I often look through 13F filings to get investment ideas.? The last time I did it, one of my readers asked a question like this:

It?s nice to see how large the positions are of the investors that you track, but wouldn?t it be better to track the changes in positions?? After all, new allocations are more indicative of better value than older holdings.

That?s probably correct, though for my own investing it might not be as accurate, because I rank current positions against challengers ? my current positions have to justify their existence to stay in the portfolio.

But I thought it would be worth trying to do that, and also do it as a percentage of each stock?s market capitalization.

Now, there are difficulties in doing an analysis like this:

• CUSIP changes
• M&A (takeovers, spinoffs
• CUSIP formats (some managers make it difficult to read)
• Deliberately difficult formatting
• One firm fills out the from wrong, swapping fields
• Multiple holders within a given firm
• You have to create a CUSIP/ticker database (paid my 13-year old assistant $50 to do that.)
• In short, a lot of data scrubbing.

Now the results of looking at 13Fs can be valuable, and there is a small cottage industry doing so.? Mebane Faber has done good work with this, as has Insider Monkey, Manual of Ideas and Street of Walls.? Following the ideas of some of the best investors leads to better returns, even if there is a lag involved.

And the lag doesn?t matter much.? Most of these investors invest for years not months, so if you get a signal it should be valid for some time after it is received.

Anyway, I calculated the positions for 74 investors that I have some respect for (listed at the bottom).? My objective is to look at them as a group.? For the most part, I don?t care which of them is investing in a given company.

Following this are a variety of tables with some commentary on what might be going on.? I think you might find some valuable ideas in the companies where ?there are large additions or holdings as a proportion of market capitalization.

Tables

Stocks with the most new investors:

New	Ticker	Name
9	DLPH	Delphi Automotive PLC
6	LVLT	LEVEL 3 COMMUNICATIONS INC
6	LMCA	LIBERTY MEDIA CORP NEW
5	ORCL	Oracle Corp
4	TRIP	TRIPADVISOR INC
4	KORS	MICHAEL KORS HLDGS LTD
3	BAC	BANK OF AMERICA CORP
3	CVX	CHEVRON CORP NEW
3	DELL	Dell Inc
3	EP	EL PASO CORP
3	VRUS	PHARMASSET INC
3	TDC	TERADATA CORP

 

Stocks that had the most investors increase positions (including new owners):

Increased	Ticker	Name
15	GOOG	GOOGLE INC.
9	DLPH	Delphi Automotive PLC
9	AAPL	APPLE INC
8	ORCL	Oracle Corp
7	LMCA	LIBERTY MEDIA CORP NEW
7	C	CITIGROUP INC
7	LOW	LOWES COS INC
7	PEP	PEPSICO INC
7	MSFT	MICROSOFT CORP
7	V	Visa Inc-Class A Shares
6	LVLT	LEVEL 3 COMMUNICATIONS INC
6	INTC	Intel Corporation
6	SYY	SYSCO CORP

 

Stocks that have the most owners at the end of the fourth quarter:

Owned	Ticker	Name
22	GOOG	GOOGLE INC.
21	MSFT	MICROSOFT CORP
17	AAPL	APPLE INC
14	CSCO	CISCO SYS INC COM
14	WMT	WAL-MART STORES INC
14	WFC	WELLS FARGO & CO NEW
13	JNJ	JOHNSON & JOHNSON
12	ORCL	Oracle Corp
12	C	CITIGROUP INC
12	MA	Mastercard Inc – Class A
11	BAC	BANK OF AMERICA CORP
11	BRK.B	BERKSHIRE HATHAWAY INC-CL B
11	BRK.A	BERKSHIRE HATHAWAY INC-CL A

 

Stocks with the most selling out entirely (including M&A-related):

Sold	Ticker	Name
6	EXPE	Expedia Inc.
6	LVLT	Level 3 Communications
5	C	CITIGROUP INC
5	SINA	SINA CORP
5	Acquired	NALCO HOLDING COMPANY
4	EBAY	EBAY INC
4	CVI	CVR Energy Inc
4	CCE	COCA COLA ENTERPRISES INC NE
3	LINTA	LIBERTY INTERACTIVE CORP-A
3	CVS	CVS CAREMARK CORPORATION
3	AMZN	AMAZON COM INC
3	VIAB	Viacom Inc Cl B
3	EXC	Exelon Corp
3	DVN	DEVON ENERGY CORPORATION
3	COV	COVIDIEN PLC
3	XOM	EXXON MOBIL CORP
3	MOS	The Mosaic Company
3	RL	RALPH LAUREN CORP
3	IRM	IRON MTN INC
3	HFC	HOLLYFRONTIER CORP
3	GR	GOODRICH CORP
3	CTXS	CITRIX SYS INC
3	Acquired	CEPHALON INC
3	ELNK	EARTHLINK INC
3	TIN	TEMPLE INLAND INC

