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Mutual Fund Gurus: Who Is Buying? Who Is Selling?
Posted by: gurufocus (IP Logged)
Date: May 23, 2012 10:31AM

In a previous article, we reported the mood of the hedge fund gurus – who was buying and who was selling. This article summarizes the portfolio trend of the mutual fund gurus.

In general, mutual fund gurus have lower turnover, and their net buy/sell is more driven by fund inflow/outflow. The table below illustrates the summary of the trades of mutual fund Gurus in the first quarter. “Buy Impact” is defined as the impact of the trades for the stocks they have either added or bought into. “Sell Impact” is the impact for the stocks that they have sold out or reduced. “Net Buy” is the difference between “Buy Impact” and “Sell Impact.” Apparently those with higher “Net Buy” were more bullish. Those with higher negative “Net Buy” were bearish.

Guru Firm Portfolio Size ($M) Buy Impact (%) Sell Impact (%) Net Buy (%)
Chuck Akre Akre Capital Management, LLC 975 27.4 -2.8 24.6
David Winters Wintergreen Advisors 730 17.9 -3.1 14.8
Donald Yacktman Yacktman Asset Management Co. 14643 11.3 -1.4 9.9
John Buckingham Al Frank Asset Management 564 17 -7.7 9.3
Robert Bruce Bruce & Co. 194 9.5 -0.6 8.9
Jeff Auxier Auxier Focus Fund 311 9 -0.6 8.4
Steven Romick FPA Crescent Fund 5235 8.4 -6.1 2.3
Jean-Marie Eveillard First Eagle Investment Management, LLC 25093 11 -9.5 1.5
Mario Gabelli GAMCO Investors 13945 6.8 -5.3 1.4
Bill Frels Mairs & Power 3929 2.3 -1.7 0.6
Ken Fisher Fisher Asset Management, LLC 37473 14.7 -14.2 0.5
Edward Owens Vanguard Health Care Fund 20912 1 -1 0.1
Ronald Muhlenkamp Muhlenkamp Fund 549 12.6 -12.9 -0.3
Brian Rogers T Rowe Price Equity Income Fund 22715 3.3 -3.6 -0.3
Bill Nygren Oak Mark Fund 4774 4.5 -4.9 -0.4
Robert Olstein Olstein Financial Alert Fund 565 8.3 -9.1 -0.8
Ruane Cunniff Ruane & Cunniff & Goldfarb 12936 1.6 -2.6 -1
First Pacific Advisors First Pacific Advisors, LLC 7924 5.3 -6.5 -1.2
James Barrow Barrow, Hanley, Mewhinney & Strauss 50841 0.7 -2.1 -1.4
Westport Asset Management Westport Asset Management 1091 2.9 -4.3 -1.4
Pioneer Investments Pioneer Investments 23327 14.6 -16.3 -1.7
Chuck Royce Royce& Associates 33631 3.8 -5.6 -1.8
Columbia Wanger Columbia Wanger Asset Management 23126 6 -7.8 -1.8
Dodge & Cox Dodge & Cox 78021 1.9 -3.9 -1.9
Diamond Hill Capital Diamond Hill Capital Management 8574 5.4 -7.4 -1.9
John Rogers Ariel Capital Management 4872 4.3 -6.5 -2.2
PRIMECAP Management PRIMECAP Management 67242 4.7 -6.9 -2.2
Martin Whitman Third Avenue Value Fund 3258 5.9 -8.6 -2.7
Third Avenue Management Third Avenue Management 4312 5.9 -8.8 -3
Meridian Funds Meridian Fund 3372 5.9 -9.3 -3.5
Ron Baron Baron Funds 16686 4.3 -8 -3.8
HOTCHKIS & WILEY Hotchkis & Wiley Capital Management LLC 16785 10.5 -14.3 -3.8
David Dreman Dreman Value Management 4794 7.4 -11.2 -3.8
RS Investment Management RS Investment Management 11008 12.1 -16.1 -4
Wallace Weitz Weitz Wallace R & Co 2328 6.9 -10.9 -4
Francis Chou Chou Associates Management 411 1.6 -5.9 -4.3
Donald Smith Donald Smith & Co. 3439 8.9 -13.5 -4.6
Mason Hawkins Southeastern Asset Management 23594 3.5 -8.2 -4.7
Jeremy Grantham GMO LLC 33240 6 -11.2 -5.2
Ken Heebner Capital Growth Management LP 4602 33.2 -38.9 -5.6
Arnold Schneider Schneider Capital Management 1234 6.8 -12.5 -5.7
Chris Davis Davis Selected Advisers 0 4.2 -10.2 -6
Robert Rodriguez FPA Capital 887 4.2 -10.6 -6.4
Bruce Berkowitz Fairholme Capital Management 7766 1.6 -8.6 -6.9
Arnold Van Den Berg Century Management 1099 4.6 -11.8 -7.2
Charles Brandes Brandes Investment 11319 3.1 -10.3 -7.2
John Keeley Keeley Fund Management 4943 7.1 -14.4 -7.3
Tweedy Browne Tweedy Browne CO LLC 2917 2.1 -10.1 -8
Richard Snow Snow Capital Management, L.P. 2141 12 -21.1 -9.1
Murray Stahl Horizon Kinetics 5738 4.3 -14.9 -10.6
NWQ Managers NWQ Investment Management Co 14953 6.2 -16.9 -10.7
David Williams Columbia Value and Restructuring Fund 4475 2.6 -14.2 -11.7
John Hussman Hussman Economtrics Advisors 5155 6.6 -29.3 -22.7
Mark Hillman Hillman Capital Management 117 6.8 -36.2 -29.4
We can see that compared with hedge fund Gurus, mutual fund Gurus have much smaller net buys and sells. The top buyers in the first quarter are Chuck Akre, David Winters and Donald Yacktman. Both Chuck Akre and Don Yacktman have built strong long term track records. They have seen good inflows in their funds. Chuck Akre bought into Moody’s (MCO), Mastercard (MA) and Visa (V). MasterCard and Visa are his favorite positions.

Donald Yacktman loves large-cap consumer staples Procter & Gamble (PG), Sysco (SYY), Clorox (CLX) and Pepsi (PEP).

The largest sellers are John Hussman and Mark Hillman. Hussman has been very bearish. It is not surprising to see him selling.

To see the consensus buys and sells, please go to the aggregated holdings of Gurus, or try our new All-in-One Screener. Guru Sector Trend will tell you which industry they are buying into.




Guru Discussed: Chuck Akre: Current Portfolio, Stock Picks
Donald Yacktman: Current Portfolio, Stock Picks
Stocks Discussed: MCO, MA, V, PG, SYS, CLX, PEP,
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