Warren Buffett (Berkshire Hathaway) didn't do much, a little reinforcement in oil on these lines Chevron (+14.37% more shares) and Occidental Petroleum (+8.74%). The Oracle of Omaha reduced its position in Apple (which accounts for 50% of its US portfolio) by 1%. One of these new bets remains a secret for the time being.

Terry Smith (Fundsmith) clipped most of his 40 lines, boosted his position in Fortinet by 48% after the air pocket observed in Q4 2023 (1.80% of his portfolio). His biggest bets remain Microsoft, Novo Nordisk, L'Oréal, Meta Platforms, Stryker and LVMH.

Daniel Loeb (Third Point) keeps PG&E Corp. in pole position, whose weighting remains virtually unchanged, closely followed by Microsoft (11.50% of the portfolio) and Amazon (9.7% of the portfolio), both of which were lightened by 10% over the quarter. FleetCor Technologies (2.64% of the portfolio), Verizon Communications (2.63%), Apollo Global Management (1.27%), McKesson (1.16%) and EQT Corp. (1.14%) were added to the portfolio.

Chuck Akre (Akre Capital Management) trimmed his leading positions in the Visa - Mastercard duopoly by -26.92% and -13.48% respectively. Its new stock is SBA Communications, which specializes in the ownership of wireless communication structures. At Akre, we invest for the very long term. Its historic positions in Mastercard, Moody 's and American Tower still make up its top three.

David Tepper (Appaloosa Management) lightened his first position, Meta Platforms, having achieved a performance of +160% over one year. The fund is notably positioned on the magnificent 7, since Meta, Microsoft, Amazon, Nvidia and Alphabet are in its top 10. Mr. Tepper strengthened Alibaba, notably by buying Oracle, United Parcels and HCA Healthcare. In the semiconductor sector, he reduced positions in Nvidia, AMD, TSMC and Intel.

Howard Marks (Oaktree Capital Management) slightly trimmed his large bet on Torm in Denmark (-5.22%). The position still represents 28.64% of his fund. His biggest convictions remain Chesapeake Energy and Garrett Motion. It is worth noting that he halved his position in Star Bulk Carriers, the Greece-based global shipping company.

Pat Dorsey (Dorsey Asset Management) maintains a highly concentrated portfolio, with 17% in Meta Platforms, 15% in Smartsheet and 15% in Alphabet. He reduced his 4th position in Wix by 37%. We note his reinforcement of HERC Holdings (+19%) and his recent purchase of Danaher (9% of the portfolio).

Seth Klarman (Baupost Group) made no sales or purchases during the last quarter of 2023, only a few reinforcements (Clarivate, Jazz Pharmaceuticals, Jacobs Solutions) and a few reductions (Alphabet, Garrett Motion, etc.).

Bill Ackman (Pershing Square Capital Management) strengthened his position in Howard Hughes Holdings (+12.17% or 15.5% of his US portfolio). He trimmed three of these lines, Chipotle Mexican Grill, his top position (-13.49%), Hilton Worldwide Holdings (-10.91%) and Lowe's Cos (-82.37%), which fell to just 2.67% of his portfolio. Bill Ackman continues to hold a highly concentrated portfolio of 8 lines.

Mohnish Pabrai (Pabrai Investments) maintains his hyper-concentrated approach with four stocks, including 53.86% of the portfolio on Alpha Metallurgical Resources. Last quarter, he tripled his stake in Arch Resources (+200% or 15% of the portfolio) and bought Warrior Met Coal (15% of the portfolio).

François Rochon (Giverny Capital) reduced his position in Alphabet (-29.61%), strengthened his position in Medpace Holdings (now 2.27% of his portfolio) and created a new position in Align Technology.