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What value investors bought and sold in Q3 2015

In Q3 2015, 29 value investors filed 13Fs. The most popular buy was Alphabet, added to by 7 managers (3 buying for the first time), followed by American Express and Baidu. The most sold was Visa, cut by 6 managers, with Microsoft and Johnson & Johnson close behind. Alphabet was the most widely held, owned by 14.

  • 29 managers filed

Most widely held

Companies held by the most managers in their Q3 2015 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
AlphabetGOOG14+3 vs Q2$9.6bn+21% vs Q24.3%11.2%Dalal Street (Mohnish Pabrai) 11.2%, Polen Capital Management 9.8%, Davis Selected Advisers 6.6% and 11 more
VisaV13$3.6bn−9.6% vs Q22.5%7.5%Polen Capital Management 7.5%, Fundsmith 5.5%, Giverny Capital 4.1% and 10 more
Wells Fargo & CompanyWFC12$32bn−9.8% vs Q29.9%66.1%Daily Journal Corp 66.1%, Berkshire Hathaway 18.9%, Tweedy, Browne 7.7% and 9 more
American ExpressAXP12$16bn−0.9% vs Q22.6%8.8%Berkshire Hathaway 8.8%, TCI Fund Management 5.9%, Davis Selected Advisers 5.4% and 9 more
Berkshire HathawayBRK.B11$6.9bn−6.2% vs Q28.2%29.4%Semper Augustus 29.4%, Ruane, Cunniff & Goldfarb (Sequoia) 12.7%, Gardner Russo & Quinn 11.8% and 8 more
General ElectricGE11+1 vs Q2$4.7bn+26% vs Q22.5%19.5%Trian Fund Management 19.5%, Semper Augustus 2.6%, Harris Associates (Oakmark) 2.2% and 8 more
MastercardMA11$4.5bn−7.5% vs Q22.5%9.8%Akre Capital Management 9.8%, Gardner Russo & Quinn 8.1%, Harris Associates (Oakmark) 3.1% and 8 more
MicrosoftMSFT10$10bn−3.1% vs Q25.1%19.4%ValueAct 19.4%, Fundsmith 10.2%, Brave Warrior Advisors 8.8% and 7 more
AppleAAPL10$7.5bn−12% vs Q24.0%20.9%Carl Icahn 20.9%, Wedgewood Partners 8.1%, Appaloosa 5.0% and 7 more
US BancorpUSB10+1 vs Q2$4.2bn−5.5% vs Q21.0%4.6%Daily Journal Corp 4.6%, Berkshire Hathaway 2.7%, First Eagle Investment Management 1.2% and 7 more
International Business MachinesIBM9$12bn−9.0% vs Q23.6%18.3%Fairfax Financial Holdings 18.3%, Berkshire Hathaway 9.2%, Giverny Capital 2.8% and 6 more
PepsicoPEP9$2.2bn+4.3% vs Q23.5%14.7%Trian Fund Management 14.7%, Fundsmith 8.5%, Lindsell Train 6.6% and 6 more
Johnson & JohnsonJNJ9−1 vs Q2$865m−1.1% vs Q22.5%10.7%Tweedy, Browne 10.7%, Fundsmith 7.7%, Markel Group 1.4% and 6 more
ComcastCMCSA8$5.7bn−0.7% vs Q24.3%23.4%TCI Fund Management 23.4%, First Eagle Investment Management 3.3%, Dodge & Cox 2.6% and 5 more
Bank of AmericaBAC8−1 vs Q2$5.2bn−5.4% vs Q20.9%3.8%Harris Associates (Oakmark) 3.8%, Dodge & Cox 3.0%, Akre Capital Management 0.1% and 5 more
Philip Morris InternationalPM8$1.6bn+0.2% vs Q22.5%7.7%Fundsmith 7.7%, Gardner Russo & Quinn 7.5%, Tweedy, Browne 4.3% and 5 more
Bausch Health CompaniesBHC7$14bn−20% vs Q215.6%31.6%Brave Warrior Advisors 31.6%, Ruane, Cunniff & Goldfarb (Sequoia) 31.1%, Pershing Square 24.9% and 4 more
BNYBK7$6.8bn−12% vs Q23.6%10.1%Trian Fund Management 10.1%, Tweedy, Browne 4.7%, Davis Selected Advisers 4.2% and 4 more
