Famed investor Warren Buffett is the latest celebrity investor
to reveal major trades in the market Thursday, giving another glimpse at how
the big money is playing the rally.
The CEO of conglomerate Berkshire
Hathaway, disclosed some tweaks in his portfolio as of June 30 including a new
547,312 share stake in satellite TV operator Dish Network and a 17.8 million
shares position in gas producer Suncor.
Buffett is best known for making a
few, concentrated bets on companies that he plans to hold for a long period of
time. Unlike other large investors and hedge funds releasing their quarterly
positions, who look for short-term opportunities, Buffett bets big on companies
he thinks are adequately undervalued to allow for big profit over time.
But Berkshire wasn't just adding new
positions, as it scaled back a few, too. The investors dramatically cut its
holdings in Kraft Foods and food producer Mondelez International while it
completely exited its holding in USA TODAY parent company, Gannett. Berkshire
also trimmed its position in drugmaker GlaxoSmithKline and credit rating agency
Moody's.
Berkshire's largest positions as of
June were Wells Fargo, Coca-Cola, International Business Machines and American
Express. Many of Berkshire's top holdings have been lagging the market this
year, says Bespoke Investments. So far during the third quarter, half of
Berkshire's top 10 holdings are down. These largest 10 investments are up 0.7%
so far this quarter Through Wednesday's close, trailing the 4.9% gain of the
Standard & Poor's 500 during for the same period, Bespoke says.
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