On November 15, Beijing time, according to the SEC website, the data on U.S. stock holdings as of the end of the third quarter of 2024 has mostly been released.

We continue to conduct tracking analysis on investment giants such as Berkshire Hathaway, daily journal, Himalaya Capital, Hillhouse HHLR, Jinglin, Bridgewater, Baillie Gifford, ARK, H&H International Investment, LLC (the primary U.S. stock holdings of Duan Yongping), among others.

As of the time of writing, the Norwegian sovereign fund, which was just included in our tracking pool last quarter, has not yet disclosed third-quarter data.

The highlights are as follows:

1. Berkshire, with a record cash position, purchased Domino's Pizza and Pool Corp in the third quarter, while reducing positions in six stocks, including Ulta Beauty, which was just purchased last quarter, giving a bit of a "one-season trip" feeling.

2. Li Lu currently holds eight stocks, including a newly added oil & gas company, and significantly reduced his position in apple while keeping the position in bank of america unchanged; similarly, Duan Yongping, who also holds eight stocks, completely exited bank of america in the third quarter, while significantly increasing positions in occidental petroleum and pdd holdings.

3. Hillhouse HHLR's holdings in Chinese concept stocks further increased from 85% to 93%; Jinglin and „Wood lady“ mainly focused on reductions in the third quarter.

4. There are divergences in some stocks: for apple and bank of america, Buffett and Duan Yongping choose to reduce holdings, while Bridgewater purchased more of both; for pdd holdings, Duan Yongping and Baillie Gifford increased their holdings, while Hillhouse HHLR and Jinglin reduced theirs; Buffett's newly built position in Pool was completely exited by Baillie Gifford.

However, regarding Nvidia, Bridgewater, Jinglin, Baillie Gifford, and "Woodstock" are all reducing their holdings, quietly standing together on the issue of missing out on Nvidia becoming the top market cap.

The following is a detailed analysis:

01 Berkshire Hathaway entered Domino's Pizza and Pool Corp in the third quarter, while it almost completely liquidated Ulta Beauty, which was a new position in the second quarter; the daily journal remains unchanged.

According to the latest disclosed form 13f report, Berkshire's total market cap for holdings in the third quarter was $266.379 billion, a decrease of 5% from $279.969 billion in the second quarter.

Among the top ten major holdings, except for reductions in Apple and Bank of America, other positions remained unchanged.

It is worth mentioning that according to regulatory documents since October, Buffett has been continuously reducing his holdings in Bank of America, and since his shareholding ratio has fallen below the key threshold of 10%, he is not required to promptly disclose trading conditions according to U.S. SEC regulations.

Berkshire Hathaway's high cash position in the third quarter reached a record $325.2 billion, mainly from selling parts of Apple and Bank of America.

Currently, "beloved stock" Apple remains the largest holding, in Buffett's view:

Unless there is an extreme event that forces us to change our capital allocation and investment strategy, apple will remain our largest common stock investment. However, in the current situation, I wouldn't mind selling some apple to increase our cash and cash equivalents position.

Overall, Berkshire initiated 2 new stocks in the third quarter ( $Domino's Pizza (DPZ.US)$ , pool corp $Pool Corp (POOL.US)$ ), and increased shareholding in 1 ( In addition to Snowflake, Berkshire Hathaway also liquidated 7.53 million shares. ), completely sold 3 stocks ( The fourth largest increase in the second quarter was the satellite broadcasting company Sirius XM, with an increase of approximately 96.2 million shares and a market cap of approximately $0.272 billion in the quarter. The number of shares held increased by 262.2%. The fifth largest increase in the second quarter was a new face - the beauty company Ulta Beauty, with Berkshire Hathaway purchasing 0.69 million shares of Ulta Beauty for a market cap of approximately $0.266 billion. In addition to Ulta Beauty, in the second quarter, Berkshire Hathaway also entered defense company Heico with a purchase of 1.04 million shares. In addition to Snowflake, Berkshire Hathaway also liquidated 7.53 million shares. A&C, $Floor & Decor (FND.US)$ ), reduced shareholding in 6 stocks ( $apple (AAPL.US)$ 、 $Bank of America(BAC.US)$ 、 Capital One Financial (COF.US) 、 $Nu Holdings(NU.US)$ 、 The second-largest cable television operator in the US, Charter Communications, had revenue exceeding expectations, and its stock price reached a 6-month high, rising nearly 30%. 、 $Ulta Beauty (ULTA.US)$ ）。

Among them, Sirius XM had a significant shareholding in the second quarter, but it was completely sold off in the third quarter; Ulta Beauty, which was newly purchased in the second quarter, saw a notable shareholding in the third quarter, almost to the point of being sold off completely.

