Warren Buffets’ top two bank holdings
In the previous part of this series, we looked at how investment pioneer Warren Buffett’s Berkshire Hathaway (BRK.A)(BRK.B) added about 522,902 more Apple (AAPL) shares in its portfolio in the third quarter. Now let’s see how Buffett’s top two bank holdings (IYF) changed in the last quarter.
Increasing bets on Bank of America
In the third quarter, Berkshire Hathaway added about 198. 25 million more shares of Bank of America (BAC) to its portfolio. At the end of the last quarter, the company held a total ~877.24 million shares in BAC. This increase resulted in a 35% rise in Berkshire’s third-quarter stake in Bank of America to $25.84 billion.
Bank of America was the second-largest holding for Berkshire Hathaway, after Apple, and its biggest banking-sector holding. As of November 14, BAC has lost 7.8% year-to-date and 7.6% in the fourth quarter so far.
Reduced Wells Fargo position
In the third quarter, Berkshire Hathaway reduced its position in Wells Fargo & Co. (WFC) to ~45.20 million shares by selling about 9.65 million shares. Berkshire’s stake in Well Fargo fell to $23.25 billion from $25.06 million.
Read on to the next part of this series to learn about Berkshire Hathaway’s other top holdings in the third quarter.