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.
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, Financial), Mastercard (MA, Financial) and Visa (V, Financial). MasterCard and Visa are his favorite positions.
Donald Yacktman loves large-cap consumer staples Procter & Gamble (PG, Financial), Sysco (SYY), Clorox (CLX, Financial) and Pepsi (PEP, Financial).
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.
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 |
Donald Yacktman loves large-cap consumer staples Procter & Gamble (PG, Financial), Sysco (SYY), Clorox (CLX, Financial) and Pepsi (PEP, Financial).
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.