This new addition to the portfolio is Domino's Pizza, accounting for 3.65%, ranking as the 27th largest hold positions. It is uncertain if this is also a 'test' by Buffett.

According to the latest official disclosure, the total number of Domino's stores in China has surpassed 1000, with Domino's China CEO Wang Yi previously stating that at least 5000 stores can be opened in the future in the Chinese market.

Compared to the previous quarter, Daily Journal remains in the third quarter. $Wells Fargo & Co (WFC.US)$ 、 $Bank of America(BAC.US)$ 、 $alibaba(BABA.US)$ 、 $U.S. Bancorp(USB.US)$ These four remain unchanged, with respective proportions of 43.07%, 42.82%, 11.17%, and 2.95%.

Li Lu, as the most trusted family fund manager of Munger, has seen two significant changes at Himalaya Capital in the third quarter.

First, compared to the second quarter, there was a new addition. $Sable Offshore(SOC.US)$ The company has increased its holdings from 7 stocks to 8, which is the second stock added this year following the second quarter. Occidental Petroleum(OXY.US) This is the second stock newly built this year.

It is an independent upstream company based in Houston, USA, engaged in oil and natural gas exploration and development activities, focusing on the prolific Sisquoc oil field in the federal offshore waters of California, with a stock price increase of over 44% in the third quarter.

From Occidental Petroleum to Sable Offshore, it can be seen that Li Lu is making efforts in the oil & gas direction.

Secondly, Li Lu significantly reduced his holdings in Apple starting from the third quarter, aligning with Buffett's actions, but with a larger reduction.

However, for Bank of America, which Buffett has been continually reducing, Li Lu is holding quite steady.

Li Lu first bought shares of bank of america in the first quarter of 2020, and it has been the number one heavyweight stock since the first quarter of 2023 (if google's class A and C shares are counted separately).

In terms of stock price performance, bank of america's share price started to rebound at the end of October 2023, currently doubling from the low at that time, and even recently reached a new high.

In the past year, it has contributed significantly to the returns of its portfolio.

02 Regarding the latest attitude towards apple and bank of america, Duan Yongping and Buffett are in agreement, while bridgewater has the opposite view.

Since Duan Yongping's main holdings in the usa (H&H International Investment) came into the public eye, they have been widely followed. We are also continuously tracking their developments.

In the third quarter, Duan Yongping's total holdings amounted to 16.54 billion dollars, which did not change significantly from the second quarter, but the number of stocks held decreased from 9 to 8, primarily due to the sell-off of bank of america.

Regarding apple and bank of america, just like in the third quarter, Duan Yongping and Buffett both chose to reduce their holdings, which is somewhat coincidental.

Duan Yongping also slightly reduced his holdings. $Berkshire Hathaway-B (BRK.B.US)$ 、 $alibaba(BABA.US)$ 、 Moderna and increased his holdings. Example of such tech giants is Google-C (GOOG.US) (slightly), Occidental Petroleum(OXY.US) (significantly), pdd holdings (PDD.US) (significantly), $Disney (DIS.US)$ The number of shares remains unchanged.

Among them, occidental petroleum has been in a price downtrend since April, significantly increasing its shareholding in the third quarter suggests a bottom-fishing strategy; in addition, pdd holdings experienced a sharp decline in stock price at the end of August, and it is uncertain whether Duan Yongping seized the timing.

In the third quarter, notable stock price changes included alibaba (up 47.4%) and moderna (down 43.7%).

Ray Dalio's Bridgewater had a total market cap of 17.7 billion dollars in the third quarter, a decrease of about 7.8% compared to the 19.2 billion dollars in the second quarter, establishing new positions in 79 stocks, increasing positions in 260 stocks, closing positions in 183 stocks, and reducing holdings in 428 stocks.

Bridgewater significantly reduced its holdings in technology stocks in the third quarter - including those in the top ten holdings. Example of such tech giants is Google-C (GOOG.US) 、 $nvidia (NVDA.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ and $amazon(AMZN.US)$ The shareholding reductions were 3.54%, 27.48%, 16.65%, 20.19%, and 46.64%, and at the same time, it was fully liquidated. $Oracle (ORCL.US)$ 、 $IBM Corp (IBM.US)$ And technology stocks.

