In Berkshire Hathaway’s 2012 second quarter earnings report, Warren Buffett revealed he's reduced Berkshire’s holdings in consumer stocks during the quarter ended June 30. By comparing Berkshire’s SEC 10Q filings for the first and second quarters, the following can be derived:
Move To Financials
Berkshire reduced its equity investments in “Consumer products” from $12.296 billion to $9.843 billion on a cost basis, a reduction of $2.453 billion. Buffett likely sold some of his shares in Kraft and/or Johnson & Johnson and/or Procter & Gamble. By contrast, Berkshire increased its investments (cost basis) in “Banks, insurance, and finance” by $576 million (second quarter vs. first quarter) and by $414 million (cost basis) in “Commercial, industrial, and other” from the first quarter. Buffett may have continued to add to his Wells Fargo investment, as he has each year since 2005. In addition, Todd Combs and/or Ted Weschler may have established new stakes or added to current investments in the latter-two categories.
The quarterly earnings reports do not mention individual investments. However, Berkshire’s SEC 13F filing due by August 15 will reveal changes to each of Berkshire’s holdings during the second quarter.
I am quoted in a Bloomberg article (August 6) on this topic.