Major Changes to Berkshire Hathaway’s Portfolio in Third Quarter 2015

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Major Changes to Berkshire Hathaway’s Portfolio in Third Quarter 2015


Berkshire Hathaway (BRK.A, BRK.B) released its SEC 13F filing for the third quarter ending September 30, 2015 prior to the market opening today. There were several major changes from the second quarter that were not previously reported.

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The following stakes were increased:

(1) $340 million in Charter Communications (CHTR) (Ted Weschler or Todd Combs)

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(2) $330 million in Liberty Media (LMCK) (Ted Weschler)

(3) $300 million in General Motors (GM) (Ted Weschler)

(4) $230 million in Suncor Energy (SU) (Ted Weschler)

(5) $200 million in IBM (IBM) (Warren Buffett)

There was a decrease in the following:

(1) $300 million in Goldman Sachs (GS) (Warren Buffett)

(2) $250 million in Wal-Mart (WMT) (Warren Buffett)

(3) $250 million in Viacom (VIAB) (Todd Combs) (Stake eliminated)

There were also smaller increases in Axalta (AXTA), Liberty Media Cl. A (LMCA), Liberty Global (LBTYA, LBTYK), and Twenty First Century Fox (FOXA).

Smaller decreases occurred in Bank of New York Mellon (BK), Chicago Bridge & Iron (CBI), Deere (DE), Media General (MEG), and Wabco (WBC).

In addition, during the third quarter Berkshire acquired a $2 billion stake in AT&T (T) resulting from its acquisition of DirecTV (DTV), and a $23 billion position in Kraft Heinz (KHC) resulting from the Heinz acquisition of Kraft with 3G Capital. (KHC is now Berkshire ‘s second largest stock holding behind only Wells Fargo (WFC), which is currently valued at $26 billion.)

I am quoted in a Bloomberg article on this topic:

“I'm surprised he had to sell anything to fund the Precision Castparts purchase, with over $60 billion of cash on his balance sheet,” David Kass, a professor at the University of Maryland's Robert H. Smith School of Business who has taken students to meet Buffett in Omaha, Nebraska, wrote in an e-mail.”

 

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David I Kass Clinical Associate Professor, Department of Finance Ph.D., Harvard University Robert H. Smith School of Business 4412 Van Munching Hall University of Maryland College Park, MD 20742-1815 Phone: 301-405-9683 Email: [email protected] (link sends e-mail) Dr. David Kass has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Accelerated Finance Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), Fox TV, American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.

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