Berkshire Dumps Wells, Exits Synchrony, Sells Half Of Chevron, Adds New Stake In Aon: Full 13F Summary

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by Tyler Durden
Monday, May 17, 2021 - 05:35 PM

While Berkshire's portfolio made headline news a few weeks ago when the company held its annual report, moments ago Berkshire Hathaway filed its Q1 13-F which provided a more detailed glimpse into its holdings as of March 31, 2021.

It showed two exits (Synchrony Financial and Suncor), one new position, a 4.1 million stake worth just under $1 billion in British insurer Aon Plc that is working now to close a deal with rival Willis Towers Watson, and perhaps most notably the nearly complete liquidation of Berkshire's remaining position in Wells Fargo.

As a reminder, in addition to dumping its entire stake in JPMorgan and M&T Bank, last quarter Berkshire also continued its gradual selling of its formerly favorite US bank, Wells Fargo, selling 59% of its holdings in Q4. Fast forward three months when there was no more Mr nice guy and as of March 31, Berkshire's position in Wells had collapsed by 99%, leaving Buffett with a tiny stub of just 675,054 WFC shares worth $26.4 million.

Elsewhere, Berkshire - whose long portfolio as of March 31 had a value of just over $270 billion - added to its holdings of Kroger, boosting that stake up 52%, and also bought more Verizon (+8%), RH (+1%) and also Marsh McLennan, adding 24% to its stake.

At the same time, Berkshire also cut quite a few holdings - 11 in total shown in orange below - and in addition to the near liquidation of its Wells holdings, what we found more interesting is that after revealing a 48.5 million stake in Chevron last quarter, worth just over $4 billion, Berkshire has trimmed this in half, and as of March 31 it held just 23.7 million shares, worth $2.5 billion. Is Buffett's infatuation with E&P over, or is the massive fund preparing to reallocate to the company which many had said it would buy all along, Exxon.

The full 13F summary is below (SEC link here).