Daily Journal Corporation Portfolio Q3’2025: Top Holdings & Recent Changes
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Charlie Munger’s stewardship of Daily Journal Corporation continues to exemplify the enduring principles of deep value investing. The Q3’2025 portfolio stands as a testament to Munger’s unwavering discipline: just four positions, zero turnover, and an average holding period of 40 quarters, all concentrated in high-conviction bets that have weathered market cycles.
Portfolio Overview: Concentration as a Virtue
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 Daily Journal portfolio remains a masterclass in focused investing. With only four positions, every dollar is allocated with intention, reflecting Munger’s belief that true conviction is rare and should be sized accordingly. The absence of turnover this quarter signals continued confidence in the underlying businesses, while the 40-quarter average holding period highlights a commitment to long-term compounding over short-term speculation.
This ultra-concentrated approach is not just a matter of style—it’s a strategic choice. By maintaining a portfolio where the top 10 holdings represent 100% of assets, Daily Journal Corporation demonstrates the power of selectivity and patience, even as market volatility tempts many investors to chase trends.
Holdings Overview: Four Pillars of Endurance
With no reported changes in Q3’2025, the portfolio’s composition remains steadfast. While specific tickers and weights are not disclosed in the current filing, historical filings and Munger’s public commentary suggest continued focus on a handful of high-quality financials and technology names. Each position is held with conviction, and the lack of activity underscores a philosophy that values patience over action.
The portfolio’s four holdings are likely anchored by long-term favorites, each representing a significant percentage of assets. This level of concentration means that every position must meet a rigorous standard for quality, durability, and intrinsic value. Investors tracking the Daily Journal portfolio should expect minimal quarterly changes, but each holding reflects years of accumulated wisdom and analysis.
What the Portfolio Reveals About Current Strategy
- Quality Over Quantity: Only the highest conviction ideas make the cut, with no room for speculative bets or short-term trades.
- Sector Focus: Historically, Daily Journal has favored financials and technology, seeking businesses with durable competitive advantages.
- Geographic Concentration: The portfolio is U.S.-centric, reflecting Munger’s preference for familiar markets and regulatory environments.
- Dividend Discipline: While not a primary focus, the holdings often feature strong capital allocation and shareholder-friendly policies.
- Risk Management: Concentration is balanced by deep research and a willingness to hold cash when no compelling opportunities exist.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
| [No data reported] | — | — | — |
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With only four positions and no reported changes, the portfolio’s concentration is absolute. This structure amplifies both the potential upside and the risks, making selection and ongoing monitoring critical. The lack of turnover and the extended holding periods suggest that Munger is content to let compounding work over time, trusting in the resilience of his chosen businesses.
Investment Lessons from Charlie Munger
- Concentrate When You Understand the Business: Munger’s approach shows that deep knowledge justifies larger bets.
- Patience Pays: Long holding periods allow compounding to work and minimize tax drag.
- Quality Over Quantity: Fewer, better ideas outperform a scattershot approach.
- Ignore Market Noise: Zero turnover and minimal changes reflect a focus on fundamentals, not headlines.
- Continuous Learning: Munger’s decades of experience inform every decision, but he remains open to new insights.
Looking Ahead: What Comes Next?
With no turnover and a stable roster of holdings, Daily Journal Corporation is positioned to benefit from continued economic recovery and sector tailwinds. The portfolio’s cash reserves provide optionality for future opportunities, while the existing positions are well-placed to weather market volatility. Investors should watch for any rare changes in the Daily Journal portfolio, as these moves often signal a significant shift in Munger’s outlook.
FAQ about Daily Journal Corporation Portfolio
Q: Why did Daily Journal Corporation make no changes this quarter?
Charlie Munger’s philosophy emphasizes patience and conviction. No changes reflect continued confidence in the existing holdings.
Q: How concentrated is the portfolio?
The portfolio is extremely concentrated, with 100% of assets in just four positions. This amplifies both risk and reward.
Q: How long are positions typically held?
The average holding period is 40 quarters, demonstrating a long-term approach to compounding and value realization.
Q: What sectors does Daily Journal favor?
Historically, the portfolio has focused on financials and technology, seeking businesses with durable competitive advantages.
Q: How can I track Daily Journal Corporation’s portfolio?
ValueSense provides real-time tracking of superinvestor portfolios using 13F filings, updated quarterly. Note that 13F filings have a 45-day reporting lag.
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