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What value investors bought and sold in Q2 2016

In Q2 2016, 29 value investors filed 13Fs. The most popular buy was Visa, added to by 8 managers, followed by Liberty Global and Liberty Media. Liberty Media was the most popular new position, started by 3 managers. The most sold was Alphabet, cut by 7 managers, with Berkshire Hathaway and General Electric 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 Q2 2016 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
AlphabetGOOG14$9.3bn−8.3% vs Q15.6%16.2%Dalal Street (Mohnish Pabrai) 16.2%, Appaloosa 11.5%, Polen Capital Management 10.3% and 11 more
VisaV13$3.6bn+0.2% vs Q12.7%7.6%Polen Capital Management 7.6%, Akre Capital Management 5.4%, Fundsmith 5.3% and 10 more
Berkshire HathawayBRK.B12$6.6bn−4.8% vs Q19.0%33.4%Semper Augustus 33.4%, Ruane, Cunniff & Goldfarb (Sequoia) 20.6%, Gardner Russo & Quinn 12.2% and 9 more
Wells Fargo & CompanyWFC11$30bn−1.6% vs Q110.5%67.3%Daily Journal Corp 67.3%, Berkshire Hathaway 17.5%, Tweedy, Browne 6.7% and 8 more
US BancorpUSB11$4.2bn+0.2% vs Q10.9%5.0%Daily Journal Corp 5.0%, Berkshire Hathaway 2.6%, First Eagle Investment Management 1.2% and 8 more
Johnson & JohnsonJNJ11+1 vs Q1$1.1bn+14% vs Q12.1%10.9%Tweedy, Browne 10.9%, Fundsmith 7.1%, Markel Group 1.9% and 8 more
MastercardMA10$3.9bn−8.3% vs Q12.6%8.3%Akre Capital Management 8.3%, Gardner Russo & Quinn 7.2%, Ruane, Cunniff & Goldfarb (Sequoia) 4.2% and 7 more
American ExpressAXP9−1 vs Q1$13bn−0.5% vs Q12.0%7.1%Berkshire Hathaway 7.1%, Davis Selected Advisers 3.6%, First Eagle Investment Management 2.4% and 6 more
MicrosoftMSFT9−1 vs Q1$8.3bn−8.6% vs Q14.7%26.3%ValueAct 26.3%, Fundsmith 7.2%, First Eagle Investment Management 3.1% and 6 more
ComcastCMCSA9+1 vs Q1$7.1bn+16% vs Q14.2%25.8%TCI Fund Management 25.8%, First Eagle Investment Management 4.3%, Dodge & Cox 2.8% and 6 more
General ElectricGE9−1 vs Q1$4.0bn−6.8% vs Q13.2%22.4%Trian Fund Management 22.4%, Semper Augustus 3.0%, Harris Associates (Oakmark) 2.4% and 6 more
Goldman Sachs GroupGS8$4.8bn−0.0% vs Q10.8%2.2%Dodge & Cox 2.2%, Harris Associates (Oakmark) 1.7%, Berkshire Hathaway 1.3% and 5 more
JPMorgan ChaseJPM8+1 vs Q1$4.7bn+1.8% vs Q12.6%9.8%Brave Warrior Advisors 9.8%, Davis Selected Advisers 4.9%, Harris Associates (Oakmark) 3.3% and 5 more
Charles SchwabSCHW8+1 vs Q1$3.7bn−2.6% vs Q12.9%13.2%Brave Warrior Advisors 13.2%, Wedgewood Partners 2.8%, Dodge & Cox 2.6% and 5 more
AppleAAPL8$2.6bn+12% vs Q11.9%9.6%Wedgewood Partners 9.6%, Polen Capital Management 3.5%, Berkshire Hathaway 1.1% and 5 more
Union PacificUNP8+1 vs Q1$2.4bn+23% vs Q11.2%4.3%Giverny Capital 4.3%, First Eagle Investment Management 1.4%, Dodge & Cox 1.3% and 5 more
Philip Morris InternationalPM8$2.0bn+3.3% vs Q12.7%8.9%Gardner Russo & Quinn 8.9%, Fundsmith 7.0%, Tweedy, Browne 4.2% and 5 more
PepsicoPEP8$663m+26% vs Q11.8%7.5%Lindsell Train 7.5%, Fundsmith 5.9%, Markel Group 0.4% and 5 more
