Berkshire Hathaway canceled its equity investments in Bank of New York Mellon, US Bancorp, Taiwan Semiconductor and RH during the first quarter, according to a report late Monday.
Berkshire (stock symbol: BRK.A, BRK.B) also took up a position in Capital One Financial (COF), buying a stake of 9.9 million shares worth about $900 million. Shares of the company rose about 6% in after-hours trading.
Berkshire owned about 25 million shares of Bank of New York Mellon (BK) worth more than $1 billion, 8.9 million shares of Taiwan Semiconductor (TSM) worth $700 million, nearly 7 million shares in US Bancorp (USB) worth more than $1 billion. Less than $300 million. and about 2.4 million shares of RH Furniture Chain (RH) valued at $600 million.
CEO Warren Buffett told shareholders at Berkshire’s annual meeting that he was selling bank stocks because he had grown less fond of the industry.
Berkshire also reduced its stake in Activision Blizzard (ATVI) by 3.3 million shares to 49.4 million shares, a stake worth about $3.3 billion.
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Berkshire reduced its stake in General Motors (GM) by 10 million shares in the first quarter to 40 million shares, a stake now worth about $1.2 billion.
Buffett said at the annual meeting that the auto industry is “very tough” and that “I don’t think I can tell you what the auto industry will look like 5 or 10 years from now.” Berkshire’s ownership in GM is believed to have been started by either Todd Combs or Ted Wechler, who together manage about 10% of the company’s $350 billion stock portfolio.
Buffett generally does not make it clear what stock holdings he owns, which are from Combs and Wachler, and which may be in common. Buffett manages 90% of the portfolio, and as CEO he’s responsible for it all.
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Berkshire’s 13-F filing is complicated this quarter by listing holdings that were reported separately by New England Asset Management, a unit of Berkshire’s general insurance division.
These holdings are now included in Berkshire’s 13-F filing. The result is that Berkshire’s holdings in a range of stocks, notably Apple (AAPL), Bank of America (BAC), Chevron (CVX), and HP (HPQ), are higher as reported in 13-F versus the fourth quarter of 2022 but are Didn’t actually change. Berkshire revealed the change in Press release Monday afternoon.
Berkshire now owns 915.6 million shares of Apple, 1.03 billion shares of Bank of America, 132 million shares of Chevron, and 121 million shares of HP. Apple’s stake is worth about $158 million and makes up about 45% of the total portfolio.
Chevron’s stake was reduced by 35 million shares in the first quarter, a disclosure made in Berkshire’s 10-Q earlier in May. Berkshire bought 17 million shares of Occidental Petroleum (OXY) in the first quarter, which was also disclosed earlier. Berkshire owns 211.7 million shares in the oil and gas company.
Berkshire reduced its stake in Amazon.com (AMZN) by about 100,000 shares and now owns 10.6 million shares of the online retailer. Berkshire reduces its investment
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McKesson (MCK) owns more than 500,000 shares and owns 2.3 million shares.
Write to Andrew Bary at [email protected]
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