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Berkshire adds gm, viacom positions in first quarter by ferujkll sdff
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Berkshire adds gm, viacom positions in first quarter |
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Business,Business News,Business Opportunities
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Berkshire also boosted its position in Wal-Mart Stores by 20percent in the first quarter, just before news broke of a briberyscandal involving the company's Mexican unit. Theice-cream-to-insurance conglomerate is the retailer's fifth-largestshareholder. At Berkshire's annual shareholder meeting earlier this month,Warren Buffett defended Wal-Mart, saying the scandal did not changehis opinion of the company. But the GM and Viacom stakes were both relatively smaller - $256.5million and $75.5 million, respectively - which suggest they werethe work of the company's new investment managers Todd Combs andTed Weschler, rather than Buffett himself. Berkshire has a limited history with automakers, though the companydoes have a substantial investment in the Chinese electric carmaker BYD Co Ltd.
The Intel position is one Combs added in the third quarter of lastyear and expanded in the fourth quarter, making the quick reductionsomewhat unexpected. Tech is another category Berkshire neverfavored, notwithstanding the recent huge bet in IBM. Tuesday's filing was the first peek into the investment strategy ofWeschler, who joined Berkshire earlier this year to be thecompany's second money manager, along with Combs, who was hired in2010. Weschler's influence was already evident in the fourth quarter,though, when Berkshire added two of his favorite names, kidneydialysis provider DaVita and media holding company Liberty Media.They were the third- and fourth-largest holdings in Weschler'snow-closed fund.
In the most recent quarter, Berkshire more than doubled itsposition in DaVita and nearly doubled its stake in Liberty. Combs and Weschler run $2.75 billion each now but will jointlymanage Berkshire's entire portfolio when Warren Buffett retires. Inorder to make them work more closely together, Buffett has saideach man gets paid in some part based on how the other's portfoliodoes. Among other notable moves, Berkshire raised its stake in bank WellsFargo by 3 percent and more than doubled its position in BNYMellon. Berkshire also closed out of a position in Comdisco Holding andtrimmed its position in Procter & Gamble by 5 percent.
(Reporting by Ben Berkowitz in Boston; Editing by Tim Dobbyn). I am USB Hubs writer, reports some information about garbage container rental , halogen capsule lamps.
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