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Disney (NYSE:DIS) shares were down about 9% in the second quarter of this year. They’re down another 18% since then. Not surprisingly, many large investors were selling Disney shares last quarter. Since there is a 13F releasing delay (45 days after the end of the quarter), it’s entirely possible that many big investors have bought back into shares in the current quarter. At today’s price, Disney is attractive. It’s just above 52 week lows, trades at a PE under 14, and has a solid balance sheet. While you wait for a rebound in the stock market, Disney yields 1.3%. That doesn’t seem like much, but when the 10 year trades around 2%, it’s a much better bet than the alternative. Below is what some of Disney’s largest holders did last quarter:

Chris Davis runs Davis Advisors and manages more than $50 billion in assets. Disney makes up about 0.5% of his portfolio. Davis had a big stake in the company back in 2009 and spent most of 2010 selling out of the stock. He seems to be accumulating a position again this year. He bought 2.6 million shares in the first quarter this year and picked up another 4.7 million shares last quarter. At his peak in Q4 2009, he owned more than 19 million shares.

On the other side of the trade is GMO Chairman Jeremy Grantham. He sold out of his Disney position entirely in Q2 2011 by selling 576,600 shares. He also had sold Disney stock in Q4 2010 and Q1 2011. This isn’t a complete surprise considering Grantham’s belief that the markets are inflated and there will be slow growth ahead. Shares have climbed during his ownership period. Following his outlook, his largest holding is Johnson & Johnson (NYSE:JNJ), which makes up 5.8% of his portfolio. For comparison’s sake, his Disney holdings were very small.

Grantham’s sales were joined by Bruce Kovner. Kovner is a hedge fund manager and runs Caxton Associates. He manages about $3.5 billion. Kovner sold out of his position last quarter by getting rid of about 450,000 Disney shares. This was a small holding, but Kovner doesn’t run a very focused portfolio. His largest holding right now is Citigroup (NYSE:C), which only makes up 2.3% of his portfolio.

Mason Hawkins has a much larger portfolio. Hawkins runs more than $25 billion under his firm, Southeastern Asset Management. Disney makes up about 4% of his portfolio. He owns about 26 million shares and has been selling since Q3 2009. At the end of the second quarter, Disney was his 10th largest holding. In the last quarter he very slightly trimmed his position.

Markel’s ((NYSE:MKL)) Tom Gaynor also trimmed a small amount of shares in the last quarter. He owns about 1.5 billion Disney shares. It was his 7th largest holding at the end of Q2 and makes up about 3.1% of his portfolio. Gaynor has been a long time holder. His largest position was Berkshire Hathaway (BRK.A, BRK.B) if you combine his A and B share holdings. That would make up 12.3% of his portfolio. His next largest holding is Carmax (NYSE:KMX).

Disclosure: I am long BRK.B.

Source: What Some Big Portfolio Managers Are Doing With Disney