NEW YORK: Berkshire Hathaway revealed a US$4.3bil stake in Google parent Alphabet and further reduced its stake in Apple, detailing its equity portfolio for the last time before Warren Buffett ends his 60-year run as chief executive officer (CEO).
In a filing with the US Securities and Exchange Commission, Berkshire said it owned 17.85 million Alphabet shares as of Sept 30.
Berkshire cut its Apple stake to 238.2 million shares from 280 million in the third quarter, and has sold nearly three-quarters of the more than 900 million shares it once held. Apple remained Berkshire’s largest stock holding, at US$60.7bil.
The filing listed Berkshire’s US-listed stock holdings as of Sept 30, which comprised most of the conglomerate’s US$283.2bil equity portfolio.
Berkshire’s investment in Alphabet, which became its 10th-largest US stock holding, is surprising given Buffett’s usual value-investing style and aversion to technology companies.
Buffett considers Apple, which makes the iPhone, more of a consumer products company. It is not clear whether Buffett, his portfolio managers Todd Combs and Ted Weschler, or CEO-designate Greg Abel make specific purchases, though Buffett normally makes larger investments.
Alphabet shares rose 1.7% in after-hours trading. Stock prices often rise when Berkshire reveals new stakes, reflecting what investors view as Buffett’s seal of approval.
Berkshire bought US$6.4bil of stocks and sold US$12.5bil between July and September, the twelfth straight quarter it was a net seller of stocks, while cash grew to a record US$381.7bil. — Reuters
