Warren Buffett’s Berkshire Hathaway slashed its positions in a number of blue-chip US companies in the third quarter, as the billionaire investor converted billions of dollars from the sprawling conglomerate’s stock portfolio into cash.
The company disclosed it had sold off its remaining position in carmaker General Motors during the three months to the end of September, an investment that was worth roughly $850mn in the prior quarter.
It exited a small stake of 59,400 shares in logistics company UPS, trimmed its ownership of computer and printer maker HP by 15 per cent — with its stake falling in value by more than $1bn — and reduced its stock holdings in oil major Chevron by 10 per cent.
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