21 The patient money

The Funds That Hold Longest Were Not Buying the Quarter’s Favourites

These five funds have held their positions for nine to twelve years on average. None opened or added to any of the seven chip companies the market was crowding into. Two were selling them.

12.2 years

the average time Bonness Enterprises has held each of its positions

Average time each position has been held The five longest-holding books
  1. 12.2years

    Bonness Enterprises

    39 holdings

  2. 11.2years

    Blackhill Capital

    49 holdings

  3. 10.4years

    Greenbrier Partners

    11 holdings

  4. 9.8years

    Pacific Heights

    78 holdings

  5. 9.6years

    Cacti Asset Management

    78 holdings

What they did with the quarter’s favourites

Share Holder In Q2
Intel Bonness Cut 15%
Applied Materials Bonness Cut 12%
Seagate Cacti Cut 17%
Corning Bonness Cut 21%

And one layer up. Greenbrier cut Alphabet by 11% and 12% across the two share classes, having held them for 52 and 42 quarters - in the same three months Berkshire Hathaway put $17.3bn into the same company.

What they do own

Apple · 4 of 5

Held since 2013 in three books, 2015 in the fourth.

Microsoft · 3 of 5

Held for ten to thirteen years in each.

J&J · 3 of 5

None of the three traded a share this quarter.

The investors with the longest memories in this data sat out the quarter’s consensus, and two of them sold into it. That is not a forecast - but it is the other side of the argument.