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Berkshire Switches Bets on Banks, Adds Wager on Barrick Gold

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. is shifting its investments in banks and betting on Barrick Gold Corp.

Berkshire reduced its JPMorgan Chase & Co. stake by 62% and its Wells Fargo & Co. holding by 26% in the second quarter, while also trimming its bet on PNC Financial Services Group Inc., according to a regulatory filing Friday. The filing no longer showed a holding in Goldman Sachs Group Inc., an investment Berkshire had been cutting in recent quarters.

But he isn’t giving up on banks, instead spending recent weeks building up a stake in one lender he’s been favoring: Bank of America Corp.

Berkshire ended up taking a new stake in Barrick Gold, a holding that was valued at about $564 million at the end of that period.

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The liveblog on 13F filings is here.

Seven exited holdings:

The second-quarter 13F filing from Berkshire showed that it cut investments in four major U.S. airlines, a move that Buffett announced in May at his annual meeting. He reversed course on the airline bet after the start of the pandemic, saying that the world has changed for the industryRestaurant Brands International Inc.: 8.44 million valued at $337.8 millionGoldman Sachs Group Inc., Occidental Petroleum Corp.

One new buy:

Barrick Gold: 20.9 million shares valued at $563.5 million, representing 1.2% of shares outstanding

Four increased holdings, including:

Store Capital: 5.79 million shares, up 31% to 24.4 million valued at $581.3 million, representing 10% of shares outstandingKroger Co.: 3 million, up 16% to 21.9 million valued at $742.7 million, representing 2.8% of shares outstandingSuncor Energy Inc.: 4.25 million, up 28% to 19.2 million valued at $323.7 million, representing 1.3% of shares outstanding

Ten decreased holdings:

Wells Fargo: 85.6 million shares, down 26% to 237.6 million valued at $6.08 billion, representing 5.8% of shares outstandingJPMorgan Chase & Co.: 35.5 million, down 62% to 22.2 million valued at $2.09 billionSirius XM Holdings Inc.: 82.4 million, down 62% to 50 million valued at $293.5 million, representing 1.1% of shares outstandingPNC Financial Services Group Inc.: 3.85 million, down 42% to 5.35 million valued at $562.9 million, representing 1.3% of shares outstandingM&T Bank Corp.: 845,866, down 16% to 4.54 million valued at $471.6 million, representing 3.5% of shares outstandingBank of New York Mellon Corp., Mastercard Inc. Class A, Visa Inc. Class A, Charter Communications Inc. Class A, US Bancorp

Top holdings:

Apple: unchanged at 245.2 million shares valued at $89.4 billionBank of America Corp.: unchanged at 925 million valued at $22 billion. Berkshire purchased more Bank of America stock after the second quarter ended, snapping up at least $2 billion of shares in late July and early AugustCoca-Cola Co.: unchanged at 400 million valued at $17.9 billionAmerican Express Co.: unchanged at 151.6 million valued at $14.4 billionKraft Heinz Co.: unchanged at 325.6 million valued at $10.4 billion

The investment adviser’s disclosed holdings rose 15% in value in the second quarter to $202.4 billion. The Standard & Poor’s 500 index advanced 20%.

Shares outstanding percentage is shown where ownership exceeds 1%.

Click here for the holder’s 13F filings.

Click here for the holder’s equity holdings analysis.

Click here for the holder’s investor profile.

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