Berkshire Hathaway, led by Warren Buffett, continues to make strategic moves in its investment portfolio. The company recently sold off its remaining holdings of General Motors (GM) and made adjustments to several other positions.
General Motors Withdrawal
In the third quarter, Berkshire Hathaway fully divested from General Motors, as indicated by its latest 13F filings. The move comes as the automaker's shares experienced a retreat, dropping 16% since the beginning of the year. General Motors had been dealing with worker strikes, which only just concluded.
Other Portfolio Adjustments
Aside from General Motors, Berkshire Hathaway also sold off some smaller holdings. This included positions in Procter & Gamble (PG), Mondelez International (MDLZ), and United Parcel Service (UPS). Additionally, the company reduced its holdings in HP (HPQ) and oil major Chevron (CVX).
Impact on Berkshire Hathaway
Although Berkshire Hathaway's largest investments faced challenges in the last quarter, the company itself remained strong. Its shares are up 15% for the year overall. Apple (AAPL), which accounts for 50% of the company's entire portfolio, experienced a decline in value during the third quarter. However, Berkshire Hathaway did not buy or sell any shares of Apple during this period. Other top holdings, such as Bank of AmericaCorp (BAC), American Express (AXP), and Coca-Cola (KO), remained unchanged.
Berkshire Hathaway's Recent Activity
Billionaire investor Warren Buffett and Berkshire Hathaway have been relatively inactive in the stock market lately. In the third quarter, the company sold $7 billion in shares and made $1.7 billion in purchases. Over the first nine months of the year, Berkshire Hathaway was a net seller of approximately $23 billion in shares. This is in contrast to 2022, when the company was a net buyer of $49 billion during the same period.
At the end of September, Berkshire Hathaway held a record $157 billion in cash and equivalents, a significant increase from nearly $10 billion at the end of June. The company also repurchased $1.1 billion worth of its own shares during the three-month period ending in September.
It is evident that Berkshire Hathaway continues to strategically manage its investment portfolio, making adjustments based on market conditions and opportunities.