Buffett's Berkshire buys gold miner Barrick, cuts Wells Fargo, JPMorgan stakes
Warren Buffett's Berkshire Hathaway Inc. BRK.A, -0.58% BRK.B, -0.48% unloaded a more than a quarter of its stake in Wells Fargo & Co. WFC, +1.11% and about 61% of its position in JPMorgan Chase JPM, +0.03%, 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.
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% lower, while Barrick's stock was up 3.
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