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August 06, 2012 at 05:33 AM
Berkshire Hathaway (BRK/A) Chairman Warren Buffett backed away from stocks in the second quarter of 2012, reducing the company’s holdings in consumer-products equities but investing more heavily in the finance sector.
Over the quarter, the billionaire investor’s company was a net seller of $1.2 billion of equities, buying $1.8 billion in stocks but selling $3 billion, according to Berkshire’s Q2 report filed on Friday with the SEC. Cash, meanwhile, was boosted a hefty 7.5% to $40.7 billion.
“Berkshire was a net seller of equities in the quarter as it cut its allocation to companies that make and distribute consumer goods while boosting holdings of financial firms and a group called ‘commercial, industrial and other,’” Bloomberg reported Monday.
Individual stocks were not listed in the filing, however. Berkshire’s Q2 purchases will be reported in about two weeks.
