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What value investors bought and sold in Q4 2014

In Q4 2014, 28 value investors filed 13Fs. The most popular buy was Visa, added to by 7 managers, followed by Halliburton and Alphabet. Halliburton was the most popular new position, started by 3 managers. The most sold was Berkshire Hathaway, cut by 10 managers, with Wells Fargo & Company and Microsoft 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 Q4 2014 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.B14$8.5bn−5.0% vs Q37.0%31.3%Semper Augustus 31.3%, Ruane, Cunniff & Goldfarb (Sequoia) 14.9%, Gardner Russo & Quinn 13.8% and 11 more
VisaV12$4.0bn+26% vs Q32.4%7.6%Polen Capital Management 7.6%, Fundsmith 5.6%, Wedgewood Partners 3.9% and 9 more
Wells Fargo & CompanyWFC11$35bn+4.9% vs Q310.6%64.5%Daily Journal Corp 64.5%, Berkshire Hathaway 23.2%, Davis Selected Advisers 7.3% and 8 more
MicrosoftMSFT10$9.9bn−0.9% vs Q34.3%21.6%ValueAct 21.6%, Brave Warrior Advisors 8.3%, First Eagle Investment Management 4.1% and 7 more
MastercardMA10−1 vs Q3$4.7bn+20% vs Q32.7%9.7%Akre Capital Management 9.7%, Gardner Russo & Quinn 7.8%, Harris Associates (Oakmark) 3.4% and 7 more
Johnson & JohnsonJNJ10$892m−0.5% vs Q32.1%11.1%Tweedy, Browne 11.1%, Fundsmith 6.1%, Markel Group 1.4% and 7 more
AlphabetGOOG9+1 vs Q3$7.1bn−1.8% vs Q34.7%11.3%Appaloosa 11.3%, Polen Capital Management 8.8%, Dalal Street (Mohnish Pabrai) 6.6% and 6 more
Bank of AmericaBAC9$5.1bn+9.4% vs Q31.9%10.2%Dalal Street (Mohnish Pabrai) 10.2%, Harris Associates (Oakmark) 3.6%, Dodge & Cox 2.6% and 6 more
US BancorpUSB9$4.4bn+7.5% vs Q31.1%4.7%Daily Journal Corp 4.7%, Berkshire Hathaway 3.3%, First Eagle Investment Management 1.3% and 6 more
Philip Morris InternationalPM9$1.7bn−5.9% vs Q32.2%7.3%Gardner Russo & Quinn 7.3%, Fundsmith 7.2%, Tweedy, Browne 3.9% and 6 more
General ElectricGE9$1.6bn−21% vs Q30.7%2.4%Semper Augustus 2.4%, Markel Group 1.8%, Dodge & Cox 0.9% and 6 more
American ExpressAXP8$17bn+5.0% vs Q33.0%12.9%Berkshire Hathaway 12.9%, Davis Selected Advisers 6.7%, First Eagle Investment Management 1.8% and 5 more
International Business MachinesIBM8$13bn−11% vs Q33.3%14.2%Fairfax Financial Holdings 14.2%, Berkshire Hathaway 11.3%, Ruane, Cunniff & Goldfarb (Sequoia) 1.1% and 5 more
BNYBK8$9.2bn−2.6% vs Q34.1%12.4%Trian Fund Management 12.4%, Davis Selected Advisers 7.2%, Tweedy, Browne 4.3% and 5 more
Wal-Mart StoresWMT8$8.8bn+13% vs Q31.7%4.7%Berkshire Hathaway 4.7%, Dodge & Cox 2.5%, Markel Group 2.3% and 5 more
AppleAAPL8−2 vs Q3$7.7bn+5.9% vs Q33.9%18.3%Carl Icahn 18.3%, Wedgewood Partners 6.4%, Polen Capital Management 4.6% and 5 more
McdonaldsMCD8$2.0bn+31% vs Q32.3%10.1%Fundsmith 10.1%, Southeastern Asset Management 6.4%, First Eagle Investment Management 1.4% and 5 more
PepsicoPEP8$1.9bn+1.9% vs Q33.3%17.9%Trian Fund Management 17.9%, Fundsmith 6.6%, Semper Augustus 1.4% and 5 more
