q2$5.1bn−5.0% vs Q21.6%3.4%First Eagle Investment Management 3.4%, Dodge & Cox 2.8%, Gardner Russo & Quinn 2.4% and 4 more
OracleORCL7−1 vs Q2$4.9bn−7.7% vs Q22.3%6.0%Polen Capital Management 6.0%, Harris Associates (Oakmark) 4.7%, First Eagle Investment Management 3.2% and 4 more
Procter & GamblePG7$4.6bn+6.6% vs Q21.4%5.1%Fundsmith 5.1%, Berkshire Hathaway 4.1%, Markel Group 0.3% and 4 more
National Oilwell VarcoNOV7$4.3bn−7.1% vs Q21.6%2.9%Wedgewood Partners 2.9%, Harris Associates (Oakmark) 2.8%, First Eagle Investment Management 2.1% and 4 more
Merck & Co.MRK7$2.2bn−1.8% vs Q20.8%3.4%Semper Augustus 3.4%, Dodge & Cox 2.0%, First Eagle Investment Management 0.2% and 4 more
DiageoDEO7$1.2bn−3.7% vs Q21.0%4.0%Markel Group 4.0%, Harris Associates (Oakmark) 1.4%, Tweedy, Browne 0.9% and 4 more
3M CompanyMMM7$1.2bn−1.4% vs Q21.6%5.1%Fundsmith 5.1%, Tweedy, Browne 3.4%, First Eagle Investment Management 2.1% and 4 more
Automatic Data ProcessingADP7+1 vs Q2$967m+23% vs Q21.7%5.0%Fundsmith 5.0%, Polen Capital Management 4.3%, Markel Group 1.2% and 4 more
ConocoPhillipsCOP7$860m−17% vs Q20.9%5.0%Tweedy, Browne 5.0%, First Eagle Investment Management 1.5%, Berkshire Hathaway 0.0% and 4 more
Phillips 66PSX7+1 vs Q2$636m+14% vs Q20.2%0.8%Tweedy, Browne 0.8%, Berkshire Hathaway 0.5%, First Eagle Investment Management 0.2% and 4 more
EbayEBAY6+1 vs Q2$5.3bn+68% vs Q26.4%18.2%Lindsell Train 18.2%, Carl Icahn 7.7%, Baupost Group 6.0% and 3 more
JPMorgan ChaseJPM6+1 vs Q2$4.0bn+14% vs Q22.4%8.1%Brave Warrior Advisors 8.1%, Harris Associates (Oakmark) 3.1%, Davis Selected Advisers 2.1% and 3 more
Moody'sMCO6$4.0bn+7.9% vs Q29.7%45.1%TCI Fund Management 45.1%, Akre Capital Management 9.3%, Berkshire Hathaway 2.1% and 3 more
IntelINTC6$3.8bn+14% vs Q21.8%3.9%Harris Associates (Oakmark) 3.9%, First Eagle Investment Management 3.5%, Semper Augustus 2.7% and 3 more
Mondelez InternationalMDLZ6$2.7bn−9.8% vs Q27.7%21.4%Lindsell Train 21.4%, Trian Fund Management 18.8%, Southeastern Asset Management 5.7% and 3 more
American International GroupAIG6$2.3bn+13% vs Q20.8%3.3%Harris Associates (Oakmark) 3.3%, Oaktree Capital Management 0.5%, First Eagle Investment Management 0.5% and 3 more

Most bought in Q3 2014

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

Most bought companies
Who
VisaV91$150mBerkshire Hathaway, Harris Associates (Oakmark), Wedgewood Partners and 6 more
EbayEBAY61$1.7bnCarl Icahn, Dodge & Cox, Baupost Group and 3 more
Automatic Data ProcessingADP51$151mFundsmith, Harris Associates (Oakmark), First Eagle Investment Management and 2 more
SchlumbergerSLB5–$95.4mDodge & Cox, Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
General ElectricGE5–$2.6mMarkel Group, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
McdonaldsMCD41$885mSoutheastern Asset Management, First Eagle Investment Management, Fundsmith and 1 more
Liberty GlobalLBTYA4–$637mDodge & Cox, Davis Selected Advisers, First Eagle Investment Management and 1 more
Wal-Mart StoresWMT4–$390mDodge & Cox, Berkshire Hathaway, Harris Associates (Oakmark) and 1 more
MastercardMA4–$216mHarris Associates (Oakmark), Berkshire Hathaway, Gardner Russo & Quinn and 1 more
QualcommQCOM41$208mWedgewood Partners, Harris Associates (Oakmark), Dodge & Cox and 1 more
National Oilwell VarcoNOV4–$97.8mFirst Eagle Investment Management, Dodge & Cox, Wedgewood Partners and 1 more
Berkshire HathawayBRK.B4–$97.5mRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Gardner Russo & Quinn and 1 more
DiageoDEO4–$74.4mHarris Associates (Oakmark), Markel Group, Gardner Russo & Quinn and 1 more
IntelINTC4–$42.1mFirst Eagle Investment Management, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Lowe’sLOW41$35.9mFirst Eagle Investment Management, Davis Selected Advisers, Dodge & Cox and 1 more
MicrosoftMSFT4–$33.6mFirst Eagle Investment Management, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Johnson & JohnsonJNJ4–$17.9mFundsmith, First Eagle Investment Management, Dodge & Cox and 1 more
Walt DisneyDIS4–$5.9mRuane, Cunniff & Goldfarb (Sequoia), Lindsell Train, Markel Group and 1 more
International Business MachinesIBM3–$710mDavis Selected Advisers, Fairfax Financial Holdings, Berkshire Hathaway
Deere & CoDE32$630mBerkshire Hathaway, First Eagle Investment Management, Markel Group
Amazon.comAMZN31$559mDavis Selected Advisers, Harris Associates (Oakmark), Dodge & Cox
PepsicoPEP3–$459mTrian Fund Management, Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia)
Liberty MediaFWONA3–$418mBerkshire Hathaway, Markel Group, First Eagle Investment Management
BNYBK3–$405mTrian Fund Management, First Eagle Investment Management, Harris Associates (Oakmark)
General MotorsGM3–$375mBerkshire Hathaway, Harris Associates (Oakmark), Appaloosa
JPMorgan ChaseJPM31$321mBrave Warrior Advisors, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
AlphabetGOOG3–$221mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management
Bank of AmericaBAC3–$170mDodge & Cox, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
Booking HoldingsBKNG3–$164mPolen Capital Management, Appaloosa, Wedgewood Partners
Discovery Communications Inc SDISCK3–$159mAkre Capital Management, First Eagle Investment Management, Harris Associates (Oakmark)

