13F Big Reveal | Top Institutions' Q3 US Equity Holdings Unveiled! Tech Giants Remain in Focus, AI Application Stocks Show Divergent Operations, Crypto Reserve Stocks Gain Favor

Recently, the 13F reports of US institutional investors have been gradually released, becoming an important channel for the public to understand investment trends on Wall Street.

According to the requirements of the U.S. Securities and Exchange Commission (SEC), equity asset institutions managing more than $100 million in stock assets are required to submit their holdings of U.S. equities and related fund flows to the SEC within 45 days after the end of each quarter, known as the 13F report. Among these, the holdings of top investment institutions such as Berkshire Hathaway and Bridgewater are highly anticipated.

Berkshire Hathaway Accelerates Reductions in Q3 $Apple (AAPL.US)$, Newly Added $Alphabet-A (GOOGL.US)$; Baillie Gifford’s operations on AI application software stocks show divergence, with increased positions in$Duolingo (DUOL.US)$, Reduced Positions in$Cloudflare (NET.US)$、 $Spotify Technology (SPOT.US)$In addition, new progress$Coinbase (COIN.US)$; Bridgewater increased its position in AI application software stocks while reducing holdings in AI tech giants$NVIDIA (NVDA.US)$、 $Alphabet-A (GOOGL.US)$and$Microsoft (MSFT.US)$; Ark Invest increased its position in cryptocurrency reserve stocks$Bitmine Immersion Technologies (BMNR.US)$、$Brera Holdings (SLMT.US)$, establishing a position $Bullish (BLSH.US)$。

So, what signals lie behind the operations of these financial titans?

– Berkshire Hathaway Q3 Further Reduces Stake in Apple, Bank of America; Initiates Position in Google A

The 13F filing shows that Berkshire Hathaway’s total portfolio value for Q3 was $267 billion, an increase of $9 billion from the previous quarter, with the top ten holdings accounting for 86.69% of the total portfolio value.

As of the end of the third quarter, Berkshire Hathaway's top five holdings were Apple,$American Express (AXP.US)$、 $Bank of America (BAC.US)$、$Coca-Cola (KO.US)$and$Chevron (CVX.US)$。Notably, Berkshire Hathaway reduced its stake in Apple for two consecutive quarters, selling 41.79 million shares in the third quarter—more than double the amount sold in the second quarter. The holding value of Apple decreased by approximately USD 10.6 billion in a single quarter, making Apple the stock with the largest reduction in holdings during the third quarter. By the end of the third quarter, Berkshire still held over 238 million shares of Apple, which remained its largest holding.

In terms of increasing positions, based on changes in holding value, the top five stocks that Berkshire Hathaway added to its portfolio in Q3 were Alphabet A-class shares (Google A),$Chubb Ltd (CB.US)$、 $Domino's Pizza (DPZ.US)$, and the U.S. satellite radio service provider,$Sirius XM (SIRI.US)$and$Lamar Advertising Co (LAMR.US)$。Specifically, Berkshire Hathaway initiated a new position in Alphabet A-class shares (Google A) in Q3, purchasing approximately 17.846 million shares, accounting for 1.62% of its portfolio, making it the tenth-largest holding. Additionally, among the top ten holdings, Berkshire only increased its stake in $Chubb Ltd (CB.US)$ , adding approximately 4.3 million shares. Its holding percentage increased from 3.04% to 3.31%, and its ranking in terms of holding percentage rose from ninth to eighth.

In terms of reductions, the top five stocks that Berkshire Hathaway reduced its holdings in during Q3 were Apple, Bank of America, and an internet infrastructure company.$VeriSign (VRSN.US)$, and a healthcare provider.$DaVita (DVA.US)$and$D.R. Horton (DHI.US)$。Aside from Apple, Bank of America was reduced by over USD 1.9 billion in Q3, second only to Apple, with holdings dropping from 1.03 billion shares in mid-last year to 568 million shares. By the end of Q3, Bank of America remained Berkshire Hathaway's third-largest holding.

– AI application software stocks saw mixed trading activity, with Baillie Gifford adding to its Duolingo position while reducing holdings in Cloudflare and Spotify Technology in Q3.

Baillie Gifford, a century-old British asset management giant, reported total U.S. equity holdings valued at USD 135 billion as of Q3, up USD 1 billion from the previous quarter. The top ten holdings accounted for 44.66% of the total portfolio value.

The top five holdings in Baillie Gifford’s portfolio as of Q3 were NVIDIA, MercadoLibre, Latin America’s largest e-commerce platform,$MercadoLibre (MELI.US)$, and a leading Southeast Asian internet giant. $Sea (SE.US)$、$Amazon (AMZN.US)$and music streaming platforms$Spotify Technology (SPOT.US)$。However, it is worth noting that Spotify Technology, NVIDIA, and MercadoLibre were all reduced by Baillie Gifford and are among the top five stocks in terms of reductions.

On the increase side, in terms of changes in holding value, Baillie Gifford's top five increased positions in Q3 were the U.S. private aerospace company$Rocket Lab (RKLB.US)$, a U.S. healthcare services company$Ensign (ENSG.US)$, the language learning platform $Duolingo (DUOL.US)$、 $Coinbase (COIN.US)$, and the index provider and financial analysis services firm $MSCI Inc (MSCI.US)$(MSCI Inc.).Among the transactions, Baillie Gifford increased its stake in Rocket Lab by 7.3348 million shares, representing a quarter-on-quarter increase of over 176%; it also added 2.0728 million shares of Duolingo, with a quarter-on-quarter rise of 73.3%. Additionally, Coinbase was a new addition to Baillie Gifford's portfolio in Q3, with 587,400 shares acquired, accounting for 0.15% of the total holdings.

