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What value investors bought and sold in Q3 2018

In Q3 2018, 32 value investors filed 13Fs. The most popular buy was Apple, added to by 7 managers (3 buying for the first time), followed by Meta Platforms and General Electric. The most sold was Alphabet, cut by 10 managers, with Visa and Mastercard close behind. Alphabet was the most widely held, owned by 16.

  • 32 managers filed

Most widely held

Companies held by the most managers in their Q3 2018 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
AlphabetGOOG16$19bn+2.4% vs Q27.3%19.0%TCI Fund Management 19.0%, Ruane, Cunniff & Goldfarb (Sequoia) 18.4%, Brave Warrior Advisors 15.6% and 13 more
VisaV15$6.3bn+10% vs Q23.4%8.6%Akre Capital Management 8.6%, Wedgewood Partners 7.4%, Polen Capital Management 7.2% and 12 more
Berkshire HathawayBRK.B12$6.8bn+11% vs Q210.4%38.6%Semper Augustus 38.6%, Giverny Capital 19.8%, Gardner Russo & Quinn 14.5% and 9 more
MastercardMA11$7.4bn+4.3% vs Q23.9%13.8%Akre Capital Management 13.8%, Gardner Russo & Quinn 13.4%, Ruane, Cunniff & Goldfarb (Sequoia) 4.5% and 8 more
Meta PlatformsMETA11$4.2bn−17% vs Q23.5%9.5%Appaloosa 9.5%, Fundsmith 6.6%, Wedgewood Partners 5.7% and 8 more
Wells Fargo & CompanyWFC10−2 vs Q2$31bn−7.3% vs Q28.7%52.5%Daily Journal Corp 52.5%, Berkshire Hathaway 10.5%, Davis Selected Advisers 6.1% and 7 more
American ExpressAXP10+1 vs Q2$21bn+6.4% vs Q22.2%7.3%Berkshire Hathaway 7.3%, AKO Capital 3.8%, Davis Selected Advisers 3.1% and 7 more
AppleAAPL9+3 vs Q2$58bn+22% vs Q24.2%25.8%Berkshire Hathaway 25.8%, Wedgewood Partners 10.0%, Harris Associates (Oakmark) 1.3% and 6 more
MicrosoftMSFT9+1 vs Q2$10.0bn+26% vs Q23.8%9.3%Fundsmith 9.3%, Polen Capital Management 9.0%, TCI Fund Management 7.9% and 6 more
JPMorgan ChaseJPM9+1 vs Q2$8.0bn+95% vs Q22.2%8.6%Brave Warrior Advisors 8.6%, Davis Selected Advisers 3.9%, Giverny Capital 2.6% and 6 more
US BancorpUSB9−1 vs Q2$7.8bn+25% vs Q21.4%4.6%Daily Journal Corp 4.6%, Berkshire Hathaway 3.0%, Davis Selected Advisers 2.1% and 6 more
Moody'sMCO9$6.2bn−1.1% vs Q24.4%20.6%Valley Forge Capital Management 20.6%, Akre Capital Management 11.1%, AKO Capital 2.6% and 6 more
Bank of AmericaBAC8$32bn+25% vs Q27.8%42.5%Daily Journal Corp 42.5%, Berkshire Hathaway 11.7%, Harris Associates (Oakmark) 3.7% and 5 more
ComcastCMCSA8$7.6bn+7.1% vs Q22.1%6.3%Southeastern Asset Management 6.3%, Dodge & Cox 3.6%, First Eagle Investment Management 3.0% and 5 more
Liberty GlobalLBTYA8+1 vs Q2$5.6bn+15% vs Q22.3%8.6%Brave Warrior Advisors 8.6%, Baupost Group 3.4%, Harris Associates (Oakmark) 3.4% and 5 more
Charles SchwabSCHW8+2 vs Q2$4.8bn+0.2% vs Q23.3%12.2%Brave Warrior Advisors 12.2%, Wedgewood Partners 3.8%, Ruane, Cunniff & Goldfarb (Sequoia) 3.7% and 5 more
Booking HoldingsBKNG8$3.8bn+25% vs Q21.8%5.4%Wedgewood Partners 5.4%, Ruane, Cunniff & Goldfarb (Sequoia) 3.1%, Polen Capital Management 2.7% and 5 more
