Source: The Intelligent Investor

As a necessary task every quarter, we need to track the holdings of large funds such as Berkshire Hathaway, Himalaya, H&H International Investment, LLC (Duan Yongping's U.S. stock holding entity), Hillhouse HHLR, Jinglin, Bridgewater, Oak Tree, Baillie Gifford, ARK, and so on.

Here are a few interesting points.

1. Everyone thought that Berkshire continued to reduce its holdings in Apple in the fourth quarter of last year, yet Buffett did not make any changes. Li Lu also made no changes; not only were Apple holdings untouched, but all holdings (which only amounts to 8 in total) remained unchanged as well.

2. The alcohol industry company$Constellation Brands (STZ.US)$(Constellation Brands) is the only new stock position established by Berkshire Hathaway in the fourth quarter, valued at approximately 1.2 billion USD. However, affected by Trump's tariffs, the stock price has already dropped by 26% this year;

3. Duan Yongping is still active, reducing holdings in Apple while adding significantly to others.$PDD Holdings (PDD.US)$(The market value of his holdings at the end of last year exceeded 0.7 billion USD); like Buffett, he continues to buy Occidental Petroleum, purchasing more as the price drops, with Duan Yongping’s increases in the fourth quarter being even larger.

4. When the market hit on September 24 of last year, "Wall Street's bottom-fishing king" David Tepper shouted to increase holdings in China assets. Form 13F disclosures indicate that this hedge fund mogul was not speaking falsely,$Alibaba (BABA.US)$having significantly increased his position to become the clear leader in major holdings.

See detailed analysis:

Berkshire Hathaway is truly not bullish on finance.

According to the latest disclosed Form 13F report, in the fourth quarter, $Berkshire Hathaway-B (BRK.B.US)$ the total Market Cap of Hold Positions is 267.1 billion USD, slightly lower than the 266.6 billion USD in the second quarter.

Among the top ten heavy positions, changes in Holdings come from $Bank of America (BAC.US)$ and $Occidental Petroleum (OXY.US)$ However, the treatment of the two is different.

Buffett's major reduction of his holdings in Bank of America last year was observed weekly across the All Market, until it was reduced to 1.036 billion shares, dropping from the second largest position to the third largest, and due to the shareholding ratio falling below the key threshold of 10%, there is no need to disclose trading situations at any time.

In fact, in the fourth quarter, Buffett continued to reduce his holdings in Bank of America by 15%, down to 0.68 billion shares, and significantly cut his investment in Citigroup by about 75%. At the same time, he also reduced his stake in First Capital Corporation by about 18%.

As for Occidental Petroleum, which performed poorly in stock prices in 2024, Buffett continued to 'bravely advance'. In the last three months of last year, Berkshire Hathaway-B increased its holdings in Occidental Petroleum by nearly 8.9 million shares.

Another document from earlier this month showed that Buffett increased his holdings in Occidental Petroleum further in February this year, bringing the total shareholding in the energy company to 0.2649 billion shares.

By the end of last year, Apple's shareholding market cap was $75.1 billion, leading Berkshire's second largest shareholding -$American Express (AXP.US)$(with a market cap of $45 billion), as well as Bank of America (with a market cap of $29.9 billion).

"Unless something extreme happens that forces us to change our capital allocation and investment strategy, Apple will still be our largest common stock investment. However, in the current situation, I don't mind selling some Apple to increase our cash and cash equivalents positions."

While the market speculated that Buffett would continue to reduce his holdings in underperforming Apple in the fourth quarter of last year, he adhered to the "commitment" made during the shareholder meeting in May of last year and indeed maintained Apple's position as the largest holding.

Of course, Apple's performance last year also exceeded expectations, with an annual increase of over 30%.

Overall, Berkshire initiated 1 new stock in the third quarter, increased holdings in 5, completely liquidated 3, and reduced holdings in 8.

In the second quarter of last year, Ulta Beauty was newly purchased, significantly reduced in the third quarter, and was indeed completely sold off in the fourth quarter, which is somewhat unlike Berkshire's style, but also within reason.

As for the company that was newly invested in the third quarter of last year,$Domino's Pizza (DPZ.US)$on the contrary, in the fourth quarter of last year, an additional 1.1 million shares were added, nearly doubling the shareholding.

Constellation Brands is the only new stock added to Berkshire's portfolio in the fourth quarter. Berkshire purchased over 5.62 million shares, valued at more than 1.2 billion USD, during that quarter.

It is worth mentioning that this alcoholic beverage company has recently faced pressure due to Trump's high tariffs on imported products from Mexico. All of the company's beer is imported from Mexico, accounting for over 86% of its sales. This year, the company's stock price has fallen by 26%.

Li Lu stood pat.

Himalaya Capital, managed by Li Lu, remained completely unmoved in the fourth quarter, yes, not a single share was touched.

回想去年三季度，他新买入了$Sable Offshore (SOC.US)$（一家总部位于美国休斯敦从事石油、天然气勘探和开发活动的独立上游公司），还大幅减持了苹果。

但对于巴菲特一直在减减减的美国银行，李录却拿得相当稳当，甚至还是第一大重仓（谷歌的A类和C类分开算的话）。

相对于伯克希尔前十大重仓位置一点不变，他持有的苹果因为四季度市场表现反而在市值排名上超过了西方石油。

段永平加了好多拼多多

去年下半年段永平加了好多拼多多。

In the third quarter, the holdings surged from just over 0.1 million shares to 3.9 million shares, and then continued to increase in the fourth quarter, reaching 7.23 million shares, with a market value exceeding 0.7 billion USD at the end of last year.

