Billionaire Warren Buffett’s massive selling spree at Berkshire Hathaway continues, with the legendary investor executing a net sell-off of $6.1 billion in stocks in the third quarter.
New SEC filings show the Berkshire CEO sold $12.5 billion worth of Berkshire’s equities while buying just $6.4 billion in equities.
This marks the 12th straight quarter of net stock sales for the conglomerate and leaves Berkshire’s cash reserves at a record $381.6 billion by September’s end.
Berkshire halted share buybacks entirely during the period, a shift from prior quarters.
The firm’s operating earnings rose 34% to $13.5 billion, driven by insurance and utilities.
Specific stocks bought or sold remain undisclosed, pending the company’s 13F filing due later this month.
Analysts view the cash buildup as a defensive stance, with the 95 year-old investor believing valuations are high with opportunities scarce.
In Q2, Berkshire increased positions in UnitedHealth Group, Nucor, Lennar, Pool Corporation and D.R. Horton, with cuts in Apple, T-Mobile, DaVita and Charter Communications.
The latest available data as of Q2 shows Berkshire’s biggest position is in Apple (AAPL), with 280 million shares valued at about $57 billion, representing 22% of the firm’s portfolio.
Next up is American Express (AXP), with the firm holding 151 million shares valued at $48 billion, representing 18% of its portfolio.
And despite steadily unloading Bank of America (BAC), the stock remains Berkshire’s third-largest position with 605 million shares valued at $28 billion, representing 11% of Berkshire’s holdings.
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