Warren Buffett's company invested in Bank of New York Mellon and sold off stakes in Home Depot, NRG Energy, CarMax and Republic Services during an active third quarter.
Berkshire Hathaway Inc. revealed a number of changes to its $48.6 billion U.S. stock portfolio Monday in documents filed with the Securities and Exchange Commission. Buffett also revealed some new details Monday about Berkshire's incoming investment manager.
Officials at the Omaha-based company Buffett leads as chairman and CEO don't typically comment on the company's stock holdings beyond what it is legally required to disclose, and officials did not respond to a request for comment Monday.
The changes Berkshire made to its U.S. stock portfolio between the end of June and the end of September included eliminating several investments. Berkshire sold off its 2.8 million shares of retailer Home Depot Inc., 7.7 million shares of used car seller Carmax Inc., 6 million shares of NRG Energy Inc., and 10.8 million shares of trash hauler Republic Services Inc.
Berkshire also reduced several of its holdings. The company cut its Comcast stake to 186,897 shares from 12 million, dropped its Nike holdings to 3.6 million shares from 7.6 million shares and slashed its Ingersoll-Rand Co. stake to 636,600 shares from 5 million. It also reduced its Fiserv Inc. holdings to 3.9 million shares from 4.4 million, cut its Nalco Holding Co. stake to 6.1 million shares from 9.15 million and scaled back its Procter & Gamble holdings to 76.8 million shares from 78.1 million.
The most notable addition to Berkshire's portfolio was nearly 2 million shares of BNY Mellon. Berkshire also picked up 16 million shares of Wells Fargo & Co. to expand its holdings in the banking giant to 336.4 million shares.
Berkshire increased its stake in Johnson & Johnson to 42.6 million shares from 41.3 million.
Monday's filing does not differentiate between investments Berkshire makes, investments any of roughly 80 subsidiaries make, or investments Buffett himself makes.
Apart from the portfolio update, a few new details emerged Monday about the man Buffett has hired to help manage Berkshire's investment portfolio. Buffett told Fortune magazine that Todd Combs will manage between $2 billion and $3 billion when he joins Berkshire next year.
Previously, Berkshire had said only that the 39-year-old Combs would manage a "significant portion" of the company's investment portfolio. Combs agreed to leave his job managing the Castle Point Capital hedge fund to join Berkshire.
Buffett has said that after he is gone, Berkshire's investment duties will likely be split among three or more different managers who would report to the next CEO. Those investment managers will be in charge of Berkshire's stock portfolio and its other investments.
Combs may earn an opportunity to become one of those investment managers one day, but the 80-year-old Buffett remains in good health and says he has no plans to retire.
Berkshire owns insurance clothing, furniture, utility, jewelry and corporate jet companies. It also has big investments in companies including Coca-Cola Co., American Express and the Washington Post.
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