Daily Journal Corporation Portfolio Q3'2025: Top Holdings & Recent Changes
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Daily Journal Corporation, long associated with Charlie Munger’s deep value philosophy, continues to showcase one of the most concentrated and inactive equity books among U.S. superinvestors. Its Q3’2025 portfolio remains a four-stock collection worth $262.2M, with 0.0% turnover and no reported changes during the quarter—an extreme expression of long-term, buy-and-hold conviction.
Portfolio Overview: A Four-Stock Case Study in Inactivity
Portfolio Highlights (Q3’2025): - Market Value: $262.2M
- Top 10 Holdings: 100.0%
- Portfolio Size: 4 +0
- Average Holding Period: 40 quarters
- Turnover: 0.0%
The latest Daily Journal portfolio shows no new positions, no exits, and no sizing changes. With just four holdings making up 100% of reported equity exposure and an average holding period of 40 quarters (10+ years), this is effectively a frozen portfolio—designed to let compounding, not trading, do the heavy lifting.
Such zero-turnover behavior in a concentrated book is rare even among value investors. It underlines an approach that emphasizes buying a handful of high-quality businesses at attractive prices and then largely ignoring market noise. Investors studying the Daily Journal Corp portfolio are effectively looking at a long-duration, high-conviction bet on a small number of companies rather than an actively traded idea pipeline.
From an analytical standpoint, the Q3’2025 Daily Journal equity book is more about persistence than change. The message isn’t in new trades—it’s in the absence of them. That makes this filing particularly valuable for understanding what this investor is willing to hold through multiple market cycles, inflation regimes, and rate environments.
Holdings Overview: A Quiet Quarter with No Reported Changes
For Q3’2025, the 13F data lists four positions and shows no “Add”, “Reduce”, “Buy”, or “Sell” activity in the JSON data provided. That means:
- All existing holdings were maintained.
- No new stocks were introduced.
- No positions were trimmed or exited.
Because both holdings_with_changes and top_10_holdings are empty in the provided dataset, we cannot reliably list or quantify individual positions, tickers, or allocation percentages without going beyond the supplied data. In line with the requirement to extract all data exclusively from the JSON and not fabricate metrics, this section can only characterize the portfolio at an aggregate level.
What we can say from the structure:
- The portfolio is fully concentrated in four names (100% in top 10, with only 4 positions).
- Those names have been held, on average, for 40 quarters, so each is likely a core, long-term conviction position rather than a tactical trade.
- The lack of reported changes in
holdings_with_changesis consistent with the 0.0% turnover statistic.
For readers, the implication is clear: rather than trying to front-run incremental trades, it is more productive to study the underlying businesses and the rationale for decade-long ownership, then monitor the Daily Journal 13F page each quarter for the rare moments when something does change.
What the Portfolio Reveals About Current Strategy
Even without line‑by‑line positions, the Q3’2025 snapshot of this four-stock portfolio tells us a lot about strategy:
- Quality and durability over activity
- A 40‑quarter average holding period and 0.0% turnover suggest businesses that can be held through multiple macro regimes without constant adjustment.
- This is the opposite of factor- or theme-chasing; it’s an owner mentality applied to public equities.
- Extreme concentration as a feature, not a bug
- With only four positions, each stock must clear a very high bar in terms of business quality, balance sheet strength, and long-term runway.
- Diversification is achieved more through time (staying invested) than through owning dozens of names.
- Implicit risk management via selection, not trading
- Instead of hedging with derivatives or rapid turnover, risk is controlled by avoiding low-quality or speculative businesses from the outset.
- The long holding periods imply confidence in the ability of these companies to self-fund growth, withstand downturns, and compound intrinsic value.
- Minimal trading cost and tax drag
- Zero turnover means lower transaction costs and, in many jurisdictions, deferral of capital gains taxes, enhancing compounding.
For investors looking to understand “superinvestor patience,” the current Daily Journal portfolio is one of the cleanest examples available.
Portfolio Concentration Analysis
Because the top_10_holdings array in the JSON is empty, there is no position-level data available to populate a holdings table (e.g., company name, dollar value per position, or exact % of portfolio). The instructions explicitly require:
- Using
top_10_holdingsfor the markdown table - Not fabricating numbers or metrics beyond the JSON
Given top_10_holdings: [], the correct, non-fabricated representation is:
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| *Data not available in this 13F JSON snapshot* | – | – | – |
Even though this table is empty, the concentration picture is still clear at the portfolio level:
- 100% of reported equity exposure is in the “top 10” (which in this case is just 4 holdings).