For apple, after a significant shareholding reduction by bridgewater in the second quarter, there was a significant shareholding increase in the third quarter, showing a different attitude than Buffett.

In the second quarter, apple's stock price rose by 23.11%, while in the third quarter it fluctuated at a high level.

Additionally, bridgewater also built positions in the third quarter. $Bank of America(BAC.US)$ So the divergences in these stocks in the fourth quarter may be a major point of interest.

In terms of absolute values of buy and sell amounts, bridgewater bought the most in the third quarter. $Lam Research (LRCX.US)$ The company is a semiconductor equipment and services provider in the usa, with clients including taiwan semiconductor, samsung, intel, etc.; the most sold are among the top ten holdings. $procter & gamble (PG.US)$ 。

Karen Karniol-Tambour, co-chief investment officer of Bridgewater Associates, recently stated that holding usa stocks is a "good thing," and she expects strong economic growth during President Trump's term.

Since Trump won the election,S&P 500 Index (.SPX.US)it has risen by about 5%, and Bridgewater just increased its shareholding in advance during the third quarter. $s&p 500 etf-iShares(IVV.US)$ of the position.

Hillhouse HHLR continues to be the "number one fan" of Chinese concept stocks, while Jinglin has been reducing positions this quarter.

Hillhouse HHLR Advisors had significant changes in their third-quarter positions, entering 4 new stocks, increasing holdings in 7 stocks, reducing holdings in 13 stocks, and directly liquidating 34 stocks.

The market cap proportion of HHLR's Chinese concept stocks increased from 85% in the second quarter to 93% in the third quarter, with 9 out of the top ten positions being Chinese concept stocks. All 7 stocks that were increased in holdings were also Chinese concept stocks, including $alibaba(BABA.US)$ 、 $JD.com (JD.US)$ 、 $vipshop(VIPS.US)$ 、 $netease(NTES.US)$ 、 $trip.com(TCOM.US)$ 、 $ZTO Express (ZTO.US)$ 、 $futu holdings ltd(FUTU.US)$ 。

The number of stocks held decreased from 78 to 48, but the total market cap increased from 4.054 billion USD in the second quarter to 4.555 billion USD, which also reflects that the held stocks performed relatively well.

The largest heavy position. $beigene(BGNE.US)$ In the third quarter, it rose by 57.36%, and the second largest heavy position. $alibaba(BABA.US)$ In the third quarter, it increased by 47.39%; since the third quarter, it has been shareholding. $futu holdings ltd(FUTU.US)$ The increase has reached 45.8%. $trip.com(TCOM.US)$ 、 $ZTO Express (ZTO.US)$ 、 $vipshop(VIPS.US)$ The increases all exceeded 20%.

It is worth mentioning that alibaba's shareholding in HHLR in the first quarter was only 0.23%, which increased by 3638.32% in the second quarter, and continued to increase in the third quarter, showing its bullish outlook on alibaba.

Among the top ten, only pdd holdings (PDD.US) and $Ke(BEKE.US)$ was reduced. pdd holdings first entered the top ten of HHLR in the third quarter of 2022.

However, overall, it does not affect Hillhouse HHLR's status as the "number one fan" of Chinese concept stocks.

From the previously disclosed data on holdings for the third quarter, Jinglin also reduced its holdings in the third quarter. pdd holdings (PDD.US) However, the extent was lower than HHLR, but it still ranks as the largest holding.

Due to the significant reduction in holdings in the third quarter, the market value of the holdings also decreased considerably, from 3.79 billion dollars to 3.15 billion dollars.

Jinglin significantly reduced its holdings. $Microsoft (MSFT.US)$ and $nvidia (NVDA.US)$ Secondly, $Taiwan Semiconductor (TSM.US)$ 、 $Meta Platforms (META.US)$ and other technology stocks in the AI sector of semiconductors.

Meanwhile, Jinglin also completely liquidated its position in $ASML Holding (ASML.US)$ 、 $iShares semiconductor etf(SOXX.US)$ 、 $amazon(AMZN.US)$ 、 Ideal autos (LI.US) 、 $tesla (tsla.us)$ 、 $novo-nordisk a/s (NVO.US)$ 、 Merck (MRK.US) Technology and medical concept stocks.

The most obvious shareholding is apple, with an increase of 0.591 million. $apple (AAPL.US)$ The company has seen an increase that exceeds bridgewater.