Walt DisneyDIS8+1 vs Q1$389m+0.9% vs Q12.7%9.9%Lindsell Train 9.9%, Giverny Capital 7.7%, Markel Group 4.2% and 5 more
International Business MachinesIBM7−1 vs Q1$13bn−0.7% vs Q13.5%13.5%Fairfax Financial Holdings 13.5%, Berkshire Hathaway 9.5%, Tweedy, Browne 1.7% and 4 more
BNYBK7$6.6bn+6.5% vs Q13.9%11.9%Trian Fund Management 11.9%, Tweedy, Browne 5.6%, Davis Selected Advisers 3.4% and 4 more
American International GroupAIG7$4.6bn−4.0% vs Q12.5%11.9%Carl Icahn 11.9%, Harris Associates (Oakmark) 3.4%, First Eagle Investment Management 1.1% and 4 more
OracleORCL7$4.1bn−1.1% vs Q12.1%5.1%Polen Capital Management 5.1%, First Eagle Investment Management 4.2%, Harris Associates (Oakmark) 3.7% and 4 more
Liberty GlobalLBTYA7$3.6bn−6.2% vs Q12.6%12.7%Brave Warrior Advisors 12.7%, Davis Selected Advisers 2.0%, Dodge & Cox 1.4% and 4 more
BaiduBIDU7$2.3bn+2.3% vs Q11.1%4.1%Ruane, Cunniff & Goldfarb (Sequoia) 4.1%, Harris Associates (Oakmark) 1.8%, Dodge & Cox 0.9% and 4 more
CarmaxKMX7+1 vs Q1$1.8bn+31% vs Q13.6%8.0%Giverny Capital 8.0%, Markel Group 6.3%, Akre Capital Management 4.9% and 4 more
Exxon MobilEXMOC7+1 vs Q1$134m+2.1% vs Q11.4%7.3%Semper Augustus 7.3%, Markel Group 2.3%, Gardner Russo & Quinn 0.1% and 4 more
Kraft HeinzKHC6−1 vs Q1$29bn+13% vs Q15.7%22.2%Berkshire Hathaway 22.2%, Wedgewood Partners 7.0%, Lindsell Train 4.7% and 3 more
Charter CommunicationsCHTR6+3 vs Q1$7.9bn+213% vs Q16.9%36.1%TCI Fund Management 36.1%, Dodge & Cox 2.6%, Berkshire Hathaway 1.6% and 3 more
Wal-Mart StoresWMT6$5.3bn−14% vs Q11.1%2.3%Berkshire Hathaway 2.3%, Dodge & Cox 2.0%, Ruane, Cunniff & Goldfarb (Sequoia) 1.2% and 3 more
Mondelez InternationalMDLZ6$3.8bn+15% vs Q110.1%25.5%Lindsell Train 25.5%, Trian Fund Management 20.8%, Pershing Square 13.9% and 3 more
Twenty First Centy Fox6−1 vs Q1$3.7bn−3.0% vs Q13.7%11.7%ValueAct 11.7%, Baupost Group 5.5%, Appaloosa 3.1% and 3 more
Moody'sMCO6$2.9bn−3.1% vs Q11.8%7.6%Akre Capital Management 7.6%, Berkshire Hathaway 1.8%, Markel Group 0.7% and 3 more
National Oilwell VarcoNOV6$2.3bn+22% vs Q10.8%2.0%First Eagle Investment Management 2.0%, Dodge & Cox 1.1%, Harris Associates (Oakmark) 0.9% and 3 more
Paypal HoldingsPYPL6$2.2bn−5.3% vs Q14.8%10.7%Lindsell Train 10.7%, Carl Icahn 6.1%, Fundsmith 5.7% and 3 more
Du Pont EI de Nemours & Co6$1.7bn−4.1% vs Q12.7%11.9%Trian Fund Management 11.9%, Southeastern Asset Management 4.1%, Gardner Russo & Quinn 0.0% and 3 more
Liberty Interactive6+1 vs Q1$1.4bn+4.8% vs Q10.7%1.2%Baupost Group 1.2%, Harris Associates (Oakmark) 1.2%, Oaktree Capital Management 0.7% and 3 more
Liberty MediaFWONA6+3 vs Q1$1.4bn+14% vs Q10.8%1.8%Southeastern Asset Management 1.8%, Markel Group 1.0%, Berkshire Hathaway 0.8% and 3 more
Automatic Data ProcessingADP6$1.3bn+6.9% vs Q12.1%5.1%Polen Capital Management 5.1%, Fundsmith 4.9%, Markel Group 1.3% and 3 more
3M CompanyMMM6$1.3bn+6.3% vs Q12.1%5.4%Fundsmith 5.4%, Tweedy, Browne 4.5%, First Eagle Investment Management 1.9% and 3 more

