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

The latest round of 13F filings from institutional investors is out, 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. The first quarter of 2020 was the worst first quarter in the history of the S&P 500, so investors were particularly interested in how top investors played the dip.

• Fund managers were dumping FANG stocks in the first quarter with a handful of exceptions. Tepper bought Netflix and Cooperman bought Facebook
• Alphabet was one stock several fund managers were selling in the quarter. Tepper, Cooperman and Soros all reduced their holdings.
• Einhorn and Ackman both bought Berkshire, while Buffett himself was buying PNC Financial and little else.
• Bank stocks were popular among fund managers in the first quarter after the Federal Reserve cut interest rates to 0%. Einhorn bought Goldman Sachs, Cooperman bought JPMorgan and sold Citigroup and Wells Fargo, Buffett sold Goldman Sachs, and Soros sold Bank of America, Citigroup, JPMorgan and Wells Fargo.
• Several fund managers traded ETFs to play particular themes. Rosenstein and Smith sold the SPY ETF, while Soros bought municipal bond and investment-grade corporate bond ETFs.

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

See Also: 'I Was Wrong': Warren Buffett's Berkshire Hathaway Sold $6B Of Airline Stock In April

David Einhorn’s Greenlight Capital

Notable Q1 Buys/Increases:

• Change Healthcare Inc CHNG
• Crown Holdings, Inc. CCK
• Centene Corp CNC
• Altria Group Inc MO
• American Express Company AXP
• Goldman Sachs Group Inc GS
• Berkshire Hathaway Inc. (NYSE: BRK-B)
• Walt Disney Co DIS

Notable Q1 Sells/Reductions:

• General Motors Company GM
• DXC Technology Co DXC
• Scientific Games Corp SGMS
• Echostar Corporation SATS

David Tepper’s Appaloosa Management

Notable Q1 Buys/Increases:

• Twitter Inc TWTR
• Netflix Inc NFLX
• QUALCOMM, Inc. QCOM
• Tesla Inc TSLA
• Microsoft Corporation MSFT

Notable Q1 Sells/Reductions:

• Alphabet Inc GOOG GOOGL
• Facebook, Inc. FB
• Amazon.com, Inc. AMZN
• PG&E Corporation PCG
• Alibaba Group Holding Ltd - ADR BABA

Leon Cooperman’s Omega Advisors

Notable Q1 Buys/Increases:

• JPMorgan Chase & Co. JPM
• AMC Entertainment Holdings Inc AMC
• Facebook

Notable Q1 Sells/Reductions:

• Fiserv Inc FISV
• United Airlines Holdings Inc UAL
• Alphabet Inc GOOG GOOGL
• Carnival Corp CCL
• Citigroup Inc C
• Wells Fargo & Co WFC

Barry Rosenstein’s Jana Partners

Notable Q1 Buys/Increases:

• Jack in the Box Inc. JACK
• Bloomin' Brands Inc BLMN

Notable Q1 Sells/Reductions:

• Conagra Brands Inc CAG
• Callaway Golf Co ELY
• SPDR S&P 500 ETF Trust SPY

Jeff Smith’s Starboard Value

Notable Q1 Buys/Increases:

• Box Inc BOX
• eBay Inc EBAY

Notable Q1 Sells/Reductions:

• SPDR S&P 500 ETF Trust
• iShares Russell Midcap Index Fund IWR
• MGM Resorts International MGM

Warren Buffett’s Berkshire Hathaway

Notable Q1 Buys/Increases:

• PNC Financial Services Group Inc PNC

Notable Q1 Sells/Reductions:

• Goldman Sachs Group Inc GS
• JPMorgan Chase & Co. JPM
• Phillips 66 PSX
• Amazon.com
• General Motors Company GM

George Soros’ Soros Fund Management

Notable Q1 Buys/Increases:

• Peloton Interactive Inc PTON
• Utilities SPDR XLU
• ISHARES TR/NATL MUN BD ETF FD MUB
• iShares IBoxx $ Invest Grade Corp Bd Fd LQD
• Activision Blizzard, Inc. ATVI
• E*TRADE Financial Corp ETFC

Notable Q1 Sells/Reductions:

• MONDELEZ INTERNATIONAL INC MDLZ
• Alphabet Inc GOOG GOOGL
• Keurig Dr Pepper Inc KDP
• JPMorgan Chase & Co. JPM
• Citigroup Inc C
• Bank of America Corp BAC
• Wells Fargo & Co WFC
• Boeing Co BA

Carl Icahn’s Icahn Capital

Notable Q1 Buys/Increases:

• Occidental Petroleum Corporation OXY
• Delek US Holdings Inc DK
• Hertz Global Holdings Inc HTZ
• Newell Brands Inc NWL
• Cheniere Energy, Inc. LNG
• Welbilt Inc WBT

Notable Q1 Sells/Reductions:
(none)

Bill Ackman’s Pershing Square Capital

Notable Q1 Buys/Increases:

• Agilent Technologies Inc A
• Howard Hughes Corp HHC
• Lowe's Companies, Inc. LOW
• Starbucks Corporation SBUX
• Berkshire Hathaway Inc. (NYSE: BRK-B)
• Hilton Hotels Corporation HLT
• Blackstone Group Inc BX
• Park Hotels & Resorts Inc PK

Notable Q1 Sells/Reductions:

• Chipotle Mexican Grill, Inc. CMG

See Also: How Bill Ackman Successfully Navigated Coronavirus Market Volatility

John Paulson’s Paulson & Co.

Notable Q1 Buys/Increases:

• Tiffany & Co. TIF
• Kirkland Lake Gold Ltd KL
• NovaGold Resources Inc. NG

Notable Q1 Sells/Reductions:

• SPDR Gold Trust GLD
• Discovery Inc DISCK
• Agnico Eagle Mines Ltd AEM
• Caesars Entertainment Corporation CZR