Much like the first quarter, Berkshire Hathaway was a net seller of stocks during the June 2020 quarter, reporting $10.9 billion in net proceeds from its purchases and sales.
Buys
Berkshire increased its stakes in Liberty Media SiriusXM, Store Capital, Kroger, and Suncor Energy. And picked up 21 million shares of Barrick Gold for an estimated $470 million.
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It should be noted that each of these holdings accounted for less than 1% (if not less than 0.5%) of Berkshire's $202.4 billion portfolio at the end of the second quarter.
Berkshire also picked up an additional 108 million shares of Bank of America since the start of the third quarter.
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Sales
As for the sales, the largest was JPMorgan Chase, with Berkshire selling 36 million shares for an estimated $3.3 billion. The company also reduced its stake in Wells Fargo by close to a third, selling 86 million shares for an estimated $2.3 billion, and trimmed holdings in PNC Financial, Bank of New York Mellon, and M&T Bank.
There were also reductions in Berkshire's stakes in Visa and Mastercard, further reducing its commitment to financial services stocks during the quarter.
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Eliminations
Berkshire eliminated its stakes in the four major airlines--American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines--as well as Goldman Sachs in April 2020.
The sales of the four airline stocks netted the firm an estimated $5.2 billion, while the sales of shares of Charter Communications, Occidental Petroleum, Restaurant Brands, and SiriusXM radio likely brought in another $1 billion.
