Warren Buffett provides updates on Berkshire’s sales of Apple, Chevron, and Capital One, and reveals increased stake in Chubb

Warren Buffett has provided more insights into the stocks he’s been divesting, confirming that he sold over 389 million Apple shares during the second quarter. Despite this massive sale, Berkshire Hathaway still maintains ownership of 400 million Apple shares, making it the largest position in the conglomerate’s stock portfolio. The specifics of Buffett’s Apple sale were revealed in the latest filing with the Securities and Exchange Commission, following the disclosure in Berkshire’s earnings report earlier this month.

Alongside reducing its stake in Apple, Berkshire has also been trimming investments in Bank of America, Chevron, Capital One, Floor & Decor Holdings, T-Mobile, Louisiana Pacific, and divested its nearly $1 billion Snowflake investment. The series of sales have boosted Berkshire’s cash reserves to a record high of $277 billion.

Despite the selling spree, Berkshire increased investments in the insurer Chubb and oil producer Occidental Petroleum. Additionally, the company disclosed new, smaller investments in aerospace parts maker Heico Corp. and cosmetics retailer Ulta Beauty. While the quarterly filings do not specify whether Buffett or other investment managers at Berkshire orchestrated the moves, Buffett generally oversees major investments exceeding $1 billion.

Investors closely monitor Buffett’s decisions due to his long-standing success in the market. Apart from the substantial stock portfolio, Berkshire Hathaway owns prominent insurers like Geico, one of the nation’s largest railroads in BNSF, a range of utilities, and various manufacturing and retail entities. Some of Berkshire’s holdings include renowned brands such as Dairy Queen, Helzberg Diamonds, and NetJets.