OMAHA, Neb. -- Warren Buffett's company sold almost a third of its remaining IBM shares in the third quarter and made several tweaks to its stock investments.
Berkshire Hathaway Inc. filed a quarterly snapshot of its portfolio with the Securities and Exchange Commission on Tuesday. Investors watch Berkshire's filings closely because of Buffett's successful record.
The company sold off nearly 32 percent of its remaining IBM shares to leave it with 37 million shares at the end of the quarter. Before this spring, Berkshire held more than 80 million IBM shares.
Berkshire officials don't generally comment on the quarterly filings or the reasons for their portfolio moves.
But Buffett has said that International Business Machines Corp. hasn't performed the way he expected since he first bought shares in 2011. IBM's stock rose to $215 in March 2013 but closed Tuesday at just under $149, a decline of more than 30 percent, as the company has faced stiff competition in the cloud computing business from Microsoft and Amazon.
The quarterly filings with the SEC don't make clear who made all the investments at Berkshire. But Buffett handles the biggest investments in Berkshire's portfolio, such as Coca-Cola and Wells Fargo while investments of less than $1 billion are likely to be the work of Berkshire's two other investment managers.
Business on 11/15/2017