Since the beginning of this year, as of the latest closing, PDD Holdings' stock price has risen by 28%.

During a visit to his alma mater, Zhejiang University, on January 5 this year, Duan Yongping continued to praise Huang Zheng, stating that "currently, only PDD Holdings and Douyin have truly achieved globalization among Chinese companies, while others may be more localized globalizations."

Unlike Warren Buffett, Duan Yongping has reduced his stake in Apple by 22%. However, he has significantly increased his investment in Occidental Petroleum, with a 47% increase in shares.

After completely eliminating Bank of America in the third quarter of last year, Duan Yongping's financial holdings are left with only Berkshire Hathaway-B.

After slightly increasing his holdings in Google in the previous quarter, Duan Yongping sold a significant amount of Google shares in the last quarter of last year, reducing his stake by about one quarter.

Hillhouse HHLR seems to be reducing its holdings in Chinese concept stocks at an inopportune time.

Hillhouse HHLR Advisors did not make as significant adjustments in the fourth quarter of last year as they did in the third quarter: they initiated positions in 4 stocks, increased holdings in 10, reduced holdings in 11, and completely sold off 7 stocks (in the third quarter, they completely sold 34 stocks).

By the end of last year, HHLR's total Market Cap in U.S. stocks was approximately 2.887 billion USD, while at the end of the third quarter, the total Market Cap was 4.56 billion USD, indicating a considerable decrease.

Overall, Chinese concept stocks were significantly reduced in the fourth quarter of last year, but this does not mean that HHLR missed the fierce rally in Chinese concept stocks this year, as 8 of their top ten holdings are Chinese concept stocks, and among the stocks they increased their holdings in, 4 are Chinese concept stocks, which are $JD.com (JD.US)$ 、$KE Holdings (BEKE.US)$、 $Futu Holdings Ltd (FUTU.US)$ and $Dada Nexus (DADA.US)$ 。

HHLR has significantly reduced its holdings in the top three positions.

For example, in PDD Holdings, which was significantly increased by Duan Yongping, HHLR continued to 'follow the crowd' by reducing its shareholding by 42% in the fourth quarter. PDD Holdings first entered HHLR's top ten in the third quarter of 2022.

HHLR also reduced its largest holding.$BeiGene (ONC.US)$The shareholding decreased by 27%, bringing its stake in the company down to 9.05% (previously 10.35%). BEIGENE's stock price has risen 25% this year.

The second largest holding, Alibaba, has been reduced by 45%, yet its stock price has soared by 47% this year.

In the first quarter of last year, Alibaba's holding in HHLR accounted for only 0.23%, which was increased by 3638.32% in the second quarter. In the third quarter, Alibaba's stock price rose by 47.39%, and HHLR continued to buy high, increasing its holding to 20.57%.

From the disclosed fourth quarter holding data a few days ago, Jinglin Asset Hong Kong did not reduce its holding in PDD Holdings in the fourth quarter, but rather made a small increase. However, by the end of last year, the largest holding position was surpassed by Meta, which has seen its market cap rise.

Both major holdings performed very strongly this year.

The total market cap of U.S. stock holdings is $3.165 billion, which is a slight increase compared to the end of the third quarter.

Jinglin significantly reduced its holdings in.$Taiwan Semiconductor (TSM.US)$Futu and $Qifu Technology (QFIN.US)$significantly increased Shareholding$NetEase (NTES.US)$、$ZTO Express (ZTO.US)$, Google. For Alibaba, which has a very small shareholding ratio, Jinglin simply sold it completely.

Other highlights

When the market came on September 24 last year, David Tepper shouted to increase the allocation to China Assets. Form 13F disclosure shows that this hedge fund mogul was not lying.

At the end of last year, the largest holding was Alibaba, with a market cap of over 1 billion dollars (which continued to rise this year), holding an allocation of 15.54%, far ahead of the second largest holding.$Amazon (AMZN.US)$(Holding accounted for 8.82%).

In the fourth quarter, increased positions included 3.17 million shares of JD.com, 1.84 million shares of Alibaba, 0.4 million shares of KE Holdings, $Baidu (BIDU.US)$0.1 million shares, and 0.055 million shares of PDD Holdings.

In the last three months of last year, "hedge god" Druckenmiller's managed Duquesne Family Office increased its holdings in the Aviation/airlines Industry, including$American Airlines (AAL.US)$、$Delta Air Lines (DAL.US)$and United Airlines.

His portfolio positions are not large, and both he and "UK's Buffett" Terry Smith hold Tobacco company Philip Morris.

Bridgewater Fund significantly increased its holdings in S&P 500 ETF in the fourth quarter of last year, but reduced its positions in the "Big Seven" of US stocks, yes, all reduced to varying degrees, but new positions were established.$Tesla (TSLA.US)$。

Baillie Gifford has also reduced its holdings. $Amazon (AMZN.US)$ 、$NVIDIA (NVDA.US)$、 $Meta Platforms (META.US)$ 、 $Tesla (TSLA.US)$ Other technology giants continue to increase their shareholding in PDD Holdings.

Interestingly, Oak Capital sold more than 18% of their holdings in the fifth largest S&P 500 Put options.

"Cathie Wood's" ARK Invest remains bullish on Tesla while continuing to reduce their holdings, selling 0.1 billion dollars of Tesla in the fourth quarter while simultaneously acquiring stocks.$Coinbase (COIN.US)$Well.

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Editor/rice