Most sold in Q3 2014

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

Most sold companies
Who
ComcastCMCSA62$279mTCI Fund Management, Appaloosa, Dodge & Cox and 3 more
Wells Fargo & CompanyWFC6–$112mDavis Selected Advisers, Dodge & Cox, Tweedy, Browne and 3 more
Berkshire HathawayBRK.B6–$88.7mDavis Selected Advisers, First Eagle Investment Management, Southeastern Asset Management and 3 more
BNYBK5–$912mSoutheastern Asset Management, Davis Selected Advisers, Berkshire Hathaway and 2 more
Philip Morris InternationalPM5–$133mDavis Selected Advisers, Harris Associates (Oakmark), Tweedy, Browne and 2 more
MicrosoftMSFT5–$118mDodge & Cox, Davis Selected Advisers, Semper Augustus and 2 more
International Business MachinesIBM5–$10.3mRuane, Cunniff & Goldfarb (Sequoia), Dodge & Cox, Gardner Russo & Quinn and 2 more
MastercardMA5–$8.1mTweedy, Browne, Polen Capital Management, Akre Capital Management and 2 more
OracleORCL41$345mBrave Warrior Advisors, Davis Selected Advisers, Polen Capital Management and 1 more
ChevronCVX4–$305mFirst Eagle Investment Management, Dodge & Cox, Gardner Russo & Quinn and 1 more
AppleAAPL4–$165mWedgewood Partners, Appaloosa, Polen Capital Management and 1 more
Liberty Interactive41$118mHarris Associates (Oakmark), Akre Capital Management, Dodge & Cox and 1 more
American ExpressAXP4–$104mDavis Selected Advisers, Tweedy, Browne, Dodge & Cox and 1 more
Merck & Co.MRK4–$91.3mDodge & Cox, First Eagle Investment Management, Semper Augustus and 1 more
ConocoPhillipsCOP4–$86.0mBerkshire Hathaway, Tweedy, Browne, Dodge & Cox and 1 more
DnowDNOW41$47.7mHarris Associates (Oakmark), Wedgewood Partners, Dodge & Cox and 1 more
Goldman Sachs GroupGS41$33.3mDalal Street (Mohnish Pabrai), Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 1 more
3M CompanyMMM4–$5.6mFirst Eagle Investment Management, Harris Associates (Oakmark), Tweedy, Browne and 1 more
FedExFDX3–$660mSoutheastern Asset Management, Harris Associates (Oakmark), Dodge & Cox
CVS HealthCVS3–$517mDavis Selected Advisers, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
Dresser-Rand GroupDRC32$308mValueAct, First Eagle Investment Management, Harris Associates (Oakmark)
Walt DisneyDIS3–$123mAppaloosa, Davis Selected Advisers, Harris Associates (Oakmark)
PfizerPFE3–$103mFirst Eagle Investment Management, Dodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia)
American International GroupAIG31$94.6mAppaloosa, Oaktree Capital Management, Davis Selected Advisers
Forest Labs33$90.7mFirst Eagle Investment Management, Harris Associates (Oakmark), Dodge & Cox
National Oilwell VarcoNOV3–$79.6mBerkshire Hathaway, Harris Associates (Oakmark), Tweedy, Browne
Abbott LaboratoriesABT3–$67.5mSoutheastern Asset Management, First Eagle Investment Management, Polen Capital Management
Expeditors International of WashingtonEXPD31$46.4mValueAct, Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers
Devon EnergyDVN31$44.3mHarris Associates (Oakmark), Tweedy, Browne, Davis Selected Advisers
Phillips 66PSX3–$23.8mBerkshire Hathaway, Tweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia)

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.