Wal-Mart StoresWMT7−1 vs Q2$6.1bn−12% vs Q21.4%2.9%Berkshire Hathaway 2.9%, Dodge & Cox 2.0%, Tweedy, Browne 1.9% and 4 more
JPMorgan ChaseJPM7$5.0bn−10% vs Q22.7%9.3%Brave Warrior Advisors 9.3%, Davis Selected Advisers 4.5%, Harris Associates (Oakmark) 3.4% and 4 more
Goldman Sachs GroupGS7$4.8bn−22% vs Q20.8%1.9%Dodge & Cox 1.9%, Berkshire Hathaway 1.5%, Harris Associates (Oakmark) 1.3% and 4 more
American International GroupAIG7+1 vs Q2$2.7bn−4.8% vs Q20.8%3.9%Harris Associates (Oakmark) 3.9%, First Eagle Investment Management 1.0%, Baupost Group 0.5% and 4 more
National Oilwell VarcoNOV7+1 vs Q2$2.4bn−26% vs Q21.3%3.9%Wedgewood Partners 3.9%, First Eagle Investment Management 2.0%, Southeastern Asset Management 1.1% and 4 more
Precision Castparts7−2 vs Q2$2.0bn−16% vs Q21.6%5.7%Semper Augustus 5.7%, Ruane, Cunniff & Goldfarb (Sequoia) 4.2%, Berkshire Hathaway 0.8% and 4 more
3M CompanyMMM7+1 vs Q2$1.3bn+1.6% vs Q22.0%6.5%Fundsmith 6.5%, Tweedy, Browne 4.4%, First Eagle Investment Management 2.3% and 4 more
Union PacificUNP7+1 vs Q2$1.1bn+2.8% vs Q21.0%4.1%Giverny Capital 4.1%, Harris Associates (Oakmark) 1.5%, Tweedy, Browne 1.2% and 4 more
Automatic Data ProcessingADP7$1.0bn+9.6% vs Q21.7%5.0%Fundsmith 5.0%, Polen Capital Management 4.6%, Markel Group 1.1% and 4 more
Walt DisneyDIS7−1 vs Q2$376m−5.1% vs Q23.3%11.5%Lindsell Train 11.5%, Giverny Capital 7.2%, Markel Group 4.2% and 4 more
Kraft HeinzKHC6$23bn4.2%18.0%Berkshire Hathaway 18.0%, Lindsell Train 4.4%, Wedgewood Partners 2.5% and 3 more
Mondelez InternationalMDLZ6+1 vs Q2$4.4bn+74% vs Q29.5%26.3%Lindsell Train 26.3%, Trian Fund Management 17.2%, Pershing Square 13.0% and 3 more
Procter & GamblePG6$4.0bn−7.7% vs Q21.2%4.1%Fundsmith 4.1%, Berkshire Hathaway 3.0%, Markel Group 0.2% and 3 more
Liberty GlobalLBTYA6+1 vs Q2$3.6bn−13% vs Q21.1%3.0%Davis Selected Advisers 3.0%, Dodge & Cox 1.4%, First Eagle Investment Management 1.4% and 3 more
Moody'sMCO6$3.4bn−9.7% vs Q23.2%8.2%Akre Capital Management 8.2%, TCI Fund Management 7.5%, Berkshire Hathaway 1.9% and 3 more
Twenty First Centy Fox6+1 vs Q2$3.1bn−2.3% vs Q22.3%7.5%ValueAct 7.5%, Baupost Group 4.8%, Dodge & Cox 1.3% and 3 more
BaiduBIDU6+2 vs Q2$2.7bn+100% vs Q21.3%4.0%TCI Fund Management 4.0%, Harris Associates (Oakmark) 2.2%, Dodge & Cox 1.1% and 3 more
Paypal HoldingsPYPL6$2.6bn4.4%8.9%Lindsell Train 8.9%, Baupost Group 5.6%, Carl Icahn 5.2% and 3 more
HalliburtonHAL6$2.1bn−20% vs Q23.7%8.1%Brave Warrior Advisors 8.1%, ValueAct 7.6%, Tweedy, Browne 5.6% and 3 more
Du Pont EI de Nemours & Co6+1 vs Q2$1.6bn+3.0% vs Q22.3%10.6%Trian Fund Management 10.6%, Southeastern Asset Management 3.2%, Gardner Russo & Quinn 0.0% and 3 more
McdonaldsMCD6$1.4bn−6.1% vs Q21.5%7.0%Southeastern Asset Management 7.0%, First Eagle Investment Management 1.4%, Markel Group 0.5% and 3 more
CarmaxKMX6$1.3bn−12% vs Q23.7%7.8%Giverny Capital 7.8%, Markel Group 7.7%, Akre Capital Management 3.8% and 3 more

