Charlie Munger’s Daily Journal Corporation has increased its Alibaba shares by 82% since July as the stock’s price fell nearly 50%, according to the Daily Journal’s 13-F filing for Q3.
The Daily Journal purchased 136,740 BABA shares bringing its total to 302,060 shares. Due to the drop in price, the firm’s position only increased to $45M from $37M.
The firm’s largest stakes are in Bank of America and Wells Fargo, with the Daily Journal owning $98M and $73M positions respectively. Munger’s other picks include U.S. Bancorp and and Posco.
Raymond James cut its rating on Alibaba earlier this month citing growth headwinds but still gives the stock a grade of Outperform.
Author: Lucas Heilman, Seeking Alpha