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From: Julius Wong11/2/2024 9:08:35 PM
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Buffett's Berkshire Hathaway cuts Apple, BofA stakes by more than 20% each in Q3

Nov. 02, 2024 11:04 AM ET
By: Anuron Mitra, SA News Editor

Dimitrios Kambouris

Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) decreased its holdings in iPhone-maker Apple (NASDAQ: AAPL) and number two U.S. lender Bank of America (NYSE: BAC) by more than 20%, according to the sprawling conglomerate's latest quarterly filing on Saturday.

Both moves have been well publicized, especially Buffett's steady dumping of Bank of America ( BAC) since mid-July.

The Omaha, Neb.-based giant said the fair value of its equity investment in Apple ( AAPL) was worth $69.9B at the end of the third quarter, compared to $84.2B at the end of Q2.

Those numbers suggest that Berkshire's ( BRK.A)( BRK.B) position in Apple ( AAPL) has been slashed to 300M shares from about 400M. That's a reduction of nearly 25%.

Meanwhile, the fair value of the conglomerate's equity investment in BofA ( BAC) was worth $31.7B at the end of the third quarter, versus $41.1B at the end of Q2. That brings Berkshire's ( BRK.A)( BRK.B) stake in the lender to nearly 800M shares from 1.03B. That's a decrease of around 23%.

The conglomerate's overall cash pile jumped to a record $325.21B as of September 30, 2024, from $276.94B as of June 30, 2024.
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