Buffett’s not selling overseas – he’s buying

Warren Buffett’s Berkshire Hathaway Inc on Monday said it reduced its investment in Goldman Sachs Group Inc by 13 percent during the third quarter.

Buffett agreed back in August to buy Precision Castparts the maker of aerospace equipment for over $30 billion.

Buffett told CNBC he sold those stocks to help pay for the Precision Castparts deal, not because he’s soured on those companies.

And as previously disclosed, the firm announced in August a spike in its Phillips 66 (PSX) stake, and is a major owner of Kraft Heinz (KHC). Many other stakes were changed to make room for the larger stake there, which makes the number of Berkshire Hathaway stock portfolio changes seem much higher than normal.

One of the biggest additions to Berkshire’s portfolio came without buying additional shares.

Even though Goldman Sachs (NYSE:GS) has been around for nearly a century and a half, it’s still new to the investing public, choosing to stay private until its belated IPO in 1999.

But unrealised losses on Berkshire’s stake in IBM widened to $2bn as of September 30, or about 15% of what Buffett paid.

Shares of AT&T, GM, Fox and IBM were all were up more than the broader market in morning trading Monday. “However, I have pledged to you, the rating agencies and myself to always run Berkshire with more than ample cash”.

Yet again, over half of Buffett’s total equity holdings are heavily concentrated in just a few top holdings.

Wells Fargo & Co WFC.N remained Berkshire’s biggest stock holding, worth roughly $24.1 billion, followed by Kraft Heinz Co KHC.O at $23 billion. He ended up with 59 million shares of AT&T that he received in exchange for the 31 million shares of DirecTV he used to own, as AT&T completed its purchase of DirecTV. Buffett’s deputy investment managers were among the largest holders of DirecTV, which was purchased by the telecom giant in July in a cash-and-stock deal.