The latest transactions by star managers

Each quarter, the top-ranked US fund managers publish their latest portfolio moves. This article is based on the 13F filings published each quarter on the SEC (Securities and Exchange Commission) website. These quarterly reports list the assets under management of investment managers or listed holding companies with control over more than $100m in assets and which hold so-called "long" US positions. Form 13F thus covers Registered Investment Advisers (RIA), banks, insurance companies, hedge funds, trust companies, pension funds and mutual funds. This report is published no later than 45 days after the end of the quarter in question. This form only includes US or foreign positions listed in the US. Here is an analysis of the latest moves in the first quarter of 2025 by legendary investors such as Warren Buffett, Terry Smith, Daniel Loeb, Chuck Akre, David Tepper, Howard Marks, Pat Dorsey, Seth Klarman, Bill Ackman, Mohnish Pabrai, and François Rochon.

Warren Buffett: A legacy of caution and selectivity

Even though Greg Abel will soon take the reins at Berkshire Hathaway, Warren Buffett continues to leave his mark on the conglomerate's investment decisions. True to his patient and selective approach, he did not initiate any new positions this quarter, but strengthened four of his blue-chip stocks: Constellation Brands, Domino's Pizza, Pool Corporation, and Heico. These solid bets illustrate his preference for resilient companies. Of note is a discreet but significant reduction in Bank of America, his fourth-largest holding, as well as in T-Mobile and Formula One Group—no doubt a strategic reallocation toward more predictable assets.

Terry Smith: British pragmatism

Terry Smith, often compared to Buffett for his quality "buy and hold" philosophy, took advantage of the quarter to methodically adjust his portfolio. He took positions in Intuit and Catalyst Pharmaceuticals, two companies aligned with his credo of sustainable growth. The spectacular strengthening of Zoetis, a tenfold increase in his position, underscores his enthusiasm for animal healthcare. He also consolidated his positions in Doximity, Texas Instruments, Qualys and Paycom Software. At the same time, he divested IDEX Corp. and PepsiCo, and reduced several heavyweights, including Equifax, Meta Platforms, Microsoft and Visa, in a cautious rebalancing move.

Pat Dorsey: Consistency in the service of quality

Pat Dorsey, true to his approach based on sustainable competitive advantages, added three new companies to his portfolio: AerCap Holdings, the world leader in aircraft leasing; Booking Holdings, the online travel giant; and ASML, the European technology gem. He was also increasingly confident about Meta Platforms and Danaher. Conversely, he reduced his positions in PayPal and Wix, without selling out completely, marking a slight repositioning rather than a change in conviction.

Daniel Loeb: Tactical agility at the heart of strategy

Daniel Loeb did not disappoint Third Point observers with a quarter full of activity. He made numerous purchases, notably in Nvidia and AT&T, as well as in more surprising names such as Ritchie Bros and Talen Energy. Loeb is clearly looking to capture opportunities in a variety of sectors, from digital to commodities. However, he has divested several iconic stocks such as Tesla, Meta Platforms, and Thermo Fisher. This rapid rotation confirms his opportunistic strategy. Notable reductions include Microsoft and Amazon, reflecting a tactical refocusing.

Chuck Akre: Loyalty to his champions

The highly selective Chuck Akre maintained his concentrated strategy, with no new bets in Q1. He strengthened his positions in Airbnb and CCC Intelligence Solutions, while cautiously reducing his exposure to several flagship stocks, including Mastercard, Visa, and Moody's. He has also halved his stake in American Tower, demonstrating a desire to refocus his portfolio around strong convictions.

David Tepper: Market cycle tactician

David Tepper played several cards this quarter. He opened positions in Deutsche Bank, L3Harris Technologies, Broadcom, and Block, signaling a renewed interest in technology and finance. However, the big surprise came from his position in Uber Technologies, which he more than doubled (+113%). Of note is his complete exit from stocks such as Intel, AMD and FedEx, reflecting a disengagement from cyclicals. He also lightened his positions in numerous technology stocks such as Nvidia, Microsoft and ASML, in what appears to be profit-taking after the strong rallies of 2024.

Howard Marks: Controlled opportunism

Howard Marks continues to demonstrate his flair for emerging markets and undervalued stocks. He has taken positions in a number of international stocks such as Nokia, Grab Holdings, Bilibili and Ecopetrol, betting on a gradual recovery in certain struggling markets. At the same time, he has strengthened Barrick Mining and Freeport-McMoran, betting on natural resources in an uncertain geopolitical environment. There were numerous sales, particularly in China, with exits from NetEase, Pinduoduo and Yum China.

Seth Klarman: The guardian of value

Seth Klarman continues his contrarian quest for value. He initiated new positions in Fidelity National Information Services and Elevance Health, while strengthening existing bets on Alphabet, Wesco, and Eagle Materials. On the other hand, he reduced his first position, Willis Tower Watson, as well as Liberty Global and Viasat. This is a typically Klarman strategy: cautious but responsive. His approach remains marked by a deep aversion to risk and exceptional analytical rigor.

Bill Ackman: Uber takes the wheel

Bill Ackman's big move this quarter was undoubtedly his sale of his entire Nike stake to open a huge new position in Uber Technologies, which now accounts for 18.5% of his portfolio, making it Pershing Square's top holding. It was a spectacular decision, backed by what he believes is a deep conviction in the future profitability of the mobility company. Ackman also strengthened Hertz Global and Brookfield, while reducing his stakes in Chipotle and Hilton, a targeted arbitrage play in the services sector.

Mohnish Pabrai: Maximum concentration

Always a fan of an ultra-concentrated portfolio, Mohnish Pabrai has bet big on Valaris (24% of the portfolio) and Noble Corp. (17%), two companies in the offshore energy sector. He also strengthened Warrior Met Coal, his top holding, confirming his appetite for commodity-related stocks. No stocks were sold, but he slightly reduced his exposure to Alpha Metallurgical Resources. This strategy is in line with his philosophy: few bets, but strong convictions.

François Rochon: The discipline of a quality connoisseur

Canada's François Rochon continued his quest for attractive companies with the addition of Builders First Resources, a growing player in the construction sector. He also strengthened Kinsale Capital, Medpace, Arista Networks and Berkshire Hathaway, demonstrating his commitment to sustainable values. On the other hand, he reduced some heavyweights, including Apple, Microsoft and TSMC, in a move that was more of a measured rebalancing than a divestment. Rochon continues to demonstrate remarkable consistency in his management, combining caution with admiration for exceptional companies.