Exxon MobilEXMOC8−1 vs Q3$219m−95% vs Q32.2%15.1%Semper Augustus 15.1%, Markel Group 1.9%, Gardner Russo & Quinn 0.1% and 5 more
Coca-ColaKO7−1 vs Q3$17bn−1.1% vs Q32.4%15.4%Berkshire Hathaway 15.4%, Semper Augustus 1.4%, Ruane, Cunniff & Goldfarb (Sequoia) 0.2% and 4 more
Goldman Sachs GroupGS7$5.8bn+5.8% vs Q31.0%2.2%Berkshire Hathaway 2.2%, Dodge & Cox 2.1%, Ruane, Cunniff & Goldfarb (Sequoia) 1.3% and 4 more
Procter & GamblePG7$5.0bn+8.9% vs Q31.4%5.0%Fundsmith 5.0%, Berkshire Hathaway 4.4%, Markel Group 0.3% and 4 more
ComcastCMCSA7$5.0bn−2.6% vs Q31.6%3.5%First Eagle Investment Management 3.5%, Dodge & Cox 2.5%, Gardner Russo & Quinn 2.5% and 4 more
OracleORCL7$4.7bn−2.4% vs Q32.3%6.3%Polen Capital Management 6.3%, Harris Associates (Oakmark) 3.9%, First Eagle Investment Management 3.7% and 4 more
SchlumbergerSLB7−1 vs Q3$4.4bn+9.0% vs Q31.3%4.8%Wedgewood Partners 4.8%, Dodge & Cox 3.7%, Markel Group 0.8% and 4 more
National Oilwell VarcoNOV7$4.0bn−7.7% vs Q31.6%4.2%Wedgewood Partners 4.2%, Harris Associates (Oakmark) 2.3%, First Eagle Investment Management 2.2% and 4 more
Merck & Co.MRK7$1.9bn−11% vs Q30.7%3.1%Semper Augustus 3.1%, Dodge & Cox 1.8%, Fairfax Financial Holdings 0.0% and 4 more
HalliburtonHAL7+2 vs Q3$1.6bn+75% vs Q32.5%5.7%Brave Warrior Advisors 5.7%, Tweedy, Browne 5.4%, ValueAct 5.2% and 4 more
CitigroupC7−1 vs Q3$1.4bn−21% vs Q32.3%12.4%Dalal Street (Mohnish Pabrai) 12.4%, Harris Associates (Oakmark) 1.9%, Baupost Group 1.8% and 4 more
3M CompanyMMM7$1.3bn+16% vs Q31.8%5.1%Fundsmith 5.1%, Tweedy, Browne 4.4%, First Eagle Investment Management 2.4% and 4 more
DiageoDEO7$1.2bn−3.2% vs Q30.9%3.4%Markel Group 3.4%, Harris Associates (Oakmark) 1.3%, Tweedy, Browne 1.0% and 4 more
Automatic Data ProcessingADP7$1.0bn+3.9% vs Q31.6%4.9%Fundsmith 4.9%, Polen Capital Management 3.9%, Markel Group 1.1% and 4 more
Walt DisneyDIS7−1 vs Q3$304m−42% vs Q32.3%12.8%Lindsell Train 12.8%, Markel Group 3.5%, Ruane, Cunniff & Goldfarb (Sequoia) 0.0% and 4 more
Mcgraw Hill Financial7+1 vs Q3$240m−9.6% vs Q30.9%6.0%TCI Fund Management 6.0%, Markel Group 0.2%, Ruane, Cunniff & Goldfarb (Sequoia) 0.2% and 4 more
EbayEBAY6$5.0bn−4.7% vs Q37.2%17.4%Lindsell Train 17.4%, Baupost Group 10.3%, Carl Icahn 8.1% and 3 more
JPMorgan ChaseJPM6$4.4bn+11% vs Q32.6%9.1%Brave Warrior Advisors 9.1%, Harris Associates (Oakmark) 3.1%, Davis Selected Advisers 2.3% and 3 more
Moody'sMCO6$3.8bn−3.8% vs Q37.6%33.4%TCI Fund Management 33.4%, Akre Capital Management 8.9%, Berkshire Hathaway 2.2% and 3 more
IntelINTC6$3.7bn−2.4% vs Q31.8%3.7%Harris Associates (Oakmark) 3.7%, First Eagle Investment Management 3.2%, Semper Augustus 2.9% and 3 more
Mondelez InternationalMDLZ6$2.9bn+8.8% vs Q37.8%23.2%Lindsell Train 23.2%, Trian Fund Management 17.8%, Southeastern Asset Management 5.6% and 3 more
American International GroupAIG6$2.5bn+11% vs Q30.8%3.4%Harris Associates (Oakmark) 3.4%, First Eagle Investment Management 0.7%, Baupost Group 0.4% and 3 more

