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What value investors bought and sold in Q3 2016

In Q3 2016, 29 value investors filed 13Fs. The most popular buy was Visa, added to by 7 managers, followed by Baidu and Pepsico. Delta Air Lines was the most popular new position, started by 2 managers. The most sold was Berkshire Hathaway, cut by 7 managers (1 sold out), with Alphabet and Wal-Mart Stores 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 2016 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$10bn+11% vs Q25.8%15.9%Dalal Street (Mohnish Pabrai) 15.9%, Polen Capital Management 11.2%, Appaloosa 8.3% and 11 more
VisaV13$4.0bn+11% vs Q22.9%8.2%Polen Capital Management 8.2%, Akre Capital Management 5.7%, Fundsmith 5.6% and 10 more
Wells Fargo & CompanyWFC11$28bn−6.4% vs Q29.8%62.4%Daily Journal Corp 62.4%, Berkshire Hathaway 16.5%, Tweedy, Browne 5.9% and 8 more
Berkshire HathawayBRK.B11−1 vs Q2$6.3bn−5.5% vs Q29.1%33.3%Semper Augustus 33.3%, Ruane, Cunniff & Goldfarb (Sequoia) 18.1%, Gardner Russo & Quinn 12.1% and 8 more
US BancorpUSB10−1 vs Q2$4.5bn+6.3% vs Q21.1%5.3%Daily Journal Corp 5.3%, Berkshire Hathaway 2.8%, First Eagle Investment Management 1.2% and 7 more
MastercardMA10$4.5bn+15% vs Q23.0%9.2%Akre Capital Management 9.2%, Gardner Russo & Quinn 8.3%, Ruane, Cunniff & Goldfarb (Sequoia) 5.0% and 7 more
Johnson & JohnsonJNJ10−1 vs Q2$954m−10% vs Q22.1%10.6%Tweedy, Browne 10.6%, Fundsmith 6.4%, Markel Group 1.9% and 7 more
American ExpressAXP9$14bn+5.4% vs Q22.1%7.5%Berkshire Hathaway 7.5%, Davis Selected Advisers 3.6%, First Eagle Investment Management 2.6% and 6 more
MicrosoftMSFT9$7.5bn−9.4% vs Q23.9%19.4%ValueAct 19.4%, Fundsmith 7.8%, First Eagle Investment Management 3.4% and 6 more
ComcastCMCSA9$6.9bn−2.2% vs Q23.6%21.5%TCI Fund Management 21.5%, First Eagle Investment Management 4.0%, Dodge & Cox 2.6% and 6 more
Goldman Sachs GroupGS8$5.1bn+4.5% vs Q20.8%2.3%Dodge & Cox 2.3%, Berkshire Hathaway 1.4%, Harris Associates (Oakmark) 1.3% and 5 more
JPMorgan ChaseJPM8$4.9bn+4.3% vs Q22.5%8.7%Brave Warrior Advisors 8.7%, Davis Selected Advisers 4.9%, Harris Associates (Oakmark) 3.2% and 5 more
Charles SchwabSCHW8$4.5bn+24% vs Q23.3%14.0%Brave Warrior Advisors 14.0%, Wedgewood Partners 3.5%, Dodge & Cox 3.0% and 5 more
General ElectricGE8−1 vs Q2$3.6bn−8.4% vs Q23.4%21.0%Trian Fund Management 21.0%, Semper Augustus 2.8%, Harris Associates (Oakmark) 2.2% and 5 more
AppleAAPL8$3.0bn+18% vs Q22.3%9.8%Wedgewood Partners 9.8%, Polen Capital Management 4.0%, Appaloosa 2.0% and 5 more
Union PacificUNP8$2.6bn+7.2% vs Q21.2%4.6%Giverny Capital 4.6%, First Eagle Investment Management 1.5%, Dodge & Cox 1.3% and 5 more
BaiduBIDU8+1 vs Q2$2.4bn+6.2% vs Q21.0%4.5%Ruane, Cunniff & Goldfarb (Sequoia) 4.5%, Harris Associates (Oakmark) 1.6%, Dodge & Cox 1.0% and 5 more
PepsicoPEP8$965m+46% vs Q22.1%8.4%Lindsell Train 8.4%, Fundsmith 6.8%, First Eagle Investment Management 0.7% and 5 more
