Q1 13F Tracking: Top Institutions Continued to Lean into Tech Darlings
Top institutions have successively disclosed their Q1 portfolios this week, and 13F filings reveal that this "smart money" continued to lean into tech darlings.
Berkshire Hathaway
Warren Buffett's $Berkshire Hathaway-A (BRK.A.US)$, $Berkshire Hathaway-B (BRK.B.US)$ opened a new position in $Chubb Ltd (CB.US)$, a 13F filing revealed late Wednesday, showing it to be the "mystery stock" purchase that has intrigued investors since late last year. The conglomerate bought nearly 26 million shares of Chubb worth $6.7 billion, Chubb stock jumped more than 8% in late Wednesday trade.
Berkshire, which also holds GEICO and National Indemnity, among other insurers, has a heavy footprint in the insurance industry, with Buffett recently telling shareholders that "property-casualty insurance (“P/C”) provides the core of Berkshire’s well-being and growth.”
In addition, although Berkshire slashed a massive position in $Apple (AAPL.US)$ by 13% during the first quarter, Apple remains one of Berkshire's biggest stock holdings. Among other Q1 moves, the company sold roughly 55.8 million shares of $Paramount Global-B (PARA.US)$ , reduced its position in $Chevron (CVX.US)$ but added to $Occidental Petroleum (OXY.US)$.
Bridgewater
Asset management company Bridgewater Associates increased its $NVIDIA (NVDA.US)$position to 704,599 shares worth $636.6 million at the end of the first quarter. That compared with the 268,489 shares the fund owned in the chipmaker at the end of 2023, per the firm’s 13F.
Bridgewater’ other major bets in the first quarter were mostly in the tech space, the most notable shift was in $Alphabet-A (GOOGL.US)$ . Bridgewater bought almost 3.3 million Class A shares of Google's parent company during the first quarter, bringing its position to 5.37 million shares by the end of that period.
The fund also added about 1.84 million shares of $Apple (AAPL.US)$, almost 328,000 shares of $Meta Platforms (META.US)$ , and 381,000 shares of $Microsoft (MSFT.US)$ in the first three months of 2024.
The first quarter wasn't exclusively a buying spree for Bridgewater, as the firm also trimmed many of its existing positions and exited several others. Among the largest sell-offs in the first quarter were about 1.8 million shares of $Cisco (CSCO.US)$ , roughly 1.7 million shares of $Coca-Cola (KO.US)$ , and 892,158 shares of $PDD Holdings (PDD.US)$.
Tiger Global
As of the first quarter of 2024, Tiger Global Management included 41 stocks. The top holdings were 19.81% in $Meta Platforms (META.US)$ , 12.29% in $Microsoft (MSFT.US)$ , 8.5% in $Alphabet-A (GOOGL.US)$ , 7.55% in $Apollo Global Management (APO.US)$ , and 6.23% in $Amazon (AMZN.US)$ .
Tiger Global has significantly increased its stakes in several existing holdings: It ramped up its shares in Alphabet by 6,251,875, bringing the total to 10,308,800 shares. The firm also upped its Amazon holdings by 1,438,600 shares, reaching a total of 6,321,080 shares.
Besides, Tiger Global has completely exited its position in $PDD Holdings (PDD.US)$ , with all 625,300 shares sold, resulting in a -0.65% impact on the portfolio. The largest reduction was in $JD.com (JD.US)$ , with 5,665,172 shares sold off.
ARK
As of the first quarter of 2024, Catherine Wood's portfolio encompasses 229 stocks. The top holdings include 8.22% in $Coinbase (COIN.US)$ , 6.3% in $Tesla (TSLA.US)$ , 5.96% in $Block (SQ.US)$ , 5.31% in $Roku Inc (ROKU.US)$ , and 5.03% in $UiPath (PATH.US)$. The investments are primarily concentrated across nine industries, including Technology, Healthcare, Communication Services, Financial Services, Consumer Cyclical, Industrials, Energy, Consumer Defensive, and Basic Materials.
Wood's ARK has also ramped up its stakes in existing holdings. The most significant increases were in Tesla and Roku. It added 1,375,910 shares to its Tesla stake, bringing the total to 5,178,429 shares. An additional 3,027,775 shares were added to Roku, for a new total of 12,556,647 shares.
ARK’s most notable position reductions include Coinbase, with a reduction of 4,178,670 shares, leading to a 48.59% decrease in shares, and $Twilio (TWLO.US)$ , with a reduction of 6,187,545 shares, resulting in an 86.78% decrease in shares.
Source: Yahoo Finance, Investopedia, Investor’s Business Daily
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