Warren Buffett's Berkshire Hathaway has bought billion-dollar stakes in Chevron and Verizon last quarter. According to the company's latest portfolio update, Berkshire owned 48.5 million shares worth $4.1 billion in the energy company, as of December 2020. The conglomerate also owns 147 million worth $8.6 billion in the telecom major, exchange filing revealed.
To keep Berkshire's cost-base low and avoid frenzy buying in the stocks, the billionaire investor had attained US Securities and Exchange Commission's permission to keep the two investments under wraps until they were done building their position.
Berkshire also bought $500 million worth of shares in insurance company Marsh & McLennan and boosted its pharmaceutical portfolio investing in the likes of AbbVie, Merck, and Bristol Myers Squibb. Kroger, RH, and T-Mobile were the other stocks Berkshire bought in the December quarter.
On the other hand, Berkshire trimmed stake in Apple, its largest holding, by 57 million shares or 6 percent capital last quarter. Apple now accounts for 44 percent of the conglomerate's portfolio, down from 48 percent at the end of September quarter. It also reduced stake in investment banks JPMorgan and PNC Financial and sold off its entire stake in Pfizer despite only investing in the drugmaker in the third quarter of 2020.
It also cut its stakes in Suncor Energy, US Bancorp, and GM and exited Barrick Gold.