Buffett started Amazon, Dario chased after the ups and downs, and Zhang Lei, a high-tech capital, was smitten by Weilai Automobile?
Editor’s note: This article is from “ Washington securities “, Author: China Sheng College Jay.
2019 is a turbulent year. Both Hong Kong and US stocks have experienced very large fluctuations. Of course, in the end, the ending of the US stocks was better, and it reached a new high at the end of the year. Presumably in the turbulent market this year, every investor has carried out some operations to adjust the position and share, and presumably the investment boss is no exception. This article reviews the operations of several investment bosses in the global market. Some have already made a profit and some have collapsed.
Berkshire Buffett
First quarter: Opening a warehouse on Amazon, clearing Verizon
The biggest change in Buffett’s position in the first quarter was the first time to open a position in Amazon, this time buying 483,300 shares. In terms of holdings, Buffett increased his holdings of JPMorgan Chase’s 9.39 million shares in the first quarter, increasing his holdings by 18%. At the same time, the stocks that have gained holdings include Delta Airlines, PNC Financial, and Red Hat.
Source: Oriental Fortune, Huasheng Securities
In terms of holdings, Buffett slightly reduced its holdings of Wells Fargo and Southwest Airlines in the first quarter. At the same time, it reduced its holdings of 1.312 million shares in franchise communications, substantially reducing its position in Phillips 66 by nearly 53%, and at the same time clearing Verizon.
Source: Oriental Fortune, Huasheng Securities
Second quarter: Continue to increase holdings of Amazon!
After the first opening of Amazon in the first quarter, Berkshire managed by Buffett continued to increase its holdings in Amazon in the second quarter.Holding ratio is 11%. However, it should be noted that the decision to buy and increase the holding of Amazon stock was not made by Buffett. Berkshire’s “a colleague in charge of financial management in the office” is the master of investing in Amazon.
Image Source: Public Network
In the second quarter, Buffett once again increased his Red Hat holdings by 1% to 510 shares, while increasing his holdings at Bank of America. Berkshire Hathaway’s shareholding in Apple remains unchanged at about 250 million shares, valued at as much as $ 49.4 billion.
In addition, Berkshire has reduced its position in Chartered Communications by 4.97% to a value of $ 2.1 billion. The stock rose 14% in the second quarter.
Q3: Slightly reduce Apple’s holdings and first build warehouse furniture brand RH
The third quarter report is also the latest disclosed position report.
From this report, Buffett opened three stocks for the first time: Globe Life, which provides medical insurance products such as life insurance, furniture brand RH, and Western Petroleum. The purchase prices of the three stocks were $ 630 million, $ 206 million and $ 332 million.
In terms of holdings, Buffett mainly reduced its stake in Wells Fargo by 7.7%; cleared Red Hat; slightly reduced its holdings of approximately 70,000 shares in Apple, less than 0.3%; and reduced its holdings of approximately 370,000 shares in Phillips 66. At the same time, SIRIUS XM HLDGS was slightly reduced.
Notable is a record high cash reserve. The third quarter position report shows that Buffett’s cash reserves are $ 128 billion, accounting for 24.2% of Berkshire’s market value. From a historical perspective, Berkshire’s cash ratio is close to its highest level during the Nasdaq bubble of 2000.
Source: Open Network, Huasheng Securities
Bridge Water Fund Dario
Because the report submitted by Bridgewater only contains US stocks, less than 20 billion US stocks are heldThe warehouse is far below the total size of more than 160 billion U.S. dollars, so it cannot fully reflect the investment trend of Qiaoshui. It can only be used as a reference.
First quarter: substantial increase in positions in emerging markets
Overall, in the first quarter, the position of Bridgewater Fund under Dario’s control on US stocks reached a record high, increasing from US $ 10.928 billion in the fourth quarter of 2018 to US $ 16.325 billion.
Dario, who prefers index funds, has configured index funds in its top ten positions, including 4 emerging market index funds, 2 S & P 500 index funds, 1 gold trust, and 3 bonds. Trust, the overall portfolio style is very robust.
Source: China Fund News, Huasheng Securities
Of the top ten positions disclosed in the first quarter, three of the four ETFs with a market value of more than US $ 2 billion are only emerging market ETFs. This shows Dario’s preference for emerging markets in the first quarter. It is worth noting that since the first quarter of this year, the situation in the emerging markets has continued to improve, but Dario did not stop adding positions due to the rise in stock prices, but instead chased emerging markets all the way.
Second quarter: Add positions to India, and long China!
In the second quarter of the Dario transfer of stocks and shares, Qiaoshui has recently added two Chinese ETFs, namely the Chinese broad market ETF and the MSCI China ETF. The report shows that the total market value of Qiaoshui’s holdings of two Chinese ETFs is about US $ 60 million, which is not a high proportion of total holdings.
At the same time, Dario has also increased the layout of the Indian ETF. In the second quarter, the market value of Bridgewater’s MSCI India ETF positions increased significantly from US $ 768 thousand in the first quarter to US $ 106 million. In addition, Dario also slightly increased the MSCI Brazil ETF, increasing from US $ 382 million in the first quarter to US $ 412 million.
Source: China Fund News, Huasheng Securities
Although Dario is still bullish in the second quarterChina, India and Brazil, but Qiaoshui has reversed its previous attitude and started to significantly reduce the size of ETFs in emerging markets. Among them, the pilot emerging market ETF was reduced by more than US $ 1 billion, while the other two emerging market ETFs were also reduced by approximately US $ 3 billion.
