Superinvestor Portfolios Q1 2022: Chuck Akre, Terry Smith, Li Lu

요약 보기

JJ가 2022년 1분기 13F 공시를 바탕으로 슈퍼투자자 포트폴리오를 훑어보는 영상이다. 결론: 이 영상에는 대상 자산에 대한 명시적 가격 방향 예측이 없으며, 포트폴리오 변화 관찰이 중심이다. Chuck Akre(Akre Capital) 포트폴리오: 보유 종목 21개 내외, 총 약 145억 달러 규모로 언급. Mastercard, Moody's, American Tower, Visa가 상위권이며 Constellation Software(캐나다)가 장기 보유 종목으로 언급된다. Akre의 1분기 매매: Adobe, Salesforce, Moody's, CarMax, KKR 신규 또는 추가 매수, Alarm.com은 소폭 축소(약 51%), American Tower는 소폭 축소. Topicus(Constellation Software 자회사 성격, 유럽 중심 유사 모델)는 상장 후 약 50% 하락한 상태로 언급되며, 진행자가 향후 관심을 표명했다. Terry Smith(Fundsmith/Smithson 관련): Wingstop 추가 매수, Adobe 매수 가능성 언급, Home Depot·Alphabet·Estee Lauder·Meta·PayPal·Nike 등 다수 매도 흔적 언급. 매도 이유는 불명확하다고 진행자가 밝힘. Li Lu: 1분기 특별한 활동 없음. 2021년 4분기 Pinduoduo(Pindell 표기) 전량 매도 언급. 미국 보유 종목은 Micron, Apple, Meta, Alphabet, Berkshire, Bank of America 등. Berkshire Hathaway: 진행자 본인이 일부 매도 중이라고 언급하며, 포트폴리오상 비중은 0.04% 수준으로 소폭 보유. 진행자는 소형·중형주 발굴 목적으로 13F를 참고하는 것이며 베끼기 목적이 아니라고 강조했다. 리스크 관련 명시적 언급은 제한적이다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. hey jj here again with the out of value so yesterday i was going through some so-called super investor portfolios because uh the the the quarter the the results for the quarter last quarter that they had to file to reveal what the their activity is with big funds over a hundred i think it's 100 million dollars they have to fund managers have to file their activity for the for the quarter previous quarter and so these last few days they've been coming into the video you can see on the screen now if you're on youtube or on spotify video there's a list of super invested portfolio updates for over the last week or so the last being the 17th of may and so i like to go through them yesterday i went through i mentioned warren buffett and uh who else i can't remember now um anyway for this this um this time i'm gonna keep going through i haven't necessarily seen seen uh what the activity is so i'm kind of just responding to and seeing interesting what's interesting in there oh david tapper was the other one yesterday so uh chuck across acura capital management who has uh lately there's been quite a lot of us seen podcasts and um there was a podcast from somebody who worked there and also people are interested kind of famously he's had a more than one 100 bagger i think two 100 baggers maybe even coming up on three i'm not sure but it's a 21 stock so not not a huge amount and 40 it says here on in data roamer 14 nearly 14.5 billion dollar fund uh i don't know whether how accurate that is but q122 activity is interesting to see that the 21 stocks so some of these have been in that portfolio for a long time being 100 vegas the 14 nearly 15 percent uh mastercard i think what happens is there's no rebalancing or either not much rebalancing so it just lets lets the winners run for years and years and years so must card moody's 13.2 percent american tower that's been a hundred beggar i know that's one of them 12.17 percent of the portfolio visas 8.05 so mascot and visa in there and as as mentioned yesterday what i'm most most interested in is the smaller small caps and mid caps because they if we talk about 100 vegas i think he he probably agrees probably knows that you get 100 vaguely you need to get them early uh that book 100 baggers spells that out too like preferably below a billion but even up to 5 billion if you think five billion and a hundred burger it's a big turns into a big company has to be really big company so under 100 under a billion or you know uh realistically but under two billion or something like that so i'm looking at these for that kind of activity uh buying of new smaller companies for the future and the fund managers that manage a lot of money in the billions don't necessarily buy small companies because they you know even um getting a 10 of the company your uh your your you know like with buffett for instance they're not going to berkshire is not going to buy companies that are around small caps because they just have to make so many investments if they've got a hundred billion dollars to invest they're not going to be looking at companies that are that are like one to five billion really uh and so those are the top ones in uh chuck across portfolio and down like down the bottom we have some i noticed one thread up which appeared in the portfolio in the last few quarters i think it's uh it's like less than zero percent and that it lists them having twenty two thousand five hundred shares still so they're still with it thread up being uh one of those uh another kind of marketplace for use closing or recycle not recycle but upcycled clothing is that way is that the term not really it's just like a marketplace for with a uh resell resell market reseller of garments like uh poshmarkers and i mentioned yesterday there was somebody who had poshmark i remember who might come to that again so dollar and this in the small less than one percent dollar tree berkshire hathaway is 0.04 so the token gesture then they've reduced that so let's have a look at the activity within that quarter and what's interesting to me so they added adobe sales added to not new buys salesforce moody's carmax kkr and co and reduced just minimally reduced alarm.com holdings so i was interested to see that they have bought that and they've reduced that 50 so uh and uh so but one of the things american tower point is 0.15 so there's a little bit of selling there but just not much really you can you do never know why why that they might sell that um if i just go back here and see trying to find where they bought thread up or thread up or reduce threat up 88 back in q2 2021 so that hasn't been not a huge amount of conviction considering they had a much bigger bigger uh allocation there and i ditched it so um one thing that doesn't show up on these on the start aroma is the international buy so you know if they're buying internationally you won't shop these are just us buys but if we look on ticker ticket terminal ticket.com what