Most bought in Q2 2016

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

Most bought companies
Who
VisaV8–$205mAkre Capital Management, Polen Capital Management, Fundsmith and 5 more
Liberty GlobalLBTYA6–$634mDodge & Cox, Berkshire Hathaway, Brave Warrior Advisors and 3 more
Liberty MediaFWONA63$477mBerkshire Hathaway, Southeastern Asset Management, Baupost Group and 3 more
AlphabetGOOG6–$133mPolen Capital Management, Appaloosa, Harris Associates (Oakmark) and 3 more
Walt DisneyDIS61$10.9mLindsell Train, Giverny Capital, Markel Group and 3 more
AppleAAPL5–$554mBerkshire Hathaway, Polen Capital Management, Harris Associates (Oakmark) and 2 more
CarmaxKMX51$487mRuane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark), Akre Capital Management and 2 more
Union PacificUNP51$307mDodge & Cox, First Eagle Investment Management, Markel Group and 2 more
Wells Fargo & CompanyWFC5–$299mRuane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn, Tweedy, Browne and 2 more
Charter CommunicationsCHTR43$5.3bnTCI Fund Management, Dodge & Cox, Harris Associates (Oakmark) and 1 more
AllerganACT41$1.1bnCarl Icahn, Appaloosa, Baupost Group and 1 more
ComcastCMCSA41$624mTCI Fund Management, First Eagle Investment Management, Harris Associates (Oakmark) and 1 more
BaiduBIDU41$564mRuane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark), Dodge & Cox and 1 more
National Oilwell VarcoNOV41$265mDodge & Cox, Harris Associates (Oakmark), First Eagle Investment Management and 1 more
JPMorgan ChaseJPM41$159mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers and 1 more
PepsicoPEP4–$118mFirst Eagle Investment Management, Fundsmith, Lindsell Train and 1 more
BNYBK4–$101mDodge & Cox, Trian Fund Management, First Eagle Investment Management and 1 more
MicrosoftMSFT4–$55.0mFundsmith, Markel Group, ValueAct and 1 more
S&P GlobalSPGIFirst time in their 13Fs: often a new listing or spin-off44$40.9mDavis Selected Advisers, Markel Group, First Eagle Investment Management and 1 more
MastercardMA4–$18.1mPolen Capital Management, Gardner Russo & Quinn, Markel Group and 1 more
JD.comJD3–$351mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers
Herc HoldingsHRIFirst time in their 13Fs: often a new listing or spin-off33$328mHarris Associates (Oakmark), Carl Icahn, First Eagle Investment Management
Goldman Sachs GroupGS3–$280mDodge & Cox, Harris Associates (Oakmark), Markel Group
Harley-DavidsonHOG3–$228mHarris Associates (Oakmark), Dodge & Cox, Markel Group
Meta PlatformsMETA3–$225mPolen Capital Management, Davis Selected Advisers, Markel Group
Grupo TelevisaTV3–$142mHarris Associates (Oakmark), First Eagle Investment Management, Dodge & Cox
American ExpressAXP3–$125mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn
Berkshire HathawayBRK.B3–$121mDavis Selected Advisers, Dodge & Cox, Semper Augustus
Texas InstrumentsTXN3–$114mDavis Selected Advisers, Markel Group, First Eagle Investment Management
Johnson & JohnsonJNJ31$87.6mFundsmith, Gardner Russo & Quinn, Dodge & Cox