 

Stocks with the most decreases in positions (including selling out in entire):

Decreased	Ticker	Name
12	MSFT	MICROSOFT CORP
10	WFC	WELLS FARGO & CO NEW
10	C	CITIGROUP INC
8	BAC	BANK OF AMERICA CORP
8	PFE	PFIZER INC
8	EBAY	EBAY INC
8	NWSA	NEWS CORP
8	LINTA	LIBERTY INTERACTIVE CORP-A
7	AAPL	APPLE INC
7	CSCO	CISCO SYS INC COM
7	WMT	WAL-MART STORES INC
7	BRK.B	BERKSHIRE HATHAWAY INC-CL B
7	CVS	CVS CAREMARK CORPORATION
7	DELL	Dell Inc
7	AON	AON CORP
7	AMZN	AMAZON COM INC
7	EXPE	Expedia Inc.

 

With a few exceptions, the above reads like lists of common large cap stocks, with a few midcaps thrown in.? It doesn?t look that much different when the lists are done by dollar amount of change.? But what if we do this as a fraction of market capitalization?

(Please note, the 13F filings measure as of 12/31/2011, and my market caps are from mid-February.? That induces some distortion, but I don?t think that much.? Also note that large holdings as aproportion of market cap often come from one hedge fund and not necessarily many.

Here is a list of new purchases, in declining order of percentage of market capitalization:

New	Ticker	Name
16.50%	TRGT	TARGACEPT INC
15.02%	DLPH	Delphi Automotive PLC
10.73%	CMVT	COMVERSE TECHNOLOGY INC
10.54%	NTK	NORTEK INC
7.54%	ARO	Aeropostale Inc
6.41%	MTG	MGIC INVT CORP WIS
6.21%	HII	HUNTINGTON INGALLS INDS INC
5.76%	IRE	Bank of Ireland
5.64%	TRIP	TRIPADVISOR INC
5.08%	LMCA	LIBERTY MEDIA CORP NEW
4.75%	AVY	Avery Dennison
4.58%	SEMG	SEMGROUP CORP
4.41%	VPRT	VISTAPRINT N V
4.25%	MPC	MARATHON PETROLEUM CORP
3.92%	CSTR	COINSTAR INC
3.49%	SBH	SALLY BEAUTY HLDGS INC
3.44%	KMT	Kennametal Inc.
3.34%	SIRO	Sirona Dental Systms
3.18%	EP	EL PASO CORP
3.10%	HGG	HHGREGG INC
3.06%	CVI	CVR Energy Inc
3.04%	NTAP	NETAPP INC

 

Here is a list of position increases, including new purchases, in declining order of percentage of market capitalization:

Increased	Ticker	Name
16.50%	TRGT	TARGACEPT INC
15.02%	DLPH	Delphi Automotive PLC
10.77%	CP	CANADIAN PAC RY LTD
10.73%	CMVT	COMVERSE TECHNOLOGY INC
10.54%	NTK	NORTEK INC
8.55%	WBMD	WEBMD HEALTH CORP
7.54%	ARO	Aeropostale Inc
6.57%	NAV	Navistar International Corp
6.41%	MTG	MGIC INVT CORP WIS
6.21%	HII	HUNTINGTON INGALLS INDS INC
5.76%	IRE	Bank of Ireland
5.74%	AVY	Avery Dennison
5.64%	TRIP	TRIPADVISOR INC
5.19%	LMCA	LIBERTY MEDIA CORP NEW
4.58%	SEMG	SEMGROUP CORP
4.48%	EPAX	Ambassadors Group Inc.
4.44%	CBG	CBRE GROUP INC
4.42%	CSTR	COINSTAR INC
4.41%	VPRT	VISTAPRINT N V
4.25%	MPC	MARATHON PETROLEUM CORP
4.08%	PCLN	PRICELINE COM INC

 

Here is a list of position decreases, including total sales, in declining order of percentage of market capitalization:

