Berkshire Hathaway has revealed that it increased its stake in a couple of major companies – one of them being Amazon – during the second quarter.
The insurer said that it boosted its stake in Amazon by 11% during Q2 2019; Berkshire Hathaway ended June with 537,300 Amazon shares worth about US$1.02 billion, which is up from 483,300 shares three months earlier.
According to Warren Buffett, the billionaire business magnate who owns Berkshire Hathaway, it was one of his portfolio managers – either Todd Combs or Ted Weschler – that made the initial investment in Amazon.
Buffett’s insurance company also revealed a US$749 million stake in Pershing Square Capital Management, owned by fellow billionaire William Ackman.
Berkshire Hathaway disclosed all the information in a regulatory filing this week that broke down the US$208.1 billion US-listed stocks it owned by the end of June. The company’s stock price is more than 12% below its record high in October.
The news comes as Berkshire previously disclosed earlier this month that it had sold more stocks than in bought during the quarter – Reuters suggested that the move could reflect possible concern among Buffet and his portfolio managers regarding valuations.