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13F filings are out, Gurus are selling and reducing exposure the “Magnificent Seven”

Q2 2024 13F filings show some Gurus are raising cash or reducing exposure to us “Magnificent Seven” stocks.

 

Changes The Gurus have made to their portfolios during Q2 continue to be revealed with the release of 13F filings, with many reducing holdings particularly in the Magnificent Seven mega-cap tech stocks.  AII Bull Stan Druckenmiller significantly reduced his stakes in Microsoft and Nvdia prior to the early Q3 market volatility, after what was likely a large realized gain.  Speaking with CNBC in May, Druckenmiller had noted AI may be over-hyped in the short-term.”  Also exiting a Magnificent 7 stock, Warren Buffet reduced his stake in Apple (AAPL) by 50%.  

Other gurus made few changes to their portfolios.  Bill Ackman’s Pershing Square did not sell any stocks, making small additions to real estate stocks Howard Hughes and Brookfield Asset Management.  Of surprise to many, Michael Burry sold out of his stake in Sprott Physical Gold (PHYS), but continued his outside investments in Chinese E-commerce.

A rundown of the changes The Gurus made:

Stan Druckenmiller, Duquesne Family Office LLC (Full portfolio on Whale Wisdom)
 

Druckenmiller who previously expressed enthusiasm for AI stocks, reduced many positions including halving his stake in Microsoft (MSFT) and reducing his position in Nvdia (NVDA) more than 75%, 13F Filings Indicate.

Additionally, he sold his IWM call positions (prior to the 6/30/2024 13F filing), which means he didn’t capitalize on the run up that occurred in early July.

Although Druckenmiller mostly reduced his position sizes, he added to Natera (NTRA), a diagnostics company, and Cohere (COHR), an optical electronics company.

 

Bill Ackman, Pershing Square Capital Management (Full portfolio on Whale Wisdom) 
 

Bill Ackman’s Pershing Square, whose top holdings are the consumer brands Hilton, Chipotle and QSR restaurants, made few significant changes to his portfolio according to his recent 13F.  He did not significantly reduce any positions, but added relatively small position is Howards Hughes Corp (HHH), Brookfield Asset Management (BN) and Nike (NKE).  The additions in real estate may be due to Ackmans views on interest rates or future inflation.  Ackman had worried early in 2024 that the economy was slowing down.

Michael Burry, Scion Asset Management (Full Portfolio on Whale Wisdom)
 

Long a bull on Chinese equities, Michael Burry increased his stake in Alibaba (BABA), partially shifting his positioning from fellow Chinese E-commerce site JD.com (JD).  Burry also added positions in Shift 4 Payments (FOUR) and Molina Healthcare (MOL).

Burry, who frequently changes his portfolio, exited positions in Square (SQ), Vital Energe (VTLE), HCA Healthcare (HCA).

Additionally, and to the surprise of many observers, Burry also sold out of his position in Sprott Physical Gold (PHYS)

Paul Tudor Jones – Tudor Investment Corp (Full Portfolio on Whale Wisdom)
 

13F filings showTudor investment corp appears to have initiated a number of options spreads possibly betting on an increase in volatility, buying puts and calls on IWM.  Additionally Tudor investments had large put positions on XLE and XLU, possibly betting on a fall in energy prices.  Tudor Jones had previously worried about recession.

Bridgewater (Ray Dalio and Karen Karinol-Tambor) (Full Portfolio on Whale Wisdom)
 

Bridgewater made few chances to its portfolio in the last quarter, the 13F shows.  Notably, bridgewater make some small additions to tech stocks including Amazon (AMZN), Microsoft (MSFT) and Meta (META).  Bridgewater slightly reduced its position in Nvdia (NVDA)

Also of Note: 

Warren Buffet’s Berkshire Hathaway reduced a number of positions including selling half its massive stake in Apple (AAPL), and selling out of its position in Bank of America (BAC).  The 13F also revealed Berkshire reduced its position in Chevron (CVX) by 3.5% and increased its position in Occidental Petroleum (OXY) by 2.93%.

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