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Berkshire Hathaway sells GM and Activision stakes, buys into Sirius XM

Published Nov 16, 2023 04:16
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OMAHA - In a recent regulatory filing, Warren Buffett's Berkshire Hathaway (NYSE:BRKa) has made notable changes to its investment portfolio in the third quarter. The conglomerate has sold off its entire stakes in General Motors (NYSE:GM) and Activision Blizzard (NASDAQ:ATVI), while initiating a new position in satellite radio company Sirius XM (NASDAQ:SIRI).

Berkshire Hathaway, known for its long-term investment strategy, offloaded 22 million shares of GM amid a challenging year for the automaker which saw its share value decline by 16%. This move is part of a broader trend for Berkshire, which has reduced its holdings in GM for five of the past six quarters.

In a strategic exit, Berkshire also divested its stake in video game publisher Activision Blizzard right before its pending acquisition by tech giant Microsoft (NASDAQ:MSFT). The timing of this sale highlights Berkshire's active management of its portfolio amidst market shifts.

Concurrently, Berkshire Hathaway has taken an interest in Sirius XM by purchasing nearly 10 million shares. The investment in the satellite radio company comes as Berkshire continues to diversify its holdings across various sectors.

Additionally, the company scaled back its investment in Chevron (NYSE:CVX), which represents one of its largest holdings. Despite these significant portfolio adjustments, Berkshire’s B class of shares delivered a robust return of 11.8% by the end of Q3.

The firm closed the quarter with an impressive balance sheet, boasting total equities holdings valued at $319 billion, bond investments worth $22 billion, and cash reserves totaling $157 billion. These moves reflect Berkshire Hathaway's ongoing strategy to optimize its massive investment portfolio in response to changing market conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Berkshire Hathaway sells GM and Activision stakes, buys into Sirius XM
 

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