Buffett’s firm adds a luxury brand, trims a bank holding
Investors follow what Berkshire buys and sells closely because of Buffett's successful track record.
Warren Buffett’s company made some changes to its holdings, favoring luxury goods and cutting back on banking.
Berkshire Hathaway filed a quarterly update on its U.S. stock portfolio with regulators on Thursday.
The new investments are in luxury retailer RH and Occidental Petroleum.
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Berkshire picked up 1.2 million shares of specialty home furnishings retailer RH and acquired nearly 7.5 million shares of Occidental Petroleum as part of helping finance Occidental’s acquisition of Anadarko. Berkshire invested $10 billion in the Occidental deal during the quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RH | RH | 379.26 | -5.88 | -1.53% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 50.42 | -0.16 | -0.32% |
The company trimmed its Wells Fargo position to 378.4 million shares from 409.8 million. In the past, Buffett has sold some Wells Fargo stock to keep Berkshire’s stake below 10 percent, even after the bank’s stock repurchases.
Investors follow what Berkshire buys and sells closely because of Buffett's successful track record.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 75.28 | -0.89 | -1.17% |
| AAPL | APPLE INC. | 239.59 | +2.26 | +0.95% |
| PSX | PHILLIPS 66 | 136.43 | +2.45 | +1.83% |
Berkshire also trimmed its Apple holdings during the quarter although the iPhone maker remained Buffett’s biggest single investment at 248.8 million shares.
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Buffett’s firm also reduced its stake in refiner Phillips 66 to 5.2 million shares from 5.55 million.
The Associated Press contributed to this article.