Berkshire's 13-F is out. Here's dataroma's consolidated presentation:http://www.dataroma.com/m/holdings.php?m=brkI have a question that someone more familiar with Kraft/Mondelez situation may be able to answer. Berkshire reported 30,464,350 shares of Mondelez (MDLZ) at 9/30/12, a reduction from 58,826,390 shares of Kraft at 6/30/12. My understanding is that on the effective date of the spin-off of the North American grocery business, owners received one share of Mondelez for each share owned of the old Kraft plus one share of the new Kraft for each three shares owned of the old Kraft. So my interpretation of the 13-F is that on October 1, Berkshire would own 30,464,350 shares of Mondelez plus 10,154,783 shares of the new Kraft (KRFT). The new Kraft position does not appear on the 13-F since the report only shows shares owned as of 9/30. However, to "mark to market" the 13-F positions, I am adding the new Kraft (KRFT) position assuming that Berkshire received those shares on 10/1 and has retained the shares.Does this interpretation seem correct?
Does this interpretation seem correct?Yes. My Kraft shares had a name change to Mondelez, and I received 1/3 of the original Kraft shares in the new Kraft plus $15.62 cash for 1/3 share on 10/2.
will be interesting to see what Buffett does with the MDLZ and KRFT. Post split, they are pursuing very different strategies. MDLZ (run by Irene Rosenfeld whose strategy Buffett has been critical in the past) is after international growth and KRFT is more a domestic, income investor type stock.
My guess is that he finishes liquidating the position over the next quarter or two and gives the proceeds to Combs and Weschler to deploy. There's only so much Coca Cola and Wells Fargo that Buffett can buy and, barring a drop below 1.1x book, Berkshire itself is off limits. The other possibility is that proceeds could be used for a yet to be identified elephant. I don't think Buffett has much confidence in Rosenfeld as a long term "partner" and she would probably already be pursuing other interests or spending more time with her family if she ran a wholly owned Berkshire subsidiary.
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