In terms of reductions, the top five stocks that Baillie Gifford sold down in Q3 were cloud service provider Cloudflare, Spotify Technology, NVIDIA, MercadoLibre, and the world’s largest multiplayer online game creation platform.$Roblox (RBLX.US)$。Specifically, Cloudflare and Spotify Technology, both AI application software stocks, saw reductions of 3.6764 million shares and 933,600 shares respectively by Baillie Gifford; while NVIDIA experienced a reduction of 2.1338 million shares.

– Bridgewater added to its position in AI application software stock Adobe in Q3, initiated a position in Reddit, and reduced holdings in NVIDIA, Google, and Microsoft.

The total market value of Bridgewater Associates' US stock portfolio managed by Dalio reached $25.5 billion in Q3, up $700 million quarter-on-quarter, with the top ten holdings accounting for 32.54% of the total portfolio value.

In terms of changes in holding values, the largest increase in value for Bridgewater Associates in Q3 came from$iShares Core S&P 500 ETF (IVV.US)$，An increase of approximately 1.7396 million shares brought the total holdings to 4.0493 million shares, reflecting a growth of over 75% compared to the end of the previous quarter. Following the significant increase, the proportion of iShares Core S&P 500 ETF in Bridgewater's total portfolio rose to 10.62%, making it the largest holding.

Semiconductor equipment manufacturers$Lam Research (LRCX.US)$ranked as the second-largest individual stock增持 by Bridgewater in Q3,with an addition of 1.8252 million shares, bringing the total to approximately 3.464 million shares, marking an increase of over 111%.

AI application software stocks $Adobe (ADBE.US)$、$Workday (WDAY.US)$、 $Reddit (RDDT.US)$were respectively the third, fourth, and fifth-largest增持个股 in Bridgewater’s Q3 portfolio, with increases of approximately 533,200 shares, 591,600 shares, and 617,200 shares, respectively. Among them, Reddit was a new addition to Bridgewater’s Q3 portfolio, accounting for 0.56% of the total holdings.

In terms of reductions, Bridgewater's top five sell-offs in Q3 were as follows:$iShares Core MSCI Emerging Markets ETF (IEMG.US)$、 $NVIDIA (NVDA.US)$、 $Alphabet-A (GOOGL.US)$、$SPDR Gold ETF (GLD.US)$and $Microsoft (MSFT.US)$，Among these, it completely exited SPDR Gold ETF. Bridgewater reduced its holdings in NVIDIA by approximately 4.7194 million shares in Q3, with the number of shares held decreasing by more than 65% compared to the end of the previous quarter. Additionally, it reduced its holdings in Alphabet-A and Microsoft by 2.9465 million shares and 617,800 shares respectively, marking a sequential decrease of over 52% and 36%.

– ARK added crypto reserve stocks BMMR and Brera in Q3 while reducing its stake in Robinhood.

ARK’s total portfolio value for Q3 was $16.8 billion, up $3.2 billion from the previous quarter, with the top ten holdings accounting for 46.16% of the total portfolio value.

In terms of增持 (increasing holdings), based on changes in the value of positions, ARK's top five increased positions in Q3 were Ethereum reserve concept stocks, $Bitmine Immersion Technologies (BMNR.US)$、$Tesla (TSLA.US)$, SOL reserve concept stocks, $Brera Holdings (SLMT.US)$, cryptocurrency exchanges, $Bullish (BLSH.US)$, and a leading U.S. cancer screening company.$Exact Sciences (EXAS.US)$。

Among these, the cryptocurrency concept stocks Bitmine Immersion Technologies, Brera Holdings, and Bullish were all new additions to ARK’s portfolio, with respective increases of approximately 7.4698 million shares, 7.2796 million shares, and 2.5767 million shares. Additionally, after reducing its Tesla holdings in Q2, ARK increased its position by approximately 512,200 shares this quarter, representing a near 17% increase quarter-over-quarter. Tesla now accounts for 9.5% of the total portfolio holdings, remaining the largest holding.

In terms of减持 (reducing holdings), ARK's top five reduced positions in Q3 were, $Robinhood (HOOD.US)$, the world's largest multiplayer online game creation platform, $Roblox (RBLX.US)$, and a U.S. cancer detection company.$Guardant Health (GH.US)$, U.S. streaming companies $Roku Inc (ROKU.US)$and U.S. aerospace and defense technology companies$Kratos Defense & Security Solutions (KTOS.US)$。

Among these, ARK reduced its position in Robinhood by nearly USD 400 million, with a reduction of approximately 2.7688 million shares, representing a sequential decrease of about 35.6%. The proportion of Robinhood in the total portfolio fell to 4.28%, dropping from the fourth-largest holding to the sixth-largest holding. Additionally, ARK reduced its positions in Roblox and Roku by approximately 1.4565 million shares and 1.1082 million shares, respectively, with sequential decreases of about 21.5% and 13.1%, respectively. Both holdings account for 4.38% of the total portfolio (the same as Palantir's holding proportion), making them among ARK's top five holdings.

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