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Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios

Wayne Duggan

The latest round of 13F filings from institutional investors were out this week, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling.

Takeaways From 13F Season

Investors who follow particular fund managers can easily look up what each was buying and selling in the quarter, but other investors may be more interested in overall themes from 13F filings. Overall, it appears fund managers were doing more selling than buying of many popular tickers.

  • Managers were more bullish that bearish on FANG stocks. Soros was the exception, buying Netflix but selling Amazon and Alphabet.
  • Among the FANG stocks, managers were most bullish on Netflix, with Loeb, Coleman and Soros all adding to their stakes.
  • Despite major trade war headlines, fund managers mostly ignored Apple in the first quarter. Rosenstein cut his Apple stake for the second consecutive quarter.
  • Adobe was on fund managers’ radars in the first quarter, but they weren’t on the same page. Cooperman and Soros were buying, while Rosenstein and Coleman were selling.
  • Warren Buffett made his first venture into FANG territory, buying Amazon for the first time.

Related Link: Form 13F: What It Is And Why It's Important

Here’s a rundown of how the smart money was playing some of the most popular stocks last quarter.

David Einhorn’s Greenlight Capital

Notable Q1 Buys/Increases:

  • AerCap Holdings N.V. (NYSE: AER)
  • CNX Resources Corp (NYSE: CNX)

Notable Q1 Sells/Decreases:

  • General Motors Company (NYSE: GM)
  • Shutterfly, Inc. (NASDAQ: SFLY)
  • Chemours Co (NYSE: CC)
  • Dillards, Inc. (NYSE: DDS)
  • Tempur Sealy International Inc (NYSE: TPX)
  • Voya Financial Inc (NYSE: VOYA)

Seth Klarman’s Baupest Group

Notable Q1 Buys/Increases:

  • Liberty Global PLC Class C (NASDAQ: LBTYK)
  • eBay Inc (NASDAQ: EBAY)
  • CBS Corporation (NYSE: CBS)
  • Fox Corp (NASDAQ: FOX) (NASDAQ: FOXA)
  • PG&E Corporation (NYSE: PCG)
  • Celgene Corporation (NASDAQ: CELG)

Notable Q1 Sells/Reductions:

  • Cardinal Health, Inc. (NYSE: CAH)
  • Leon Cooperman’s Omega Advisors

Notable Q1 Buys/Increases:

  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)
  • Adobe Inc (NASDAQ: ADBE)
  • Aspen Group Inc (NASDAQ: ASPU)
  • ARBOR RLTY TR I/SH (NYSE: ABR)
  • Delta Air Lines, Inc. (NYSE: DAL)
  • Ellington Financial Inc (NYSE: EFC)
  • MVC Capital, Inc. (NYSE: MVC)
  • Nabors Industries Ltd. (NYSE: NBR)

Notable Q1 Sells/Decreases:

  • None

Barry Rosenstein’s Jana Partners

Notable Q1 Buys/Increases:

  • None

Notable Q1 Sells/Reductions:

  • Apple Inc. (NASDAQ: AAPL)
  • Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA)
  • Anthem Inc (NYSE: ANTM)
  • Boston Scientific Corporation (NYSE: BSX)
  • Mastercard Inc (NYSE: MA)
  • Microsoft Corporation (NASDAQ: MSFT)
  • Tiffany & Co. (NYSE: TIF)
  • Adobe

Chase Coleman’s Tiger Global

Notable Q1 Buys/Increases:

  • 8x8, Inc. (NYSE: EGHT)
  • Netflix, Inc. (NASDAQ: NFLX)
  • Twilio Inc (NYSE: TWLO)
  • Facebook, Inc. (NASDAQ: FB)

Notable Q1 Sells/Reductions:

  • Spotify Technology SA (NYSE: SPOT)
  • Domino's Pizza, Inc. (NYSE: DPZ)
  • Booking Holdings Inc (NASDAQ: BKNG)
  • Adobe

Warren Buffett’s Berkshire Hathaway

Notable Q1 Buys/Increases:

  • JPMorgan Chase & Co. (NYSE: JPM)
  • Amazon.com, Inc. (NASDAQ: AMZN)
  • Red Hat Inc (NYSE: RHT)
  • Delta

Notable Q1 Sells/Reductions:

  • Phillips 66 (NYSE: PSX)
  • Charter Communications Inc (NASDAQ: CHTR)
  • Wells Fargo & Co. (NYSE: WFC)
  • Southwest Airlines Co (NYSE: LUV)

Related Link: What Is The Buffett Indicator?

George Soros’ Soros Fund Management

Notable Q1 Buys/Increases:

  • LYFT Inc (NASDAQ: LYFT)
  • Adobe
  • Netflix
  • Microsoft

Notable Q1 Sells/Reductions:

  • Verizon Communications Inc. (NYSE: VZ)
  • Kraft Heinz Co (NASDAQ: KHC)
  • Amazon
  • Alphabet

Carl Icahn’s Icahn Capital

Notable Q1 Buys/Increases:

  • Caesars Entertainment Corporation (NASDAQ: CZR)

Notable Q1 Sells/Reductions:

  • Dell Technologies Inc (NYSE: DELL)
  • Diamondback Energy Inc (NASDAQ: FANG)
  • Cheniere Energy, Inc. (NYSE: LNG)
  • Hertz Global Holdings Inc (NYSE: HTZ)
  • Freeport-McMoRan Inc (NYSE: FCX)
  • CVR Refining LP (NYSE: CVRR)
  • Manitowoc Company Inc (NYSE: MTW)

Bill Ackman’s Pershing Square Capital

Notable Q1 Buys/Increases:

  • United Technologies Corporation (NYSE: UTX)

Notable Q1 Sells/Reductions:

  • Chipotle Mexican Grill, Inc. (NYSE: CMG)
  • Hilton Hotels Corporation (NYSE: HLT)
  • Lowe’s Companies, Inc. (NYSE: LOW)
  • Howard Hughes Corp (NYSE: HHC)
  • Restaurant Brands International Inc (NYSE: QSR)
  • Starbucks Corporation (NASDAQ: SBUX)
  • Automatic Data Processing (NASDAQ: ADP)

Dan Loeb’s Third Point

Notable Q1 Buys/Increases:

  • Marathon Petroleum Corp (NYSE: MPC)
  • Netflix
  • Boston Scientific
  • United Technologies
  • Microsoft

Notable Q1 Sells/Decreases:

  • American Express Company (NYSE: AXP)
  • Constellation Brands, Inc. Class A (NYSE: STZ)
  • Paypal Holdings Inc (NASDAQ: PYPL)

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