Union PacificUNP8$3.4bn+29% vs Q21.8%5.1%Giverny Capital 5.1%, TCI Fund Management 4.3%, First Eagle Investment Management 2.1% and 5 more
Liberty MediaFWONA8+1 vs Q2$2.9bn−5.5% vs Q21.6%4.4%Ruane, Cunniff & Goldfarb (Sequoia) 4.4%, Southeastern Asset Management 3.1%, Giverny Capital 2.9% and 5 more
BaiduBIDU8$1.9bn−8.9% vs Q23.3%13.2%Himalaya Capital 13.2%, Tweedy, Browne 9.5%, Southeastern Asset Management 1.3% and 5 more
BNYBK7$9.6bn+1.0% vs Q23.6%8.0%Trian Fund Management 8.0%, Tweedy, Browne 6.5%, Davis Selected Advisers 3.8% and 4 more
General ElectricGE7$3.0bn+14% vs Q22.8%7.7%Trian Fund Management 7.7%, Southeastern Asset Management 5.9%, Davis Selected Advisers 3.1% and 4 more
CarmaxKMX7$1.9bn−4.9% vs Q24.1%9.9%Giverny Capital 9.9%, Ruane, Cunniff & Goldfarb (Sequoia) 8.1%, Markel Group 6.2% and 4 more
Johnson & JohnsonJNJ7−1 vs Q2$1.1bn+14% vs Q22.2%8.9%Tweedy, Browne 8.9%, Fundsmith 4.3%, Markel Group 1.4% and 4 more
Goldman Sachs GroupGS6$6.8bn+19% vs Q20.8%1.9%Berkshire Hathaway 1.9%, Dodge & Cox 1.7%, Harris Associates (Oakmark) 0.5% and 3 more
OracleORCL6+2 vs Q2$6.7bn+49% vs Q22.2%4.8%First Eagle Investment Management 4.8%, Polen Capital Management 3.7%, Harris Associates (Oakmark) 2.9% and 3 more
Automatic Data ProcessingADP6−1 vs Q2$3.2bn+6.5% vs Q24.3%11.7%Pershing Square 11.7%, Polen Capital Management 6.1%, Fundsmith 5.9% and 3 more
Philip Morris InternationalPM6$2.8bn+14% vs Q22.5%6.8%Fundsmith 6.8%, Gardner Russo & Quinn 6.1%, First Eagle Investment Management 1.6% and 3 more
United TechnologiesUTXZ6$2.4bn+8.9% vs Q24.7%13.3%Pershing Square 13.3%, AKO Capital 4.9%, Davis Selected Advisers 4.9% and 3 more
3M CompanyMMM6$1.8bn+8.0% vs Q21.7%4.9%Fundsmith 4.9%, Tweedy, Browne 2.5%, First Eagle Investment Management 2.3% and 3 more
Costco WholesaleCOST6$1.0bn+12% vs Q20.6%2.7%Semper Augustus 2.7%, Berkshire Hathaway 0.5%, Markel Group 0.1% and 3 more
Walt DisneyDIS6$765m+18% vs Q23.4%11.5%Lindsell Train 11.5%, Giverny Capital 4.0%, Markel Group 3.5% and 3 more
Coca-ColaKO5$18bn+5.3% vs Q21.8%8.4%Berkshire Hathaway 8.4%, Semper Augustus 0.8%, Gardner Russo & Quinn 0.0% and 2 more
Procter & GamblePG5$3.2bn+6.6% vs Q26.1%30.5%Trian Fund Management 30.5%, Gardner Russo & Quinn 0.0%, Ruane, Cunniff & Goldfarb (Sequoia) 0.0% and 2 more
UnitedHealth GroupUNH5$2.7bn−2.3% vs Q21.4%3.0%Markel Group 3.0%, Appaloosa 1.6%, Dodge & Cox 1.3% and 2 more
Amazon.comAMZN5$2.3bn−6.7% vs Q23.3%6.4%Ruane, Cunniff & Goldfarb (Sequoia) 6.4%, Davis Selected Advisers 6.3%, Markel Group 3.0% and 2 more
KKR & Co.KKR5+3 vs Q2$1.7bn+17% vs Q23.5%13.3%ValueAct 13.3%, Akre Capital Management 3.2%, Markel Group 0.6% and 2 more
O'Reilly AutomotiveORLY5$1.7bn+25% vs Q23.1%7.7%Akre Capital Management 7.7%, Polen Capital Management 5.6%, Giverny Capital 2.0% and 2 more
PepsicoPEP5$1.3bn+8.9% vs Q23.1%9.3%Lindsell Train 9.3%, Fundsmith 6.1%, Markel Group 0.3% and 2 more
DiageoDEO5$1.1bn−2.4% vs Q21.2%3.2%Markel Group 3.2%, Harris Associates (Oakmark) 1.3%, Tweedy, Browne 1.1% and 2 more

