저자: Daniela · 외국인
요약 보기
버핏(버크셔), 소로스, 달리오 등 주요 기관 투자자의 2025년 1분기 13F 공시 포지션을 소개. 버크셔는 금융주 매도(BAC, C, NU)와 Constellation Brands 증액, 소로스는 First Solar 콜옵션 매수, 달리오(Bridgewater)는 S&P500 비중을 대폭 축소하고 GLD 등 금 관련 자산 매수 및 BABA, JD, UAL 신규 매수, 엔비디아는 CoreWeave 지분 보유, 스위스중앙은행은 미국 주식 1410억 달러 유지(S&P500 구성과 유사). 13F는 3월 31일 기준이라 4월 관세 충격은 반영되지 않음.
다듬은 글
Let's take a look at the bigger stock market players. Do you know what Warren Buffett, Ray Dalio, and Jos Ros invested in the last quarter? Also, did you know what Nvidia invested in? What does the Swiss National Bank do with their money? Well, we're going to have a look at in this video each and every single one of these asset managers.
Also, don't forget to subscribe to YouTube channel. My name is Daniela. Let's crack on. The good news is that we can have a sneak peek of these massive stock market players what they actually do. The trick is that obviously it's not going to be live and not going to be real time. So there's going to be a delay.
Actually there's one and a half months delay from the quarter closure. So what that means that these new 13F filings are out and what are the positions that they open and what are the positions that they closed? One quick side note just to let you know. So these 13F filings are up until the 31st of March.
What that means is that it's before the actual Trump tariffs and the 2nd of April, Liberty Day, liberation day and all those sorts of things. So the massive volatility is not going to be reflected in these filings. However, by the 31st of March, the markets were down roughly by 10%. So that means that we can actually have a sneak peek and have a look at what these big and massive players did.
Let's start with the most let's say the most popular player Warren Buffett and his portfolio the Berkshire Heatherway portfolio and let's have a look at what they did. So if we look at Berkshire Heatherway's 13F portfolio filings then what we can find is there were some changes not many changes not numerous changes there are a few changes that they did in the first quarter of 2025 and they also exited from two of the finance sector positions.
But before we dive deeper into that one, let me just mention this confidential treatment. What does it mean? If you go through the SAX website, which is the Securities and Exchange Commission of the United States, it means that a company can file for confidential treatment if they feel that they would manipulate the markets.
Now in this case we know that Burkshire Headway has another position another stock that is not listed in this 13F because it was filed through a confidential treatment and it was obviously granted that confidential treatment. We don't know the exact company. We don't know the sector but what we know is that Berkshi has started to build up significant amounts of stocks in that share and that company and the reason why they will allow this confidential treatment is quite easy because if they would publish it here they would not benefit their own shareholders because let's see let's say that the company is Apple and then everyone find out that Okay, so Warren Buffett is buying Apple.
So let's rush and buy Apple so that the price will go up. So this is why it was allowed to go through this confidential treatment. So there is one company that we don't know yet. Maybe we'll know it by the next quarter which was filed by this one and it's not in the 13F filings. Now let's see the companies that actually declined in terms of the percentages of the portfolio and the nominal number of shares that was going down as well.
Mainly is the finance sector. So Bank of America they sold 48 million shares and they also exited. sold all the shares from City Bank and from NU finance. As you can see, if you go to the Federal Reserve statistics, Bank of America is the second largest in the US. S Bank is the fourth largest institute banking institute by SS size in the US.
So they sort of exiting from the finance sector and NU is a or NU holdings is a bank in Brazil, Mexico, Colombia. So more than uh more than just one state, more than just one country, it's a sort of Latin American finance institution. And the other thing that was quite interesting is that they actually build up almost double the position in a consumer staples company called Constellation Brands.
what they do. They actually sell alcohol, they sell spirits, they sell different brands of beer. And the reason why it was quite interesting to me because if you look at all the studies that came out in the last half a year year, what you can find is that the new generation is not drinking that much than than compared to the old generation.
So they might see something or they might think Warren Buffett and their management team might think that probably these companies are a little bit undervalued now. So this is why they are buying into these companies because technically if you looking at the alcohol consumption altogether especially in the younger generation it is definitely on a decline compared to 20 years ago 30 years ago or even 50 years ago.
Next let's take a look at what Shush Fund Management did. What are the positions that they sold and what are the positions that they held on to and what are the positions that they opened in the last quarter. If you look at source fund management, what we can see is that they they did some portfolio changes which is not surprising because their time horizon is definitely different than Berkshire Headways 10 20 even 50 plus years that they want to hold the companies.
What we can see is the main features that were changing in their portfolio. I would highlight three of these main changes. The first one is that they bought a call option which means that they bought the right to be able to buy that share later in the future if the price goes up because otherwise they're not going to execute these rights.
And the company was First Solar as you can probably guess it from the name. It does solar panels in the US and in Europe as well in mainland Europe as well and in the UK as well. So they are sort of thinking what would happen if these companies go up? Well, they not just think about that. They also execute on that strategy and possibly their strategy has worked because of the last couple of days price hike.
Probably they are already in the profit or the other hand could be that they've already executed these trades, sold the call options and made a huge profit. And the other two that is I think worthwhile mentioning is two debt instruments. The first one is a Spotify which is a bond Spotify bond matures in the 15th of March 2026 and the other one is actually a 4.25% senior note which matures in 2028 and the company name is Centerpoint Energy which is an energy company.