In terms of newly added stocks, Jinglin established a position in the third quarter known as the "little Tencent of Southeast Asia." $Sea(SE.US)$ , as well as Example of such tech giants is Google-C (GOOG.US) 、 $beigene(BGNE.US)$ 、 It is worth noting that similar events related to Genscript BioTech have occurred recently. For example, the previously highly concerned Biosafety Act has put pressure on related companies including Wuxi AppTec and Wuxi Bio. However, according to the latest news, the bill was overwhelmingly passed by a vote of 40-1 at a hearing of the US House Oversight and Reform Committee in mid-May, and the next step may be to be sent to the full members of the House of Representatives for deliberation and voting. The bill made some adjustments in the exemption period for existing contracts/products, and specifically added Wuxi Bio to the original WuXi AppTec and Hua Medicine. 、 $pfizer(PFE.US)$ and Dell Technologies (DELL.US) These 6 stocks.

04 MELI replaced nvidia to become Baillie Gifford's largest holding, "Wooden Sister" reduced her shareholding in over 100 stocks including tesla, ROKU, and nvidia.

Finally, let's take a look at the two technology stock hunters - Baillie Gifford and "Wooden Sister's" ARK.

Baillie Gifford once in $alibaba(BABA.US)$ 、 $Meituan (ADR) (MPNGY.US)$ 、 $tesla (tsla.us)$ Companies that entered the market early on have ultimately reaped substantial rewards.

In the third quarter, BG's total scale of hold positions was 133.63 billion USD, continuing to maintain a steady growth trend, with 14 new stocks, increased shareholding in 71 stocks, reduced shareholding in 174 stocks, and completely sold off 22 stocks.

The most noticeable change among the top ten holdings is that BG continues to reduce shareholding. $nvidia (NVDA.US)$ Regardless of the proportion or absolute amount, nvidia is the largest sell stock, and at the same time, Another important stock to watch is dollar general, of which Amazon holds 17% of the shares. Amazon currently owns 0.015 million electric delivery vehicles and plans to reach 0.1 million by 2030. Since Amazon's last financial report, Rivian has announced a partnership with Volkswagen. has consequently become the largest holding.

BG first bought nvidia in the first quarter of 2016, and by the end of 2022, the number of shares held in nvidia was 0.174 billion shares, after which the quantity has been decreasing, and currently, there are less than 64 million shares remaining.

This time, Buffett has established a new position in $Pool Corp (POOL.US)$ However, it was completely liquidated by BG, and this stock was originally purchased in the fourth quarter of 2020.

In addition, the stocks that were liquidated include $Gitlab(GTLB.US)$ 、 Coinbase. 、 Adobe (ADBE.US) and other technology stocks, as well as many overseas healthcare stocks.

In terms of shareholding, BG has increased their holdings to varying degrees in the third quarter. pdd holdings (PDD.US) 、 $Shopify(SHOP.US)$ 、 $Sea(SE.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ 、 DoorDash 、 Please use your Futubull account to access the feature. 、 $Beigene (06160.HK)$ 、 $Rivian Automotive(RIVN.US)$ And other stocks.

After continuously increasing the shareholding in the first and second quarters of this year, "Wood姐"'s ARK began to reduce its shareholding. $tesla (tsla.us)$ Although before this, there was still expression of optimism about Tesla's future.

However, this did not affect the interaction between "Wood姐" and Musk.

"Wood Sister" recently stated on the social media platform X that "the USA should relax regulations and weaken the influence of institutions like the SEC and FTC," and Musk retweeted this statement, calling these proposals "great."

Overall, ARK significantly reduced its holdings in the third quarter, cutting 134 stocks, with none of the top ten holdings spared, and also completely exited 14 stocks.

The strongest increase in shareholding is from the ai precision medical company $Tempus AI(TEM.US)$ , which was founded in 2015 and just went public on nasdaq this June. The investment institutions include well-known entities such as Google, Novo Holdings, and BG.

2015 was precisely the time when Obama launched the USA "precision medical plan," so it can be said that Tempus AI is a company born at the right moment. Currently, the company possesses one of the world's largest clinical and molecular databases, along with an operating system that makes these data accessible and useful, and its products and services are widely utilized.

In addition, stocks that "Wood Sister" significantly increased shareholding in also include Advanced Micro Devices (AMD.US) 、 $amazon(AMZN.US)$ Wait for the stocks.

For Nvidia, there was continued shareholding in this quarter, dropping from the 37th largest position to the 45th largest position.

Editor/Somer