Berkshire reduces Wells Fargo, JPMorgan, Goldman stakes; adds Barrick Gold

FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan

August 14, 2020

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc <BRKa.N> said on Friday it has reduced its investments in some of the largest U.S. banks, lowering its stakes in Wells Fargo & Co <WFC.N> and JPMorgan Chase & Co <JPM.N> and eliminating a stake in Goldman Sachs Group Inc <GS.N>

In a regulatory filing detailing its U.S.-listed investments as of March 31, Berkshire also disclosed a new 20.9 million share investment in Toronto-based Barrick Gold Corp <ABX.TO>, one of the world’s largest mining companies.

Investors monitor Berkshire’s quarterly filings to see where Buffett and his portfolio managers Ted Weschler and Todd Combs see value. Berkshire also has more than 90 operating units including the Geico car insurer, the BNSF railroad, Dairy Queen ice cream and namesake energy business.

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)

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