Deep Sound Original · The author | Xiao Humble
It's time for the top institutions to disclose the 13F report.
For investors who like to "copy the operation", the positions and adjustments of the "stock god" Buffett, major sovereign funds, and Wall Street investment banks should not be missed. Especially in the case of Chinese Internet stocks under pressure in 2021, whether to take the opportunity to bottom up or keep a distance, the actions of large institutions have high reference value.
However, the views of large institutions on Chinese stocks seem to be clearly divided, especially for Pinduoduo and Alibaba, the big guys have their own ideas.
Of course, Buffett is still so stable in style and concentrated in positions, but this time there are also very "show" operations.
Berkshire Hathaway: Microsoft bought Activision Blizzard before the acquisition
The top eight heavy stocks of Berkshire Hathaway Q4 have not changed, followed by Apple, Bank of America, American Express, Coca-Cola, Kraft Heinz, Moody's, Verizon Telecom, and United Bank of America.
Among them, the number of shares held in Apple was 887 million shares, accounting for 47.6% of the total position, and the market value of the stock held at the end of the period was $157.5 billion.
The most concerned move was Buffett's $1 billion purchase of Activision Blizzard stock, which occurred before Microsoft announced its acquisition plans.
In January, Microsoft announced its $68.7 billion acquisition of Activision Blizzard, the largest acquisition in U.S. technology history. Activision Blizzard shares have risen sharply, and since the beginning of this year, Activision Blizzard shares have risen by more than 20%.
Buffett and Gates
Buffett's largest increase in Q4 was oil company Chevron, which increased its shareholding by 33%, and Chevron rose to Berkshire's ninth-largest heavy stock.
In 2020, Chevron plunged 30%, and at the end of Q4 of that year, Buffett bottomed out nearly 48.5 million shares of Chevron stock. In 2021, Chevron shares rose 48.25% due to the sharp rise in oil prices. Chevron shares have risen more than 15 percent so far this year.
Image source: whalewisdom, the same below
Qiaoshui: Increased holdings of consumer stocks and continued to increase positions in Chinese stocks
Compared with Q3 2021, Bridgewater significantly reduced its holdings in emerging market ETFs. U.S. consumer stock leaders such as Procter & Gamble, PepsiCo, Johnson & Johnson, Costco, Coca-Cola and McDonald's have received varying degrees of increased positions.
However, Bridgewater sold about 2.2 million shares of Walmart, a 43% reduction.
In terms of Chinese stocks, Bridgewater Fund founder Rui Dalio has expressed confidence in China's assets. In Q4 2021, Qiaoshui's increase in holdings of Pinduoduo, JD.com, Alibaba and other stocks was about 30%, and Alibaba ranked eighth in Qiaoshui's largest heavy stock.
Weilai, Baidu, Bilibili and other stocks have also received different degrees of increased positions in Qiaoshui. In addition, Qiaoshui cleared amazon, oracle, Netflix and other individual stocks.
Hillhouse: Reduce holdings of Pinduoduo, Bilibili, liquidation Ali
According to the U.S. stock holding data released by Hillhouse's HHLR Advisor at the end of 2021, HHLR Q4 significantly increased its position in Ideal Automobile, increasing its holdings by 3.92 million shares to 5.0073 million shares, holding a market value of $160 million.
Ideal Auto entered the top ten heavy stocks held in HHLR U.S. stocks for the first time, ranking tenth. In addition, HHLR also increased its holdings of 550,000 shares to 667,000 shares of Xiaopeng Motors.
The increase in holdings was also significantly increased by the "Southeast Asia Small Tencent" SEA, which increased its holdings by 900,000 shares to 1.2378 million shares. SEA is newly promoted to HHLR's seventh largest heavy stock.
HHLR Advisors' latest top ten heavyweights are BeiGene, On Angpao, Legendary Bio, Salesforce, Celestial Bio, JD.com, SEA, DoorDash, iQiyi and Ideal Auto.
