(Bloomberg) – Daily Journal Corp., a newspaper and software company that counts Charlie Munger as one of its stock portfolio supervisors, has cut its stake in Chinese internet giant Alibaba Group Holding Ltd. by about half.
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The Los Angeles-based company held 300,000 U.S. depositary shares in Alibaba at the end of March, according to a regulatory filing Monday. That’s down from 602,060 at the end of last year. The Daily Journal’s current Alibaba holdings are valued at around $31 million as of 2:35 p.m. New York.
For years, Munger led the Daily Journal as chairman, in addition to his role as vice chairman of Warren Buffett’s Berkshire Hathaway Inc. sits on the board of directors and “continues to pay close attention to matters with which he has been involved in the past, including the company’s securities portfolio,” according to a regulatory filing at the time. He also said he would donate $1 million of his stock in the company to create a stock incentive plan.
Daily Journal is known for its collection of articles and for selling software to clients including legal agencies and courts. The company also owns a collection of stocks in addition to its operating business, similar to Berkshire’s strategy of equally investing while owning businesses. His stock portfolio consisted of five different investments that were publicly disclosed at the end of March, including holding company Alibaba which he began disclosing a year ago.
Munger’s aide said he declined to comment on Alibaba’s participation in the Daily Journal. Alibaba’s US certificates of deposit fell nearly 50% in 2021 and are down nearly 14% this year.
(Updates with rating in second paragraph and price in fifth.)
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