Warren Buffett on Wednesday shared more details about the stocks he’s been selling. He confirmed that in the second quarter, he sold over 389 million shares of Apple. Despite this, Berkshire Hathaway still holds 400 million Apple shares, making Apple the largest investment in their portfolio. This information was first hinted at in Berkshire’s earnings report earlier this month, but the exact number of shares sold was only revealed recently.
Along with the Apple shares, Berkshire Hathaway has been cutting back on other investments. They have reduced their stakes in Bank of America, Chevron, Capital One, Floor & Decor Holdings, T-Mobile, and Louisiana Pacific. Additionally, they sold their nearly $1 billion investment in Snowflake. These sales have led to a massive increase in Berkshire’s cash reserves, which now stand at a record $277 billion.
New Investments and Berkshire’s Holdings
Even with all the selling, Berkshire Hathaway has been putting money into new areas. They have increased their investments in Chubb, which is an insurance company, and Occidental Petroleum, which is an oil producer. They’ve also made smaller investments in Heico Corp., which makes aerospace parts, and Ulta Beauty, a cosmetics retailer. The quarterly filings don’t specify which moves were made by Buffett and which were handled by other managers at Berkshire, but Buffett typically oversees the largest investments worth over $1 billion.
Buffett’s actions are closely watched by many investors because of his impressive track record over the years. In addition to their nearly $300 billion stock portfolio, Berkshire Hathaway owns several major companies. These include Geico, one of the largest insurance companies in the U.S., BNSF, a major railroad, and a variety of utilities, manufacturing, and retail companies. They also own well-known brands like Dairy Queen, Helzberg Diamonds, and NetJets.
(With AP Inputs)