Most bought in Q3 2015

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

Most bought companies
Who
AlphabetGOOG73$1.1bnRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Harris Associates (Oakmark) and 4 more
Kraft HeinzKHCFirst time in their 13Fs: often a new listing or spin-off66$23bnBerkshire Hathaway, Wedgewood Partners, Lindsell Train and 3 more
Paypal HoldingsPYPLFirst time in their 13Fs: often a new listing or spin-off66$2.6bnCarl Icahn, Dodge & Cox, Baupost Group and 3 more
American ExpressAXP6–$815mDodge & Cox, TCI Fund Management, Harris Associates (Oakmark) and 3 more
BaiduBIDU53$1.8bnHarris Associates (Oakmark), Dodge & Cox, TCI Fund Management and 2 more
Liberty GlobalLBTYA51$384mFirst Eagle Investment Management, Dodge & Cox, Berkshire Hathaway and 2 more
AppleAAPL5–$150mWedgewood Partners, Harris Associates (Oakmark), Polen Capital Management and 2 more
Berkshire HathawayBRK.B5–$119mWedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 2 more
Twenty First Centy Fox41$459mBaupost Group, ValueAct, Berkshire Hathaway and 1 more
3M CompanyMMM41$127mFirst Eagle Investment Management, Fundsmith, Gardner Russo & Quinn and 1 more
Grupo TelevisaTV4–$119mDodge & Cox, First Eagle Investment Management, Oaktree Capital Management and 1 more
Automatic Data ProcessingADP4–$91.9mPolen Capital Management, Fundsmith, Harris Associates (Oakmark) and 1 more
PepsicoPEP4–$71.1mFundsmith, First Eagle Investment Management, Lindsell Train and 1 more
MastercardMA4–$43.1mAkre Capital Management, Polen Capital Management, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Walt DisneyDIS4–$22.2mLindsell Train, Markel Group, Giverny Capital and 1 more
MicrosoftMSFT4–$20.1mFundsmith, Harris Associates (Oakmark), Brave Warrior Advisors and 1 more
VisaV4–$13.5mPolen Capital Management, Fundsmith, Markel Group and 1 more
Mondelez InternationalMDLZ31$1.8bnPershing Square, Lindsell Train, Trian Fund Management
General ElectricGE31$1.3bnTrian Fund Management, Harris Associates (Oakmark), Tweedy, Browne
Monsanto31$689mDavis Selected Advisers, Harris Associates (Oakmark), Markel Group
Charter CommunicationsCHTR32$489mBerkshire Hathaway, First Eagle Investment Management, Harris Associates (Oakmark)
Harley-DavidsonHOG31$469mDodge & Cox, Harris Associates (Oakmark), Markel Group
Capital One FinancialCOF31$442mDavis Selected Advisers, Dodge & Cox, Markel Group
Du Pont EI de Nemours & Co31$436mSoutheastern Asset Management, Trian Fund Management, Gardner Russo & Quinn
SchlumbergerSLB3–$432mDodge & Cox, Wedgewood Partners, Markel Group
National Oilwell VarcoNOV31$384mFirst Eagle Investment Management, Southeastern Asset Management, Dodge & Cox
General MotorsGM3–$356mBerkshire Hathaway, Harris Associates (Oakmark), Dalal Street (Mohnish Pabrai)
AllerganACT31$335mRuane, Cunniff & Goldfarb (Sequoia), First Eagle Investment Management, Oaktree Capital Management
International Business MachinesIBM31$259mBerkshire Hathaway, Tweedy, Browne, Giverny Capital
FedExFDX31$204mSoutheastern Asset Management, Harris Associates (Oakmark), Markel Group

