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  • Writer's pictureShernel Thielman

Warren Buffett Dumps $3 Billion in Activision, Buys Into Home Construction Firms

Berkshire Hathaway (BRK.A) (BRK.B) sold approximately $3 billion worth of Activision Blizzard Inc. (ATVI) shares last quarter, representing more than two-thirds of its holdings from just three months ago, as Warren Buffett's company also reshuffled its positions in home construction, energy, materials, and healthcare.

The Nebraska-based conglomerate reported in an SEC Form 13F filing that it initiated three new positions in the quarter ending June 2023. The largest of these purchases was about 6 million shares of home construction company D.R. Horton Inc. (DHI), with a total value exceeding $726 million. D.R. Horton's shares saw an almost 4% increase in after-hours trading on Monday.

Berkshire Hathaway also entered two smaller positions in other home construction companies last quarter: the firm bought approximately 153,000 shares of Lennar Corp. (LEN) valued at $17 million and around 11,000 shares of NVR Inc. (NVR) worth more than $70 million.

Alongside the significant sale of Activision Blizzard stock, Berkshire Hathaway made substantial adjustments in the energy, materials, insurance, and other sectors last quarter.

Warren Buffett sold off about 9.2 million shares of Chevron Corp. (CVX), reducing Berkshire's position from about $21.6 billion in the first quarter to roughly $19.4 billion. In the energy sector, Berkshire increased its position in Occidental Petroleum Corp. (OXY) by more than 12 million shares. However, the value of its OXY holdings declined by about $38 million compared to its value at the end of the first quarter.

Other changes to the portfolio included selling nearly 4 million shares of insurance firm Globe Life Inc. (GL), reducing Berkshire's position to around $275 million from about $700 million. Berkshire also halved its holdings in General Motors Co. (GM), from 40 million shares to 22 million, and sold 3.5 million shares of materials company Celanese Corp. (CE).

The only other positive adjustment to Berkshire Hathaway's portfolio last quarter was its increased holdings in Capital One Financial Corp. (COF). Buffett's company purchased an additional 2.5 million shares of this financial holding firm.

Buffett exited three positions during the three months covered in the most recent 13F filing. His company sold 51,000 shares of Vitesse Energy Inc. (VTS), valued at less than $1 billion. It also exited its position in healthcare firm McKesson Corp. (MCK), selling approximately 2.3 million shares worth $815 million according to the latest 13F filing. Berkshire also sold just over 400,000 shares of insurance company Marsh & McLennan Companies Inc. (MMC), exiting a position last valued at $67 million. Investment Disclaimer: This communication is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results. Investments carry risks, and individuals should consult with their financial advisors before making investment decisions.

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