UNH wasn't one of the stocks that received complementary treatment, those were D.R. Horton, Lennar and Nucor. UNH and Lamar were Q2 purchases.


That is correct: In fact, in Q2, DR Horton was (very slightly) reduced, whereas the Lennar and Nucor positions initiated in Q1 were increased, Lennar by 265% and Nucor by 15%.

But talk about a wet firecracker - despite the requests for confidential treatment, the Nucor and Lennar positions acquired now represent 0.33% and 0.30%, respectively, of the US stock portfolio reported in the 13-F. I think we already knew that it had to be a small addition, but I didn't expect it would be THAT small.

Given the very high market prices of stocks, I guess it's not surprising that the changes are very much in line with recent quarters, generally involving selling, not buying. The only moderately big moves were selling 20m of the 300m Apple shares, buying 5m shares of United Health, and selling 4% of the #3 and #10 positions (Bank of America and, thankfully, Da Vita). In total, the stocks sold were worth 2.7% of the portfolio and the stocks bought were worth 1.5% of the US portfolio, so this is fine tuning, not liquidation.

DTB