Fund Changes

Investment Analysis Clubs Saul’s Investing Discussions
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One of the things I do is follow what certain funds are doing from quarter to quarter. All major funds have to report their activity for the previous quarter 45 days after the quarter ends. The data is therefore out-dated by at least 45 days and possibly longer - because it’s a summary for all of Q2. So, as with the ARK fund data I mentioned recently, I don’t make decisions based on this alone - it’s just one more data point to factor into the overall picture.

I use a site called WhaleWisdom. They have premium options you have to pay for, but you can get quite a bit of info for free. I do not subscribe - I just use the free summaries.

https://whalewisdom.com/filer/scge-management-l-p#tabholding…

The funds I track are SCGE, Whale Rock, Tiger Global, Tybourne, Duquesne, Brandywine, Dorsey Asset, Abdiel, Center Lake, Light Street, Dragoneer, Baillie Gifford, and Soros.

Observations on some of the stocks followed here:

  1. CRWD:
  • Owned by 8 out of 12. This and SE were the most widely owned of the primary stocks discussed on this board.
  • Highlights - Tiger was the biggest buyer and they went huge - they increased their shares by 1,900% and now own $500M worth. It is ranked 16 out of 73 for Tiger and 16 out of 43 for Whale Rock.
  1. SE:
  • Owned by 8 out of 12.
  • Highlights - new purchase for Tybourne and they bought enough to make it #6 out of 21. SCGE added 65% and made it #10 out of 24. Light St. sold 35% - but even after that it is still #2 out of 40. New purchase by Soros and made it 35 out of 140.
  1. SMAR:
  • Owned by 7 out of 12.
  • This one surprised me. I think it has been mentioned on the board, but it might be worth another look.
  • Highlights - Dorsey is a concentrated fund - this was a new purchase for them and they made it #2 out of 10. New purchase for Duquesne (Stan Druckenmiller’s fund FYI) - they purchased enough to make it # 21 out of 72.
  1. DDOG:
  • Owned by 6 of 12 (Duquesne was a small owner but sold 100% in Q2).
  • Highlights - Whale, Tiger and Dragoneer each own > $400M. Others are just small owners.
  1. NET:
  • Owned by 3 of 12.
  • Baillie increased ownership by 32% which made it # 39 out of 240. It is just a small position for the others.
  1. LVGO / TDOC:
  • Only 1 owns any significant amount of LVGO or TDOC.
  • Baillie owned a lot of TDOC - # 27 out of 240.
  • So, these companies were not very popular pre-merger. It will be interesting to see if there is any change in 3 months.
  1. FSLY:
  • Only owned by 3 out of 12, but it’s pretty highly ranked by those that own it
  • Highlights - Whale added 154% and made it # 4 out of 43. Duquesne added 155% and made it # 31 out of 72. Abdiel (concentrated fund) added 6% and this is their #1 holding out of 12.
  1. ZM:
  • Owned by 6 of 12.
  • No significant adds or reductions.
  1. Precious Metals:
  • This is OT, so please don’t reply to this - I’m just mentioning it as a public service announcement.
  • Soros bought PHYS and SLV and GDX - first bought metals in 1Q20
  • Buffet bought GOLD (Barrick) - in 2Q20
  • Druckmiller owns a lot of GOLD (Barrick) - #10 out of 88 in Duquesne
  • Dalio bought $400M of gold ETFs in Q2 - now has almost $1.2B total
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2

Yes, whalewisdom.com is a great site to see what’s being bought/sold.

Of those 13 funds you referenced that you track,
these were listed on two or more of the funds using
“Top Buys” data in the “Summary” (normally top 5 buys)

AMZN
CHGG
DOCU
FIVN
FND
PYPL
SE (on 4 funds)
ZI

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I’m sorry, Analog, but this post, while undoubtedly interesting to some, is completely off topic for our board, and please don’t post an update of it in the future. It does nothing to help us analyze our companies to learn, for instance, that sometime between a month and a half ago and four and a half months ago, Baillie increased ownership its ownership in Cloudflare by 32% which made it #39 out of 240 stocks they held, or that SMAR was owned by 7 out of 12 funds back then.

I’m sorry, but that is just junk data, which gives us absolutely no help in evaluating our companies, as it tells us nothing at all about the companies, and especially since few if any funds do as well as we do here on our board, and since an average of fund results usually tracks the general market pretty closely, and often trails it.

SO PLEASE, no more of this kind of post or they will be deleted. And no additions this thread.

Thanks,

Saul

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4

Bummer. OK.

I did ask about posting info related to fund purchases when I said something last week about ARK buying TDOC. No one replied to tell me it was not acceptable, so I thought it was ok.

As I said in my post, this is not the only info on which I base buy/sell decisions. But it helps build conviction for me. Seeing that one of the best ever fund managers owns a significant stake in FSLY, that he added 150% to his FSLY position, and he was still holding it at the end of the quarter (when it was at $86 btw) helps build conviction.

I do agree that much of the rest of the info was not particularly useful - I just included it for completeness on the major stocks discussed on this board.

However, I will cease and desist.

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