Dario also continued to increase its holdings of SPDR gold ETFs slightly. The market value of positions increased from 491 million in the first quarter to 540 million US dollars.
Third quarter: close out emerging markets, or chase after rising?
In the third quarter, Qiaoshui’s overall positions have not changed, but the scale of each type has undergone a large-scale adjustment. The biggest change is that Dario no longer adheres to the previously optimistic emerging market ETFs. The total market value of the three emerging market ETFs that had previously been heavy positions was closed from $ 8 billion in the first quarter to less than $ 3 billion. Can be called a model of chasing up and down.
However, Dario continues to increase ETF positions in China, India and Brazil.
In terms of individual stocks, Dario slightly increased its holdings in Chinese stocks such as Alibaba, Ctrip, and Weibo; but on the other hand, positions of 51JOB, JD.com, Coca-Cola, IBM, and Intel were reduced.
Source: China Fund News, Huasheng Securities
Gao Ye Capital Zhang Lei (US stock)
The first quarter: iQiyi became the number one heavy warehouse
As of March 31, 2019, Gaofeng Capital increased its large holdings of 5 Chinese stocks in the US secondary market, all of which are related to the Internet industry.
IQiyi jumps into the No. 1 heavy stock position. Although many netizens jokingly said that iQiyi is “the worst video platform in China” and “is a stinky brother in front of Station B and Tencent Video”, Gao Ye Capital still increased its large-scale holding of 11.55 million shares in iQiyi in the first quarter. The market value of positions is as high as 1.124 billion US dollars.
In the first quarter, we increased our shareholdings: we will increase our holdings of 4.55 million shares in the future, and the market value of our positions will reach US $ 430 million; we will increase our holdings by 1.76 million shares; we will increase our holdings by 1.58 million shares at station B;
In the first quarter, increase in US stocks: 1.25 million Facebook shares; 19,000 Apple shares; and 23,000 Amazon shares.
Furthermore, there were no increase or decrease in the holdings of BeiGene and JD.
In the first quarter, Gao Yanzi managed by Zhang LeiThe five largest stocks of the company are iQiyi ($ 1.12 billion), BeiGene ($ 720 million), JD.com ($ 470 million), Good Future ($ 430 million), and SeaLtd ($ 350 million).
Second quarter: increase holdings of Weilai, Uber, Jiancang Momo and 58 cities
In the second quarter, the core positions of Zhang Lei’s US stocks were still mainly Chinese stocks.
Iqiyi still maintains the position of the largest heavy stock, with a market value of $ 10.4 billion.
Other changes in the second quarter:
Increase holding 20.62 million Weilai Automobiles, increase 15.04 million Uber shares, and increase some Chinese stocks such as Good Future and Station B;
Jiancang Momo Technology, 58 in the same city, while insisting on the stocks of Youxin Used Cars, Goldman Sachs, Google and Facebook.
In the second quarter, Gaofeng Capital’s top five U.S. stocks were: iQiyi, UBER, BeiGene, Good Future, and JD. They had market capitalizations of USD 1.04 billion, USD 700 million, USD 680 million, $ 520 million and $ 490 million. The biggest change is that Uber topped out and SeaLtd was kicked out of the top five.
Q3: Continue to increase warehouse, internet, education and biomedicine
In the third quarter, in the US stock positions held by Gao Capital, China Stocks still maintained a core position. Among them, iQiyi is still the largest heavy stock, and at the same time, education and Internet companies such as Good Future, New Oriental, Pinduoduo, Alibaba, Bilibili have increased their holdings.
Among them, Zhang Lei increased his holdings in Alibaba by 172,000 shares; he increased his holdings by 1.779 million shares; he increased his holdings in station B by 2.918 million shares; but he reduced his share of Weilai Automobile.
In terms of education and biomedicine, Gaojing Capital increased its holdings in the future, New Oriental ’s 547,000 shares and 1.058 million shares, respectively, while Beiji Shenzhou jumped to the second largest position with a market value of US $ 670 million.
Source: China Fund News, Huasheng Securities
Summary
In 2019, the three investment chiefs were the smallest of Buffett’s changes, but they only cleared a few small stocks that accounted for a very small proportion, while the positions of heavyweight Apple, Bank of America, Wells Fargo, Coca-Cola and other companies changed little It can also be seen that Ba Lao’s consistent investment thinking is to look more and move less. It is worth mentioning the record high cash position, suggesting that the current U.S. stock price hasIt’s not cheap, and the bus can’t handle it anymore.
The most dramatic change is Dario, and the wave of ups and downs in emerging market ETFs looks like an extreme retail investor. However, from a more serious point of view, Dario’s operating thinking is related to the judgment of the macroeconomic situation. A series of events that may occur this year (trade disputes, the market ’s trend towards negative interest rates, etc.) have changed Dario’s approach to emerging markets early in the year Optimism.
Zhang Lei Gao Capital only counted the main changes in US stock positions, but there are still many layouts in A shares and Hong Kong shares. Among them, A shares have acquired a 15% stake in Gree Electric Appliances this year. Hong Kong shares are also a comment on Meituan. , Beige Shenzhou, China Tower and other companies have a lot of layout. Overall, Zhang Lei’s position changes this year are still not small, but Iqiyi, the heaviest position, does not seem to perform well.
Risk and disclaimer: The above content only represents the personal position and opinions of the author of this article. Before making any investment decision, investors should consider the risks of investment products based on their own circumstances. If necessary, please consult a professional investment consultant. This article does not constitute any investment advice, nor does it make any promises and guarantees.