Decreased	Ticker	Name
-17.83%	VGR	VECTOR GROUP LTD
-13.66%	EMMS	EMMIS COMMUNICATIONS CORP
-10.43%	DIOD	DIODES INC
-9.12%	CLX	Clorox Co
-9.02%	NEWP	NEWPORT CORP
-8.93%	IWM	ISHARES TR
-8.61%	EXPE	Expedia Inc.
-6.86%	GEN	GENON ENERGY INC
-6.60%	PANL	UNIVERSAL DISPLAY CORP
-6.43%	LVLT	GLOBAL CROSSING LTD
-6.32%	AAMRQ	AMR Corp
-6.22%	NIHD	NII HLDGS INC
-6.15%	CVI	CVR Energy Inc
-6.03%	AMED	AMEDISYS INC
-5.85%	CIS	CAMELOT INFORMATION
-5.60%	SINA	SINA CORP
-5.46%	CQB	CHIQUITA BRANDS INTL INC
-5.44%	STE	STERIS CORP
-5.37%	CJES	C&J ENERGY SERVICES INC
-5.30%	PDLI	PDL BIOPHARMA INC

 

Here is a list of positions sold out in entire, in declining order of percentage of market capitalization:

Sold	Ticker	Name
-17.83%	VGR	VECTOR GROUP LTD
-13.66%	EMMS	EMMIS COMMUNICATIONS CORP
-10.43%	DIOD	DIODES INC
-9.08%	CLX	Clorox Co
-9.02%	NEWP	NEWPORT CORP
-7.41%	EXPE	Expedia Inc.
-6.60%	PANL	UNIVERSAL DISPLAY CORP
-6.56%	IWM	ISHARES TR
-6.43%	LVLT	GLOBAL CROSSING LTD
-6.32%	AAMRQ	AMR Corp
-6.22%	NIHD	NII HLDGS INC
-6.03%	AMED	AMEDISYS INC
-5.85%	CIS	CAMELOT INFORMATION
-5.60%	SINA	SINA CORP
-5.27%	CQB	CHIQUITA BRANDS INTL INC
-5.10%	CVI	CVR Energy Inc
-4.97%	IT	GARTNER INC
-4.90%	ACFC	Atlantic Coast Financial Corp
-4.73%	BIDZ	BIDZ.com Inc.
-4.55%	CVC	CABLEVISION SYS CORP
-4.52%	SAFM	SANDERSON FARMS INC
-4.32%	LEA	LEAR CORP
-4.31%	TIN	TEMPLE INLAND INC
-4.05%	WGO	WINNEBAGO INDS INC

 

Holdings by Total Dollar Amount at the end of the Fourth Quarter

Held	Ticker	Name
? 15,763,863,000	KO	COCA COLA COMPANY
? 13,896,920,000	WFC	WELLS FARGO & CO NEW
? 11,801,570,000	IBM	INTERNATIONAL BUSINESS MACHS
???? 7,498,749,000	AXP	AMERICAN EXPRESS CO
???? 7,124,564,000	PG	PROCTER & GAMBLE CO/THE
???? 5,561,149,000	WMT	WAL-MART STORES INC
???? 4,965,749,000	KFT	KRAFT FOODS INC-CLASS A
???? 4,828,136,000	MSFT	MICROSOFT CORP
???? 4,720,375,000	GOOG	GOOGLE INC.
???? 4,539,055,000	NWSA	NEWS CORP
???? 4,504,224,000	AAPL	APPLE INC
???? 4,007,205,000	HPQ	HEWLETT PACKARD CO
???? 3,387,821,000	MSI	MOTOROLA SOLUTIONS INC
???? 3,285,855,000	GLD	SPDR GOLD TRUST
???? 3,261,413,000	GSK	GLAXOSMITHKLINE PLC-SPON ADR
???? 3,137,451,000	JNJ	JOHNSON & JOHNSON
???? 3,106,083,000	USB	US BANCORP DEL
???? 3,089,445,000	FDX	FEDEX CORP
???? 2,986,973,000	COF	CAPITAL ONE FINANCIAL CORP
???? 2,869,898,000	EP	EL PASO CORP
???? 2,836,729,000	IEP	ICAHN ENTERPRISES LP
???? 2,809,578,000	SLB	Schlumberger Ltd
???? 2,807,657,000	NVS	NOVARTIS AG-ADR
???? 2,776,985,000	BK	BANK OF NEW YORK MELLON CORP
???? 2,762,244,000	COP	CONOCOPHILLIPS
???? 2,704,595,000	PEP	PEPSICO INC
???? 2,620,576,000	CMCSA	COMCAST CORP-CLASS A
???? 2,618,651,000	PFE	PFIZER INC
???? 2,524,873,000	DELL	Dell Inc
???? 2,475,713,000	GE	GENERAL ELECTRIC CO
???? 2,321,383,000	OXY	OCCIDENTAL PETE CORP DEL
???? 2,314,288,000	TWX	TIME WARNER INC
???? 2,290,333,000	MRK	MERCK & CO. INC.
???? 2,252,588,000	AON	AON CORP
???? 2,246,712,000	DTV	DIRECTV-CLASS A
???? 2,205,486,000	PCLN	PRICELINE COM INC
???? 2,166,225,000	MMI	MOTOROLA MOBILITY HLDGS INC
???? 2,124,678,000	SNY	SANOFI-ADR
???? 2,075,367,000	QCOM	QUALCOMM INC