It provides natural gas and electricity to some of the states of the United States. So that's that was the main things that I would say Shush Fund Management did. Let's move on to Ray Dalio's portfolio aka the Bridgewater Associates. He's not associated with that firm anymore. He's not the CEO or CIO of that firm.
He's just a partner and he's just a co-founder of that. So he's not making day-to-day investment decisions anymore. But let's have a look at because it's obviously one of the largest hedge funds in the world. So let's have a look at what they did in the last quarter. In terms of bridgeosc portfolio, they did have a massive changing portfolio.
If I would say they move the portfolio to a more risk averse style because what you can see is that by the end of 2024 22% of their portfolio was in S&P 500 and now it's only 8.67%. What that means is that they sold most of this position or the majority of the position actually almost 60% of the total position they saw through the first quarter of 2025.
What that means is that they were moving away from risky assets aka the stocks and they were moving into actual commodities. If you look at GLD ticker symbol which is the SPDR gold shares ETF and what we also know because of the average price that was listed on the 13F filings that these were bought during January.
So what we can definitely say is that these institutions have a better advantage, informationational advantage, mathematical advantage than normal retail investors as we have because they sort of already knew that they had to move away from the market and try to stay on stick to little bit cautious and try to stay in a little bit risk averse assets.
Also, they picked up three new companies, actually two plus one. The first one that I would mention is Alibaba Group. I'm pretty sure that you heard about that. That's the Chinese Amazon. They It's not a new position because they already had some stocks into that company, but it was a tiny position.
And now they build it up massively. So, they definitely see something with this retailer going on. The other one is also a Chinese company is JD.com. You can see the stores in the UK. There are some physical stores but also it's an online retailer mainly shoes and different clothing that they sell. And the other thing is the third company or the second actually that they bought brand new shares of that is United Airlines Holdings which was quite interesting and quite intriguing to me because I was quite surprised that they actually bought an airline in this environment.
But this is why the 13F filings are quite good because you can sort of not just get a sneak peek into the portfolio but you can get new ideas which you probably weren't thinking before. And let's make two interesting detours from these ones. The first one is going to be Nvidia because probably it's not that well known that those publicly traded companies who actually buy shares in other publicly traded or privately traded companies, they also have to fill in these 13F forms.
So we can have a look at what are the positions that they open and what are the positions that they closed. Let's have a look at Nvidia's positions now. And if you look at Nvidia, what you can see is you probably guessed that Nvidia is not an asset manager. Nvidia is not a hedge fund but they also have to file a 13F filings because they manage some money aka that means that they have some shares in other publicly traded companies.
There was not much change in terms of their portfolio. However, there's a massive change. It seems that they bought quite a few shares of Core Weave but the truth is a little bit behind the scenes. So you have to know a little bit of background. So in terms of the company, they were startup company and they went public on the at the end of March 2025 and before they went public actually Nvidia owned a quite substantial share in there and then when it went public sold quite a few shares.
So actually when you think about that they there's a new position that they bought 24 million shares it's not really reflecting the reality because in reality they had more shares but the reason why it's a new one because this is now a publicly traded company and also if you want to know what is core weave so as you probably guessed it it has some sort of connections to AI yes you're absolutely right it has connections to AI and it has connections to Nvidia as well the reason behind it is quite simple because it buys Nvidia chips to build up their AI computing.
And how you can get or how you can utilize this company, it's quite easy. You're not going to buy $30,000 or £30,000 Nvidia chips and build up your own AI computer. What you do is you go to a company and you lease that one for an hour, for two hours, for 20 hours, for 600 hours because it's still cheaper and that's what they do.
So for $50 you can lease one of these chips obviously with the AI computing power and then you can use it for your own benefit and for your own company as well. So this is what the company does and Nvidia still has a quite big share in the company and they also represent a 78% share of their own investment portfolio.
And another interesting player is the Swiss National Bank which means that they actually buy and sell US stocks and shares. So they also have to fill in a 13F form. So let's have a look at what did the Swiss National Bank do in this first quarter of 2025. And from the two sort of honorable mentions or the interesting part of the 13F filings, let's start with Swiss National Bank as you can see they move the portfolio around quite a bit.
But actually if we dig a little bit deeper then it's not massive changes. And also if you look through these companies and the ticker symbols, it's quite familiar or it could seem quite familiar to you. And you're absolutely right. The reason why it's quite familiar is because if you look at the weightings of the S&P 500 components, then you can see that it's pretty much almost the same with some minor changes than what you can see on the Swiss National Bank's portfolio.
difference between is that they actually buy the individual shares instead of buying the actual ETF, but it's quite similar. The waitings are quite similar. If they decline, if they decrease that waiting is quite similar what the S&P 500 did. So the major takeaway that I would take from this Swiss National Bank's 13F filings is that they still believe in America because $141 billion are still in US stocks and the majority of them are in S&P 500.
As you can see, there were numerous position openings and position closure in the last quarter in the first quarter of 2025 from these stock market behemoths. But also don't forget to subscribe to the channel because when the next batch is coming up, we're going to have a sneak peek and we're going to have a look at those ones.
So don't forget to subscribe. Also, just mention in the comments, did you make any investment decisions previously based on these 13 filings or is it the first one that you ever hear about these ones? So see you in the next video. Bye.
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