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Berkshire Hathaway Adds Capital One Stock, Slashes Chevron, Eliminates Bank of New York Stake

Sales of equity securities outpaced stock purchases in Q1.

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Berkshire Hathaway Stock at a Glance

Berkshire Hathaway Update

Wide moat-rated Berkshire Hathaway BRK.A/BRK.B reported a relatively busy first quarter for its equity investment portfolio, with net sales (exclusive of purchases) coming in at an estimated $10.4 billion based on the insurer’s 13-F filing and a similar filing for New England Asset Management, a wholly owned subsidiary of the firm’s Gen Re insurance subsidiary.

The biggest reduction on an absolute basis from the combined portfolios was a meaningful reduction of holdings in Chevron CVX, with Berkshire selling 34.9 million shares (or 21% of total holdings) at the end of 2022 for an estimated $6.0 billion. The company also completely eliminated its stakes in Bank of New York Mellon BK (selling 25.1 million shares for an estimated $1.1 billion), Taiwan Semiconductor Manufacturing TSM (8.3 million shares for an estimated $695 million), and RH RH (2.4 million shares for an estimated $603 million).

Berkshire also trimmed stakes in General Motors GM (10.0 million shares for an estimated $352 million), Activision Blizzard ATVI (3.3 million shares for an estimated $266 million), and McKesson MCK (0.6 million shares for an estimated $207 million). The insurer nearly eliminated its stake in U.S. Bancorp USB, selling 8.1 million shares (or 98% of total holdings) at the end of 2022 for an estimated $323 million.

Additionally, Berkshire and NEAM raised an estimated $443 million through either reducing or eliminating stakes in more than 60 other smaller holdings during the first quarter. Missing from the filings is Berkshire’s sale of shares in BYD BYDDY. Since August of last year, the insurer has sold off close to half of the 20.5% stake it’s held in the Chinese electric car maker since 2008.

Around $970 million of the proceeds generated during the first quarter were directed toward new money purchases, with the biggest investment being 9.9 million shares of Capital One Financial COF, purchased for an estimated $938 million. Berkshire also acquired an additional 17.4 million shares of Occidental Petroleum OXY for $1.0 billion.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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Greggory Warren

Strategist
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Greggory Warren, CFA, is a strategist for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers the traditional U.S.-and Canadian-based asset managers, as well as Berkshire Hathaway.

Before assuming his current role in 2017, Warren covered the financial-services sector as a senior analyst since late 2008. Prior to that time, he covered non-alcoholic beverage manufacturers and distributors, packaged food firms, food service distributors, and tobacco companies. Before joining Morningstar in 2005, Warren worked as a buy-side equity analyst for more than seven years, covering consumer staples and consumer cyclicals.

Warren holds a bachelor's degree in accounting and English from Augustana College. He also holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Chicago. During 2014-19, Warren was selected to participate on the analyst panel at Berkshire Hathaway’s annual meeting, asking questions directly of Warren Buffett and Charlie Munger. The analyst panel was disbanded ahead of Berkshire’s 2020 annual meeting. Warren also ranked second in the investment services industry in The Wall Street Journal’s annual “Best on the Street” analysts survey in 2013, the last year the survey was conducted.

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