i what i noticed about uh last actually last quarter i think it was uh chuck akara who bought some topicus so one of their biggest so canadian company like here we can see the like i think probably the full allocation internationally so we've got mascara that actually is eleven percent movies at ten percent of the portfolio american tower at nine percent uh visa at six and constellation software at 5.7 so canadian company it's been a hundred bagger i don't know if it's been 100 for them i don't know when they bought it but uh what interests me is that this if we go down smaller smaller is a company called topicus which i own and it went public last year beginning of last year so it's had a rough it's like lost fifty percent of its value and it uh you know really did take off during while emerging otherwise emerging tech stocks so this is really i might make a uh video about this at some time topicus is i think uh uh topicus is owned 50 by constellation software set up by the main same same management team similar matter was a different management team in the uh in europe so it's pretty much the same business model as conservation software which i see as i said has been a hundred burger but they're setting it up for europe doing pretty much the same thing in europe and it's small i think it's actually well not that small i think it's i haven't checked the market cap but i'm going to be looking more at that especially the the latest results etc and maybe adding to that but uh accurate is 2.52 which is quite a lot actually of the fund and uh there's alarm.com you can see here that they they didn't add to topics this last quarter by the look of it uh or maybe that's not available to see yet and alarm.com they dropped 51 actually so that's interesting too and i've been selling a bit of berkshire anyway so that's uh that's that on to the next one when i'm gonna probably be doing more of these videos because i'm just kind of looking at this sometimes for the first time this is the way that i do it sort of i'm just doing it basically recording my thoughts while doing it lilu doesn't seem to have have had any activity in the last uh in the last quarter i did look on ticker terminal and it didn't seem to be anything more but in q4 2021 he sold 100 percent of pindell gold uh and doesn't seem to have had much activity in the last quarter unless there's uh international stocks we don't know of chinese stocks don't know but it appears to be not much activity there and it shows up just on the us he's got uh micron technology is 37 that's not accurate because of chinese holdings i i would say but um apple meta f uh alphabet so the big big dogs uh berkshire uh bank of america and micron are the american positions for lilu terry smith is the other one i wanted to to look at uh so i think this on data roamer this encompasses two funds the um vonsmith and smithson and i'm more interested in smithson fund because i should look into the terminal here too for the full international international um positions because this only this doesn't show them all but it's still interesting to see that they i think wingstop unless they bought wingstop and fun and fun smith that was part of smithson which is a small and mid camp so i'm much more interested in that fund and they because they the criteria that they have if you've heard terry smith talking before they like high returns on capital employed and other metrics that are just they're just quality quality companies and they hardly ever get cheap he's not afraid of buying you know like at a reasonably high pe but wingstop i noticed that they have added 47 i did own wingstop but i sold it at a profit not because i don't like the company although i just said too many stocks too many stocks i just i do want to be more concentrated and uh part of the reason was that don't have there's no owner operator running the business which you know if i'm choosing between this and that quality companies that's one of that would be one of the criteria that i um that i like to see is over under operators and it's it doesn't like it but i think but they obviously still like it gunsmith likes it and uh so there's not a lot of adobe they've been buying a little bit uh obviously with the drawdown tech draw down the last quarter um they have been buying probably picked up adobe because it dropped and it's you know i know i know that he that terry smith kind of admired uh adobe and uh you know a few others nothing not to mention there's been a lot of sales actually a lot of sales uh i wonder if their funds people have been pulling out of the fund that maybe they could account for it rather than them ditching like home depot alphabet nine percent they're a sign it's hard to see why they'd sell these but uh rollins minus uh twelve point nine percent uh these are reduced by twenty eighteen percent estee lauder at nine percent i've heard him just heard him rave about all these companies on on various interviews meta down 20 percent paypal going 40 so they've knocked nike even down 23 so yeah i don't know we don't know the reason they're selling i think we'd have to wait till what he says but interesting nonetheless okay i think that's all for today i just want to keep this short we're up to 12 minutes already so uh i'm going to keep doing this jung periodically i don't know if the next one will be the same it might be but uh you know i just i find this interesting to look at for reasons of not copying but just there are you know tens of thousands of stocks in the world so if great investors are buying certain things it's good to to see what they've been buying and uh it's just interesting to see to see you do find as i said i'm i'm more into this to smaller stocks so we still find that one or two and mid caps just sort of follow up uh research on at a time of choosing all right so if you like this like and subscribe if you found value and uh remember video is on youtube and spotify 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