On Monday, Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) disclosed that it has started investing in Capital One Financial Corp (COF.N) and has sold its holdings in four other stocks as it reduces its exposure to the stock market.
In a regulatory filing listing its U.S.-traded stocks as of March 31, Buffett’s company disclosed the information.
Following Berkshire’s disclosure of its ownership of 9.92 million shares worth approximately $954 million, Capital One shares increased 5.7% in after-hours trading.
Requests for comment from the McLean, Virginia-based bank were not immediately fulfilled.
Additionally, Berkshire disclosed a new $41.3 million investment in Diageo Plc (DGE.L), the producer of alcoholic beverages like Johnnie Walker and Guinness, in Monday’s filing.
Additionally, Berkshire sold its shares of US Bancorp (USB.N), Bank of New York Mellon Corp (BK.N), Taiwanese chipmaker TSMC (2330. TW), and furniture retailer RH (RH.N).
Warren Buffett’s Asset
Buffett’s company bought $2.87 billion and sold $13.28 billion worth of stock during the quarter in order to allocate resources elsewhere, including $8.2 billion to increase its stake in truck stop operator Pilot Travel Centers to 80% from 38.6%.
Even though Berkshire still holds a 23.7% stake in another oil company, Occidental Petroleum Corp (OXY.N), nearly half of its stock sales were in Chevron Corp (CVX.N).
The conglomerate, which is based in Omaha, Nebraska, had $130.6 billion in cash and equivalents at the end of March.
Although larger investments are typically Buffett’s, Monday’s filing does not specify which ones are his and which are from his portfolio managers, Todd Combs and Ted Weschler.