Berkshire Dumps Wells, Exits Synchrony, Sells Half Of Chevron, Adds New Stake In Aon: Full 13F Summary

Berkshire Dumps Wells, Exits Synchrony, Sells Half Of Chevron, Adds New Stake In Aon: Full 13F Summary

While Berkshire’s portfolio made headline news a few weeks ago when the company held its annual report, moments ago Berkshire Hathaway filed its Q1 13-F which provided a more detailed glimpse into its holdings as of March 31, 2021.

It showed two exits (Synchrony Financial and Suncor), one new position, a 4.1 million stake worth just under $1 billion in British insurer Aon Plc that is working now to close a deal with rival Willis Towers Watson, and perhaps most notably the nearly complete liquidation of Berkshire’s remaining position in Wells Fargo.

As a reminder, in addition to dumping its entire stake in JPMorgan and M&T Bank, last quarter Berkshire also continued its gradual selling of its formerly favorite US bank, Wells Fargo, selling 59% of its holdings in Q4. Fast forward three months when there was no more Mr nice guy and as of March 31, Berkshire’s position in Wells had collapsed by 99%, leaving Buffett with a tiny stub of just 675,054 WFC shares worth $26.4 million.

Elsewhere, Berkshire – whose long portfolio as of March 31 had a value of just over $270 billion – added to its holdings of Kroger, boosting that stake up 52%, and also bought more Verizon (+8%), RH (+1%) and also Marsh McLennan, adding 24% to its stake.

At the same time, Berkshire also cut quite a few holdings – 11 in total shown in orange below – and in addition to the near liquidation of its Wells holdings, what we found more interesting is that after revealing a 48.5 million stake in Chevron last quarter, worth just over $4 billion, Berkshire has trimmed this in half, and as of March 31 it held just 23.7 million shares, worth $2.5 billion. Is Buffett’s infatuation with E&P over, or is the massive fund preparing to reallocate to the company which many had said it would buy all along, Exxon.

The full 13F summary is below (SEC link here).

 

Tyler Durden
Mon, 05/17/2021 – 17:35

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