Report summarizes quarterly investment activity of five select hedge funds (Berkshire Hathaway, Scion Asset Management, Appaloosa, Yacktman Asset Management, and Pershing Square Capital Management).

These funds were selected based on their performance in recent years as well as their style of investing. The chosen hedge funds tend to invest in a traditional way: their portfolios are relatively concentrated and they mostly follow a buy-and-hold investment strategy. Because these funds trade infrequently, their portfolio data can be useful for investors despite being reported with delay.

Summary:

  • In 3Q24, three out of five hedge funds overperformed S&P 500 (the average return of selected funds was 10.2% compared to 5.5% of S&P 500 index).
  • Compared to S&P 500, the select funds are overweight in Consumer Discretionary, Energy, and Real Estate while remain underweight in Healthcare and Technology. They are more-or-less in line with the benchmark weights in remaining sectors.
  • Internet, Software, Oil & Gas, Banks, and Semiconductors remain the most popular industry groups.