 

And the greatest holdings by percentage of market capitalization:

Held/MC	Ticker	Name
73.30%	IEP	ICAHN ENTERPRISES LP
71.98%	BAGL	EINSTEIN NOAH REST GROUP INC
69.22%	HRG	HARBINGER GROUP INC
65.92%	FDML	FEDERAL MOGUL CORP
51.38%	SPB	SPECTRUM BRANDS HLDGS INC
46.89%	ARII	AMERICAN RAILCAR INDS INC
40.88%	CDCO	Comdisco Holding
38.77%	NOA	NORTH AMERN ENERGY PARTNERS
37.92%	DYN	DYNEGY INC DEL
36.46%	BFLY	BLUEFLY INC
32.11%	LEAP	LEAP WIRELESS INTL INC
29.37%	QUAD	QUAD / GRAPHICS INC
29.34%	TXI	Texas Industries Inc.
28.92%	BIOF	BIOFUEL ENERGY CORP
27.83%	ENZN	ENZON PHARMACEUTICALS INC
27.56%	HPP	HUDSON PAC PPTYS INC
27.54%	BKU	BANKUNITED INC
27.54%	OSTK	OVERSTOCK COM INC DEL
27.35%	SIX	SIX FLAGS ENTMT CORP NEW
26.41%	DIN	DINEEQUITY INC
26.27%	WPO	Washington Post
26.04%	LORL	LORAL SPACE & COMMUNICATNS INC
25.12%	LGF	LIONS GATE ENTMNT CORP
25.00%	VSAT	VIASAT INC
24.85%	JEF	JEFFERIES GROUP INC NEW
24.71%	INS	INTELLIGENT SYS CORP NEW
24.59%	LVLT	LEVEL 3 COMMUNICATIONS INC
24.21%	ZLC	ZALE CORP NEW
23.40%	ABH	ABITIBIBOWATER INC
23.19%	CTO	Consolidated Tomoka Land Co
22.71%	XCO	EXCO RESOURCES
22.34%	THRX	THERAVANCE INC
22.28%	MLI	MUELLER INDS INC
21.96%	MSI	MOTOROLA SOLUTIONS INC
21.49%	SNBC	Sun Bancorp Inc

 

I appreciate the analysis as a portion of market capitalization, because it reflects the limitations of what managers can do.? Again, I will look most closely at current holdings and additions as a proportion of market capitalization.

Investor list:

• Akre
• Altai
• Ancient Art
• Appaloosa
• Atlantic
• Bares
• Baupost
• Blue Ridge
• BP Capital (Pickens)
• Brave Warrior
• Breeden
• BRK
• Capital Growth
• Centaur
• Centerbridge
• Chou
• Coatue
• Dodge & Cox
• Dreman
• Eagle Capital
• Eagle Value
• Edinburgh
• Fairfax
• Farallon
• Fiduciary
• Force
• FPA
• Gates
• Glenview
• GoldenTree
• Greenhaven
• Greenlight
• H Partners
• Harbinger
• Hawkshaw
• Hayman
• Hound
• Hovde
• Icahn
• Invesco Private
• Jana
• Jensen
• Joho
• Lane Five
• Leucadia
• Lone Pine
• M3F
• Markel
• Matrix
• Maverick
• MHR
• Montag
• MSD
• Muhlenkamp
• PabraI
• Parnassus
• Passport
• Paulson
• Pennant
• Perry
• Pershing Square
• Sageview
• Scout
• Soros
• Southeastern
• Third Point
• Tiger Global
• Tweedy Browne
• ValueAct
• Viking
• Weitz
• West Coast
• Wintergreen
• Yacktman

 

Full disclosure: Long WMT, ORCL, INTC, VOD, HPQ, COP, Short SPY