Buffett’s firm cuts stakes U.S. Bank, BYD; adds chip maker

Nov 14, 2022, 12:55 PM | Updated: 5:56 pm
FILE - Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge follo...

FILE - Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting on May 5, 2019, in Omaha, Neb. Buffett's company revealed that it had cut its holdings in U.S. Bank's parent company and in Chinese electric car maker BYD ahead of offering a full update on its stock portfolio Monday, Nov. 14, 2022. (AP Photo/Nati Harnik, File)

(AP Photo/Nati Harnik, File)

OMAHA, Neb. (AP) — Warren Buffett’s company slashed its stake in U.S. Bank’s parent company and also sold shares in Chinese electric car maker BYD in the third quarter, according to regulatory filings Monday.

The moves were among several others including a more than $4.1 billion investment in Taiwan Semiconductor that Berkshire Hathaway disclosed in the filings with the SEC and the Hong Kong stock exchange.

The filings detailed all the stock moves made by Buffett’s company in the third quarter.

Many investors follow Berkshire’s moves closely because of Buffett’s remarkably successful track record over the decades.

Berkshire revealed a new 60 million share stake in Taiwan Semiconductor and two smaller new investments in Jefferies Financial Group and Louisiana Pacific Corp.in Monday’s filing.

Berkshire also picked up nearly 4 million more Chevron shares worth more than $700 million to give it 165.4 million shares and continue betting on oil producers. One of Buffett’s biggest investments this year has been buying up roughly $12 billion of Occidental Petroleum shares, including adding nearly 36 million shares in the third quarter.

Buffett’s company trimmed its Activision Blizzard, General Motors and Kroger holdings during the quarter. It also eliminated an investment in Store Capital Corp.

Berkshire said Friday that it now owns 3.5% of Minneapolis-based U.S. Bancorp, down from nearly 10% at the start of the year. The 52.5 million shares Berkshire now holds were worth roughly $2.4 billion Monday.

It also reduced its investment in the Bank of New York Mellon by 10 million shares during the quarter.

But financial stocks remain a core part of Berkshire’s portfolio. The Omaha, Nebraska-based conglomerate’s stake of more than 1 billion shares of Bank of America is one of its biggest investments.

Berkshire’s filings with regulators don’t specify if the decisions were made by Buffett or were the responsibility of the company’s two other portfolio managers, but Buffett generally handles investments over $1 billion. Berkshire officials don’t routinely comment on these stock filings, and they haven’t said why they are selling BYD and U.S. Bancorp stocks.

Berkshire said it now owns a little over 182 million BYD shares, down from 225 million when it started selling off the stock in August. Previously, Buffett hadn’t touched the investment he paid $232 million for in 2008. The stake had soared in value to nearly $7.7 billion by the end of last year.

Buffett’s company now holds 16.6% of the Hong Kong-issued shares of BYD.

Besides its equity investments, Berkshire owns more than 90 companies outright, including Geico insurance, BNSF railroad, several major utilities and an assortment of well-known brands such as Duracell, Dairy Queen and Fruit of the Loom.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FILE - A ferry berths as a partially illuminated Colombo Lotus Tower, a multi complex digital trans...
Associated Press

Sri Lanka marks independence anniversary amid economic woes

COLOMBO, Sri Lanka (AP) — Sri Lanka marked its 75th independence anniversary on Saturday as a bankrupt nation, with many citizens angry, anxious and in no mood to celebrate. Many Buddhists and Christian clergy had announced a boycott of the celebration in the capital, while activists and others expressed anger at what they see as […]
24 hours ago
FILE - President Joe Biden delivers his first State of the Union address to a joint session of Cong...
Associated Press

Biden makes progress on ‘unity agenda’ outlined in 2022

WASHINGTON (AP) — A year ago, President Joe Biden used his first State of the Union address to push top Democratic priorities that were sure to face a battle in the narrowly divided Congress but he also laid out a four-pronged “unity agenda” that would be an easier sell. Biden’s unity goals would be hard […]
24 hours ago
Associated Press

New California oil well ban put on hold for voters to decide

SACRAMENTO, Calif. (AP) — California’s new law banning new oil and gas wells near homes, schools and other community sites has been put on hold until after voters decide next year whether to throw it out, officials announced Friday. Opponents of Senate Bill 1137 gathered more than 623,000 valid voter signatures to put a referendum […]
24 hours ago
FILE - Florida Gov. Ron DeSantis speaks after being sworn in to begin his second term during an ina...
Associated Press

Florida lawmakers to meet next week on Disney, immigration

TALLAHASSEE, Fla. (AP) — Florida lawmakers will meet next week to complete a state takeover of Walt Disney World’s self-governing district and debate proposals on immigration and election crimes, as Republican Gov. Ron DeSantis continues to leverage national political fissures ahead of an expected White House run. Republican leaders of the Legislature, in coordination with […]
24 hours ago
FILE - Johnny Thai, 11, receives the Pfizer COVID-19 vaccine at a pediatric vaccine clinic for chil...
Associated Press

California won’t require COVID vaccine to attend schools

SACRAMENTO, Calif. (AP) — Children in California won’t have to get the coronavirus vaccine to attend schools, state public health officials confirmed Friday, ending one of the last major restrictions of the pandemic in the nation’s most populous state. Gov. Gavin Newsom first announced the policy in 2021, saying it would eventually apply to all […]
24 hours ago
Part of the 988helpline.org website is photographed Friday, Feb. 3, 2023. A cyberattack caused a ne...
Associated Press

Feds say cyberattack caused suicide helpline’s outage

WASHINGTON (AP) — A cyberattack caused a nearly daylong outage of the nation’s new 988 mental health helpline late last year, federal officials told The Associated Press Friday. Lawmakers are now calling for the federal agency that oversees the program to prevent future attacks. “On December 1, the voice calling functionality of the 988 Lifeline […]
24 hours ago

Sponsored Articles

Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
Buffett’s firm cuts stakes U.S. Bank, BYD; adds chip maker