Warren Buffett (Berkshire Hathaway) again reduced his long position in Apple. The stock still occupies first place in his US-listed portfolio, but now weighs "only" 40%, compared with over 50% at its peak. The Oracle of Omaha also reduced its position in Paramount once again (-88%). He strengthened his position in Chubb Limited (+28%) to 2% of his portfolio, as well as the listed shares of the Liberty Sirius galaxy.

Terry Smith (Fundsmith) trimmed most of his positions by a few percent. He initiated two new positions in Texas Instruments and Choice Hotels. He reinforced Mettler-Toledo, Fortinet, Apple, Paycom Software, Oddity Tech, Zoetis, Mastercard and McDonald's.

Daniel Loeb (Third Point) strengthened the second position in his portfolio (Amazon) by +20%, Meta Platforms by +6% and reduced Microsoft and Bath & Body Works. He initiated new positions in Alphabet (5.8% of his portfolio), S&P Global, Advance Auto Parts, Marvell Technology, Goldman Sachs, Cinemark Holdings, Gartner.

Chuck Akre (Akre Capital Management) trimmed his first 8 positions and sold virtually all of his Brookfield Asset Management and Dollar Tree holdings. He initiated two new positions in Uber Technologies and CCC Intelligent Solutions.

David Tepper (Appaloosa Management) seems to have a strong conviction in Chinese companies. Alibaba has become his top position, accounting for 12.1% of his portfolio. He reinforced Baidu, JD.com and PDD Holdings, three other Chinese companies, as well as an iShares China Large Cap ETF. David Tepper also bought Adobe shares after the stock's recent fall, and reinforced Oracle.

Howard Marks (Oaktree Capital Management) reinforced Vale (+22%), a Brazilian company and one of the world's largest metallurgical and mining groups, and initiated positions in Indivior, Eagle Bulk Shipping, Baidu, Li Auto, Braskem, Banco Macro, Yum China and Joyy. He also reduced his positions in Runway Growth Finance, ICICI Bank, Alvotech and NMI Holdings.

Pat Dorsey (Dorsey Asset Management) lightened all but two of his holdings (notably Meta Platforms, after a fine bull run). An initial strengthening in Semrush Holdings and a new position in AutoZone (8.5% of his portfolio).

Seth Klarman (Baupost Group) maintains his conviction in Liberty Global (21% of his portfolio). He strengthened Clarivate (+20%), Herbalife (+33%), bought Eagle Materials, Wesco International, GDS Holdings, Fortrea Holdings, Soundhound Ai. He also trimmed his Fidelity National, Viasat, CRH, Liberty SiriusXM, Jacobs Solutions and Warner Bros. lines.

Bill Ackman (Pershing Square Capital Management) was very passive in the first quarter. He just reduced his first Chipotle Mexican Grill position (20% of his US portfolio) by 10%.

Mohnish Pabrai (Pabrai Investments) is still holding 4 stocks in his highly concentrated US long portfolio. Alpha Metallurgical Resources is in first place with a weighting of 62% (+2.5% increase over the quarter), followed by Consol Energy (14.2%), Warrior Met Coal (13.2%) and Arch Resources (10.4%).

François Rochon (Giverny Capital) initiated a new position in Booking Holdings (1.67%) in Q1 2024, quadrupled his position in Bank OZK and strengthened Starbuck, halving Fortune Brands Innovations. It also initiated small lines in Airbnb and Grayscale Bitcoin Trust.