Most bought in Q4 2014

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

Most bought companies
Who
VisaV7–$186mBerkshire Hathaway, Harris Associates (Oakmark), Wedgewood Partners and 4 more
HalliburtonHAL63$1.3bnValueAct, Davis Selected Advisers, Brave Warrior Advisors and 3 more
AlphabetGOOG51$742mHarris Associates (Oakmark), Dodge & Cox, Polen Capital Management and 2 more
National Oilwell VarcoNOV5–$344mWedgewood Partners, First Eagle Investment Management, Harris Associates (Oakmark) and 2 more
JPMorgan ChaseJPM5–$299mDodge & Cox, Brave Warrior Advisors, Harris Associates (Oakmark) and 2 more
EbayEBAY5–$297mBaupost Group, Fundsmith, Lindsell Train and 2 more
MastercardMA5–$140mHarris Associates (Oakmark), Berkshire Hathaway, Gardner Russo & Quinn and 2 more
Baker Hughes42$1.2bnValueAct, Dodge & Cox, Brave Warrior Advisors and 1 more
SchlumbergerSLB4–$1.1bnDodge & Cox, Wedgewood Partners, Markel Group and 1 more
Liberty GlobalLBTYA4–$636mFirst Eagle Investment Management, Davis Selected Advisers, Dodge & Cox and 1 more
Elevance HealthELVFirst time in their 13Fs: often a new listing or spin-off44$405mFirst Eagle Investment Management, Markel Group, Davis Selected Advisers and 1 more
General ElectricGE4–$276mHarris Associates (Oakmark), Markel Group, Davis Selected Advisers and 1 more
Precision Castparts4–$193mBerkshire Hathaway, Ruane, Cunniff & Goldfarb (Sequoia), Fairfax Financial Holdings and 1 more
Du Pont EI de Nemours & Co3–$1.3bnTrian Fund Management, Gardner Russo & Quinn, Harris Associates (Oakmark)
International Business MachinesIBM3–$1.1bnBerkshire Hathaway, Fairfax Financial Holdings, Harris Associates (Oakmark)
Time Warner Cable3–$1.0bnDodge & Cox, TCI Fund Management, Davis Selected Advisers
Deere & CoDE3–$956mBerkshire Hathaway, First Eagle Investment Management, Markel Group
McdonaldsMCD3–$498mSoutheastern Asset Management, First Eagle Investment Management, Fundsmith
TE ConnectivityTEL3–$456mDodge & Cox, Harris Associates (Oakmark), First Eagle Investment Management
BB&TBBT3–$381mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn
Bank of AmericaBAC3–$248mDodge & Cox, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia)
American International GroupAIG3–$190mHarris Associates (Oakmark), First Eagle Investment Management, Baupost Group
California Resources CorporatiCRCFirst time in their 13Fs: often a new listing or spin-off33$185mSoutheastern Asset Management, Dodge & Cox, First Eagle Investment Management
Liberty Interactive3–$178mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management
Kinder MorganKMIFirst time in their 13Fs: often a new listing or spin-off33$178mBrave Warrior Advisors, Ruane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark)
Walgreens Boots AllianceWBAFirst time in their 13Fs: often a new listing or spin-off33$166mMarkel Group, Harris Associates (Oakmark), Dodge & Cox
General MotorsGM3–$141mHarris Associates (Oakmark), Berkshire Hathaway, Dalal Street (Mohnish Pabrai)
Grupo TelevisaTV3–$73.6mDodge & Cox, Oaktree Capital Management, First Eagle Investment Management
Wal-Mart StoresWMT3–$42.4mDodge & Cox, First Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia)
Google3–$42.2mWedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn

Most sold in Q4 2014

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

Most sold companies
Who
Berkshire HathawayBRK.B10–$1.1bnSoutheastern Asset Management, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 7 more
Wells Fargo & CompanyWFC7–$235mDavis Selected Advisers, Oaktree Capital Management, Dodge & Cox and 4 more
MicrosoftMSFT7–$126mDavis Selected Advisers, Dodge & Cox, First Eagle Investment Management and 4 more
AppleAAPL62$241mAppaloosa, Akre Capital Management, Wedgewood Partners and 3 more
MastercardMA61$11.5mTCI Fund Management, Ruane, Cunniff & Goldfarb (Sequoia), Polen Capital Management and 3 more
Exxon MobilEXMOC51$3.9bnBerkshire Hathaway, Harris Associates (Oakmark), Dodge & Cox and 2 more
BNYBK5–$668mSoutheastern Asset Management, Davis Selected Advisers, Berkshire Hathaway and 2 more
CitigroupC51$458mAppaloosa, Baupost Group, Dalal Street (Mohnish Pabrai) and 2 more
International Business MachinesIBM5–$452mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Dodge & Cox and 2 more
American ExpressAXP5–$202mDavis Selected Advisers, Tweedy, Browne, Dodge & Cox and 2 more
Abbott LaboratoriesABT5–$160mSoutheastern Asset Management, First Eagle Investment Management, Polen Capital Management and 2 more
Philip Morris InternationalPM5–$110mDavis Selected Advisers, Gardner Russo & Quinn, Harris Associates (Oakmark) and 2 more
DiageoDEO5–$27.8mHarris Associates (Oakmark), Davis Selected Advisers, Tweedy, Browne and 2 more
Johnson & JohnsonJNJ5–$8.2mFirst Eagle Investment Management, Tweedy, Browne, Semper Augustus and 2 more
US BancorpUSB5–$742kFairfax Financial Holdings, Harris Associates (Oakmark), Dodge & Cox and 2 more
FedExFDX41$1.1bnSoutheastern Asset Management, Harris Associates (Oakmark), Dodge & Cox and 1 more
OracleORCL4–$824mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Polen Capital Management and 1 more
WellPoint44$497mFirst Eagle Investment Management, Markel Group, Davis Selected Advisers and 1 more
ComcastCMCSA4–$493mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn and 1 more
IntelINTC4–$242mFirst Eagle Investment Management, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Medtronic4–$138mHarris Associates (Oakmark), First Eagle Investment Management, Dodge & Cox and 1 more
VisaV4–$62.2mRuane, Cunniff & Goldfarb (Sequoia), Polen Capital Management, Davis Selected Advisers and 1 more
Home DepotHD4–$59.6mFirst Eagle Investment Management, Dodge & Cox, Harris Associates (Oakmark) and 1 more
ConocoPhillipsCOP41$37.0mBerkshire Hathaway, Tweedy, Browne, Dodge & Cox and 1 more
Coca-ColaKO41$8.3mMarkel Group, Ruane, Cunniff & Goldfarb (Sequoia), Dodge & Cox and 1 more
3M CompanyMMM4–$5.3mFirst Eagle Investment Management, Tweedy, Browne, Harris Associates (Oakmark) and 1 more
Leucadia Nat'l41$2.4mAkre Capital Management, Semper Augustus, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
PepsicoPEP4–$977kSemper Augustus, Dodge & Cox, Gardner Russo & Quinn and 1 more
General ElectricGE3–$682mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn
Travelers CompaniesTRV31$504mSoutheastern Asset Management, Dodge & Cox, 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.