Most sold in Q2 2016

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

Most sold companies
Who
AlphabetGOOG7–$248mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Southeastern Asset Management and 4 more
Berkshire HathawayBRK.B7–$172mRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, First Eagle Investment Management and 4 more
General ElectricGE61$269mHarris Associates (Oakmark), Davis Selected Advisers, Dodge & Cox and 3 more
MicrosoftMSFT61$184mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management and 3 more
Wal-Mart StoresWMT5–$1.2bnBerkshire Hathaway, Dodge & Cox, Tweedy, Browne and 2 more
Du Pont EI de Nemours & Co5–$109mTrian Fund Management, Southeastern Asset Management, Dodge & Cox and 2 more
Mcgraw Hill Financial55$38.2mDavis Selected Advisers, Markel Group, First Eagle Investment Management and 2 more
Time Warner Cable44$7.1bnDodge & Cox, TCI Fund Management, Davis Selected Advisers and 1 more
Bausch Health CompaniesBHC42$893mRuane, Cunniff & Goldfarb (Sequoia), Brave Warrior Advisors, First Eagle Investment Management and 1 more
Bank of AmericaBAC43$240mHarris Associates (Oakmark), Appaloosa, Davis Selected Advisers and 1 more
HalliburtonHAL41$227mBrave Warrior Advisors, Harris Associates (Oakmark), Markel Group and 1 more
Paypal HoldingsPYPL4–$214mCarl Icahn, Baupost Group, Dodge & Cox and 1 more
International Business MachinesIBM41$114mRuane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers, Tweedy, Browne and 1 more
MedtronicMDT4–$95.0mFirst Eagle Investment Management, Dodge & Cox, Harris Associates (Oakmark) and 1 more
VisaV4–$92.8mRuane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark), Davis Selected Advisers and 1 more
MastercardMA4–$88.4mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Akre Capital Management and 1 more
PfizerPFE41$79.5mAppaloosa, Dodge & Cox, First Eagle Investment Management and 1 more
ConocoPhillipsCOP4–$53.6mFirst Eagle Investment Management, Tweedy, Browne, Dodge & Cox and 1 more
American ExpressAXP41$52.9mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark) and 1 more
Philip Morris InternationalPM4–$51.4mTweedy, Browne, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
ComcastCMCSA4–$50.4mDodge & Cox, Gardner Russo & Quinn, Tweedy, Browne and 1 more
Goldman Sachs GroupGS4–$23.4mRuane, Cunniff & Goldfarb (Sequoia), First Eagle Investment Management, Gardner Russo & Quinn and 1 more
Phillips 66PSX41$21.0mFirst Eagle Investment Management, Gardner Russo & Quinn, Tweedy, Browne and 1 more
Charles SchwabSCHW4–$15.2mBrave Warrior Advisors, Wedgewood Partners, Dodge & Cox and 1 more
US BancorpUSB4–$13.6mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Dodge & Cox and 1 more
Procter & GamblePG41$11.2mMarkel Group, Gardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Merck & Co.MRK41$9.7mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn and 1 more
ChevronCVX4–$4.0mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn and 1 more
PepsicoPEP4–$396kRuane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn, Wedgewood Partners and 1 more
IntelINTC3–$1.1bnHarris Associates (Oakmark), First Eagle Investment Management, Davis Selected Advisers

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.