Most bought in Q3 2018

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

Most bought companies
Who
AppleAAPL73$143mBerkshire Hathaway, Appaloosa, Markel Group and 4 more
Meta PlatformsMETA6–$236mFirst Eagle Investment Management, Fundsmith, Ruane, Cunniff & Goldfarb (Sequoia) and 3 more
General ElectricGE51$839mDavis Selected Advisers, Southeastern Asset Management, Harris Associates (Oakmark) and 2 more
BaiduBIDU5–$122mDodge & Cox, Southeastern Asset Management, Polen Capital Management and 2 more
Berkshire HathawayBRK.B5–$31.1mGardner Russo & Quinn, Giverny Capital, Markel Group and 2 more
AlphabetGOOG5–$17.5mPolen Capital Management, Markel Group, Giverny Capital and 2 more
JPMorgan ChaseJPM41$4.0bnBerkshire Hathaway, Giverny Capital, Gardner Russo & Quinn and 1 more
US BancorpUSB4–$1.3bnBerkshire Hathaway, First Eagle Investment Management, Dodge & Cox and 1 more
Booking HoldingsBKNG41$869mDodge & Cox, First Eagle Investment Management, Polen Capital Management and 1 more
Pg&EPCG41$865mBaupost Group, Appaloosa, TCI Fund Management and 1 more
Liberty GlobalLBTYA41$495mBaupost Group, Harris Associates (Oakmark), Markel Group and 1 more
Charles SchwabSCHW42$256mHarris Associates (Oakmark), Giverny Capital, Brave Warrior Advisors and 1 more
United TechnologiesUTXZ4–$78.9mPershing Square, AKO Capital, Markel Group and 1 more
Moody'sMCO41$66.8mTCI Fund Management, AKO Capital, Valley Forge Capital Management and 1 more
Wells Fargo & CompanyWFC4–$64.6mGardner Russo & Quinn, Dodge & Cox, Davis Selected Advisers and 1 more
Walt DisneyDIS4–$39.1mLindsell Train, Markel Group, Giverny Capital and 1 more
Bank of AmericaBAC3–$5.8bnBerkshire Hathaway, Harris Associates (Oakmark), Gardner Russo & Quinn
MicrosoftMSFT31$1.4bnFundsmith, Polen Capital Management, Markel Group
Goldman Sachs GroupGS3–$1.1bnBerkshire Hathaway, Markel Group, Davis Selected Advisers
BNYBK3–$694mBerkshire Hathaway, Harris Associates (Oakmark), First Eagle Investment Management
JD.comJD3–$263mDodge & Cox, Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers
Dentsply SironaXRAY31$259mFirst Eagle Investment Management, ValueAct, Ruane, Cunniff & Goldfarb (Sequoia)
Taiwan Semiconductor ManufacturingTSM32$254mFirst Eagle Investment Management, Harris Associates (Oakmark), Oaktree Capital Management
CitigroupC31$175mBrave Warrior Advisors, ValueAct, Markel Group
State StreetSTT31$153mAppaloosa, Harris Associates (Oakmark), Davis Selected Advisers
KKR & Co.KKR33$110mDavis Selected Advisers, First Eagle Investment Management, Markel Group
Colgate-PalmoliveCL3–$107mFundsmith, AKO Capital, First Eagle Investment Management
ComcastCMCSA3–$85.9mFirst Eagle Investment Management, Dodge & Cox, Markel Group
PepsicoPEP3–$76.9mFundsmith, Lindsell Train, Dodge & Cox
Alibaba Group HoldingBABA31$59.6mRuane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers, Polen Capital Management

