• Munger kept feet still
• Strong representation of the financial sector
• Deposit value decreased
With invested assets of $160.982 million, Charlie Munger’s Daily Journal Corporation qualifies for reporting to the US Securities and Exchange Commission on quarterly positions held. The agency’s Form 13F is mandatory for institutional investors with at least $100 million in assets.
Positions not touched
In the first quarter of 2023, the Berkshire Hathaway vice chairman left all positions in the portfolio untouched. Meanwhile, the total value of holdings fell from $174.434 million to $160.982 million. These were the positions in the Munger depot in the first quarter of 2023. The data was submitted on May 15, 2023, as of March 31, 2023.
4th place: US Bancorp stock
US Bancorp’s 140,000 shares held accounted for 3.14 percent of the portfolio in the first quarter of 2023. Daily Journal kept participation stable. As of the reporting date, the shares were worth around $5.047 million on the stock exchange. In the previous quarter, the value was still 6.105 million US dollars.
3rd place: Alibaba stock
The Chinese Amazon competitor Alibaba follows in third place. The online retailer’s 300,000 shares are still in the Daily Journal’s portfolio, accounting for 19.04 percent of all holdings. The market capitalization of all Alibaba shares owned by the Munger Company was $30.654 million at the end of March, up almost 16 percent from the previous quarter.
2nd place: Wells Fargo stock
Second place again: the major US bank Wells Fargo. Munger & Co. didn’t touch the 1,591,800 Wells Fargo shares in the first quarter of 2023, yet the value of the stake fell to $59.501 million from about $65.73 million in the previous quarter. The papers accounted for 36.96 percent of the total portfolio as of the reporting date.
#1: Bank of America stock
Bank of America stock was still number one in the Munger portfolio in the first quarter of 2023. The company has held shares in the major US bank since the fourth quarter of 2013. As in the previous quarter, Daily Journal owned 2,300,000 BofA titles, accounting for 40.86 percent of all holdings. However, the market value fell in the quarterly comparison from 76.18 million US dollars to 65.78 million US dollars.
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