To The Moon

Major institutions have been submitting their 13F filings to the SEC, revealing their U.S. stock holdings and shifts in positions for the second quarter. These filings offer a glimpse into what some of the world’s most successful investors are doing.

Highlights From the Latest 13F Filings

• Warren Buffett / Berkshire Hathaway: Buffett took a $1.57 billion position in a healthcare giant, while continuing to trim his Apple holdings. The move underscores his cautious optimism in healthcare, even as he steadily reduces exposure to a tech behemoth he has long championed.

• Hillhouse Capital: Hillhouse maintained heavy positions in Chinese concept stocks, signaling continued confidence in the long-term potential of the region despite regulatory and geopolitical uncertainties.

• Goldman Sachs: The banking giant’s filings revealed big bets on technology, with large positions in Nvidia, Microsoft, Apple, and Meta. Their allocations suggest that Wall Street still sees tech as a core driver of growth.

• BlackRock: BlackRock kept its focus on the U.S. “Magnificent Seven”, reinforcing the appeal of mega-cap tech and growth names.

While 13F filings offer interesting insights, it’s important to remember their limitations:

1. Time Lag – Filings report positions after the quarter ends, meaning the moves are historical, not necessarily reflective of current market sentiment.

2. Noise vs Signal – Just because a legendary investor like Buffett or a giant like BlackRock holds a stock doesn’t mean it’s guaranteed to outperform. Market conditions change, and even the best investors make mistakes.

My Perspective: Independent Thinking Matters

Personally, I don’t pore over 13F filings. I usually hear about some institutional moves through news articles or market updates, but I don’t base my decisions on them. While I admire and respect investors like Buffett and the track record of many major institutions is undeniable, I prefer to make decisions based on my own research and judgment. Following someone else’s moves can be informative, but it can also lead to herd behavior, which isn’t always profitable.

At the end of the day, 13F filings are a window into other investors’ thinking, not a map for my own strategy. Observing the trends can spark ideas, highlight market sentiment, or reveal potential opportunities but I prefer analyzing the data and applying my own perspective.

In short, 13F filings are interesting but never a substitute for my own judgment. They tell me what the giants are thinking but not necessarily what’s right for my portfolio.