Berkshire Hathaway revealed it sold roughly $6.1 billion in common stock during the three months ending September 30, continuing a broader retreat from equities, the Financial Times reports.

Chairman Warren Buffett has been more inclined to sell than buy lately, as soaring valuations across several sectors have limited new opportunities.

Over the past three years, Berkshire has unloaded about $184 billion worth of shares. Meanwhile, its cash reserves climbed to an unprecedented $382 billion, fueled by earnings from a wide range of operations spanning insurance, manufacturing, utilities, and rail transport. That figure excludes about $23 billion in liabilities tied to short-term Treasury positions for the quarter.

For the fifth straight quarter, Berkshire refrained from repurchasing its own shares. Buffett, 95, appears content to wait on the sidelines as markets stay elevated.

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The company’s stock has underperformed the S&P 500 since Buffett announced he would step down as chief executive at the end of the year. His successor, Greg Abel, 62, currently oversees Berkshire’s non-insurance businesses and will take over in January.

“This was a strong quarter across all divisions,” said Chris Bloomstran, president and chief investment officer of Semper Augustus Investments, a longtime Berkshire shareholder.

After several quiet years without major acquisitions, Berkshire recently agreed to purchase Occidental Petroleum’s petrochemicals unit for $9.7 billion in cash, the first large-scale deal under Abel’s leadership.

Investors have been watching the leadership transition closely since Buffett confirmed his retirement plans at Berkshire’s annual meeting in May. Since then, the conglomerate’s Class A shares have dropped roughly 12%, even as the S&P 500 gained about 20%.

Despite the underperformance, some shareholders remain confident in Abel’s ability to lead. “Greg is absolutely the right person for the job,” Bloomstran said. “He understands the company’s culture and long-term philosophy.”

Buffett has encouraged investors to focus on operating profit rather than short-term market swings. When currency fluctuations are factored in, Berkshire’s earnings climbed 34% year-over-year to $13.5 billion, buoyed largely by strong results from its insurance operations.

Subsidiary Geico expanded its policy base, while overall underwriting profit tripled to $2.4 billion in the past year.

A mild U.S. hurricane season helped limit catastrophe losses, though the group still incurred about $1.1 billion in costs tied to California wildfires.

Berkshire’s energy division also posted a weaker quarter, with an additional $100 million set aside for wildfire-related liabilities. Its utility arm, PacifiCorp, continues to face class-action lawsuits connected to a 2020 blaze in Oregon and California.

Despite trimming several equity positions, Berkshire’s investment portfolio rose to $283 billion. The company remains one of the largest shareholders in Apple, though Buffett has reduced that holding in recent years and hasn’t yet confirmed whether further sales occurred in the latest quarter.