- There are no small tracking positions or wide diversification—every stock is a meaningful bet.
- This is closer to a private-equity-style portfolio than a typical mutual fund with dozens or hundreds of names.
For investors, the implication is that any future change to the top_10_holdings data—when it appears—will be highly informative, since each individual stock is a major driver of overall returns.
Investment Lessons from Daily Journal Corporation’s Approach
Studying the Q3’2025 filing, even at an aggregate level, surfaces several enduring lessons:
- Concentrate when you truly understand the businesses
A four‑stock portfolio is only sensible if each company has been deeply researched and monitored. Superficial knowledge does not justify this level of focus. - Holding periods are a core part of the edge
An average of 40 quarters shows that time in the market, not timing the market, is central to the strategy. The edge comes from letting compounding work, not constant trading. - Let quality compound, don’t interrupt it
Zero turnover suggests that once a high-quality business is purchased at a sensible price, the default is to do nothing unless the thesis breaks. - Simplicity can beat complexity
Four stocks, no visible activity, and a patient horizon is a radically simple approach compared with factor models, high-frequency trading, or hyper‑diversified portfolios. - Treat stocks like fractional ownership of real businesses
The behavior in this 13F aligns with the idea that equities are long-term ownership stakes, not trading tickets. This mindset naturally lengthens holding periods and reduces noise.
Looking Ahead: What Comes Next?
While the Q3’2025 13F for Daily Journal Corporation’s portfolio shows no action, that lack of movement is itself a signal:
- Limited visible dry powder, but significant patience
With four reported holdings accounting for 100% of the disclosed equity book, any future addition will likely require a partial or full trim elsewhere—or new capital. - High bar for new ideas
If a new stock appears in a future filing, it will almost certainly have cleared an exceptionally stringent quality and valuation filter, given how rarely changes occur. - Prepared for a range of market outcomes
Long-established holdings with a decade-long average tenure suggest businesses that can weather recessions, inflation, and rate cycles. The portfolio appears built for resilience, not tactical macro bets. - Monitoring for inflection points
The real opportunity for followers is not in tracking minor quarterly tweaks (there are none right now), but in watching for:- A new fifth position
- A full exit from one of the four core holdings
- A meaningful reduction indicating a change in long-term conviction
You can track any future changes as soon as they are filed via the Daily Journal superinvestor page on ValueSense.
FAQ about Daily Journal Corporation’s Portfolio
Q: Were there any changes in Daily Journal Corporation’s portfolio in Q3’2025?
No. The Q3’2025 13F snapshot shows 0.0% turnover, an unchanged portfolio size of 4 +0, and an empty holdings_with_changes section in the JSON, indicating no reported buys, sells, or position-size adjustments for the quarter.
Q: How concentrated is the Daily Journal equity portfolio?
Extremely concentrated. The four reported positions make up 100.0% of the disclosed portfolio, with no small satellite holdings or broad diversification. Every stock is a major driver of performance.
Q: What does the 40-quarter average holding period tell us?
A 40‑quarter (roughly 10‑year) average holding period signals a deeply long-term approach, where positions are held through full business and market cycles. The focus is on business fundamentals and intrinsic value, not quarter‑to‑quarter price movements.
Q: Why aren’t individual positions and percentages listed here?
The provided JSON for this analysis includes only aggregate portfolio statistics (market value, size, top‑10 percentage, holding period, turnover) and an empty top_10_holdings array. To comply with the requirement not to fabricate numbers or metrics, we cannot infer or guess tickers, values, or allocation percentages beyond what is explicitly in the dataset.
Q: How can I track Daily Journal Corporation’s portfolio going forward?
You can follow all reported holdings and quarterly 13F updates on ValueSense’s dedicated superinvestor page: Daily Journal Corporation’s portfolio. ValueSense aggregates 13F filings, visualizes allocation changes over time, and helps you see when this typically inactive portfolio finally makes a move. Remember that 13F filings are reported with a 45‑day lag after quarter‑end, so actual positions may evolve slightly before they appear in public data.
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