International Business MachinesIBM7$13bn+4.6% vs Q24.5%19.5%Fairfax Financial Holdings 19.5%, Berkshire Hathaway 10.0%, Tweedy, Browne 1.9% and 4 more
BNYBK7$6.9bn+4.0% vs Q24.0%12.6%Trian Fund Management 12.6%, Tweedy, Browne 5.4%, Davis Selected Advisers 3.7% and 4 more
American International GroupAIG7$5.1bn+10% vs Q22.8%13.7%Carl Icahn 13.7%, Harris Associates (Oakmark) 3.6%, First Eagle Investment Management 1.3% and 4 more
Liberty GlobalLBTYA7$3.9bn+9.8% vs Q22.8%13.8%Brave Warrior Advisors 13.8%, Davis Selected Advisers 2.1%, Dodge & Cox 1.5% and 4 more
Philip Morris InternationalPM7−1 vs Q2$1.9bn−5.2% vs Q22.8%8.3%Gardner Russo & Quinn 8.3%, Fundsmith 6.6%, Tweedy, Browne 4.1% and 4 more
CarmaxKMX7$1.9bn+2.4% vs Q23.8%8.4%Giverny Capital 8.4%, Markel Group 6.8%, Akre Capital Management 5.1% and 4 more
Walt DisneyDIS7−1 vs Q2$398m+2.3% vs Q23.0%10.0%Lindsell Train 10.0%, Giverny Capital 7.2%, Markel Group 3.9% and 4 more
Kraft HeinzKHC6$30bn+1.1% vs Q25.6%22.6%Berkshire Hathaway 22.6%, Wedgewood Partners 6.7%, Lindsell Train 4.3% and 3 more
Charter CommunicationsCHTR6$9.3bn+17% vs Q27.0%36.1%TCI Fund Management 36.1%, Dodge & Cox 2.8%, Berkshire Hathaway 2.0% and 3 more
Bank of AmericaBAC6+1 vs Q2$5.7bn+20% vs Q21.5%4.0%Harris Associates (Oakmark) 4.0%, Dodge & Cox 3.4%, Appaloosa 1.5% and 3 more
SchlumbergerSLB6+1 vs Q2$4.6bn−1.1% vs Q22.0%6.2%Wedgewood Partners 6.2%, Dodge & Cox 3.7%, Markel Group 1.3% and 3 more
OracleORCL6−1 vs Q2$3.8bn−6.9% vs Q22.2%4.7%Polen Capital Management 4.7%, First Eagle Investment Management 3.9%, Harris Associates (Oakmark) 3.4% and 3 more
Mondelez InternationalMDLZ6$3.8bn+1.3% vs Q210.8%25.3%Lindsell Train 25.3%, Trian Fund Management 20.6%, Pershing Square 18.6% and 3 more
Moody'sMCO6$3.3bn+15% vs Q22.0%8.4%Akre Capital Management 8.4%, Berkshire Hathaway 2.1%, Markel Group 0.8% and 3 more
Wal-Mart StoresWMT6$2.8bn−48% vs Q20.6%1.6%Dodge & Cox 1.6%, Berkshire Hathaway 0.7%, Ruane, Cunniff & Goldfarb (Sequoia) 0.6% and 3 more
Paypal HoldingsPYPL6$2.5bn+15% vs Q25.3%11.9%Lindsell Train 11.9%, Carl Icahn 7.0%, Fundsmith 6.7% and 3 more
Liberty MediaFWONA6$1.6bn+17% vs Q20.9%2.4%Southeastern Asset Management 2.4%, Markel Group 1.1%, Berkshire Hathaway 0.9% and 3 more
3M CompanyMMM6$1.3bn−1.2% vs Q21.9%4.7%Fundsmith 4.7%, Tweedy, Browne 4.1%, First Eagle Investment Management 1.9% and 3 more
Liberty Interactive6$1.1bn−19% vs Q20.6%1.4%Baupost Group 1.4%, Harris Associates (Oakmark) 1.0%, Oaktree Capital Management 0.5% and 3 more
Costco WholesaleCOST6$1.0bn−6.6% vs Q20.8%2.3%Semper Augustus 2.3%, Davis Selected Advisers 1.3%, Ruane, Cunniff & Goldfarb (Sequoia) 0.7% and 3 more
AllerganACT6+1 vs Q2$846m−48% vs Q22.3%6.5%Baupost Group 6.5%, Appaloosa 6.4%, Carl Icahn 0.5% and 3 more
Exxon MobilEXMOC6−1 vs Q2$123m−7.9% vs Q21.5%6.8%Semper Augustus 6.8%, Markel Group 2.1%, Gardner Russo & Quinn 0.1% and 3 more