Most sold in Q3 2018

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

Most sold companies
Who
AlphabetGOOG10–$811mDavis Selected Advisers, Appaloosa, TCI Fund Management and 7 more
VisaV9–$166mFirst Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia), Wedgewood Partners and 6 more
MastercardMA8–$559mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Polen Capital Management and 5 more
Wells Fargo & CompanyWFC72$827mBerkshire Hathaway, Appaloosa, Harris Associates (Oakmark) and 4 more
MicrosoftMSFT6–$542mFirst Eagle Investment Management, Dodge & Cox, TCI Fund Management and 3 more
American ExpressAXP6–$476mFirst Eagle Investment Management, Davis Selected Advisers, Dodge & Cox and 3 more
Berkshire HathawayBRK.B6–$87.2mRuane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers, Wedgewood Partners and 3 more
Booking HoldingsBKNG51$35.9mDavis Selected Advisers, Wedgewood Partners, Ruane, Cunniff & Goldfarb (Sequoia) and 2 more
OracleORCL4–$594mHarris Associates (Oakmark), First Eagle Investment Management, Polen Capital Management and 1 more
Capital One FinancialCOF41$501mDodge & Cox, Harris Associates (Oakmark), Markel Group and 1 more
Meta PlatformsMETA4–$377mAppaloosa, Davis Selected Advisers, Wedgewood Partners and 1 more
Union PacificUNP4–$154mFirst Eagle Investment Management, Dodge & Cox, Tweedy, Browne and 1 more
ComcastCMCSA4–$132mSoutheastern Asset Management, Harris Associates (Oakmark), Gardner Russo & Quinn and 1 more
Charles SchwabSCHW4–$64.6mDodge & Cox, Davis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia) and 1 more
O'Reilly AutomotiveORLY4–$15.4mGiverny Capital, Polen Capital Management, Akre Capital Management and 1 more
AltabaAABA31$4.6bnTCI Fund Management, Oaktree Capital Management, Appaloosa
Bank of AmericaBAC3–$653mDodge & Cox, Appaloosa, Oaktree Capital Management
HCA HealthcareHCA3–$562mHarris Associates (Oakmark), Brave Warrior Advisors, First Eagle Investment Management
Johnson Controls InternationalJCI3–$492mDavis Selected Advisers, Harris Associates (Oakmark), Dodge & Cox
JPMorgan ChaseJPM3–$455mDavis Selected Advisers, Harris Associates (Oakmark), Dodge & Cox
National Oilwell VarcoNOV3–$327mDodge & Cox, First Eagle Investment Management, Harris Associates (Oakmark)
UnitedHealth GroupUNH3–$276mDodge & Cox, Harris Associates (Oakmark), Appaloosa
ConocoPhillipsCOP3–$174mFirst Eagle Investment Management, Tweedy, Browne, Dodge & Cox
Automatic Data ProcessingADP31$159mFirst Eagle Investment Management, Pershing Square, Harris Associates (Oakmark)
Wal-Mart StoresWMT31$126mBerkshire Hathaway, Dodge & Cox, Gardner Russo & Quinn
Grupo TelevisaTV31$120mDodge & Cox, Southeastern Asset Management, Harris Associates (Oakmark)
SchlumbergerSLB31$118mDodge & Cox, Wedgewood Partners, Gardner Russo & Quinn
KKR & Co33$117mDavis Selected Advisers, Markel Group, First Eagle Investment Management
BNYBK3–$86.7mDavis Selected Advisers, Dodge & Cox, Tweedy, Browne
Charter CommunicationsCHTR3–$73.3mBerkshire Hathaway, Harris Associates (Oakmark), TCI Fund Management

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.