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MarketWatch MarketPulseAug 14, 2020
Buffett's Berkshire buys gold miner Barrick, slashes Wells Fargo and JPMorgan, dumps Goldman stake amid coronavirus
Warren Buffett's Berkshire Hathaway Inc. unloaded more than a quarter of its stake in Wells Fargo & Co. and about 61% of its position in JPMorgan Chase , while acquiring a new position in Barrick Gold Corp. , according to 13F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon. Berkshire's moves appeared to reflect a broad lightening of the conglomerates exposure to large-capitalization banks during the worst public health crisis in generations. Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding. Berkshire also reduced its holding in PNC Financial Services , selling 3.85 million shares to cut its position to 0.3% from 0.5%. The insurance conglomerate boosted its stake in grocery chain Kroger Co. by 15%, purchasing 3 million shares. The report also showed that Buffett's firm dumped its entire stakes in Goldman Sachs , Occidental Petroleum Corp. , as well as consummating an exodus of airline companies, including American Airlines Group Inc. , Delta Air Lines United Airlines and Southwest Airlines Co. . Berkshire didn't change its holdings in Apple Inc. , where the firm owns at 245.156 million shares. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the SEC, which means such filings are merely a snapshot of an investor holdings at a given point. Berkshire Class A and B shares are down by about 0.6% and 0.5% at Friday's close. Meanwhile, shares of Wells Fargo were down 0.8% in after-hours trade on Friday, JPMorgan shares edged 0.1%
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