Warren Buffett's Berkshire Hathaway recently sold off its remaining holdings of General Motors (GM) as the car maker's shares retreated. According to the latest 13F filings, Berkshire Hathaway no longer held any GM stock at the end of the third quarter. GM has faced challenges this year with worker strikes, leading to a 16% drop in its shares since the start of the year.
In addition to selling off its GM holdings, Berkshire Hathaway also divested some of its smaller holdings. This included positions in Procter & Gamble (PG), Mondelez International (MDLZ), and United Parcel Service (UPS). Furthermore, Berkshire reduced its holdings in HP (HPQ) and oil major Chevron (CVX).
Despite these moves, Berkshire Hathaway's overall performance remains strong. Its shares have risen by 15% this year, although some of its biggest bets took a hit in the last quarter.
One notable example is Apple (AAPL), which accounts for 50% of Berkshire's entire portfolio. The value of Berkshire's stake in Apple dropped from $176 billion to $157 billion in the third quarter. However, Berkshire neither bought nor sold any shares of Apple during that period. The company also maintained its holdings in Bank of America Corp (BAC), American Express (AXP), and Coca-Cola (KO) unchanged.
Billionaire investor Buffett and Berkshire Hathaway have mostly stayed out of the stock market recently. The company sold $7 billion in shares and bought $1.7 billion in the third quarter. In the first nine months of the year, it was a net seller of about $23 billion in shares compared to being a net buyer of $49 billion in the first nine months of 2022.
Despite this, Berkshire made some additions to its portfolio in the quarter. One notable addition was approximately $44 million worth of Sirius XM (SIRI) stock, which saw a 7.4% jump in premarket trading on Wednesday.
At the end of September, Berkshire was sitting on a record $157 billion in cash and equivalents, a significant increase from almost $10 billion at the end of June. Additionally, the company bought back $1.1 billion of its own shares in the three months leading up to September.
Overall, Berkshire Hathaway's shares were up 0.5% early on Wednesday.
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