Most bought in Q3 2016

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

Most bought companies
Who
VisaV7–$102mFundsmith, Berkshire Hathaway, Polen Capital Management and 4 more
BaiduBIDU61$34.8mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Oaktree Capital Management and 3 more
PepsicoPEP5–$285mFirst Eagle Investment Management, Fundsmith, Lindsell Train and 2 more
AlphabetGOOG5–$145mSoutheastern Asset Management, Polen Capital Management, Wedgewood Partners and 2 more
Wells Fargo & CompanyWFC4–$125mDavis Selected Advisers, Gardner Russo & Quinn, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
BNYBK4–$111mDavis Selected Advisers, Dodge & Cox, Berkshire Hathaway and 1 more
MastercardMA4–$35.6mRuane, Cunniff & Goldfarb (Sequoia), Polen Capital Management, Gardner Russo & Quinn and 1 more
Walt DisneyDIS4–$29.5mLindsell Train, Giverny Capital, Markel Group and 1 more
Johnson Controls InternationalJCIFirst time in their 13Fs: often a new listing or spin-off33$2.2bnDodge & Cox, Davis Selected Advisers, First Eagle Investment Management
Dell TechnologiesDELLFirst time in their 13Fs: often a new listing or spin-off33$851mDodge & Cox, Baupost Group, Appaloosa
Twenty First Centy Fox3–$735mDodge & Cox, Baupost Group, ValueAct
Yahoo31$725mTCI Fund Management, Appaloosa, First Eagle Investment Management
HCA HealthcareHCA31$524mHarris Associates (Oakmark), Brave Warrior Advisors, Appaloosa
Grupo TelevisaTV3–$351mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management
Meta PlatformsMETA31$215mAppaloosa, Polen Capital Management, Markel Group
Brown-FormanBF.B3–$204mGardner Russo & Quinn, Lindsell Train, Markel Group
FortiveFTVFirst time in their 13Fs: often a new listing or spin-off33$167mFirst Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia), Akre Capital Management
AppleAAPL31$102mAppaloosa, Polen Capital Management, Markel Group
QualcommQCOM31$85.9mAppaloosa, First Eagle Investment Management, Harris Associates (Oakmark)
American ExpressAXP3–$68.6mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn
MicrosoftMSFT3–$65.1mFundsmith, Markel Group, Gardner Russo & Quinn
Liberty GlobalLBTYA3–$56.7mBerkshire Hathaway, Brave Warrior Advisors, Ruane, Cunniff & Goldfarb (Sequoia)
O'Reilly AutomotiveORLY3–$12.2mPolen Capital Management, Akre Capital Management, Giverny Capital
Chesapeake EnergyEXE2–$608mSoutheastern Asset Management, Harris Associates (Oakmark)
Suncor EnergySU21$573mDodge & Cox, First Eagle Investment Management
Synchrony FinancialSYF21$498mBaupost Group, First Eagle Investment Management
SchlumbergerSLB21$361mFirst Eagle Investment Management, Gardner Russo & Quinn
Delta Air LinesDAL22$268mBerkshire Hathaway, Appaloosa
Seagate TechnologySTXN2–$262mValueAct, First Eagle Investment Management
Booking HoldingsBKNG2–$209mDodge & Cox, Polen Capital Management