But for other popular Chinese stocks, Hillhouse's operation is exactly the opposite of Bridgewater. For example, HHLR liquidated Alibaba and Bilibili in Q4 and significantly reduced its stake in Pinduoduo, reducing its stake in Pinduoduo from 2.81 million shares to 213,000 shares.
According to media reports, in response to the adjustment of the above-mentioned Chinese stocks, Hillhouse's explanation is: since 2018, Bilibili and Pinduoduo have successively opened positions, and as of the end of the fourth quarter of 2021, the stock prices of the above two companies have recorded a large increase, so they have adjusted their positions.
Goldman Sachs: Significantly reduced alibaba and opened a position in Rivian
According to the disclosure, the top five selling targets of Goldman Sachs Q4 are: S&P 500 Index ETF Call, Alibaba, S&P 500 Index ETF Put, Meta and Arso Russell 2000 ETF.
Goldman Sachs had significantly increased its holdings in Alibaba in Q3 2021, but in Q4, Goldman Sachs directly reduced its holdings of 8.2875 million alibaba shares, a decrease of 17% from the previous quarter.
The top five buying targets for Goldman Sachs Q4 are: Tesla puts, NASDAQ 100 ETF, payments company Marqeta, Nvidia, and software company Procore Technologies.
Interestingly, goldman Sachs Q4 built a new warehouse Forivian electric vehicle. In November 2021, Rivian quickly rose to a market value of 100 billion after going public, but has since fluctuated sharply. Rivian has fallen nearly 40 percent so far this year, and its latest share price ($66.29) has cut from its $179 high.
Temasek: Buying Pinduoduo, reducing Ali's holdings
According to the disclosure, SEA and Pinduoduo are among the top five buying targets in Temasek. Temasek's stake in Pinduoduo increased from 26,700 to 2.11 million.
For Alibaba and JD.com, which are also in the e-commerce field, Temasek also has different operations, and its stake in Alibaba has dropped from 9.73 million shares to 9.08 million shares, and 174,000 new SHARES of JD.com have been purchased.
Jing Lin: Contrarian bottom-up Chinese stocks, the first heavy stock was frustrated
According to the shareholding data of the famous private equity Jinglin, its Q4 stocks in the United States have significantly reversed the trend of the Bottom of the Chinese Internet stocks, not only adding positions in popular Chinese stocks such as Pinduoduo, JD.com, Futu, Alibaba, Bilibili, boss direct employment, and even directly buying 1.389 million shares of KWEB.
KWEB is a China Internet Index ETF issued by CICC's Jinrui Fund in the United States, and its top ten constituent stocks are Tencent Holdings, Meituan-W, Baidu ADR, Alibaba ADR, JD.com ADR, Kuaishou-W, BOSS Direct, Ctrip ADR, Pinduoduo ADR, and Shell ADR.
In addition, Jinglin also showed confidence in new energy vehicle stocks, adding 700,000 shares of Ideal Automobile and 80,000 shares of Xiaopeng Automobile in Q4, and building a position in Tesla, buying 14,000 shares.
Q4, Jinglin cleared good future, gaotu and new oriental. In Q2 and Q3 of 2021, Jinglin bought Chinese education stocks against the trend.
The top ten U.S. stocks in Jinglin Overseas are Sea, Meta, Google, NetEase, Shell, ZTO Express, Pinduoduo, JD.com, DoorDash and BOSS Direct.
Known as the "Little Tencent of Southeast Asia", SEA is Jinglin's favorite, and its stock price has risen from $45/ADS in early 2020 to near $370/ADS in Q4 2021. However, since late November 2021, SEA's stock price has been declining, coupled with india's recent ban on SEA's popular mobile game FreeFire, SEA's stock price has once again suffered a heavy decline.
Sea has fallen more than 33 percent so far this year, and its current stock price has cut off compared to its $370 high.