Warren Buffet-led Berkshire Hathaway took a liking to insurance broker Aon as the US-based conglomerate holding company bought more than $900M in the latter. Surprisingly, Berkshire offloaded nearly all of its longtime investment Wells Fargo Wells Fargo in the first quarter of this year.
As per the SEC filing, Berkshire's shareholding dropped to just 675,000 equity shares in Well Fargo compared to 52 million shares it had held by 2020-end.
On the contrary, Berkshire's stake in Aon stood at 4.1 million shares.
Notably, Berkshire has been offloading its shares in Wells Fargo since early 2020. Berkshire had held about 345 million shares in Wells Fargo by 2019-end. Buffet has held a stake for more than 30 years in the financial service company.
Furthermore, Buffet has also trimmed Berkshire's stake by 37% in Merck to 17.9 million shares from earlier 28.7 million shares.
Buffet who is referred to as the 'Oracle of Omaha' across the world for his strategic investment in equities and making most out of it, has been eliminating Berkshire's exposure in the banking sector by offloading stakes in banks like JPMorgan Chase (JPM) and Goldman Sachs Group (GS) in the past year. At present, Berkshire's biggest holding in this sector would be Bank of America (BAC) with around a billion shares.
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