Most sold in Q3 2016

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

Most sold companies
Who
Berkshire HathawayBRK.B71$301mTweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners and 4 more
AlphabetGOOG7–$290mAppaloosa, Dodge & Cox, Davis Selected Advisers and 4 more
Wal-Mart StoresWMT6–$2.5bnBerkshire Hathaway, Dodge & Cox, First Eagle Investment Management and 3 more
MicrosoftMSFT6–$1.7bnValueAct, Harris Associates (Oakmark), Dodge & Cox and 3 more
ComcastCMCSA6–$279mFirst Eagle Investment Management, Dodge & Cox, Harris Associates (Oakmark) and 3 more
Union PacificUNP6–$98.7mDodge & Cox, First Eagle Investment Management, Tweedy, Browne and 3 more
US BancorpUSB61$1.6mWedgewood Partners, First Eagle Investment Management, Gardner Russo & Quinn and 3 more
Du Pont EI de Nemours & Co51$246mSoutheastern Asset Management, Trian Fund Management, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
Royal Dutch Shell PLC SponRDS.A52$188mFirst Eagle Investment Management, Dodge & Cox, Tweedy, Browne and 2 more
JPMorgan ChaseJPM5–$169mHarris Associates (Oakmark), Davis Selected Advisers, Brave Warrior Advisors and 2 more
Johnson & JohnsonJNJ51$119mFirst Eagle Investment Management, Tweedy, Browne, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
General ElectricGE51$105mTrian Fund Management, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
VisaV5–$96.4mHarris Associates (Oakmark), Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
Exxon MobilEXMOC51$1.4mRuane, Cunniff & Goldfarb (Sequoia), Gardner Russo & Quinn, Tweedy, Browne and 2 more
AllerganACT4–$776mCarl Icahn, Oaktree Capital Management, Appaloosa and 1 more
Automatic Data ProcessingADP41$379mFundsmith, First Eagle Investment Management, Harris Associates (Oakmark) and 1 more
MedtronicMDT4–$282mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management and 1 more
Charter CommunicationsCHTR4–$193mDodge & Cox, Harris Associates (Oakmark), First Eagle Investment Management and 1 more
OracleORCL41$139mHarris Associates (Oakmark), First Eagle Investment Management, Davis Selected Advisers and 1 more
Liberty GlobalLBTYA4–$129mFirst Eagle Investment Management, Davis Selected Advisers, Dodge & Cox and 1 more
National Oilwell VarcoNOV41$129mFirst Eagle Investment Management, Markel Group, Dodge & Cox and 1 more
CarmaxKMX4–$107mDavis Selected Advisers, Harris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
Philip Morris InternationalPM41$77.7mHarris Associates (Oakmark), Gardner Russo & Quinn, Tweedy, Browne and 1 more
United TechnologiesUTXZ4–$47.9mDavis Selected Advisers, Southeastern Asset Management, First Eagle Investment Management and 1 more
Charles SchwabSCHW4–$47.4mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners and 1 more
PfizerPFE42$3.3mDodge & Cox, Gardner Russo & Quinn, First Eagle Investment Management and 1 more
International Business MachinesIBM4–$1.4mTweedy, Browne, Dodge & Cox, Gardner Russo & Quinn and 1 more
Procter & GamblePG41$880kRuane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners, Gardner Russo & Quinn and 1 more
Tyco International33$1.9bnDodge & Cox, Davis Selected Advisers, First Eagle Investment Management
Baker Hughes3–$434mValueAct, Dodge & Cox, Harris Associates (Oakmark)

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.