Most sold in Q3 2015

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

Most sold companies
Who
VisaV6–$517mHarris Associates (Oakmark), Davis Selected Advisers, Wedgewood Partners and 3 more
MicrosoftMSFT6–$368mDodge & Cox, Davis Selected Advisers, First Eagle Investment Management and 3 more
Johnson & JohnsonJNJ61$10.1mTweedy, Browne, First Eagle Investment Management, Harris Associates (Oakmark) and 3 more
EbayEBAY52$3.1bnCarl Icahn, Dodge & Cox, Fundsmith and 2 more
AlphabetGOOG5–$668mDavis Selected Advisers, Appaloosa, Tweedy, Browne and 2 more
Precision Castparts52$640mDavis Selected Advisers, Harris Associates (Oakmark), Giverny Capital and 2 more
Wells Fargo & CompanyWFC5–$469mDavis Selected Advisers, Harris Associates (Oakmark), Gardner Russo & Quinn and 2 more
BNYBK5–$423mDavis Selected Advisers, First Eagle Investment Management, Dodge & Cox and 2 more
Wal-Mart StoresWMT51$302mBerkshire Hathaway, First Eagle Investment Management, Harris Associates (Oakmark) and 2 more
American ExpressAXP5–$245mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn and 2 more
ComcastCMCSA5–$182mHarris Associates (Oakmark), First Eagle Investment Management, Dodge & Cox and 2 more
Kraft Foods Group55$93.3mLindsell Train, Berkshire Hathaway, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
DiageoDEO51$78.8mHarris Associates (Oakmark), Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
International Business MachinesIBM51$4.5mRuane, Cunniff & Goldfarb (Sequoia), Dodge & Cox, Harris Associates (Oakmark) and 2 more
MastercardMA4–$240mHarris Associates (Oakmark), Gardner Russo & Quinn, First Eagle Investment Management and 1 more
General ElectricGE4–$114mDodge & Cox, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
JPMorgan ChaseJPM4–$61.3mDavis Selected Advisers, Harris Associates (Oakmark), Brave Warrior Advisors and 1 more
Berkshire HathawayBRK.B4–$57.3mDavis Selected Advisers, First Eagle Investment Management, Tweedy, Browne and 1 more
OracleORCL41$56.8mDavis Selected Advisers, Harris Associates (Oakmark), First Eagle Investment Management and 1 more
UnileverUN4–$8.3mGardner Russo & Quinn, Tweedy, Browne, Dodge & Cox and 1 more
Exxon MobilEXMOC42$3.1mHarris Associates (Oakmark), Dodge & Cox, Tweedy, Browne and 1 more
Google33$956mRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Gardner Russo & Quinn
Franklin ResourcesBEN3–$862mHarris Associates (Oakmark), Southeastern Asset Management, Davis Selected Advisers
National Oilwell VarcoNOV3–$673mHarris Associates (Oakmark), Wedgewood Partners, Tweedy, Browne
UnitedHealth GroupUNH3–$602mDodge & Cox, Davis Selected Advisers, Harris Associates (Oakmark)
LoewsL3–$407mSoutheastern Asset Management, Davis Selected Advisers, Dodge & Cox
Goldman Sachs GroupGS3–$379mBerkshire Hathaway, Dodge & Cox, Davis Selected Advisers
Booking HoldingsBKNG3–$226mAppaloosa, Davis Selected Advisers, Dodge & Cox
McdonaldsMCD3–$143mSoutheastern Asset Management, First Eagle Investment Management, Dodge & Cox
HalliburtonHAL3–$125mHarris Associates (Oakmark), ValueAct, Tweedy, Browne

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.